Quiz-summary
0 of 10 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Information
Practice Questions
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 10 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- Answered
- Review
-
Question 1 of 10
1. Question
It’s the responsibility of the broker at the closing to?
Correct
The settlement officer shall be responsible for all the details of the closure. The broker is simply a witness and gives moral support.
Incorrect
The settlement officer shall be responsible for all the details of the closure. The broker is simply a witness and gives moral support.
-
Question 2 of 10
2. Question
The seller makes an offer to buy the property and states that the owner approves or refuses the offer within 48 hours. Until hearing back from the owner, the seller locates a more suitable property and withdraws the bid. Is the seller legitimately allowed to cancel the offer?
Correct
The general rule is that any bid or counteroffer can be withdrawn at any time before notification of approval has been conveyed to the other side.
Incorrect
The general rule is that any bid or counteroffer can be withdrawn at any time before notification of approval has been conveyed to the other side.
-
Question 3 of 10
3. Question
What is the characteristic the IRS needs an independent contractor to be?
Correct
The IRS Safe Harbor Guidelines for Independent Contractor Status often require an affiliate to hold a real estate license and to have a signed contract in effect.
Incorrect
The IRS Safe Harbor Guidelines for Independent Contractor Status often require an affiliate to hold a real estate license and to have a signed contract in effect.
-
Question 4 of 10
4. Question
After the leasing of the collateral estate, it is determined that the revenue generated has not paid the debt. In this case, the creditor is expected to obtain what?
Correct
If the sale of the foreclosure does not resolve the loan, the creditor shall remain liable for the monies owed, including costs and interest.
Incorrect
If the sale of the foreclosure does not resolve the loan, the creditor shall remain liable for the monies owed, including costs and interest.
-
Question 5 of 10
5. Question
Which of the following statements best describes the assertion that is true of the assignment of lease?
Correct
The contract shall be the transition of the entire term of the loan. The sublet is to create a new lease.
Incorrect
The contract shall be the transition of the entire term of the loan. The sublet is to create a new lease.
-
Question 6 of 10
6. Question
Which of the following statements about elements that influence the valuation of real estate is false?
Correct
The value shall be calculated by demand, utility, scarcity, and transferability (DUST).
Incorrect
The value shall be calculated by demand, utility, scarcity, and transferability (DUST).
-
Question 7 of 10
7. Question
The Fair Housing Act, 1988, which discusses the accessibility of new multi-family buildings for people with disabilities, demands all of the choices except which one?
Correct
The statute does not require the use of elevators or power lifts for residential real estate.
Incorrect
The statute does not require the use of elevators or power lifts for residential real estate.
-
Question 8 of 10
8. Question
Which of the following is NOT the indication of the purchaser’s debit on the closing statement?
Correct
Security deposits are the exemplar of the debit of the seller.
Incorrect
Security deposits are the exemplar of the debit of the seller.
-
Question 9 of 10
9. Question
All of the statements are the physical features of real estate except which one?
Correct
Scarcity has been always the economic feature of real estate.
Incorrect
Scarcity has been always the economic feature of real estate.
-
Question 10 of 10
10. Question
Which of the following choices would not be allowed that falls under to Federal Fair Housing Act?
Correct
The landlord of four units or more cannot deny access to any member of a protected class as described in the Federal Fair Housing Act.
Incorrect
The landlord of four units or more cannot deny access to any member of a protected class as described in the Federal Fair Housing Act.