Practice Quiz

Real Estate Agent / Broker / Salesperson Exam Prep - Question List

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6. If you are buying a piece of property and have someone else who is obligated on the loan and is on the title to the property, that person is called a:
  1. spouse
  2. family member or friend who shares the property and payments with you
  3. co-borrower
  4. none of the above
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7. The primary justification for zoning ordinances is that they:
  1. Promote conformity in the outward appearances of structures
  2. Limit the supply of specific businesses within a zoned area
  3. Promote the general health, safety and welfare of the community
  4. Increase the tax base of the local governing body
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8.

In portfolio risk management, a lender considers:

  1. Diversification
  2. Liquidity
  3. Reserves
  4. All of the above
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9. Which of the following is true of “condominium”?
  1. It applies to ownership, not to construction or development
  2. It is a type of ownership where all of the owners own each other’s interior units
  3. It is an ownership where owners own the property, common areas, and buildings together
  4. both A and C
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10. During Broker Shaw’s preparation of the Exclusive Authorization and right to Sell on Seller Norman’s property, Norman asked that a clause be included which would require the buyer to accept primary liability in connection with the existing loan is transferred to the buyer. Shaw should enter with of the following in Paragraph 2 of the Exclusive Authorization and Right to Sell from:
  1. Buyer to take the property “subject to” the loan
  2. Buyer to “assume” existing loan
  3. Buyer to pay all cash
  4. Buyer to make a large down payment to preclude possibility of a foreclosure
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