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UPDATED VERSION!! National Exam - Practice of Real Estate- Sample Question and Answers [100% Accurate] 2025/2026 $9.40
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UPDATED VERSION!! National Exam - Practice of Real Estate- Sample Question and Answers [100% Accurate] 2025/2026

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UPDATED VERSION!! National Exam - Practice of Real Estate- Sample Question and Answers [100% Accurate] 2025/2026 What does an alienation clause do? It grants the lender the authority to demand the full loan balance immediately if the borrower sells or transfers the property that serve...

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  • December 8, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • updated version national exam practice of rea

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  • Real Estate
  • Real Estate

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UPDATED VERSION!! National Exam -
Practice of Real Estate- Sample
Question and Answers [100% Accurate]
2025/2026
What does an alienation clause do?

It grants the lender the authority to demand the full loan balance immediately if the borrower
sells or transfers the property that serves as collateral for the loan.

This clause is also known as a due-on-sale clause.



What do building codes regulate?

Building codes establish guidelines for materials, performance standards, structural components,
safety features, sanitation, health requirements, and setback/sideline restrictions.

They are enforced by local governments to regulate construction standards.



What is a purchase money mortgage?

It is a mortgage taken out by a buyer to secure a portion of the property's purchase price, either
from the seller or a third party.



What does a special warranty deed involve?

A special warranty deed guarantees the title only against defects that may have occurred during
the grantor's ownership of the property.



How does lien theory differ from title theory?

Under lien theory, the mortgage is seen as a lien on the property.

Under title theory, the lender is considered the conditional owner of the mortgaged land.



When securing an FHA loan, what is the up-front premium percentage?

The up-front premium for an FHA loan is 1.5%.

1

, Do FHA loans carry a prepayment penalty?

No, FHA loans do not have a prepayment penalty.

This also applies to VA loans.



With an FHA mortgage insurance premium, how low can a down payment go?

The down payment can be as low as 3.5%.



What is not true about a promissory note?

A promissory note does not serve as evidence of title.



What are the key characteristics of a conventional loan?

A conventional loan is not insured or guaranteed by a public agency.

It is secured by the borrower’s ability to repay and the collateral pledged.

The loan-to-value ratio usually does not exceed 80%.



What amount will the Department of VA guarantee for a lender based on a veteran’s entitlement?

The Department of VA will guarantee up to four times the veteran’s entitlement, up to a
maximum of $104,250.



What is not a feature of an FHA loan?

FHA does not provide the actual funds for the mortgage; it only insures loans made by approved
lenders.



When granting a conventional loan, what must a borrower provide to the lender?

The borrower must provide a mortgage and a promissory note.



What does a graduated payment mortgage allow a buyer to do?




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