RealEstate 1-25 Jonathan

1. Regarding residential property, deed restrictions can only be enforced by the:

• A. court
• B. police
• C. HOA (Home Owners Association)
• D. Board governing the HOA

2. After getting licensed, a new realtor took on a buyer. The realtor was responsible for a chain of events that led to the sale of a property for this buyer. The realtor is legally called the:

• A. Benefactor
• B. Procuring cause
• C. Agent on record
• D. Supporting cause

3. Two weeks after going under contract to purchase a home, the buyer decides to also purchase the small empty lot connected to backyard, also owned by the same seller. What document will be used to transfer the extra lot at the same time with the closing of the home?

• A. A Contingency Form
• B. An Amendment
• C. An Addendum
• D. A Seller's Land Disclosure

4. What would not be enforceable regarding deed restrictions:

• A. Verbally issued rules not recorded in public record.
• B. Anything listed as being forever.
• C. Restrictions based on race, ethnicity or religious preference.
• D. All of the above.

5. Deed restrictions on residential property can only be enforced by the:

• A. home owners association
• B. a majority vote of the residents
• C. title company
• D. court

6. This burdens or places limits on the title to a property:

• A. An appurtenance
• B. Joint tenancy
• C. An encumbrance
• D. A granting clause

7. These are the fees that a buyer pays to close the transaction.

• A. Seller's loan payoff
• B. Earnest money
• C. Seller expenses and fees
• D. Closing costs

8. A buyer just closed on a home and took out a mortgage loan with monthly payments of $1725.40 which includes principal, interest, taxes and insurance. The loan is for 15 years with a final payment of $32,650. What type of loan is this?

• A. A Jumbo loan
• B. Balloon payment mortgage
• C. Reverse Mortgage
• D. A 15-yr mortgage with an adjustable ARM

9. A person is selling their dining room china cabinet, table, chairs, piano and other personal property items. What would they use to transfer title?

• A. Title Policy
• B. Deed
• C. Settlement Statement
• D. Bill of Sale

10. An example of severance in real estate would be:

• A. The process of canceling a real estate contract.
• B. Paying off the mortgage on a property.
• C. Receiving a final paycheck after being fired from a job.
• D. Cutting a tree in the backyard and selling as firewood.