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VanEd National Real Estate Exam with complete solution 2024_2025
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VanEd National Real Estate Exam with complete solution 2024_2025
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VanEd National Real Estate Exam withcomplete solution 2024/2025
Question: A sublessee is a(n) - ANSWER-. Tenant
Question: A major disadvantage of owning investment property might be -
ANSWER-Lack of Liquidity
Question: The most favorable thing about a VA loan is that - ANSWER-VA loans
guarranty gives the veteran favorable financing terms because the lender is
protected from loss
Question: Once the funds of a construction loan are disbursed to the contractor,
and if the sub-contractor is not paid, - ANSWER-. The sub-contractor can file a
lien against the home, even if the home is sold, after it closes
Question: Marie dies intestate, and her property will transfer according to
intestate succession. This means - ANSWER-. The courts will give the property
based on state law
Question: A seller cannot get marketable title due to a break in the chain of title.
He will need - ANSWER-
- ANSWER-. Quiet title Action
Question: Which is the term used for the person or organization who acts as an
intermediary for the purpose of obtaining financing? - ANSWER-Mortgage Broker
Question: Seller Andy had a custom table made to fit in a corner of his study,
attached to the floorboards on one end. When he sells his home the table will be
considered - ANSWER-A fixture
,Question: The term lis pendent refers to - ANSWER-. Advance notice of a lawsuit
to be filed
Question: What kind of zoning would require that a developer build 10% of the
homes in a subdivision for low-income families? - ANSWER-Inclusionary
Question: Functional obsolescence can be caused by - ANSWER-. An over-
improvement of the property
Question: An owner may properly refuse to rent to a prospective tenant because
the prospective tenant is - ANSWER-A drug addict with abusive behavior
Question: 'A' purchased a commercial lot from 'B' based on 'B's fraudulent
representation as to lot size, zoning, and water connections. 'A' cannot use the
parcel purchased. What remedy should 'A' seek? - ANSWER-Recission
Question: An offer is accepted one day after the offer period expires. How could
the offeror create a valid contract? - ANSWER-Have the offeror sign a waiver of
the offer period
Question: A broker has an exclusive-right-to sell listing. A buyer offers to
purchase the listed property. The buyer knows that the broker is an agent of the
seller, yet tells the agent in confidence that she may be willing to increase his
offer by $10,000 if it is not accepted by the seller. The broker - ANSWER-
- ANSWER-. Must convey this information to the seller
Question: To perfect a lien against personal property, a creditor would record a(n)
- ANSWER-. Financing Statment
Question: A property manager needs to have a bid on floor coverings based on
this statement of fact. "The building he manages is 90' by 60'. Sixty percent of the
building will be carpeted at a cost of $16.00 per square yard, and the remainder
will be tiled at a cost of $8.00 per square yard. Estimate the cost of the floor
covering. - ANSWER-$7,680
Question: - ANSWER-
A FSBO seller and buyer agree to terms on a contract to purchase. The buyer
then finds a structural defect during his inspection, and cancels the contract. -
, ANSWER-The FSBO seller makes cosmetic repairs to cover the damage, and lists
the property with Agent M and informs him of the defect. Buyer C buys the home,
and does not perform an inspection. Only after closing and moving into the home
does buyer C discover the material defect. Who is liable? Both FSBO and Agent
M are liabe
Question: Which if the following is NOT considered an element of value? -
ANSWER-Cost
Question: A property has a net income of $40,000.00. One appraiser decides to
use a 12 % capitalization rate, while a second appraiser uses a 10% rate. Use of
the higher rate results in - ANSWER-. $66,667 decrease in appraised value
Question: A broker is instructed not to show a property while the owner, who is
caucasian, is away. While the owner is out of town, an African American couple
requests to be shown the property. The broker should - ANSWER-. Refuse to
show the property
Question: An agency that cannot be terminated by an owner is a(n) - ANSWER-
Agency coupled with an interest
Question: A valid contract would be unenforceable because of - ANSWER-The
statue of limitations
Question: The loan that would command the highest loan-to-value ratio would be
for - ANSWER-. A single-family residence
Question: Of the following, which would be considered equivalent to an annuity
by an owner? - ANSWER-A long term-ground lease
Question: Real estate property taxes are based on a banker's year and are
payable in arrears. The taxes were $1,214.00 for the year. The closing is on April
1. The seller is - ANSWER-Debited, and the buyer is credited $306.67
Question: The parcel of land you are viewing is 3 acres. The front of the square
lot is 450 feet wide. What is the depth? - ANSWER-290.4 feet
Question: A buyer is obtaining a new private loan with a principal amount of
$250,000.00 at 9%. Closing takes place on April 15. The interest due will appear
on the worksheet as - ANSWER-Debit $937.50 to buyer, and credit broker $937.50
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