Exam (elaborations)
Modern Real Estate Quiz 20 questions and answers 2024.
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Modern Real Estate Quiz 20 questions and answers 2024.
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Modern Real Estate QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. partially amortized fixed-rate mortgage
A. Estimate of the quantity, quality or value of something.
B. also known as a "contract for deed", it is seller financing whereby the purchase price is paid in periodic installments
by purchaser. The seller retains legal ownership, while the buyer secures possession of and an equitable interest in the
property.
C. five
D. a loan in which the monthly principal and interest payments are a constant amount, but that payment amount is not
sufficient to completely pay off the loan within the loan term; balloon payment due at maturity
2. heterogeneity
A. The quality or state of being heterogeneous.
B. This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real
property
C. An area zoned strictly for aesthetic or appearance considerations
D. An agency contract between the owner of income property and a management firm or an individual property manager
that outlines the scope of the manager's authority.
3. underground storage tank
A. maximum amount of security deposit if tenancy is longer than month to month.
B. Often used to store petroleum, if leaking can contaminate groundwater, only 10% of tank needs to be underground to
require monitoring
C. The construction cost, at current prices and using modern materials & methodology, of a property that is not
necessarily an exact duplicate but serves the same purpose or function as the original property.
D. Generated by movement of electrical currents; prolonged exposure may cause cancer; major concern for property
owners near high voltage line
4. crawl space
A. a residential mortgage loan in excess of acceptable loan amounts for purchase by Fannie Mae or Freddie Mac; also
called nonconforming loans
B. the space between the ground surface and the first floor; frequently found in homes w/o basements that are not built
on a slab foundation
C. Regulates standards for real property taxation, standards for tax assessment and appraisal.
D. Uniform Settlement Statement; the standard closing statement form required to be given to the borrower, lender, and
seller at or before settlement by the closing agent in a transaction covered under RESPA.
5. yield
A. All divisions of a tract or parcel of land into two or more lots, building sites, or other divisions for the purpose of sale or
building development
B. the return or profit on a loan
C. Owned by two or more parties usually not husband and wife; undivided equal interest unless stated; each owner
receives share when sold can transfer without other signing; can acquire at different times; if not stated, tenants in
common; never survivorship
D. Loss of a right through undue delay or failure to assert it.
, 6. Office of Fair Housing and Equal Opportunity (OFHEO)
A. Administers the Federal Fair Housing Act under the direction of the Secretary of HUD.
B. The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely
transferable and inheritable.
C. holds that the landlord is liable for injuries that occur in common areas (hallways, stairways, elevators, sidewalks, and
parking lots) when the landlord negligently failed to maintain safe conditions in those areas.
D. a loss of value in property due to any cause; an expense deduction for tax purposes taken over the period of
ownership of income property
7. like-kind properties
A. a tax term used in exchanges; property may be exchanged for life in kind property and the tax postponed (does not
refer to the physical similarity of the properties).
B. A survey that shows the lay of the land.
C. a loan made to finance the construction of improvements on real estate--homes, apartments, office buildings
D. five
8. curable physical deterioration
A. Property taxes and special assessments, then in order of time and date files (pure race), except mechanics lien,
which dates to date labor began or materials were first provided.
B. a reduction in a property's value resulting from a decline in physical condition; repairs that are physically possible and
economically feasible and will result in an increase in appraised value. Ex: Roof replacement, painting
C. written promise to repay a debt in definite installments with interest.
D. the right of a borrower in default on a mortgage loan to reclaim the forfeited property prior to the foreclosure sale
through payment in full of all debt and associated costs.
9. Term loan
A. acronym used by commercial agents in a net lease that frequently refer to these charges: taxes, insurance, and
common area maintenance
B. A loan in which only interest is paid during the term of the loan, with the entire principal due with the final interest
payment; also called a straight loan.
C. the fiduciary relationship between the principal and the agent.
D. The home is owned by an individual (not 3 or more/not sell more than 1 every 2 years.
10. Pur Autre Vie
A. a flexible payment plan that allows a mortgagor to make lower monthly payments for the first few years of the loan
and larger payments for the remainder of the term.
B. Business property, including offices, shopping centers, stores, theaters, hotels and parking facilities.
C. Owned by two or more parties usually not husband and wife; undivided equal interest unless stated; each owner
receives share when sold can transfer without other signing; can acquire at different times; if not stated, tenants in
common; never survivorship
D. For the life of another. A life estate pur autre vie is a life estate that is measured by the life of a person other than the
grantee.
Circle the letter of the Question that corresponds to the displayed Answer.
11. That received by the grantor in exchange for a deed. Something of value that induces a person to
enter into a legally enforceable contract.
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