Practice Quiz

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

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41. A schedule that shows how much of each payment will be applied to principal and how much toward interest over the life of the loan is called a/n:
  1. amortization schedule
  2. annual percentage rate
  3. assumption
  4. both A and C
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42. In simple terms, a sum of borrowed money (principal) usually repaid with interest is called a:
  1. mortgage
  2. loan
  3. conventional loan
  4. alternative mortgage
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43. A broker who is hired by an owner to sell his property must reveal all significant and material information to the principal. Which of the following would be considered material information and must be revealed?
  1. The new lender will require the buyer to maintain an impound account
  2. Agent’s knowledge that a better offer to purchase is imminent
  3. The prospective buyer is of oriental descent
  4. None of the above
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44. Which of the following is not a necessary element in the formation of a contract:
  1. Offer
  2. Acceptance
  3. Consideration
  4. Performance
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45. What is “community property”?
  1. Property that is owned by an entire condominium development
  2. Property that is owned by an entire subdivision of single-family homes
  3. Property acquired by a married couple during the marriage and considered to be jointly owned
  4. Both A and B
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