Question 1

It is wise to make a list of all damages and defects in an apartment before moving in and when moving out.

Accepted Answer

A) True 
 B)False

Question 2

A point,as defined in the real estate market,is ____ percent of the loan amount.

Accepted Answer

A) one-half of 
B) 1 
C) 1 and one-half 
D) 2 
A) one-half of 
B) 1 
C) 1 and one-half 
D) 2

Question 3

FHA mortgage insurance premiums may only be paid as a single up-front,lump-sum payment.

Accepted Answer

A) True 
 B)False

Question 4

The first attempt by a lender to dispose of a completely foreclosed property is at a foreclosure auction.

Accepted Answer

A) True 
 B)False

Question 5

Condominium owners enjoy greater tax advantages than cooperative owners since cooperative owners cannot deduct interest and property tax payments.

Accepted Answer

A) True 
 B)False

Question 6

-Assuming Janice and Ronald are willing to accept the higher risk of the loan 4 adjustable-rate mortgage (ARM),what is the highest possible interest rate they would be paying after three years?

Accepted Answer

A) 4.75 percent 
B) 5.75 percent 
C) 7.75 percent 
D) 9.75 percent 
A) 4.75 percent 
B) 5.75 percent 
C) 7.75 percent 
D) 9.75 percent

Question 7

When a loan is paid off over a shorter period of time,the total interest costs are reduced.

Accepted Answer

A) True 
 B)False

Question 8

When estimating monthly housing costs,add an additional 40 or more percent to your loan amount payment for such things as homeowner's insurance,property taxes,maintenance,and upkeep.

Accepted Answer

A) True 
 B)False

Question 9

A lease typically protects the landlord but not the renter.

Accepted Answer

A) True 
 B)False

Question 10

Real estate property taxes generally range from 1 to 4 percent of the value of the home.

Accepted Answer

A) True 
 B)False

Question 11

A mortgage applicant who is turned down for a mortgage application should find out why by requesting the

Accepted Answer

A) a settlement denial. 
B) defect disclosure form. 
C) credit report. 
D) adverse action notice. 
A) a settlement denial. 
B) defect disclosure form. 
C) credit report. 
D) adverse action notice.

Question 12

With ____,the agreement stays in effect unless either party gives proper notice.

Accepted Answer

A) a periodic tenancy lease 
B) a tenancy for a specific time 
C) a security deposit 
D) All of these 
A) a periodic tenancy lease 
B) a tenancy for a specific time 
C) a security deposit 
D) All of these

Question 13

Which of the following documents outlining all of the costs associated with closing on the sale of a home will the borrower receive within 3 days after applying for a mortgage?

Accepted Answer

A) deed 
B) good-faith estimate 
C) uniform settlement statement 
D) abstract 
A) deed 
B) good-faith estimate 
C) uniform settlement statement 
D) abstract

Question 14

Which real estate agent works solely for the home buyer?

Accepted Answer

A) Dual agent 
B) Buyer's agent 
C) Listing agent 
D) Selling agent 
A) Dual agent 
B) Buyer's agent 
C) Listing agent 
D) Selling agent

Question 15

A lien is the legal right to take and hold property or to sell it in the event the borrower defaults on the loan.

Accepted Answer

A) True 
 B)False

Question 16

A due-on-sale clause in a mortgage loan enhances one's ability to sell his or her home via a loan assumption.

Accepted Answer

A) True 
 B)False

Question 17

Most real estate agents are legally obligated to the buyer of a home.

Accepted Answer

A) True 
 B)False

Question 18

-If Janice and Ronald choose loan 3,how much will their total outlay be when they close?

Accepted Answer

A) $1,680 
B) $3,000 
C) $4,680 
D) $46,680 
A) $1,680 
B) $3,000 
C) $4,680 
D) $46,680

Question 19

Generally,the largest cost of selling a house is the

Accepted Answer

A) real estate transfer taxes. 
B) broker's commission. 
C) title search. 
D) prepayment fee. 
A) real estate transfer taxes. 
B) broker's commission. 
C) title search. 
D) prepayment fee.

