Champion Real Estate - Exam Prep Questions & Answers 2024 ( A+ Graded 100% Verified)

An instrument that is used to create a lien on real estate to secure the repayment of a loan is: a. a bond b. a deed c. a mortgage d. a lease {Ans: c. a mortgage}A report setting forth the estimate of value of real estate is: a. an abstract b. a critique c. an appraisal d. a closing statement {Ans: c. an appraisal}A building cost $720,000 and will be depreciated over 30 years using the straight line method. What will the building be worth after 14 years? a. $360,000 b. $372,000 c. $384,000 d. $336,000 {Ans: c. $384,000}A buyer who has signed an offer to buy and later receives the seller's disclosure has how many days to terminate the offer after receiving the disclosure? a. 5 b. 7 c. 10 d. a negotiable number {Ans: b. 7}The selling price of residential property is most often determined by: a. speculative value b. intrinsic value c. market value d. replacement cost {Ans: c. market value}Excess money at a foreclosure sale: a. goes to the original borrower b. is retained by the lender c. is retained by the trustee d. is refunded to the buyer at the