0 of 100 Questions completed
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 must first complete the following:
0 of 100 Questions answered correctly
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
A buyer goes to court and demands specific performance. If the court agrees, the seller would have to
Which is true about a promissory note?
Which of the following is NOT correct?
A broker may prepare
Which would prevent the enforcement of a real estate contract?
Which is NOT necessary for a deed to be valid and to transfer title?
An option contract for real property must be in writing
Which is NOT true regarding FHA mortgages?
When a mortgagee allows a new mortgagor to take personal liability on a note, and releases the original mortgagor’s liability, this is known as
The main reference lines running north to south in the government survey method are
Which is correct about a listing taken by a broker when the seller says AI want $100,000 from the sale. Anything you get above that amount you can keep as your commission.
Which is NOT correct about property descriptions by monuments?
Which is NOT necessary to make a valid real estate contract?
Which original instrument or statement would a buyer not receive at or after closing?
Which is NOT required for a broker to claim a commission?
A mortgage subordination clause
When is the FHA mortgage insurance premium paid?
A broker gets an exclusive right of sale listing on a house for $50,000.00 for ninety days if he promises to advertise it every week. The owner will pay a 7% commission. The broker advertises the property as promised. Forty-five days later, during the listing period, the owner sells the house to an old friend for $45,000.00. Which applies?
The purpose of the constitutional homestead is
Which is a unilateral contract?
A written contract with terms and conditions stated is
Which affects the validity of a deed?
A broker sells property subject to a contingency specifying return of deposit and cancellation of the contract if marketable title cannot be delivered by the closing date. At closing the owner cannot provide a clear title and the buyer’s $10,000 deposit is returned in full. Which is most correct?
Which is NOT correct about exclusive right of sale listings?
A description of property using prominent physical features is called a description by
Which sources of finance have the least amount of government regulation?
The use of natural or other Amonuments in land surveying is
Acceptance of a sales contract is accomplished when
Mortgage financing is being arranged for a small manufacturing plant. Various items of equipment which are in use and necessary for the operation of the plant are included in the mortgage. How will the equipment be treated in the financing transaction?
John gives Lisa power of attorney to sign a listing on John’s house. Lisa enters into a listing contract with Broker Arthur for 8 months. Which is correct?
A sales associate may record a sales contract only when
What right gives the government the power to enforce zoning regulations?
What is the opposite of north 10 degrees east?
A broker has an open listing and shows a prospect the property two months later. The owner, twelve months later, sells the property to the same prospect. Which applies?
What clause in the mortgage allows the lender to accelerate the loan if the property is sold?
A package mortgage includes
Concerning listing agreements, a licensee must
A real estate contract must be
A promissory note creates which of the following?
An option contract for real property without consideration is
A contract is executory when it is
When a party lists his property on an exclusive listing contract, which is correct?
If a buyer defaults on a sales contract, the seller may
Which is NOT an essential element of a real estate contract?
The Guaranteed Loan Program is sponsored by
What clause in a mortgage allows the mortgagor to call the entire balance due and payable?
Liens for taxes and assessments have priority over private liens
A city levies a special assessment for paving in a neighborhood at a rate of $1.25 per square foot for each lot. One of the lots had dimensions of 21 yards wide by 95 feet deep. How much would the lot owner have to pay?
The clause in a deed that shows the type of estate being conveyed is the
In which case, with regard to an abstract of title, may the attorney be found liable for an erroneous opinion?
Which NOT correct concerning VA loans?
A rescission of a contract is
Which is a government insurance company?
An amortized mortgage where the payment gradually increases is known as
What is the name of the settlement statement used in a RESPA closing?
If you are not to be disturbed with claims upon your title, you would want a
What requires a real estate sales contract to be in writing?
FHA section 245 is a program allowing
In order to find the calculated rate on an adjustable rate mortgage, one would
An offer may be terminated EXCEPT by
The deed used to transfer title of a minor’s property is a
In Florida, how many witnesses are required to sign a contract for real property?
Which is correct about net listings?
If a seller signed a listing by which the broker is entitled to any amount over the maximum amount stipulated by the seller, the listing is known as
The type of loan where payments are not sufficient to pay off is due in a final single payment is known as a
The statutory period of continuous possession for adverse possession purposes is
The statute of frauds concerns
An option contract is described by some authorities as unilateral because it
A meeting of the minds refers to
Which is NOT correct?
Albert agrees to sell, and Bill agrees to buy his property, but does not give a deposit. Which is NOT correct?
A real estate option contract must
Parol contracts are
An option contract that has expired can be exercised
How many acres are in the NW 1/4 of the SW 1/4 of the NW 1/4 of the NE 1/4 and the S 1/2 of the N 1/2 of the SW 1/4?
A listing agreement requires the broker to “effect a sale”. When is the commission due?
Equity of redemption allows
The call is “North 90 degrees east”. This line would run
The substitution of one debtor for another debtor is called
A purchase money mortgage is a loan by the
Mrs. Smith sold her house to Mr. Jones “subject to” the existing mortgage. Several years later Mr. Jones is unable to make his mortgage payments due to unemployment. Which of the following is correct?
When evaluating the borrower’s attitude and willingness to pay a debt, the lender considers the borrower’s
A contract for sale using a street address for the property description is
A mortgaged property is sold, and the buyer assumes and agrees to pay the mortgage debt. This is not a novation. Which is correct?
The term “subject to the mortgage” written in a deed accomplishes the following
A contract is
Which is a correct statement?
Which is correct about a listing?
The legal description Lot 5, Block A, Wildflower Subdivision is description by
Which would not be considered as income in a mortgage loan application?
Construction loan proceeds are disbursed
Which is a parol contract?
A mortgage that covers more than one parcel of property is a
An African-American couple expresses interest in a house located in a predominantly African-American area of the city. The sales associate may legally conclude that they
Janice is a broker and has lunch with her friend, Bertha. While at lunch, Janice introduces Bertha to Karen, another friend. Bertha tells Karen she wants to buy a house, and Karen says hers is for sale. Bertha buys Karen's house. Janice wants a commission. Which is correct?
The broker’s commission is best protected when the broker takes
Which states the interest rate, loan amount, and payment schedule?
The clause in a mortgage that requires the principal balance of the loan to be paid upon the sale of the property, preventing a buyer’s assumption, is known as a
Which is correct concerning Federal Housing Administration loans?