US Real Estate Contracts Advanced Test 5

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

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Real Estate — Test 5 (Contracts Advanced) Professional (Real Estate, USA) USA State Real Estate License — USA

What is this test? for Real Estate Salesperson/Broker prep, USA (national + state law) — Professional (Real Estate, USA) level, USA.
For adults preparing for Real Estate license in the USA
Section: Real Estate — Test 5 (Contracts Advanced) · Education: Professional (Adult) · Part: Real Estate — Test 5 (Contracts Advanced) · Country: USA

Finance and real estate acumen covers markets, valuation, contracts, and budget management.

This test is designed to reinforce core concepts and help you succeed on your exams.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

What are the three appraisal approaches?

A) show, stage, sell

B) offer, accept, record

C) sales comparison, cost, income

D) list, sell, close

Question 2

What is agency in real estate?

A) ownership

B) broker acting for a client

C) zoning

D) tenancy

Question 3

What is a listing agreement?

A) lease

B) deed

C) purchase offer

D) contract to sell a property

Question 4

What is earnest money?

A) fee

B) commission

C) tax

D) buyer good-faith deposit

Question 5

What is PITI?

A) a tax

B) a deed

C) a loan type

D) principal, interest, taxes, insurance

Question 6

What is a fiduciary duty?

A) secrecy from client

B) profit first

C) loyalty, obedience, care to client

D) dual profit

Question 7

What is dual agency?

A) two brokers

B) no representation

C) buyer only

D) one broker representing both sides

Question 8

What is the Fair Housing Act?

A) building code

B) bans housing discrimination

C) zoning code

D) tax law

Question 9

What classes are protected in housing?

A) income

B) race, color, religion, sex, handicap, family, national origin

C) politics

D) age only

Question 10

What is redlining?

A) appraising

B) mapping

C) surveying

D) illegal denial by neighborhood

Question 11

What is steering?

A) guiding buyers by race (illegal)

B) advertising

C) showing homes

D) negotiating

Question 12

What is LTV?

A) lease term value

B) land title verification

C) listing traffic volume

D) loan-to-value ratio

Question 13

What is a CMA?

A) comparative market analysis

B) inspection

C) appraisal

D) survey

Question 14

What is an appraisal?

A) professional value opinion

B) inspection

C) offer

D) listing

Question 15

What is PMI?

A) flood insurance

B) insurance for low down payments

C) title insurance

D) property tax

Question 16

What is escrow?

A) neutral third-party holding

B) tax

C) commission

D) down payment

Question 17

What is a deed?

A) ownership transfer document

B) loan paper

C) offer

D) lease

Question 18

What is a warranty deed?

A) option

B) lease

C) quitclaim

D) guarantees clear title

Question 19

What is a quitclaim deed?

A) transfers whatever interest exists

B) loan

C) lease

D) full warranty

Question 20

What is title insurance?

A) life insurance

B) flood policy

C) protects against title defects

D) home warranty

US Real Estate Contracts Advanced Test 5

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