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Question 1 |
A specific tract of land is known as a:
A | devise |
B | chattel |
C | parcel |
D | littoral |
Question 2 |
Jim's mechanic's lien will remain against the property for at least:
A | one year |
B | eight months |
C | ten years |
D | four months |
Question 3 |
It is essential that every deed be signed by the:
A | devisee |
B | grantee |
C | grantor and grantee |
D | grantor |
Question 4 |
If you are a salesperson working with a buyer, then the buyer is your client:
A | if you are servicing the buyer |
B | if you have an agency contract with the buyer |
C | if the buyer has shared financial information with you |
D | none of the above |
Question 5 |
Rosita buys a summer cottage that has a mechanic's lien against it placed by the workman, who was not paid by the former owner Jim, for constructing a dock. The lien now:
A | is void |
B | is Jim's responsibility only |
C | remains as a claim against the property |
D | is considered satisfied |
Question 6 |
A home was purchased in 2005 for $425,000. It was sold recently for $478,000. What is the rate of return on profit for this house?
A | 12.47% |
B | 1.12 % |
C | 88.91% |
D | 53% |
Question 7 |
A house sells for $195,000. The total commission rate is 6%, of which the listing office receives 2.5% and the selling office 3.5%. Susan, the selling agent, receives 60% split of the commission. How much will she earn as commission dollars?
A | $ 2,437.50 |
B | $ 11,700.00 |
C | $ 9,750.00 |
D | $ 4,095.00 |
Question 8 |
Which of the following contains a list of all real property in the jurisdiction with annual information including its assessed value?
A | assessment roll |
B | equalization rate list |
C | grievance list |
D | in rem document |
Question 9 |
The assignment of costs between the buyer and the seller at the closing is called:
A | Finishing Fees |
B | Proration |
C | Closing Accounting |
D | Real Estate Settlement and Procedures |
Question 10 |
Which of the following best describes this statement: With Real Estate Prep Guide, I will definitely pass my exam!
Note: There may be more than one correct answer.
A | 100% factually correct |
B | The #1 reason I should sign up now! |
C | A guarantee that I will pass or get my money back! |
D | The last step I need to take before I can start making money! |
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