Podcast
Questions and Answers
Which of the following is NOT a cost of owning a home?
Which of the following is NOT a cost of owning a home?
- Maintenance
- Personal property taxes
- Interest paid on the mortgage loan
- High number of planned unit developments (correct)
When funds are held by a broker, how much should be maintained in the escrow account?
When funds are held by a broker, how much should be maintained in the escrow account?
- $4
- $3
- $2
- $1 (correct)
What is required for a contract to be legal and binding?
What is required for a contract to be legal and binding?
- The contract is terminable at any time
- The contract is not signed by both parties
- The contract is written in pencil
- None of the above are true (correct)
What does APR stand for in real estate financing?
What does APR stand for in real estate financing?
In real estate, which FHA loan is specifically used for home improvement?
In real estate, which FHA loan is specifically used for home improvement?
What term is used to describe the situation where one party voluntarily gives up property rights to another party?
What term is used to describe the situation where one party voluntarily gives up property rights to another party?
What is the equivalent of .25 of an acre in square feet?
What is the equivalent of .25 of an acre in square feet?
In real estate, who is typically responsible for overseeing the mortgage?
In real estate, who is typically responsible for overseeing the mortgage?
Which type of agency relationship involves representing both the buyer and seller in a real estate transaction?
Which type of agency relationship involves representing both the buyer and seller in a real estate transaction?
What is the term used to describe the clause that allows the lender to demand full repayment of a loan immediately upon the sale of the property?
What is the term used to describe the clause that allows the lender to demand full repayment of a loan immediately upon the sale of the property?
In real estate, who appoints members to the Board of Registration of Real Estate Brokers and Salespersons?
In real estate, who appoints members to the Board of Registration of Real Estate Brokers and Salespersons?
What is the term used to describe a mortgage where the monthly payments do not cover the interest due and the unpaid interest is added to the loan balance?
What is the term used to describe a mortgage where the monthly payments do not cover the interest due and the unpaid interest is added to the loan balance?
What is another name for loan fees?
What is another name for loan fees?
In which year was the Federal Civil Rights Act passed?
In which year was the Federal Civil Rights Act passed?
What is the square footage of a section?
What is the square footage of a section?
Which of the following is not covered under fair housing laws?
Which of the following is not covered under fair housing laws?
What are the civil penalties for a first offense under fair housing laws?
What are the civil penalties for a first offense under fair housing laws?
What is the responsibility of a property manager according to real estate laws?
What is the responsibility of a property manager according to real estate laws?
