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Question 1 of 10
1. Question
Which of the following statements will not have an effect realty value?
Correct
The number of realty brokers in the market does not influence the size of the real estate market, because the market is sensitive to the economic principle of supply and demand. But, the firm contracts the brokers, with their customers, demand that the brokers are getting the best deal.
Incorrect
The number of realty brokers in the market does not influence the size of the real estate market, because the market is sensitive to the economic principle of supply and demand. But, the firm contracts the brokers, with their customers, demand that the brokers are getting the best deal.
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Question 2 of 10
2. Question
If taxes on real estate are charged in arrears and the closing of annual taxes on September 14 is $2,700.00, what will be debited by the seller? (Use of the statutory method, accrue from 1 January to the closing day, seller responsible for the closing day.)
Correct
360 days divided to $2,700 equals $7.50 per day, times 254 days equals $1,905 debit to the seller. The first of January to the 14th of September equal to 254 days (statutory method).
Incorrect
360 days divided to $2,700 equals $7.50 per day, times 254 days equals $1,905 debit to the seller. The first of January to the 14th of September equal to 254 days (statutory method).
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Question 3 of 10
3. Question
John Fitzpatrick is keeping $800 in security deposits from the six residents of his apartment complex when he sold the building to Helen Baker. Which of the following statements is true?
Correct
The current owner is responsible for the return of security deposits that were to be attributed to her after the deal was settled
Incorrect
The current owner is responsible for the return of security deposits that were to be attributed to her after the deal was settled
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Question 4 of 10
4. Question
An income approach appraisal will include which of the details below?
Correct
Annual net operating income after operating costs is removed from operating revenue net sales. Annual Net Operating Revenue divided by the appraiser capitalization rate is equal to the value of the property.
Incorrect
Annual net operating income after operating costs is removed from operating revenue net sales. Annual Net Operating Revenue divided by the appraiser capitalization rate is equal to the value of the property.
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Question 5 of 10
5. Question
Which of the following method of foreclosure is used in a deed of trust mortgage lien?
Correct
The Deed of Trust Mortgage Makes Trustee/fiduciary to sell the land at public auction to secure the lien status of the lender/beneficiary without a court hearing
Incorrect
The Deed of Trust Mortgage Makes Trustee/fiduciary to sell the land at public auction to secure the lien status of the lender/beneficiary without a court hearing
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Question 6 of 10
6. Question
Which of the following statements best describes a mortgagor?
Correct
Mortgagor (borrower) who transforms the property into trust for the mortgage holder (lender) loses possession by way of foreclosure.
Incorrect
Mortgagor (borrower) who transforms the property into trust for the mortgage holder (lender) loses possession by way of foreclosure.
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Question 7 of 10
7. Question
Which of the following statements are the four unities needed for the establishment of a joint tenancy?
I. Time, title, consideration, and interest.
II. Competent parties, title, possession, and interest.
III. Time, title, legal purpose, and possession.
IV. Time, title, possession, and interest.Correct
The four unities necessary for the establishing a joint tenancy are time, title, possession, and interest.
Incorrect
The four unities necessary for the establishing a joint tenancy are time, title, possession, and interest.
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Question 8 of 10
8. Question
When the approval of the sales contract has been done. Subsequently, the parties can enter into additional agreements without altering the original contract by using which of the following?
Correct
Any provision added at a later date in a contract is known as an addendum. It identifies the original contract and must be signed all of the parties.
Incorrect
Any provision added at a later date in a contract is known as an addendum. It identifies the original contract and must be signed all of the parties.
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Question 9 of 10
9. Question
All of the following except on one should be done by the property manager. Which one is it?
Correct
Individuals with HIV/AIDS are part of a protected community (disability) and cannot be discriminated against.
Incorrect
Individuals with HIV/AIDS are part of a protected community (disability) and cannot be discriminated against.
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Question 10 of 10
10. Question
If the owner of the land leases his property, at the end of the lease he has what?
Correct
Leasing is a temporary situation. Ownership will stay with the owner. Revert is commonly referred to as “bounce back” to the holders.
Incorrect
Leasing is a temporary situation. Ownership will stay with the owner. Revert is commonly referred to as “bounce back” to the holders.