Font size
WorksheetsReal Estate
Total questions: 111
Worksheet time: 56mins
In computing the amortization factor on financing of real estate sales, the factors will be based on the following
capacity of the buyer
number of years to pay
Interest rate and term of payment
interest
A buyer will loan from the bank for the purpose of a house. The amount of difference between what the total price will be and the amount he can boroow is reffered to as:
equity
reservation deposit
downpayment
loan balance
It is not considered a sale on financing or installment in the purchase of a lot
Pagibig financing
Spot cash
Bank financing
Lending investor's financing
The payment to be made monthly by the lot buyer on installment is generally referred to as
monthly amortization
monthly payments
amortization schedule
financing payments
An Act that promote and encourage the development of economic and socialized
housing projects, primarily by the private sector.
BP 220
DP957
RA7279
RA10884
In relation to Q1, it was approved on
July 12, 1976
March 24, 1992
July 17, 2016
March 25, 1982
This Act is known as Consumer Act of the Philippines
PD957
RA7394
RA386
1987 Constitution
Known as The Public Land Act
PD27
RA11573
CA 141
PD 1529
Known as the Department of Human Settlement and Urban Development Act
RA11201
EO 71
EO72
PD957
Which of the following are lands of the public domain according to the Public Land
Act
Mineral land
Timber land
Alienable and disposable
All
It is the lead government agencies tasked to develop and implement social housing
program for low-income groups in the formal and informal sectors, esp. the
underprivilege and homeless
CMP
SHFC
HDMF
DHSUD
According to DHSUD Secretary, as per statistics, the housing need from 2017 – 2022
4.5Million units
6.5 Million units
5.5 Million units
7.5 Million units
a stock corporation established principally for the purpose of owning income
generating real estate assets
real estate trust
real estate company
real estate investment trust
real estate investment corporation
The transfer of title occurs at this
(a)
An inspection sometimes called a walk-through
(a)
How the unpaid property taxes are entered on the buyer’s statement
(a)
Documentary stamp taxes are entered as this on the closing statement
(a)
earnest money is credited to this party on the closing statement
(a)
These items are credited to the seller
(a)
Use this person’s days when prorating an item paid in arrears
(a)
To be paid after the expense is incurred
(a)
A wood-destroying inspection report indicates problems caused by these insects
(a)
How is the buyer’s binder deposit entered on the Closing Disclosure?
Debit to buyer only
Credit to the buyer only
Debit to seller and credit to buyer
Debit to buyer and credit to seller
How is the purchase price entered on the Closing Disclosure?
Credit to the seller only
Credit to the buyer only
Credit to seller and debit to buyer
credit to buyer and debit to seller
How are unpaid property taxes entered on the Closing Departure?
Debit to seller only
Debit to buyer only
Credit to seller and debit to buyer
Credit to buyer and debit to seller
Earnest money is
Spent
Saved
Deposited
Transferred
Drawing that shows a parcel’s boundary lines
(a)
A square 24 miles on each side
(a)
Contains 43,560 square feet
(a)
36 square miles
(a)
Refers to direction
(a)
Lot and block description is based on this recorded map
(a)
What term is used to denote the exact starting point of a metes-and-bounds legal description?
Patent
Point of beginning
Principal meridian
Township point
What are the different types of real estate?
Vacant land
Residential
Commercial
Airbnb
What are the different investment methods?
Buy to sell
REITs
Airbnb
Buy to rent
What are the factors that cause properties to appreciate?
Demand push
Cost pull
Cost push
Demand pull
A building with two separate living quarters.
Duplex
Apartment
Condominium
Triplex
An individually owned unit in an apartment style complex with shared ownership of common areas.
Condominium
Duplex
Triplex
Apartment
Buildings with three or four individual housing units.
Triplex
Apartment
Duplex
Condominium
He is the one who takes care of all repairs and maintenance, collects the rent and assures suitable living conditions.
Residential land lord
Property manager
Care taker
Owner
He is the one who collect rent, hires and pay people to make repairs and maintain the property.
Property manager
Resident land lord
Caretaker
Owner
Statement # 1 Investment in real estate is good because It appreciate over time.
Statement # 2 Investment in real estate has a tax benefits
True; true respectively
True, false respectively
False ; false respectively
False, True respectively
Statement # 1 Investment in real estate provides hedge against inflation.
Statement # 2 Investment in real estate is a long term investment
True; true respectively
False, false respectively
False; true respectively
True; false respectively
The lien that is superior or takes priority over each other is a what?
