Real Estate Test + Vocabulary 1

50 Questions | Total Attempts: 4631

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Real Estate Test + Vocabulary 1 - Quiz

Vocabulary words. PSI test questions


Questions and Answers
  • 1. 
    A physical or mental impairment that substantially limits one or more of the major life activities of an individual.
    • A. 

      Handicap

    • B. 

      Ignorance

    • C. 

      Disability

    • D. 

      Retardation

  • 2. 
    Failure to make payments on time.
    • A. 

      Deficiency

    • B. 

      Delinquency

    • C. 

      Default

    • D. 

      Deferment

  • 3. 
    A special purpose deed given by lean holders, remaindermen or mortgagees to relinquish their claims on a property. 
    • A. 

      Quitclaim deed

    • B. 

      Deed of release

    • C. 

      Deed of trust

    • D. 

      Direct deeding

  • 4. 
    A special deed that conveys interest to a neutral, third party for security on an outstanding debt; a security device similar to a mortgage. 
    • A. 

      Quitclaim deed

    • B. 

      Deed of release

    • C. 

      Deed of trust

    • D. 

      Direct deeding

  • 5. 
    A transfer to another of an estate for years, for life, or at will. 
    • A. 

      Dominion

    • B. 

      Fee simple

    • C. 

      Demise

    • D. 

      Transferance

  • 6. 
    A loss in value for any reason or from any cause. 
    • A. 

      Depreciation (Real Estate)

    • B. 

      Depreciation (Accounting)

    • C. 

      Demise

    • D. 

      Destruction

  • 7. 
    The Real Estate Commissioner would be prevented from proceeding with a formal action against the license of a real estate broker by the: 
    • A. 

      Closing of the broker’s office

    • B. 

      Broker moving to another state

    • C. 

      Lapse of three years from the occurrence of the grounds of complaint

    • D. 

      Expiration of the broker’s license

  • 8. 
    A licensee who has several years of experience in the industry decided to retire from actively marketing properties. Now she helps clients choose among the various alternatives involved in purchasing, using, or investing in property. What is her profession?
    • A. 

      Real estate counselor

    • B. 

      Real estate appraiser

    • C. 

      Real estate educator

    • D. 

      Realtor

  • 9. 
    A primary justification for zoning ordinances is to:
    • A. 

      Maintain conformity to buildings in the zoned area

    • B. 

      Prevent an oversupply of certain types of businesses

    • C. 

      Promote public health, safety, morals and general welfare

    • D. 

      Control the quality of building construction

  • 10. 
    For a loan, amortization tables are used to determine the:
    • A. 

      APR

    • B. 

      Term of the loan

    • C. 

      Monthly payment

    • D. 

      Interest rate

  • 11. 
    What supports the floor and ceiling loads?
    • A. 

      Joists

    • B. 

      Studs

    • C. 

      Supporters

    • D. 

      Mud sills

  • 12. 
    The following are essential to the creation of an “agency” relationship, except:
    • A. 

      Parties are competent.

    • B. 

      Agreement to pay consideration.

    • C. 

      Agreement between principle and agent.

    • D. 

      Fiduciary relationship.

  • 13. 
    A broker secures a listing, negotiates a sale and parties enter into escrow. Before escrow closes, the broker’s license is revoked and the seller refuses to pay commission because the broker is unlicensed. To collect commission, the following is correct:
    • A. 

      Broker must prove he actually introduced buyer to seller

    • B. 

      Broker must prove he was licensed at the time of sale

    • C. 

      Broker must prove he executed the sales contract

    • D. 

      Broker cannot sue for a commission in view of license revocation

  • 14. 
    The purchaser of a lot which is subject to a lien for street improvements under the Street Improvement Act of 1911, may prevent the assessment from going to bond if he pays the assessment in full within how many days after the completion of the work:
    • A. 

      Thirty

    • B. 

      Sixty

    • C. 

      Ninety

    • D. 

      120

  • 15. 
    An acre is divided into four equal lots. If the lots are parallel to each other, rectangular, and 240 feet deep, the width of each lot would most nearly be:
    • A. 

      280 feet

    • B. 

      181.5 feet

    • C. 

      87.8 feet

    • D. 

      45.4 feet

  • 16. 
    A fixture would be defined as something:
    • A. 

      Incorporated into the land

    • B. 

      That is made part of the chattel real

    • C. 

      Referred to by actions but not referred to in the sales contract

    • D. 

      Used in an extraordinary way with the land

  • 17. 
    A parcel having dimensions of 220 yards by 110 yards contains the following number of acres:
    • A. 

      5

    • B. 

      0.06

    • C. 

      1.67

    • D. 

      37.8

  • 18. 
    In a valid quitclaim deed:
    • A. 

      The grantor must be seized of fee

    • B. 

      The only warranty is the expressed or implied warranty that the grantor owns, or has an interest in, the property

    • C. 

      There is a conveyance of after acquired title

    • D. 

      None of the above

  • 19. 
    A type of 3-party 1031 exchange wherein the exchanger deeds his property to a second arty, and the second party pays a third party who then deeds his or her property to the exchanger. 
    • A. 

      Indirect Deeding

    • B. 

      Delayed exchange

    • C. 

      Alderson Exchange

    • D. 

      Direct Deeding

  • 20. 
    The percentage used in the income capitalization approach to appraisal that represents an annual rate of return on one's investment.                            (V = I / R) : V = Value, I = Net Operating Income, R = ?. 
    • A. 

      Capitalization Rate (CAP)

    • B. 

      Cost Approach

    • C. 

      Depreciation

    • D. 

      Interest Rate

  • 21. 
    Profits made from the sale or transfer of property.
    • A. 

      Capital funds

    • B. 

      Capital gains

    • C. 

      Capital domain

    • D. 

      Escrow

  • 22. 
    The Real Estate Commissioner issues special permits to real estate brokers for:
    • A. 

      Business Opportunity transactions

    • B. 

      Subdivision lot transactions

    • C. 

      Mineral, oil and gas transactions

    • D. 

      Cemetery lot sales

  • 23. 
    Money available for real estate loans normally would increase, except when:
    • A. 

      One desires to save for old age

    • B. 

      There is an increase in the interest rate paid on corporate and government bonds

    • C. 

      Personal savings are high

    • D. 

      The savings-to consumption ratio increases

  • 24. 
    Three months interest on a $14,000 straight note amounts to $460. what is the annual rate?
    • A. 

      0.1

    • B. 

      0.2

    • C. 

      0.25

    • D. 

      0.13

  • 25. 
    A grouped or connected series of lots segmented from other lots by a series of streets or major thoroughfares.
    • A. 

      Subdivision

    • B. 

      Block

    • C. 

      Segment

    • D. 

      Plat

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