General Sales Exam New Full Exam Questions And Answers ( Included ) 100% Correct

A loan is obtained for $30,000. The loan calls for the principal to be paid in equal installments each month for 25 years. The interest on the loan is 0.75% per month. How much is the first payment? (a) $355 (b) $325 (c) $2,350 (d) $1,425 {Ans: b}Which of the following relates to a deed: (a) Lien (b) Tax assessment (c) Personal property (d) Exceptions and reservations {Ans: d}The buyers insisted they were not interested in a property that was less than 1.75 acres in size. A house on a property that was 465 feet by 643 feet looked great. How many acres does it have? (a) 5.75 (b) 4.5 (c) 6.86 (d) 7.25 {Ans: c}D purchased a lot and subsequently built a house, planted a tree and built a garage/workshop separate from the house. Which term describes this process? (a) Hypothecation (b) Severance (c) Encroachment (d) Accession {Ans: d}The age of an improvement can be discussed from several viewpoints. Which would be considered to be the longest? (a) Effective life (b) Economic life (c) Physical life (d) Service life {Ans: c}Under an agreement of sale, the seller is considered the: (a) Devisee (b) Vendor