Real estate license for professionals Quiz

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Real-estate license for the professionals Quiz

1. Real Estate taxes for the year are $4800 and are due on June 24 of the year. If the property is sold on March 11 of that year,which of the following is correct?

2. A lease in Massachussetts, to be valid, must be:

3. A seller wants to net $180,000 from the sale of property and the broker's commission is 5%. What should the listing price be?

4. A property in Maine sells for $135,000 and the total commission is 5%. The broker pays a 20% referral fee to the listing agent and a 40% fee to the selling agent. How much does the broker net from the sale?

5. If the total buyer's debits is $180,485 and the total of the credits is 135,740,which of the following is correct?

6. What would have the greatest effect on a person's interest rate?

7. A cap rate is used in what type of appraisal?

8. An income property has a gross income of $43,840 and operating expenses of $25,610. If you want to achieve a 9% capitalization rate,what is the maximum price you should pay for property?

9. Most Purchase and Sale Agreements will have a clause stating the title shall be free from all

10. An agent has two listings from the same owner. One listing is located at 200 riverside,portland,me and the other at 390 south river rd,bedford,NH. This agent would be known as:

11. If the selling price of a property is $135,000 and the bank requires a $30,000 down payment, then the loan to value ratio would be:

12. A community has an annual budget of $1,206,000 and a total assessed value of $24,500,000. What is the tax rate per thousand?

13. A property is three quarters of a mile in length, half a mile in width, and sells for $19,800 per acre. What is the selling price?

14. If a person runs an ad in a newspaper offering a reward for his dog, this would be an example of:

15. The income approach to value can also be called the

16. An investment property was bought for $180,000. The land value was $64,800. If the useful life of the property is thirty years,what is the annual depreciation?

17. In Massachussetts, an agent who has an inactive license MUST do which of the following to activate the license?

18. At a meeting, a group of brokers agrees that they will not charge less than 5% commission on their listings. This would be an example of:

19. The Federal Fair Housing Act of 1968 prohibits

20. An insurance claims representative would use what appraisal method to determine the amount of damage to an insured' home?

21. The seller wishes to net $180,000 from the sale of his property. he agrees to a 5% commission plus $250 for advertising. What should the selling price be?

22. Tom Cruise has received a "Notice to Quit" from Adam Lambert,his landlord. How long does he have to vacate the apartment?

23. A 1031 tax deferred exchange allows and investor to

24. The equity in a property that has a market value of $130,000 and is owned free and clear would be:

25. A project annual operating statement that shows anticipated income,expenses,and net income is

26. Yvan Tran is leasing a store at the Maine Mall, and I have to pay a fixed amount of rent for the space plus a certain amount of the gross receipts. This would be called a

27. The amortization of a mortgage means:

28. The relationship of a broker to a buyer in an exclusive buyer agency contract is that of a

29. Appraiser Allan Parker appraised a property at $145,000, which reflected a 35% drop in value. What was the original purchase price o this property?

30. A multiple listing property sells for $180,000. The shared commission is 5%:2.5% to the listing office,2.5% to the buyer agent. The listing salesperson earns 40% of the commission. What does his broker principal of the listing office earns?

31. The remaining balance on Yvan Tran's mortgage is $185,500. The insterest rate is 8.5%,and the monthly payment is 1,425.50. How much of my next montly payment will be applied to principal?

32. An owner may sell his or her home and not pay a commission,even though it is exclusively listed with an agency,when he or she has a(n):

33. The earnest money deposit in the settlement statement is:

34. What must happen at the closing of a real estate transaction?

35. When a principal gives an agent the right to act on the principal's behalf,this creates

36. Seller John Mayer tells the broker that he wants to net out a net price of $2,490,000 and the broker can retain any amount over that as his commission. In Massachussetts, that would be:

37. Yvan Tran bought a parcel of land for $135,000. I built a 36' by 24' home on it at a cost of $100 per square foot. What was the total cost of the land and the building?

38. What is the name of the regulation to assist consumers so that they can readily compare the various credit terms available to them?

39. Yvan Tran rented a building for the purpose of operating a nite club and installed an ATM machine for club members. This ATM would be considered:

40. You wish to fill in your rectangular swimming pool with concrete. The pool size is 65 feet long,48 feet wide, and 10 feet deep. You get an estimate of $100 per cubic yard for concrete. What would be the cost to fill in the pool?

41. You are trying to determine the value of a three-family house for purchase. What factors would you need to determine the property value?

42. Tiger Woods bought his land with an agreement that he could not stable a sex club on the property. This would be:

43. Broker Tran has a hiring contract with seller Tom Cruise. Buyer John Mayer then hires broker Tran to be his buyer agent. Buyer Mayer now wants to buy seller Cruise's property. What can broker Tran do?

44. Broker Hernandez knows that the real estate taxes on a property are $10,000. She knows that if she states that amount, the buyers will not buy the property;so she states the taxes are $1,500. This would be a violation of what Massachussetts general law?

45. A buyer and seller have a Purchase and Sales Agreement to close on the sale by the fifteenth day of the month. What would be the most important factor of those listed below?

46. The Massachussetts Mandatory Licensee-Consumer Relationship Disclosure replaces what form?

47. You are a landlord and have one-year lease with tenant Hilton. You have just received a 10% real estate increase. When can you increase the tenant's rent?

48. If a fence of your neighbor's yard extends over your property, this would be called a(n):

49. Yvan Tran hired a Las Vegas show girl to give me some joy out of this boring life then willed my property to the show girl. Thirty years later, the show girl died without leaving a will or having any known family heirs. The government could acquire the property through

50. At the closing, the mortgage would have to sign which of the following documents?

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