Judicial lien
Mechanics lien
Property tax lien
Federal lien
The monetary policy in the United States affects interest rates for home loans by controlling the availability of money. Who determines this monetary policy?
The DBPR
Monetary Policy
Federal Reserve System
The FREC Commission
A licensed real estate sales associate in the employ of a broker has what?
The same obligation to the broker's client and customers as the broker.
Same obligation to Principal
Fiduciary Relationship.
Seller's obligation
A sales associate has an argument with his broker and immediately goes to work for another broker. Which of these is a correct statement?
Sales associates license is void
Sales associate must be registered with FREC under the new broker before working there
Sales associates license is involuntarily inactive
Sales associate cannot work with another broker immediately
The cost of a mortgage states as a yearly rate that includes such items such as interest, mortgage insurance, and loan origination fees (points) is known as what?
Gross Income Multiplier
Annual Percentage Rate
Annual Percentage Ratio
Comparative Sales Approach
Anything that is permanently fastened or connected to land is what?
Fixture
Real property
Lien
Encumberance
Customarily, the state documentary stamp tax on the deed will show up on the closing disclosure as what?
Credit to the buyer, unless agreed upon for the seller to pay for it
Credit to the buyer
Debit to the seller
Debit to the seller, unless agreed upon for the buyer to pay it.
Which factor is MOST likely to influence demand for real estate?
Number of real estate professionals in the area
Number of full-time real estate real estate professionals in the area
Wage levels and employment opportunities
Price of new home being built in the area
Which of the following would NOT be acceptable evidence of ownership
Attorney's opinion
Title insurance policy
Abstract
Deed to the current owner signed by the last seller
A real estate sales associate represents a buyer. At their first meeting the buyer reveals plan to operate a dog-grooming business out of the purchased home. The sales associated did not check the local zoning ordinances to determine in which parts of town such a business could be conducted. Which common law duty did the sales associate violate?
Care
Obedience
Loyalty
Disclosure
A property owner conveys a life estate to her son and stipulates that upon her death the estate will pass to her granddaughter. The granddaughter has
reversionary interest
a remainder interest
an estate for years
legal life estate
Under what circumstance would a listing agreement be automatically terminated
there are no circumstances for automatic termination of a listing agreement
The seller died after signing the agreement, but before any offers were presented
The seller, after signing the agreement and receiving no offers, decided to work with a different real estate broker
The seller wanted to lower the sales price of the home
Grantee is to a deed as devisee is to a
will
trust
estate
leasehold
Growing trees, fences, and buildings are all considered.
chattels
land
fixtures
real estate
A word to describe a property consisting of land or buildings
construction
land
real estate
property
A person who buys and sells goods or assets for others.
broker
contractor
developer
investor
An individual, a public or private group, or a financial institution that support finance to a person or business
borrower
lender
seller
investor
A word that has the same meaning with "advice"
advisor
counsel
agent
instruction
The action of interacting with others to exchange information and develop professional or social contacts
marketing
trading
counseling
networking
An action to deal or bargain with another or others in a business deal.
deal
negotiate
assist
discuss
The act of inspecting or viewing, especially carefully or critically
check
test
inspection
examination
An adjective in accordance with or reflecting the latest or newest ideas, standards, techniques, styles
up-to-date
new
current
now
The state of being many or numerousness.
few
minority
little
multitude
A person who can act for somebody in court
prosecutors
attorney
judge
defendant
The authority of the Broker to negotiate the sale lease, purchase, mortgage or exchange
of real property for a fee and under certain terms and conditions within a specific period
of time is known as:
Contract of Sale
Contract to Sell
Authority of Sale
Authority to Sell
It is that price at which the willing seller will sell and the willing Buyer will buy,neither of the
parties under abnormal pressure.
Fair Market Value
Exchange Value
Appraisal value
Sound Value
It is that price at which the willing seller will sell and the willing Buyer will buy,neither of the
parties under abnormal pressure.
Earnest Money
Option
Option Money
Downpayment
This is one whereby the listing Broker is not entitled to a commission in case the property
owner negotiates the sale of the property. The property owner can sell the property
himself and is not oblige to pay the broker’s commission.
Multiple Listing
Exclusive Agency Listing
Net Listing
Open listing
A natural or juridical person who has both the willingness and the capacity to buy real
properties is called as a:
Buyer
Prospect
Seller
Suspect
Is defined as an amount accompanying an offer to purchase a property. It also refers to
a part of the purchase price advanced by the Buyer to the Seller as a token of good
faith for a perfection of the Contract.
