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Online Courses

Real Estate Agency

General Practice Test

1 / 50

Who pays for the mortgage insurance premium on an FHA loan?

2 / 50

Jeremy, a tenant farmer, has been told that the field he farms has been sold. Although the property has a new owner, the tenant farmer may have to:

 

3 / 50

Which of the following is an example of a voluntary lien?

4 / 50

Ken and Gabe have signed a purchase and sale contract. Ken promises to buy Gabe’s 40 acres, and Gabe promises to sell it to him. This is known as:

5 / 50

Alex obtained a 20-year mortgage in the amount of $240,000. If the interest rate is 5.5% and monthly principal and interest payments are $1,780.00, the total interest paid over the life of the mortgage is:

6 / 50

Katherine recently sold her house and received a check for $125,000.00 after paying $3,000 of closing costs and a 5% commission. Based on the information provided, the gross sales price of Katherine’s house was:

7 / 50

A person to whom real estate is left by the terms of a will is called a

8 / 50

______ loans are federally-backed mortgages designed for homeowners who may have lower than average credit scores.

9 / 50

Mechanics lien are ___________ and ___________ liens.

10 / 50

Local law allows for the construction of 4 foot chain-link fences in residential subdivisions, however a private restriction contained in the deed of a property prohibits construction of such a fence. Which one would prevail?

11 / 50

Discount points allow borrowers to _______ their interest rates by prepaying interest.

12 / 50

A possessory and ownership estate in real property; either a fee simple or a life estate. The holder of a __________ has title.

13 / 50

Carolyn has a mortgage loan in which her payments are applied to both principal and interest. Carolyn has a/an

14 / 50

When using the cost approach, which of these is true?

 

15 / 50

A property is appraised at $500,000 using a cap rate of 7 %. What is the net operating income?

16 / 50

An agent looks out the rear window of the condo she is showing her client and exclaims, "I believe this condo has the best view in all of Nashville!" This is known as:

17 / 50

The right to use, enjoy, possess and dispose of real property is commonly referred to as:

 

18 / 50

Title will be transferred by deed at a future date (the closing). An interest in the property has been created because the buyer and seller have executed a valid sales contract. The buyer has

19 / 50

In their purchase agreement, Jack and Sue have agreed that if Sue does not close the transaction as agreed in the contract, Jack will get to keep her earnest money. What is this sort of agreement called?

20 / 50

A parcel is 0.76 acres. How many square feet are there in this parcel?

21 / 50

The sales price is always the:

22 / 50

Which of the following is not a way that a corporation could take title to a property?

23 / 50

Lacey is a lucky agent- she has listed a home that everyone wants to see! While her seller was still considering the first offer on the listing, two more came in. What should she do?

24 / 50

A real property transfer fee of four mills on the sale of real estate at a total consideration of $79,500 equals:

 

25 / 50

Abigail is a broker who has taken a new listing. If the home is sold by anyone during the listing period, she will receive a commission. What kind of contract is this?

26 / 50

The period over which a property may be profitably utilized by its owner is called:

27 / 50

Who puts forth the Code of Ethics that many agents agree to follow:

28 / 50

Sally has applied for a loan. Her lender has given her a statement showing her that she will pay $325,000 in interest over the life of the loan. What federal statute requires the lender to provide this information to her?

29 / 50

Frances manages to gather up enough funds to prevent the sale of her property at a pending foreclosure auction. She is exercising her right of:

 

30 / 50

The city of Southville has implemented a master plan as part of their city planning. It will be implemented through all of the following except:

31 / 50

A nonpossessory interest in property (for example an easement, lien, restrictive covenants) which burden's the property owner's title is called:

32 / 50

Broker Jan's listing has received multiple offers. She would like to tell the people making the offers that they are in a multiple offer situation. What will she need in order to be able to share this information?

33 / 50

Typically passed by a city or village council, these laws are called:

34 / 50

A CMA (competitive market analysis) is:

35 / 50

Noah is behind on his mortgage payments and his bank has threatened to foreclose. Noah does not believe his current financial situation will allow him to catch up on his mortgage. He offers to give the property to the bank if the bank will not file a foreclosure suit against him. This process is known as:

 

36 / 50

Vivian has just graduated college and is very proud that she has purchased a property without the help of anyone else. How did Vivian, a single person, take ownership?

 

37 / 50

Which of the following would NOT be considered an amenity of a condominium?

38 / 50

The Swanson family thinks that Betty is the best agent in the world. To show their appreciation for her hard work, they handed her a card with $500 cash inside after they closed on their new home. Betty took it straight to the mall and bought several new outfits. Is this OK?

39 / 50

Government regulations specifying minimum construction and building standards to safeguard the health, safety, and welfare of the public are known as

40 / 50

A lender arranges a mortgage loan in the amount $94,000 with an interest rate of 11 percent on the original amount per year. The interest is paid quarterly. If the principal is paid in one payment at the end of 15 months, what is the total amount paid to the bank

 

41 / 50

What does the term "appurtenance" mean?

42 / 50

Sally is getting a mortgage loan which includes a ___________ clause, meaning that she pledges her house as collateral for the loan but is still able to live in the home while paying on the loan.

43 / 50

An interest in property, which allows the party owning the ________to use and enjoy the property for his or her lifetime

44 / 50

Siblings John and Jill own a property in which they have the right of survivorship and both own equal shares of the property. They likely own the property as:

45 / 50

The following mortgage has loan limits that differ from county to county:

46 / 50

The city of Detroit is selling a fire station it no longer needs. They have asked an appraiser to value the property for them. Which approach will the appraiser likely use?

 

47 / 50

Janice is taxed on her home based upon the value of the property. What is this called?

48 / 50

John built a fence around his property without having a survey completed in advance. Later it was found that his fence crossed over the property line and a portion of it was in his neighbor's yard. This is called a/an:

49 / 50

Sam has purchased a property. He will make payments to the seller while he is living in the property, but he will not receive the deed until most or all of the terms have been met. What is this called?

50 / 50

There are two mortgage liens on Melissa's property- one for $25,000 recorded on May 1, 2019, and another for $34,000 recorded on March 1, 2020. If the property were to go to foreclosure, what would likely happen?

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