Question 20

If the home seller rejects an offer after accepting earnest money,he or she must return the earnest money to the potential buyer.

Accepted Answer

A) True 
 B)False

It is wise to make a list of all damages and defects in an apartment before moving in and when moving out.

A point,as defined in the real estate market,is ____ percent of the loan amount.

FHA mortgage insurance premiums may only be paid as a single up-front,lump-sum payment.

The first attempt by a lender to dispose of a completely foreclosed property is at a foreclosure auction.

Condominium owners enjoy greater tax advantages than cooperative owners since cooperative owners cannot deduct interest and property tax payments.

-Assuming Janice and Ronald are willing to accept the higher risk of the loan 4 adjustable-rate mortgage (ARM),what is the highest possible interest rate they would be paying after three years?

When a loan is paid off over a shorter period of time,the total interest costs are reduced.

When estimating monthly housing costs,add an additional 40 or more percent to your loan amount payment for such things as homeowner's insurance,property taxes,maintenance,and upkeep.

A lease typically protects the landlord but not the renter.

Real estate property taxes generally range from 1 to 4 percent of the value of the home.

A mortgage applicant who is turned down for a mortgage application should find out why by requesting the

With ____,the agreement stays in effect unless either party gives proper notice.

Which of the following documents outlining all of the costs associated with closing on the sale of a home will the borrower receive within 3 days after applying for a mortgage?

Which real estate agent works solely for the home buyer?

A lien is the legal right to take and hold property or to sell it in the event the borrower defaults on the loan.

A due-on-sale clause in a mortgage loan enhances one's ability to sell his or her home via a loan assumption.

Most real estate agents are legally obligated to the buyer of a home.

-If Janice and Ronald choose loan 3,how much will their total outlay be when they close?

Generally,the largest cost of selling a house is the

If the home seller rejects an offer after accepting earnest money,he or she must return the earnest money to the potential buyer.

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Managing Checking and Savings Accounts

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Mutual Funds and Exchange Traded Funds

Real Estate and High-Risk Investments

Retirement and Estate Planning

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Exam 9: Obtaining Affordable Housing

It is wise to make a list of all damages and defects in an apartment before moving in and when moving out.

A point,as defined in the real estate market,is ____ percent of the loan amount.

FHA mortgage insurance premiums may only be paid as a single up-front,lump-sum payment.

The first attempt by a lender to dispose of a completely foreclosed property is at a foreclosure auction.

Condominium owners enjoy greater tax advantages than cooperative owners since cooperative owners cannot deduct interest and property tax payments.

-Assuming Janice and Ronald are willing to accept the higher risk of the loan 4 adjustable-rate mortgage (ARM),what is the highest possible interest rate they would be paying after three years?

When a loan is paid off over a shorter period of time,the total interest costs are reduced.

When estimating monthly housing costs,add an additional 40 or more percent to your loan amount payment for such things as homeowner's insurance,property taxes,maintenance,and upkeep.

A lease typically protects the landlord but not the renter.

Real estate property taxes generally range from 1 to 4 percent of the value of the home.

A mortgage applicant who is turned down for a mortgage application should find out why by requesting the

With ____,the agreement stays in effect unless either party gives proper notice.

Which of the following documents outlining all of the costs associated with closing on the sale of a home will the borrower receive within 3 days after applying for a mortgage?

Which real estate agent works solely for the home buyer?

A lien is the legal right to take and hold property or to sell it in the event the borrower defaults on the loan.

A due-on-sale clause in a mortgage loan enhances one's ability to sell his or her home via a loan assumption.

Most real estate agents are legally obligated to the buyer of a home.

-If Janice and Ronald choose loan 3,how much will their total outlay be when they close?

Generally,the largest cost of selling a house is the

If the home seller rejects an offer after accepting earnest money,he or she must return the earnest money to the potential buyer.

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Managing Checking and Savings Accounts

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Mutual Funds and Exchange Traded Funds

Real Estate and High-Risk Investments

Retirement and Estate Planning

Filters