Earnest Money
Option Money
Option
Downpayment
Refers to the money given to the Seller by the Buyer in consideration of the right to
purchase or lease a property within a specified period and at an agreed contract price.
Option
Earnest money
Option money
Downpayment
The compensation of the Broker depends on the overpriced obtained by the buyer. An
agreement by which the broker may retain as compensatio to his services all sums paid
over and above the net price to the owner is known as:
Net listing
Open listing
Multiple Listing
Exclusive listing
It is one wherein only one broker is authorized to negotiate.
Exclusive listing
Multi-listing
Listing
Exclusive agency
Refers to that portion of trust assumed by the broker as an agent for the principal.
Fiduciary Relationship
Trust agreement
Escrow
Real Estate Mortgage
The authority of the real Estate Broker to negotiate the sale, lease purchase, exchange or
mortgage of a real estate property for a fee/compensation or commission or other value
consideration. It is a contract between the real property owner and the Real Estate
Broker whereby the latter is authorized to look for a buyer/lessee/mortgagee and to
negotiate the sale, lease, purchase, exchange or mortgage of the real property at a
certain price and terms within the specific period for a commission/ fee is called as a:
Net-listing
Exclusive listing
Listing
Multi-listing
Refers to an authority to negotiate is given to two or more brokers and the broker who is
the procuring cause of the sale receives the commission.
Multiple listing
Exclusive listing
Net Listing
Open listing
A provision in a listing agreement which entitles a broker to a commission even when he
closes the sale after the period of his authority provided that the buyer was registered by
him with the seller and with whom he has negotiated during the period of his authority.
Hold-over clause
Net listing
Open listing
Exclusive listing
What is the penalty for practicing real estate without an active license in Texas?
Jail time for up to one year and a fine of up to $4,000, plus the potential for administrative penalties.
A fine of $5,000 for the first violation and $6,000 for each subsequent violation
The individual is required to reimburse any compensation received for performing real estate activities.
Jail time of up to five years and a fine for each incident of up to $10,000.
Which of these is a minimum duty that a real estate agent must provide to a client?
Put the interests of the client above all others, including the broker’s own interests.
Meet the client's expectations for finding a buyer or locating a property.
Provide quality services that are worthy of the compensation earned
Negotiate an offer to ensure the highest price paid for a seller and the lowest possible offer accepted for a buyer.
Harry is a new sales agent associated with sponsoring broker Marvin. What does TREC require Marvin to give Harry?
A written statement describing the scope of Harry's authorized activities under TRELA.
Appointment as a licensee to at least three seller clients within the first month of Harry's employment.
An assigned mentor who can guide Harry through the first six months of his role as sales agent.
An independent contractor agreement that defines how Harry and Marvin will work together.
Unlicensed personnel at the brokerage office may perform all of the following duties EXCEPT:
Show a property to a prospective buyer.
Confirm previously advertised information about a particular property in response to a consumer’s inquiry.
Call a client and schedule an appointment for the agent to bring a potential buyer to see the home.
Assist in arranging financing for a consumer under the direction of a licensee.
What's NOT true about TREC-approved forms for use in real estate transactions?
The available contracts include purchase agreements, listing agreements, and buyer brokerage agreements
They're available for anyone to use.
Licensees are required to use them in most situations.
Licensees are not considered to be practicing law when they fill in the blanks in an approved contract form.
Sales agent Dixie's buyer client refuses to use the TREC-approved contract to make her offer. She insists on using a form she prepared herself. What can Dixie do?
Accept the client's decision to use her own form
Terminate her listing agreement on the basis of the client's breach of contract.
Hire an attorney to draft the purchase offer on the client's behalf
Ask the seller's agent to draft a counter offer.
Which of these licensees should use the Amendment to Contract form?
George needs to change the executed contract to reflect the repairs to the electrical system his seller client has agreed to make.
Randy's buyer made an offer on a property that is already under contract.
Linda's client wants to extend their listing agreement.
Don's seller client has decided not to sell the property after all, and wants to terminate the purchase contract.
Which of these transfers of residential property requires the Seller's Disclosure Notice?
Riana buys a fixer-upper that's been sitting vacant since the owner moved out six months ago.
Tim transfers his share of the property to Dana as part of their divorce settlement.
The Smiths transfer their home to a local government agency for use as a halfway house.
Sam purchases a house at a foreclosure auction.
Which of these seller disclosures appears in the TREC-approved One to Four Family Residential Contract (Resale) form?
The possibility of annexation if the property is located outside the limits of a municipality
The possibility of condemnation if the property is located within an incorporated town or city.
