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Modern Real Estate Quiz 20 questions and answers.pdf
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Modern Real Estate Quiz 20 questions and
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Modern Real Estate QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. law of negligence
A. insurance provided by a private carrier that protects a lender against a loss in the event of a foreclosure and
deficiency
B. uses the three-party deed of trust instrument as security for the mortgage debt; the borrower conveys legal title to a
trustee to hold for the lender until the debt is paid off. NC uses this theory.
C. A necessity allowed by law; for example, the right of a life tenant to use some of the property's resources to provide
for needed repairs.
D. 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.
2. 3 events in closing
A. 1)the promises made in the sales contract are fulfilled 2)the mortgage loans funds are distributed to the buyer for use
3)other settlement costs or funds are dispersed
B. all property used for housing, from acreage to small city lots. both single family & multifamily, in urban, suburban, and
rural areas.
C. When a claimant has made use of another's land for a certain period of time. Use must be continuous, exclusive, and
without the owners approval. (20 years in NC)
D. It limits coverage of a specified property in an insurance policy.
3. implied warranty of habitability
A. Owner's title insurance policy that protects the owner against title defects not found in public records.
B. the extra thick framing over doors and windows to bear the weight of the building above the opening
C. the primary duty of the land lord to supply fit and habitable premises to the tenant.
D. the third party for whom some level of service is provided by an agent of another party, but who is not represented by
the agent
4. statutory redemption period
A. 10 day period after the auction in which the borrower can try to raise the necessary funds to redeem the property.
B. a flat, horizontal reinforced concrete area, usually the interior floor of a building but also an exterior or a roof area
C. 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.
D. a type of mortgage that generally originates at one rate of interest, with the rate fluctuating up or down during the loan
term based on the movement of a published index.
5. radon
A. a document acknowledging the full repayment of a mortgage debt
B. Deed that is used when a borrower has defaulted on the mortgage loan and wants to avoid a foreclosure action.
C. Radioactive odorless, tasteless gas; with long term exposure may cause lung cancer
D. an estate that gives the tenant the right to posses property with the consent of the landlord of a term of unspecified or
uncertain duration.
, 6. Servient tenement
A. 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.
B. A conditional transfer or pledge of real estate as security for the payment of a debt. Also the document creating a
mortgage lien in a lien theory state.
C. A listing agreement under which the broker's commission is contingent on the broker personally producing a ready,
willing, and able buyer before the property is sold by the seller or another broker.
D. The tract over which an easement runs.
7. Judgments
A. NC law that requires many types of real estate documents to be recorded for protection against claims from third
parties.
B. The right to or ownership of the land.
C. A decree issued by a court.
D. Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of
the property.
8. HUD
A. The possible use of a property that would produce the greatest net income and thereby develop the highest value
B. Department of Housing and Urban Development. Enforces the Federal Fair Housing Act.
C. systems to limit the source of environmental hazards and reduce their effect on humans and the surrounding
environment
D. A loan in which the mortgagor may pay a different amount for each installment, each payment consisting of a fixed
amount credited toward the principal plus an additional amount for the interest due since the last payment was made.
9. Adverse Possession
A. The Open, Continuous, Exclusive, Adverse, Notorious possession of another's land under a claim of title. Possession
for a statutory period of 20 years in North Carolina may be a means of acquiring title.
B. A comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style,
and amenities; an estimate of market value.
C. a lease that allows rent to be increased or decreased periodically, based on changes in a stipulated index, such as
the government cost-of living index or some other named index.
D. illegal eviction of a tenant that has exercised protected rights under the law.
10. Easement appurtenant
A. a mortgage loan that includes a final payment that is larger than the required periodic payments because the loan
amount was not fully amortized.
B. The Open, Continuous, Exclusive, Adverse, Notorious possession of another's land under a claim of title. Possession
for a statutory period of 20 years in North Carolina may be a means of acquiring title.
C. An oral or written contract in which the parties state the contract's terms and express their intentions in words.
D. An easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land.
The easement "runs with the land"
Circle the letter of the Question that corresponds to the displayed Answer.
11. offer to purchase
A. Tenancy by Entireties
B. Negligent misrepresentation
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