Real Estate License Exam

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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

20 Questions5 MinutesCreated by LearningAgent42

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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