Real Estate Investing Quizzes - E-PersonalFinance

Real Estate Investing Quizzes

MLS stands for:

(a) Multiple Lender Syndication (b) Multiple Listing Service (c) Master Limited Securities (d) Multiple Lender Service

A real estate loan origination fee is also referred to as:

(a) Loan processing fee (b) Points (c) Loan appraisal fee (d) Title insurance fee

Which of the following provision is not contained in a typical lease?

(a) Prohibition on assignment or subletting by the lessee (b) Late payment fee (c) Arbitration clause (d) Restrictions on uses of the premises

If a property is worth $250,000, and there is a $100,000 mortgage on the property, the home equity of the property is:

(a)$200,000 (b)$150,000
(c)$100,000
(d)None of the above

Which of the following is not true about title searches for real property?

(a) A title search is typically required by mortgage lenders (b) A title search is designed to uncover any liens, claims or mortgages against the property (c) A title search can only be performed by a regulated title search company (d) A title search is designed to show who is the owner of the property

Owner financing refers to a real estate purchase transaction in which the seller provides all or part of the financing. True or False?

(a) True (b) False

A document which conveys only the present interest a person may have in a particular property (if any), without making any representations is called:

(a) Warranty deed (b) Tax deed (c) Quitclaim deed (d) Non-recourse title transfer

A real estate sale where the sale price is paid in two or more installments over two or more tax years is called:

(a) 1031 exchange (b) Tax deferred exchange (c) Installment sale (d) Trustee sale

The process of revising or updating the estimated value of real estate for tax purposes is called:

(a) Reallocation of tax (b) Mortgage appraisal (c) Ad valorem (d) Reassessment

A limited legal right to use another's personal property for a specific purpose is called:

(a) A mortgage (b) An easement (c) An indenture (d) A REIT

TIC stands for:

(a) Total Investment Club (b) Tenancy-in-common (c) Trust-in-common (d) Trust-incorporation

A form of real estate ownership in which the owner has title to a specific unit or apartment in a project and joint ownership in the common areas of the project is a:

(a) Cooperative (b) Tenancy-in-common (c) Fee interest (d) Condominium

The charges for settling a real estate transaction are also called:

(a) Mortgage costs (b) Closing costs (c) Possession costs (d) Selling costs

The person that signs a listing agreement with a real estate broker to sell property is referred to as:

(a) Contract agent (b) Principal (c) Trustor (d) Grantor

The federal consumer protection law that requires disclosure of estimated settlement costs in the sale of residential property involving a federally insured lender is: