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WorksheetsRealEstate 1-25 Jonathan
Total questions: 25
Worksheet time: 19mins
Name
Class
Date
1.
1. Regarding residential property, deed restrictions can only be enforced by the:
a)
A. court
b)
B. police
c)
C. HOA (Home Owners Association)
d)
D. Board governing the HOA
2.
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)
A. Benefactor
b)
B. Procuring cause
c)
C. Agent on record
d)
D. Supporting cause
3.
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. A Contingency Form
b)
B. An Amendment
c)
C. An Addendum
d)
D. A Seller's Land Disclosure
4.
4. What would not be enforceable regarding deed restrictions:
a)
A. Verbally issued rules not recorded in public record.
b)
B. Anything listed as being forever.
c)
C. Restrictions based on race, ethnicity or religious preference.
d)
D. All of the above.
5.
5. Deed restrictions on residential property can only be enforced by the:
a)
A. home owners association
b)
B. a majority vote of the residents
c)
C. title company
d)
D. court
6.
6. This burdens or places limits on the title to a property:
a)
A. An appurtenance
b)
B. Joint tenancy
c)
C. An encumbrance
d)
D. A granting clause
7.
7. These are the fees that a buyer pays to close the transaction.
a)
A. Seller's loan payoff
b)
B. Earnest money
c)
C. Seller expenses and fees
d)
D. Closing costs
8.
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. A Jumbo loan
b)
B. Balloon payment mortgage
c)
C. Reverse Mortgage
d)
D. A 15-yr mortgage with an adjustable ARM
9.
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)
A. Title Policy
b)
B. Deed
c)
C. Settlement Statement
d)
D. Bill of Sale
10.
10. An example of severance in real estate would be:
a)
A. The process of canceling a real estate contract.
b)
B. Paying off the mortgage on a property.
c)
C. Receiving a final paycheck after being fired from a job.
d)
D. Cutting a tree in the backyard and selling as firewood.
11.
11. A seller hires a broker to list a commercial space currently leased as a floral business. The tenant is moving out in 30 days. The seller says that all personal property is not included in the sale. A buyer looking at the property asks the broker about the refrigerated display cases along the wall that appear to be attached. The broker should say the display cases are:
a)
A. excluded in the sale as trade fixtures.
b)
B. automatically staying because they are attached.
c)
C. appurtenances and will stay.
d)
D. excluded because they have been fully depreciated.
12.
12. Individual unit owners in a condominium building have what type of ownership in regards to the common areas.
a)
A. Joint Tenancy
b)
B. Tenancy in common
c)
C. Collective Tenancy
d)
D. HOA (Home Owners Association Tenancy)
13.
13. Mortgage lenders use a Debt to Income Ratio as a
a)
A. way of calculating a buyer's net worth.
b)
B. method of determining the total amount needed for escrow.
c)
C. guide for setting the minimum amount of earnest money.
d)
D. loan qualifying tool.
14.
14. What is the general technique of creating distances and angles between 3-dimensional positions of points.
a)
A. Surveying lots exclusively zoned for multi-family construction.
b)
B. Surveying lots in a tract of land to be built only for commercial construction.
c)
C. Surveying.
d)
D. This specific method of surveying is used by the USDA in rural areas for surveying areas in preparation for septic tanks to comply with county regulations.
15.
15. Which of the following statements is false regarding mortgage loans for housing with federal government support:
a)
A. The federal government insures lending agencies against losses.
b)
B. A loan through the Veterans Affairs (VA) may be used for financing a condo.
c)
C. FHA insures loans for either single family homes or apartments.
d)
D. The federal government provides funds to the lender / lending agency.
16.
16. A single person has bought a condominium in a 7-story building. He was told he took ownership to his condominium as fee simple title. He is now curious how are the common elements owned?
a)
A. Joint tenancy
b)
B. Also owned as fee simple
c)
C. They are owned by the management company
d)
D. Tenants-in-common
17.
17. The owners of a condominium unit are responsible for:
a)
A. Paying their own mortgage
b)
B. Paying their own insurance
c)
C. Paying their own HOA dues
d)
D. All of the above.
18.
18. In a condominium, the Board of Directors are selected by whom?
a)
A. The condominium unit owners
b)
B. The developer
c)
C. The management company
d)
D. The local city council
19.
19. A water line broke in an apartment. What legal recourse does the tenant have?
a)
A. Environmental Eviction
b)
C. Special Eviction
c)
C. Constructive Eviction
d)
D. Actual Eviction
20.
20. Which of the following is not an essential element of a contract?
a)
A. the contract can be for an unlawful purpose
b)
B. consideration
c)
C. competent parties
d)
D. offer and acceptance
21.
21. The brother of a friend of the seller stops by the seller's house during a college graduation party. After viewing the home, this individual offers to buy it from the seller. The seller verbally accepts. This would be called:
a)
A. an option to purchase
b)
B. valid
c)
C. a contract
d)
D. unenforceable
22.
22. What is the difference between a lease purchase contract and a lease option contract?
a)
A. A lease option is only used for commercial tenants whereas a lease purchase is used only for residential buyers.
b)
B. A lease purchase contract and a lease option contract are the same thing.
c)
C. The difference is that the lease option only obligates the seller to sell.
d)
D. The difference is that the lease option only obligates the buyer to buy.
23.
23. Regarding financing, the lower the loan-to-value ratio, the higher the:
a)
A. Credit score
b)
B. Amount that can be loaned to that buyer.
c)
C. Appraised value
d)
D. =uity
24.
24. A lis pendens was recorded on a property during a lawsuit. The lawsuit was dropped after 60 days but the lis pendens was not released. Which of the following statements best describes the current situation.
a)
A. The property currently has a cloud on the title.
b)
B. The property has a lien against it due to the lis pendens.
c)
C. The lis pendens was automatically released when the lawsuit was dropped.
d)
D. The property cannot be sold for a minimum of 180 days.
25.
25. During the foreclosure on a property, the following would become the priority for repayment:
a)
A. Mortgage lien
b)
B. Judgment lien
c)
C. Income tax lien
d)
D. Property tax lien
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