Real Estate License Exam
Real Estate License Exam Quiz
Test your knowledge with our comprehensive Real Estate License Exam quiz! This quiz consists of 20 multiple-choice questions designed to challenge your understanding of key real estate concepts and terms.
Get ready to explore topics such as:
- Mortgage Definitions
- Property Ownership
- Real Estate Laws
- Title and Liens
- Loan Types
Which of the following describes the term “appreciation”?
Kind words expressed to someone about something they did
An increase in the value of property
An item of value owned by an individual
None of the above
When ownership of a mortgage is transferred from one company or individual to another, it is called
An assumption
An assignment
An assessment
All of the above
A mortgage loan which requires the remaining balance be paid at a specific point in time is called a/an
Balloon mortgage
Early due mortgage
Mortgage of convenience
Promissory note
The following reason accounts for why bridge loans are not used much anymore:
More second mortgage lenders now will lend at a high loan to value
Sellers would rather accept offers from Buyers who have already sold their property
Neither A or B
Both A and B
A title which is free of liens or legal questions as to ownership of the property is called a __________ title.
Good
Cloudy
Clear
Free
What is the collateral in a home loan?
The property itself
A person’s good name
The amount of savings a person has
The current automobile the person
The adjustment date on an adjustable-rate mortgage is
The date the interest rate changes
The date the stock market goes up
30 days from the date the mortgage was taken out
All of the above
What is the deposit made by a potential buyer to show he is serious about buying a house called?
Serious money deposit
Earnest money deposit
Nothing ventured, nothing gained” deposit
Down payment
A right-of-way which gives persons other than the owner access to or over a property is known as an
Easement
Ingress
Egress
None of the above
Which best describes a “subdivision”?
Houses in the same neighborhood similar in style and size
A housing development created by dividing a tract of land into individual lots
A development which is “substandard”
None of the above
When someone contributes to the construction or rehabilitation of a property with labor or services rather than cash, that contribution is called
A personal contribution
Sweat equity
A big help to the contractors
Toil and labor
A two-step mortgage is defined as
An adjustable rate mortgage with one interest rate for the first five or seven
A mortgage which is both adjustable and fixed
A mortgage which is named after a dance step
All of the above
A legal document evidencing a person’s right to or ownership of a property is called a:
Quitclaim deed
Title
Yearly lease
Accurate appraisal
If you were buying a house that included furnishings, you would receive a written document transferring title to the personal property. This document is called a/an
Title
Deed
Bill of sale
Evidence of payment
An oral or written agreement that is binding in a court of law is called a:
Gentlemen’s agreement
Contract
Business deal
Promissory note
The part of the purchase price of a property that the buyer pays in cash and does not finance with the mortgage is called the
Deposit
Second mortgage
Down payment
Deed of trust
A female named in a will to administer an estate is called an
Executor
Executrix
Individual representative
Able inheritor
The greatest possible interest a person can have in real estate is called A. Fee complex
Fee complex
Fee simple
No additional fees
Ownership
Required for properties located in federally designated flood areas, this type of insurance compensates for physical property damage resulting from flooding. It is called
Water damage insurance
Hurricane insurance
There’s no such thing
Flood insurance
The following is true of a government loan:
It is guaranteed by the Department of Veterans Affairs (VA)
It is guaranteed by the Rural Housing Service (RHS)
It is insured by the Federal Housing Administration (FHA)
All of the above
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