US Real Estate Mississippi Test 5

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

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Real Estate — Mississippi Professional (Real Estate, USA) USA — Mississippi 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 — Mississippi.
For adults preparing for Real Estate license in the USA
Section: Real Estate — Mississippi · Education: Professional (Adult) · Part: Real Estate — Mississippi · Country: USA · Region: USA — Mississippi

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

Which agency licenses agents in Mississippi?

A) IRS

B) Mississippi Real Estate Commission

C) State Bar

D) Medical Board

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) purchase offer

B) deed

C) contract to sell a property

D) lease

Question 4

What is earnest money?

A) buyer good-faith deposit

B) tax

C) commission

D) fee

Question 5

What is PITI?

A) a deed

B) principal, interest, taxes, insurance

C) a loan type

D) a tax

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) one broker representing both sides

C) no representation

D) buyer only

Question 8

What is the Fair Housing Act?

A) building code

B) zoning code

C) tax law

D) bans housing discrimination

Question 9

What classes are protected in housing?

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

B) politics

C) income

D) age only

Question 10

What is redlining?

A) illegal denial by neighborhood

B) appraising

C) surveying

D) mapping

Question 11

What is steering?

A) negotiating

B) advertising

C) guiding buyers by race (illegal)

D) showing homes

Question 12

What is LTV?

A) loan-to-value ratio

B) lease term value

C) listing traffic volume

D) land title verification

Question 13

What is a CMA?

A) inspection

B) survey

C) appraisal

D) comparative market analysis

Question 14

What is an appraisal?

A) offer

B) professional value opinion

C) listing

D) inspection

Question 15

What is PMI?

A) flood insurance

B) property tax

C) insurance for low down payments

D) title insurance

Question 16

What is escrow?

A) down payment

B) tax

C) neutral third-party holding

D) commission

Question 17

What is a deed?

A) loan paper

B) lease

C) offer

D) ownership transfer document

Question 18

What is a warranty deed?

A) guarantees clear title

B) lease

C) option

D) quitclaim

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) home warranty

B) flood policy

C) protects against title defects

D) life insurance

US Real Estate Mississippi Test 5

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