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Question 1 of 10
1. Question
What is the best approach for an appraisal when there is a six-unit apartment building?
Correct
The income approach is being used for the appraisal of income-producing assets.
Incorrect
The income approach is being used for the appraisal of income-producing assets.
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Question 2 of 10
2. Question
The seller deals for property and wants to negotiate a selling price of $250,000. With a 20% down payment, he doesn’t have an issue Receiving a 30-year conventional loan for the balance. At 8%, complete amortization is expected for a monthly payment of $7.34 per thousand. If the lender attaches another $250 a month to pay, what will the consumer pay per month?
Correct
($250,000 × 0.8) ÷ 1,000 = $200; multiply by 7.34 to get $1,468. Add $250 escrow to get $1,718 monthly payment.
Incorrect
($250,000 × 0.8) ÷ 1,000 = $200; multiply by 7.34 to get $1,468. Add $250 escrow to get $1,718 monthly payment.
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Question 3 of 10
3. Question
Which of the following statements best describe the market price?
Correct
The market price is what a real property sells for—its retail price.
Incorrect
The market price is what a real property sells for—its retail price.
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Question 4 of 10
4. Question
One of the following choices is NOT an example of a buyer’s agency agreement?
Correct
There are three basic forms of the purchaser. Agency agreements: exclusive purchaser Agency, an open agency of buyers, and Purchaser Agency-Exclusive Agency.
Incorrect
There are three basic forms of the purchaser. Agency agreements: exclusive purchaser Agency, an open agency of buyers, and Purchaser Agency-Exclusive Agency.
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Question 5 of 10
5. Question
All of the following are economic principles that may have an impact on the value of real estate except?
Correct
Competition, contribution and change; These are all economic principals that have a noticeable impact to real estate.
Incorrect
Competition, contribution and change; These are all economic principals that have a noticeable impact to real estate.
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Question 6 of 10
6. Question
Linda has a three-year lease on her property. Then at the end of the three years what would happen?
Correct
An estate for years shall terminate automatically and shall not require notice from either party.
Incorrect
An estate for years shall terminate automatically and shall not require notice from either party.
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Question 7 of 10
7. Question
A subdivider that must be installed in the public records to a property map is generally known as?
Correct
The subdivision map, indicating lots, the bricks, the streets, and the likes, are known as plat. It’s filed in a book of plat book, available to the public.
Incorrect
The subdivision map, indicating lots, the bricks, the streets, and the likes, are known as plat. It’s filed in a book of plat book, available to the public.
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Question 8 of 10
8. Question
Mary possessed a simple fee title to a lot next door to a church. She has offered the lot to the church as a gift but, she had to make sure that it is being used for Purposes of the Church. She was given a deed to convey ownership from her lawyer. The act of transferring ownership of the lot to the Church “as long as it is used for the purpose of the church.” the church owns a?
Correct
Feasible title with such special restrictions are deemed as fee simple determinable.
Incorrect
Feasible title with such special restrictions are deemed as fee simple determinable.
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Question 9 of 10
9. Question
The buyer agrees to pay $295,000 in writing for a property. The customer is making a down payment of 30% and funds the rest by Receiving a 30-year traditional loan. The PI payment metric is $7.34 per thousand. The landlord opens an Escrow account to pay $3,000 in annual income taxes plus $600 in property insurance payments, collecting 1/12 ff these numbers, for a recurring bill. What’s the annual PITI charge for this borrower?
Correct
$295,000 × 0.7 = $206,500 loan; 206.5 × 7.34 = $1,515.71 principal and interest; ($3,000 + $600) ÷ 12 = $300 taxes and insurance; $1,515.71 + $300 = $1,815.71 PITI.
Incorrect
$295,000 × 0.7 = $206,500 loan; 206.5 × 7.34 = $1,515.71 principal and interest; ($3,000 + $600) ÷ 12 = $300 taxes and insurance; $1,515.71 + $300 = $1,815.71 PITI.
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Question 10 of 10
10. Question
The occupant paid a rent of $500 prior to the first of the month and a security deposit of $500. The property will be closed on September 15. How much money the sellers owe to the buyer?
Correct
$500 plus 1/2 month’s rent ($250) = $750.The security deposit transfers to the new owner.
Incorrect
$500 plus 1/2 month’s rent ($250) = $750.The security deposit transfers to the new owner.