Practice Quiz

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

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31. If you have a loan in which the interest rate does not change during the term of the loan you have a _____________ mortgage.
  1. fixed-rate
  2. conventional fixed-rate
  3. owner financing
  4. all of the above
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32. When a legal description uses only sections, townships and ranges, the lines relate to the:
  1. Government survey lines
  2. Contour lines
  3. Recorded tract map
  4. Metes and bounds descriptions
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33. A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one’s credit record is called the:
  1. Credit Reporting Act
  2. Fair Credit Reporting Act
  3. Consumer Protection Act
  4. Truth-in-Lending Act
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34. A lender refers to the process of getting new loans as:
  1. selling his product
  2. loan origination
  3. his bread and butter
  4. more than just a job
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35. If you have not made your mortgage payment within 30 days of the due date, the mortgage is considered to be in:
  1. arrears
  2. default
  3. trouble
  4. bankruptcy
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