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Modern Real Estate Quiz Qs Verified and 100% Correct Q & A, Complete Document for Exam
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Modern Real Estate Quiz Qs Verified and 100% Correct Q & A, Complete Document for Exam
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Modern Real Estate QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. equity of redemption
A. the masonry or concrete wall below ground level that serves as the main support for the frame structure; form the
side walls of the basement or crawlspace.
B. Multiple listing services
C. Warranties
D. the right of a borrower in default on a mortgage loan to reclaim the forfeited property prior to the foreclosure sale
through payment in full of all debt and associated costs.
2. Caveat emptor
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. A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
C. warehouses, factories, land in industrial districts, and power plants.
D. let the buyer beware
3. Condition
A. Broker
B. Certain properties can be restricted to occupancy by elderly persons. HOPA--Housing for Older Persons Act of 1995.
62 or older or housing occupied by at least one person 55 or older per unit.
C. It limits coverage of a specified property in an insurance policy.
D. The earth's surface, extending downward o the center of the earth and upward infinitely into space, including things
permanently attached by nature, such as trees and water
4. Accretion
A. farms, timberland, ranches, and orchards.
B. Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of
alluvial deposits along the banks of streams.
C. An employment contract between a property owner and a real estate firm/broker by which the broker is employed to
find a ready, willing and able buyer for the owner's real estate on the owner's terms, for which service the owner agrees
to pay a commission.
D. The power of a good or service to command other goods or services in exchange. Also, the present worth of future
benefits arising from the ownership of real property.
5. balloon payment loan
A. a mortgage loan that includes a final payment that is larger than the required periodic payments because the loan
amount was not fully amortized.
B. the space between the ground surface and the first floor; frequently found in homes w/o basements that are not built
on a slab foundation
C. A notice that there is and action or lawsuit pending that may adversely affect the title.
D. one who is empowered to do anything the principal could do personally
,6. Townhouse Ownership
A. The construction cost, at current prices and using modern materials & methodology, of a property that is not
necessarily an exact duplicate but serves the same purpose or function as the original property.
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. A provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes
building; a condition of the contract.
D. The process by which the power of eminent domain is exercised.
7. Remainder Interest
A. A future interest in real estate created by the grantor for some third party that will be enjoyed after the termination of a
prior estate, such as when an owner conveys a life estate to one party and the remainder to another.
B. The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class will have a
negative impact on property values.
C. A future estate that the grantor holds while granting a life estate to another person.
D. rights arising from traditional property law
8. negative amortization
A. an increase in the loan balance.
B. made up of lenders that originate mortgage loans
C. the only legal way a landlord can evict a tenant; through a hearing before a magistrate in small claims court.
D. someone who preserves the value of an investment property while generating income as an agent for the owner.
9. Specific lien
A. offer acceptance communication
B. A lien that is secured by a specific parcel of property and affects only that particular property
C. holds that the landlord is liable for injuries that occur in common areas (hallways, stairways, elevators, sidewalks, and
parking lots) when the landlord negligently failed to maintain safe conditions in those areas.
D. This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real
property
10. Conformity
A. a loan in which the monthly principal and interest payments are a constant amount, but that payment amount is not
sufficient to completely pay off the loan within the loan term; balloon payment due at maturity
B. Federal Act that prohibited any type of discrimination based on race in the sale or rental of real property.
C. The reversion of property to the state in cases where a person dies intestate.
D. the appraisal principle that holds that the greater the similarity among properties in an area, the better they will hold
their value.
11. roofing felt
A. sheets of flat, heavy material place on top of the roof boards to insulate and water proof the roof
B. made up of lenders that originate mortgage loans
C. The home is owned by an individual (not 3 or more/not sell more than 1 every 2 years.
D. federal law giving consumers the right to view and correct their credit information
12. Waste
, A. the right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and
charges
B. A type of zoning that is superimposed over another type of zoning.
C. The tract over which an easement runs.
D. An improper use or abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life
tenant, mortgagor, or vendee. Such waste ordinarily impairs the value of the land.
13. statute of limitations
A. The support a parcel of land receives from adjacent land; a neighbor's duty to support adjoining land in its natural
state.
B. A condensed history of a title.
C. The law pertaining to the period of time within which certain actions must be brought to court or be lost.
D. an estate in land that is generally considered personal property, because no ownership of the real property has
changed hands.
14. purchase-money mortgage
A. Real property uses that were legally established before adoption of current zoning plan, but have been
"grandfathered".
B. a note secured by a mortgage or deed of trust given by a buyer as a borrower, to a seller, as lender, as part of the
purchase price of the real estate.
C. when agents unintentionally misinform a buyer, seller, tenant, or landlord concerning a material fact because they do
not have actual knowledge of the fact, b/c they have incorrect information, or b/c of a mistake by the agent.
D. 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.
15. Total Circumstances Test
A. 1)the promises made in the sales contract are fulfilled 2)the mortgage loans funds are distributed to the buyer for use
3)other settlement costs or funds are dispersed
B. A legal test applied by the courts to determine whether an item is a fixture (and. therefore, part of the real property) or
personal property.
C. Federal law that requires federally chartered or insured lenders or provide buyers and sellers of 1-4 family homes,
coops, condos with info on all settlement costs
D. Cost per square foot of a recently built comparable structure multiplied by the number of square feet in the subject
property.
16. Declaration of Restrictive Covenants
A. A transaction in which the sales price is paid in two or more installments over two or more years. If the sale meets
certain requirements, a taxpayer can postpone reporting such income until future years.
B. A declaration of limitations established by a developer.
C. written promise to repay a debt in definite installments with interest.
D. The quality or state of being heterogeneous.
17. Negligent misrepresentation
A. A specific, involuntary lien filed when property owner has not paid for work of contractors, laborers, and others.
B. the doctrine that gives the tenant the right to cancel the remainder of the lease and vacate the premises w/o penalty if
the landlord fails to keep the premises fit.
C. Something that is not covered for loss in an insurance policy.
D. when agents unintentionally misinform a buyer, seller, tenant, or landlord concerning a material fact because they do
not have actual knowledge of the fact, b/c they have incorrect information, or b/c of a mistake by the agent.
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