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Modern Real Estate Quiz Questions and Answers
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Modern Real Estate Quiz Questions and Answers
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Modern Real Estate QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. Lis Pendens
A. used as a means of financing large commercial or industrial plants; a transaction in which an owner sells improved
property and, as part of the same transaction, signs a long-term lease to remain in possession of the premises.
B. the right to use and possess the property as if one owns it and to demand the return of the legal title when the debt is
repaid.
C. A notice that there is and action or lawsuit pending that may adversely affect the title.
D. A policy that provides property owner coverage for the basic structure on that property.
2. subordination agreement
A. also known as a "contract for deed", it is seller financing whereby the purchase price is paid in periodic installments
by purchaser. The seller retains legal ownership, while the buyer secures possession of and an equitable interest in the
property.
B. When value could increase or decrease based on anticipation of some future benefit or detriment affecting the
property.
C. a written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and
other liens under certain circumstances.
D. A specific, involuntary lien filed when property owner has not paid for work of contractors, laborers, and others.
3. percentage lease
A. a lease in which the rent is based on a percentage of the gross or net income received by a tenant doing business on
the leased property.
B. The need or desire for possession or ownership backed by the financial means to satisfy that need.
C. money or property given to make up any difference in value or equity between two properties in a 1031 exchange
D. written promise to repay a debt in definite installments with interest.
4. puffing
A. written promise to repay a debt in definite installments with interest.
B. Enabling Act
C. takes place when agents have actual knowledge of a material fact and a duty to disclose such fact to a buyer, seller,
tenant, or landlord, but deliberately fail to disclose such fact.
D. exaggerated comments or opinions; "This house has the best view in town!"
5. Special purpose
A. a horizontal board laid on edge, resting on the beams that provide the main support for the floor.
B. ratio of debt to value of the property
C. a residential mortgage loan in excess of acceptable loan amounts for purchase by Fannie Mae or Freddie Mac; also
called nonconforming loans
D. churches, schools, cemeteries, and government held lands.
6. time is of the essence
, A. a statement that tells the borrower whether the lender intends to service the loan or to transfer it to another lender.
B. This means that the contract must be performed within the time limit specified, and any party who has not performed
on time is liable for breach of contract.
C. Principal, Interest, Taxes, and Insurance
D. General real estate taxes that are levied for the general support of the government agency authorized to impose the
levy.
7. Police Power
A. a mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the
Dept. of Veterans Affairs to limit the lender's possible loss.
B. a concrete support under a foundation, chimney. or column that usually rests on solid ground and is wider than the
structure being supported
C. The state's inherent authority to create and adopt regulations necessary to protect the public health, safety and
general welfare of the citizenry.
D. Lien that is attached to real property as of the listing date.
8. protection agreement
A. a deed used to release a parcel of property from a mortgage or deed of trust lien when the real estate loan has been
paid in full.
B. Multiple listing services
C. Used to guarantee a broker a commission if that particular property is sold to a specific buyer.
D. A contract by which the insured is compensated against any losses sustained as a result of defects in a title.
9. Ms. Murphy's Law
A. states that if the dwelling has four or less units and the owner lives in one of the units, it is exempt from the Fair
Housing Act.
B. exterior roofing material frequently made of fiberglass, asphalt, or wood
C. The right to use the open space above a property, usually allowing the surface to be used for another purpose.
D. All divisions of a tract or parcel of land into two or more lots, building sites, or other divisions for the purpose of sale or
building development
10. Townhouse Ownership
A. A deliberate agreement between parties offer and acceptance; "meeting of the minds." A requirement of a legally
enforceable contract.
B. Do own land underneath unit (footprint) can not stack units vertically; no cancellation period; own entire unit (and half
of party wall); Common areas owned by Homeowners association
C. NC requirements as to construction standards, with the primary purpose being safety.
D. This means that the contract must be performed within the time limit specified, and any party who has not performed
on time is liable for breach of contract.
Circle the letter of the Question that corresponds to the displayed Answer.
11. A defect on a deed that is frequently cured by a quitclaim deed.
A. Lien
B. wraparound loan
C. Business Cycle
D. Cloud on the Title
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