It’s time to take YOUR DAILY QUIZ! Just click the correct answers and MAKE SURE YOU STAY OPEN TO A FULL WINDOW AT ALL TIMES for this to work right. There is one other rule though. IF THE

ANSWER IS

YOU HAVE TO START OVER AGAIN UNTIL YOU GET THEM ALL RIGHT!

Shall we begin? :-)

GENERAL REAL ESTATE QUIZ

(Remember, you can find complete explanations by clicking on the “Explanations” link up top.)

1. A fiduciary owes a principal the responsibilities of:

A. care, obedience, loyalty and discovery.

B. skill, care, obedience and loyalty.

C. accounting, loyalty, obedience, notice and care.

D. care, accounting, loyalty and disclosure.

(HINT: Remember, you’re looking for the best possible answer)

CORRECT!

(Carry on)

2. A rental of a condominium in Ocean City for the second week of August is:

A. an estate for years.

B. an estate from period to period.

C. an estate at sufferance.

D. a tenancy at will.

E. really expensive.

CORRECT!

3. Which of the following would be illegal under the Federal Fair Housing Act?

A. A young Catholic couple is denied an apartment because they are not married.

B. An “adults only” complex will not rent to a family with a teenager because teenagers in the area have vandalized the property.

C. A Japanese-American businessman is denied a loan, three months after starting his new career.

D. A moving company will not rent storage space to someone because of their race.

CORRECT!

4. What type of loan does not amortize for the life of the loan?

A. Buydown.

B. Adjustable Rate Mortgage.

C. Negative Amortization Loan.

D. Budget loan.

CORRECT!

5. A land contract is:

A. also called an installment contract.

B. for unimproved property only.

C. used to convey ground rent.

D. used to transfer title quickly.

CORRECT!

6. Which is a unilateral contract?

A. Net listing.

B. Open listing.

C. Exclusive Agency listing.

D. Exclusive Right to Sell listing.

CORRECT!

7. The most important things about real estate are:

A. location.

B. location.

C. location.

D. all of the above.

CORRECT!

(You better have gotten that one.)

8. If the gross monthly income is $5000, the annual expenses are $16,000, and the capitalization rate is 12%, what would be the value indication using the income approach?

A. $366,666.67.

B. $383,333.33.

C. $500,000.00.

D. $41,666.67.

RIGHT!

9. All of the following are essential to a contract except:

A. Delivery and acceptance.

B. Legal objective.

C. Consideration.

D. Reality of consent.

CORRECT!

10. Bob, Carol, Ted and Alice are joint tenants on a property. Ted sells his share to Jane, and then Bob dies. After that, Alice sells her share to Flo, then Carol dies, and later on, Jane dies. After all this, Ted gets married to Flo. Which of the following is true?

A. Ted and Flo are tenants by the entireties; Jane’s heirs own 25% and are tenants in common with Ted and Flo.

B. Carol’s heirs and Flo each own 37.5%, Jane’s heirs own 25% and they are all tenants in common.

C. Bob’s heirs, Carol’s heirs, Jane’s heirs and Flo each own 25%.

D. Flo owns the entire property in severalty.

CORRECT!

(Good Work!)

11. All of the following are incorrect except:

A. The government insures FHA and VA (or DVA) loans. They do not loan the money.

B. The government provides the money loaned out for FHA and VA loans.

C. Conventional loans with less than 20% down require a Mortgage Insurance Premium (MIP) to be paid.

D. FHA loans are insured; VA loans are guaranteed.

CORRECT!

12. Which of the following is not true about a deed?

A. The grantee may be a minor.

B. The grantor may be a minor.

C. The grantee does not have to sign the deed.

D. All of the above.

CORRECT!

13. Three friends buy a property together. The deed does not specify the form of ownership. Ownership would be held as:

A. tenants in common.

B. joint tenants.

C. tenants in common in most cases, but sometimes as tenants by the entireties.

D. none of the above.

CORRECT!

(Almost finished!)

14. Tom is a salesperson for YDQ Realty. He is working with a buyer under seller agency. The buyer wants to offer the full listing price of $200,000 on a house she is interested in, and asks Tom if he thinks it’s a good idea. Tom thinks the sellers would probably accept $190,000. Which of the following is true?

A. Tom cannot assist her in negotiating the price.

B. Tom can tell her he thinks it will sell for less, as long as it is not his listing.

C. Tom can be held liable for not disclosing to the buyer that she could save money.

D. Both B & C.

CORRECT!

15. Who is the Vice-President of the United States?

A. Mike Pence B. Joe Biden C. Hillary Clinton

D. Kamala Harris E. Spiro Agnew

CORRECT!

YOU MADE IT TO THE BOTTOM (of this quiz). Would you like to take another?

State Law Math Topic Du Jour I had so much fun on this quiz, I’d like to do it again!

NO! I want some explanations!

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ã2000, 2001 Douglas R. Barry