Real Estate Practice Exam Questions Review With 100% Correct Answers

89. What is a mortgage that includes both real and personal property? {Ans: Package Mortgage}40. Typically who pays for title insurance? {Ans: Buyer}18. Who is considered the lender in a purchase money mortgage? {Ans: Seller}4. Principal definition... {Ans: a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker.}23. Special agency listing definition... {Ans: n/a}13. All are characterisitics of a contract for a deed except... {Ans: the buyer receives title when the contract is signed.}50. What is an example of external depreciation? {Ans: Nearby property that suffers from lack of maintenance and is negatively affecting the sellers property.}27. All are examples of single agency disclosures with the exception of {Ans: revealing the owner will except less.}98. What is the max profit a married couple can take on capital gain? {Ans: 500k}76. Paid tax is a credit to whom? {Ans: Credit to the Seller}16. Can a salesperson give legal advice? {Ans: No, not unless they are an attorney.}60. Reconciliation definition... {Ans: the process of comparing the property values derived from different approaches to value, selecting the most