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Modern Real Estate Quiz Version & AnswerKey & maxQuestions 100
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Modern Real Estate Quiz Version & Answer Key & max Questions 100
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Modern Real Estate QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. due-on-sale clause
A. The support a parcel of land receives from adjacent land; a neighbor's duty to support adjoining land in its natural
state.
B. a mortgage that requires the mortgagor to pay a constant amount, usually monthly, that will completely pay off the
loan amount with the last equal payment.
C. provides that on sale of the property by the borrower to a buyer who wants to assume the loan, the lender has the
choice of either declaring the entire debt to be due and payable immediately or permitting the buyer to assume the loan
D. a concrete support under a foundation, chimney. or column that usually rests on solid ground and is wider than the
structure being supported
2. satisfaction of mortgage
A. when agents unintentionally misinform a buyer, seller, tenant, or landlord concerning a material fact because they do
not have actual knowledge of the fact, b/c they have incorrect information, or b/c of a mistake by the agent.
B. the insulation value of materials
C. Refers to a transfer of rights or duties under a contract to a third party.
D. a document acknowledging the full repayment of a mortgage debt
3. rafter
A. one of a series of sloping beams that extends from the center ridge board to an exterior wall and provides the main
support for the roof.
B. The tract that benefits from an easement.
C. A clause in a listing contract that says the listing broker is entitled to commission for a time period after the listing
expires if the property is sold to a prospect that the broker initially introduced to the client during the listing term.
D. The time a buyer has to have property inspected, title examined, and review any leases to determine if the property
meets his or her needs.
4. acceleration clause
A. Loss of a right through undue delay or failure to assert it.
B. Mineral used extensively in insulation; inhaling fibers can cause sever respiratory diseases; particularly dangerous if
friable, i.e., easily crumbled
C. the clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the
borrower defaults on an installment payment or another covenant.
D. Reference to linear measurements and compass directions.
5. retaliatory eviction
A. A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's
right as a tenant to an individual apartment.
B. illegal eviction of a tenant that has exercised protected rights under the law.
C. a statement that tells the borrower whether the lender intends to service the loan or to transfer it to another lender.
D. Cost per square foot of a recently built comparable structure multiplied by the number of square feet in the subject
property.
,6. Cooperation brokers
A. those who act as subagents of the principal
B. An attempt by the offeree to change any of the terms proposed by the offeror
C. 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.
D. Uses boundaries and measurements of the land.
7. Agent
A. one who represents the interest of another person.
B. created when the landlord and tenant enter into an agreement that continues for a specific period, being automatically
renewed for an indefinite time without a specific ending date; automatically renews.
C. law used to regulate underground storage tanks' discharge of any hazardous substance, including gas and oil.
D. expenses that have already been paid by the seller prior to closing and the buyer needs to rebate that portion to the
seller; generally real estate taxes or HOA dues.
8. NC Interstate Succession Act
A. someone who preserves the value of an investment property while generating income as an agent for the owner.
B. Something that is not covered for loss in an insurance policy.
C. The State law of descent that dictates distribution of the real and personal property of the deceased that died without
a will.
D. Areas such as landscaped parks and playgrounds used to separate and screen residential areas from nonresidential
areas
9. Zoning Ordinances
A. maximum amount of security deposit if tenancy is from month to month.
B. IRS
C. Laws imposed by local government authorities that regulate and control the use of land and structures within a
designated district or zone.
D. when principal and agent, without formally agreeing to the agency, act as if one exists.
10. capital gain
A. the taxable profit earned from the sale of real property
B. a residential mortgage loan in excess of acceptable loan amounts for purchase by Fannie Mae or Freddie Mac; also
called nonconforming loans
C. the document that pledges the property to the lender as security or collateral for a debt; also called mortgage.
D. The principle that affirms that the value of any component of a property is defined by what its addition contributes to
the value of the whole or what its absence detracts from that value.
11. underground storage tank
A. Special damages that might be obtained if the damages upon breach were reasonably foreseeable to the breaching
party at the time of making the contract.
B. A mandatory agency information brochure that a licensee must give to and review with consumers in all real estate
sales transactions no later than first substantial contact; it does not create agency.
C. Often used to store petroleum, if leaking can contaminate groundwater, only 10% of tank needs to be underground to
require monitoring
D. Typically a small amount of compensation, usually paid up front by the buyer/client when the buyer-agency
agreement is established.
, 12. Grantee
A. The one who receives title
B. created to handle problems that occur as a result of sedimentation in state waters
C. Areas designated by FEMA as being prone to flooding.
D. A lease of property under which a landlord pays all property charges regularly incurred through ownership, such as
repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases; also called fixed rental
lease.
13. negative amortization
A. a 1970s foam insulation that released gases that can cause respiratory problems such as skin irritations or asthma
attacks
B. 1)term 2)promise to pay 3)signature of the borrower(s)
C. an increase in the loan balance.
D. Law that requires those engaged in the interstate sale or leasing of subdivision lots to file a statement of record and
register the details of the land with HUD
14. Special assessments
A. Special taxes levied on real estate for public improvements made to that real estate, such as sidewalks, street
lighting.
B. 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).
C. An attempt by the offeree to change any of the terms proposed by the offeror
D. farms, timberland, ranches, and orchards.
15. NC Leaking Petroleum Underground Storage Tank Cleanup Act
A. a heavy horizontal board, set on edge at the apex of the roof, to which the rafters are attached
B. charging interest in excess than the maximum rate established by state law.
C. law used to regulate underground storage tanks' discharge of any hazardous substance, including gas and oil.
D. A legal action to compel a party to carry out the terms of a contract.
16. Mass appraisal
A. a foreclosure under power of sale in which the deed of trust does not have to be foreclosed through a court action.
B. A contract under which something remains to be done by one or more of the parties.
C. An appraisal technique that determines assessed value for all lands in a given area by applying an overall percentage
increase of decrease.
D. a written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and
other liens under certain circumstances.
17. Foreshore
A. the business of bringing buyers and sellers together
B. the exact way of describing real estate in a contract, deed, mortgage or another document.
C. Money deposited by a buyer under the terms of a contract, to be forfeited if the buyer defaults but applied to the
purchase price if the sale is closed.
D. Land at the coast between average high tide and average low tide this is owned by the state of North Carolina.
18. Accretion
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