The possibility of property damage or destruction from natural forces such as floods, wind, and earthquakes.
The possibility of environmental degradation resulting from the effects of climate change.
Drew and Stella just bought their first house as a married couple. How will they most likely hold title to the property?
Community Property
Tenancy in common
tenancy by entirety
joint tenancy
What's the purpose of the TREC-approved Short Sale Addendum?
To create provisions related to the lienholder's consent to the sale.
To disclose to the buyer that the property is a foreclosure and the title has no warranty.
To notify the buyer that the seller has a right of redemption for six months after closing.
To disclose to the mortgagee that the price of the property will not satisfy the full mortgage debt remaining on the property.
Which of these statements does NOT describe the Texas Veteran's Land Program?
It's a low-interest loan that requires no down payment.
It's administered by the Veteran's Land Board.
It's available only to eligible veterans.
It offers loans for property of at least one acre.
Beatrice's billboard ads proclaim "I'm one of the top five agents in the entire metropolitan area!" What makes her statement legal?
She includes a footnote that her ranking is based on data collected by a local marketing organization.
It's not something a reasonable person would be persuaded by, so it's considered legal puffery.
She includes her broker's name on the ad.
The statement is factual and she can provide the source for the information if asked to do so by a consumer.
Josh is a sponsoring broker acting as an intermediary in a transaction. He appoints two licensees to work with the parties to the transaction. What are the duties of the appointed licensees?
To work with and advise the party to whom that licensee is appointed.
To be an intermediary between Josh and the party to whom the licensee is assigned.
To negotiate the transaction with the other appointed licensee without giving either party to the transaction advice or opinions.
To perform ministerial duties, but not fiduciary duties, for their appointed clients.
Sales agent Irving pays his unlicensed assistant Tiana to show a property while Irving is assisting another client. Is this an appropriate use of Irving's assitant?
No, Tiana may not show a home and both Irving and Tiana may be disciplined by TREC.
o, although Tiana is not liable for performing activities requiring a license since she was directed by a licensee
Yes, this an acceptable use of an unlicensed assistant under the direction of a licensed person.
Yes, an unlicensed person is allowed to show a property to a person who made the appointment through a licensee.
Where in the TREC-approved purchase contracts will you identify any addenda that are included with the contract?
In the "Agreement of parties" provision.
In the "Notices" provision.
In the "Representations" provision.
In the "Special provisions" provision.
Buyer Norm has a single-family home under contract. He hasn't yet received the Seller's Disclosure Form. What are his rights in this situation?
If he receives the disclosure now, he can terminate the contract within seven days.
He can terminate the contract at any time prior to closing, even if the seller delivers the disclosure now.
He can terminate the contract, but he will lose his earnest money.
He's obligated to perform under the contract, but he may file suit to recover the sale price after closing.
What's NOT true about a foreclosure in Texas?
The homeowner has a right of redemption for six months after the property transfers to the new owner.
The property is sold at auction to the highest bidder.
If proceeds from the sale are insufficient to pay all lienholders, the liens are extinguished.
Creditors have a right to pursue a deficiency judgment after the foreclosure sale.
As an associated sales agent, what is your responsibility when handling an earnest money deposit?
You must give the client's earnest money to your broker immediately.
You must give the client's earnest money to your broker within two business days of receipt.
You must deposit the client's earnest money in the brokerage trust account immediatel
You must hold the client's earnest money securely until the transaction closes.
Texas sales agent Dan wins a new listing after a former client gives his name to the seller. When the transaction closes, Dan shares a percentage of his commission with the former client as a thank you. What's true about this situation?
Dan has violated the standards of conduct by sharing his commission with an unlicensed person.
Dan should have asked his sponsoring broker to give the earnings to his former client instead of paying him directly.
Dan is required to disclose any commission-sharing to all parties to the transaction.
Dan must document the compensation on the appropriate TREC-approved form.
Buyer's agent Pru tells her clients that she'll give them a cash rebate if they successfully close on the $200,000 home they offered for. What must happen to make Pru's action legal?
She must obtain written consent for the rebate from her client and her sponsoring broker.
Her rebate may not have a value higher than 1% of the sale price.
Her rebate may not have a value higher than 1% of the sale price.
Rebates are never legal in Texas.
What is the man touching?
Porch
Shutter
Window
Door
What is this?
Chandelier
Lamp
Attic
Ceiling
Trần nhà?
Ống dẫn nước?
Type what you hear
(a)
Type what you hear
(a)
Type what you hear
(a)
Type what you hear
(a)
Type what you hear
(a)
Type what you hear
(a)
