
National Practice Exam: 1
Quiz by Ashlei Frank
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An owner advertised "beautiful acreage, no money down, owner will finance." Would this be in violation of the Truth in Lending Act?
Which type of loan will result in the largest reduction of the principal balance most quickly?
"Let the buyer beware" is also known as what?
Which of the following loans would be most likely to qualify for FHA insurance?
The majority of money used for loans of real estate come from
A real estate investor who wishes to operate by using the principle of leverage would:
A 70 year old homeowner has owned her house for over 50 years. It has fallen into disrepair, but because she lives on a fixed income, she does not have the money to make the needed repairs. She has a considerable amount of equity in the house. What type of loan would BEST provide her the funds to make the necessary repairs?
The Yuter's purchased a residence for $75,000. They made a down payment of $15,000 and agreed to assume the seller's existing mortgage, which had a current balance of $23,000. The Yuters' financed the remaining $37,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan is called a:
In an installment land contract, what type of title did the seller retain?
An owner advertised "beautiful acreage, no money down, owner will finance." Would this be in violation of the Truth in Lending Act?
A borrower bought a $74,000 house with no down payment. The loan was probably:
An Option:
What type of contract is an option?
What two contracts create an agency relationship between a broker and a customer?
When would a broker have a right to a commission based on negotiations that were started during the term of the listing agreement but completed after the listing agreement had expired?
The primary purpose of a listing agreement is to:
Janice Riceland is shown a home by her agent, Richard. She makes an offer and gives Richard a check. At what point does her offer become an enforceable contract to buy?
Which of the following is necessary for a real property conditional installment sales contract to be valid?
A buyer paid $2,800 for an option to purchase a property within 90 days for $450,000. Within a month, the buyer made an offer to buy the property immediately for $425,000. Which of the following is true in this situation?
Which of the following requires real estate listings to be in writing?
When creating a contract, "consideration" may be:
A change in flight patterns that caused a loss in property value would be an example of:
Randy built a $90,000 house in a new subdivision of homes which were priced from $22,500 to $30,500. After the house was completed, it probably suffered:
The direct sales comparison (market data) approach would be MOST appropriate for establishing the value of a:
An acre contains approximately how many square feet?
In doing a market analysis, an appraiser found a recently sold property where the owners had just gone through a divorce. The property had been listed for $160,000 for 3 months but was purchased for $140,000 by one of the spouses. Should the appraiser use this as a comparable?
The Rose family owns a home in a semi-rural area, which is about five years old. Recently announced plans for a new regional airport will place their home directly in line with a main runway that ends 1 mile before their home. If the airport is constructed, will this diminish the value of the Rose home?
When appraising a single-family home, an appraiser considers which of the following when determining the value of a property?
Federal regulations on unsolicited emails
When loaning money to two or more co-borrowers on a single promissory note, the lender would be best advised to increase the security on the note by inserting which of the following phrases after the names of the co-borrowers: