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Review Test 2

Authored by Sonya Glenn

Specialty

Vocational training

Review Test 2
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a unilateral contract?

Option

Lease

agreement of sale

listing agreement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An individual who is authorized and consents to represent the interests of another person is...

a customer

a principal

an agent

a facilitator

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why have real estate license laws been put into effect?

to protect licensees from lawsuits

to protect the public and establish a standard of competence

to prevent licensees from engaging in profit making activities

to establish maximum levels of competency and a moral marketplace

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Generally, in a court ordered sale, which of these is paid first?

First mortgage

Mechanics' liens

Child support liens

Real estate taxes

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is an example of a specific, voluntary lien?

decendent's debts

IRS liens

Mortgage liens

Corporate franchise liens

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A document that indicates that a loan has been made is called a....

promissory note

mortgage

deed of trust

satisfaction

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A response to an offer that suggests specific changes.

counteroffer

contingency

closing costs

acceptance

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