Practice Quiz

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

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11. ________________ is the term applied to a mortgage in which you make the payments every two weeks, thereby making thirteen payments a year rather than twelve. This mortgage is paid off faster than a normal mortgage.
  1. Twice-monthly mortgage
  2. Accelerated mortgage
  3. Bi-weekly mortgage
  4. None of the above
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12. Which of the following is the classic definition of the boundaries of real property?
  1. The surface area indicated on a map
  2. A reasonable use of airspace and extended to the center or the earth
  3. A reasonable distance down and unlimited airspace
  4. A practical or reasonable use of the earth and unlimited airspace
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13. Which of the following is required in a valid homestead:
  1. Statement that claimant is residing on the premises and desires to claim it as a homestead
  2. Statement giving the exact cost of the homestead at time of purchase
  3. A description of the property including a description of the improvements
  4. Signature of both husband and wife
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14. A property is not listed for sale. A person who wants the property executes an offer to purchase it through a real estate agent and gives the broker a $5,000 check as a deposit. The broker:
  1. Can accept the check on behalf of the property owner provided he presents the offer directly to the seller as the seller’s agent
  2. Cannot accept the check
  3. Can accept the check as the exclusive agent of the buyer
  4. None of the above
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15. You are selling the house you live in, but the house you’re moving to is not completed. You need to stay on in the house a while after closing. You work out a deal with the new purchaser called a:
  1. no-rent lease agreement
  2. delayed possession for the new purchaser
  3. sale-leaseback
  4. lease for one year past closing
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