Real Estate Practice Exam Questions with complete solutions

Real Estate Practice Exam Questions with complete solutions 1. Brokerage definition... 2. What are two examples of special use property? 3. What is an example of functional obsolescence? 4. Principal definition... ...

Real Estate Practice Exam Questions with complete solutions 1. Brokerage definition... 2. What are two examples of special use property? 3. What is an example of functional obsolescence? 4. Principal definition.... 5. Capitalization definition... 6. What is the salespersons obligation to a buyer under single agency listing? 8. All are examples of real estate except... 9. What is homeowners insurance? 10. Special agent definition... " 11. Which is not used to determine cost approach to estimate value? -Quantity Survey Method -Unit-in-Place Method -Square Foot Method -Gross Rent Multiplier Method What is steering? 15. Entitlement to commission when transaction is not consummated. 16. Can a salesperson give legal advice?. 17. Who determines the commission in a listing contract? 19. All are typical duties of a property manager with the exception of... 20. Transfer tax is typically paid by for by whom? 21. Blockbusting definition.... 23. Special agency listing definition... 25. Net listing definition.... 26. The main factor a property manager should use to evaluate a prospective tenant is 27. All are examples of single agency disclosures with the exception of 30. What is the most reliable method of appraisal for residential real estate? 31. Assemblage definition.... 32. What would not be a depreciation of value? 33. What has the greatest effect on real estate value? 34. What rules require fair housing laws to be in a listing contract? 40. Typically who pays for title insurance? 44. What is the transfer tax charged by the state of PA? 45. What should you do about material defect disclosures? 48. What is private mortgage insurance? 49. What is the first step in the appraisal process? 50. What is an example of external depreciation? 52. Who does a selling salesperson represent under buyer agency? 54. What is not an example of a real estate business violation of the antitrust laws? 56. Equity definition... 57. Who are the parties in a listing agreement? 58. All are examples of fiduciary responsibilities under a single agency listing agreement except.. . 60. Reconciliation definition... 62. The following are typical property management operation expenses except... 65. The following are examples of agricultural property except... 66. Physical deterioration... 68. Proper listing price of the property... 69. Exclusive Right to Sell Listing definition... " 70. What type of property would be most appropriate to use the cost approach method? 71. Definition of appraisal... 73. What is the PA law that prohibits discrimination in housing? 75. Is special price setting allowed for certain categories of people? 77. When is the consumer notice given? 78. What are the conditions to when an agreement of sale becomes a binding contract? 80. What does the C stand for in the fiduciary dities 81. Characteristics of sale and leaseback... 83. What is a broker's obligation to a buyer without buyer agency? 84. Redlining definition... 85. What is a way of termination a listing agreement? 92. What is a type of depreciation that is not curable? 94. Disclosure requirements to a seller under a listing agreement force brokers to disclose info except... 96. Sale and leaseback definition.... 13. All are characterisitics of a contract for a deed except... 18. Who is considered the lender in a purchase money mortgage? 22. What is the purpose of RESPA? 28. Purchase money order is a debit to the... 29. Balloon Mortgage definition... 36. Obligations of an owner in a listing agreement if he refused to sell when presented with a full offer... 37. Is undisclosed dual agency allowable by law? 38. Earnest money deposit is a credit to whom 39. Convert 3 mills to a decimal 41. Loan origination fee is a debit to whom? 42. What is prorated by day on a HUD 1? 46. What is the source of money for an FHA loan? 51. What is the role of a mortgage broker? 55. What is true about the contract rules regarding printed form sales agreement? 59. What is a shares appreciation mortgage? 61. Determine the value by the Income Approach formula 63. Fiduciary responsibility in a property management contract is to the 64. What is the formula for the Gross Rent Multiplier? 67. All are federal income tax deductions for a homeowner except... 74. An example of an item that is prorated at settlement is... 76. Paid tax is a credit to whom? 82. Selling agent represents who in a single agency listing agreement? (Scenario Question) 85. What represents dual agency? 86. In a comparison between a land contract and a purchase money mortgage which is true? 88. What is a characteristic of a VA Mortgage? 89. What is a mortgage that includes both real and personal property? 90. What is a mortgage that will not fully amortize the loan? 91. Regulation Z requires lenders to... 93. What is a mortgage that encumbers several parcels of land? 95. The mortgage amount relative to the property price is called... 97. What is a characteristic of negative amortization? 98. What is the max profit a married couple can take on capital gain? 99. What is a fair housing exemption? (OLD PERSON COMMUNITY SCENERIO)