Real Estate Principles 2 Questions and Answers 100% Pass
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Course
Real Estate Principles 2
Institution
Real Estate Principles 2
Real Estate Principles 2 Questions and
Answers 100% Pass
What is the primary purpose of an appraisal in real estate?
To determine the market value of a property.
What is a key factor that affects property value?
Location of the property.
What is the difference between a lien and a m...
Real Estate Principles 2 Questions and
Answers 100% Pass
What is the primary purpose of an appraisal in real estate?
✔✔ To determine the market value of a property.
What is a key factor that affects property value?
✔✔ Location of the property.
What is the difference between a lien and a mortgage?
✔✔ A lien is a legal claim on a property for the payment of a debt, while a mortgage is a specific
type of lien used to secure a loan for purchasing property.
What is an easement in real estate?
✔✔ A right to use another person’s property for a specific purpose.
What is the purpose of a title search during a real estate transaction?
✔✔ To ensure that the seller has a clear legal right to transfer ownership of the property.
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,What does a real estate disclosure statement typically include?
✔✔ Information about the condition of the property and any known issues or defects.
What is a common reason for a property to be listed as "under contract"?
✔✔ An agreement has been reached between the buyer and seller, and the transaction is pending
completion.
What is the significance of a property’s zoning classification?
✔✔ It determines how the property can be used and what types of buildings or activities are
permitted.
What does the term "escrow" refer to in a real estate transaction?
✔✔ The process of holding funds or documents by a neutral third party until all conditions of the
transaction are met.
What is the purpose of a property inspection?
✔✔ To assess the condition of the property and identify any potential issues or needed repairs.
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, What is a comparative market analysis (CMA)?
✔✔ An evaluation of similar properties in the area to determine a property’s value.
What is the role of a real estate agent in a transaction?
✔✔ To assist clients in buying, selling, or renting properties, and to facilitate the transaction
process.
What is the function of a deed in real estate?
✔✔ To legally transfer ownership of property from one party to another.
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
✔✔ A fixed-rate mortgage has a constant interest rate throughout the loan term, while an
adjustable-rate mortgage has an interest rate that can change periodically.
What is a contingency in a real estate contract?
✔✔ A condition that must be met for the contract to be binding.
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