1. Which of these is NOT a common type of real estate property?
A. Residential
B. Fictional
C. Commercial
D. Industrial
2. In real estate listings, `sq ft` is the abbreviation for:
A. Square feet
B. Standard front
C. Sales quote fixed
D. Security fee total
3. Which phrase best describes `Curb Appeal`?
A. The total square footage of a property
B. The attractiveness of a property from the street
C. The structural integrity of a building`s foundation
D. The interior design and decoration of a home
4. What does `ROI` stand for in real estate investment?
A. Rate of Interest
B. Return on Investment
C. Real Opportunity Index
D. Risk of Inflation
5. What does `Zoning` refer to in urban planning and real estate?
A. The process of calculating property taxes
B. The division of land into districts with specific permitted uses
C. The measurement of a property`s perimeter
D. The regulations for building height and design
6. What is the potential downside of using `creative financing` in real estate?
A. It always guarantees higher returns than traditional financing.
B. It can involve higher risks and complexity compared to traditional financing.
C. It simplifies the closing process significantly.
D. It is always government-backed and therefore risk-free.
7. Consider the phrase: `This property boasts [blank] views of the ocean.` Which word best fits the blank to enhance the property`s appeal?
A. adequate
B. partial
C. panoramic
D. limited
8. Which term describes a legal document transferring property ownership from seller to buyer?
A. Lease Agreement
B. Deed
C. Promissory Note
D. Title Insurance
9. Which of these best describes a `Contingency` in a real estate contract?
A. A guaranteed sale clause
B. A condition that must be met for the contract to be binding
C. A penalty for contract breach
D. A clause that sets the closing date
10. In real estate, `fixtures` are typically defined as:
A. Movable furniture within a property
B. Items permanently attached to the property
C. Temporary decorations in a house
D. Detachable appliances in a kitchen
11. What does `Escrow` generally refer to in real estate?
A. A type of property tax
B. A neutral third party holding funds and documents
C. A government housing subsidy program
D. A system for property valuation
12. Which term refers to the estimated worth of a property at a particular time?
A. Appraisal
B. Depreciation
C. Equity
D. Mortgage
13. Which of the following is NOT typically considered a `Closing Cost` for a home buyer?
A. Appraisal fees
B. Home renovations after purchase
C. Title insurance
D. Loan origination fees
14. What is `HOA` an acronym for in the context of residential real estate?
A. Homeowner`s Option Agreement
B. Homeowners Association
C. Housing Opportunity Agency
D. Homestead Ownership Act
15. The term `Walk-through` in real estate typically refers to:
A. A virtual tour of a property online
B. A final inspection of the property before closing
C. A quick initial viewing of a property listing
D. A guided tour of the neighborhood surrounding a property
16. In real estate descriptions, what does `move-in ready` typically mean?
A. The property requires significant renovations
B. The property is available for immediate occupancy without needing repairs
C. The property is only available for viewing, not for sale
D. The property is located in a remote area with limited access
17. What is the difference between `Gross Rent` and `Net Rent`?
A. Gross rent includes utilities, net rent does not
B. Gross rent is before expenses, net rent is after expenses
C. Gross rent is for commercial properties, net rent is for residential
D. Gross rent is annual, net rent is monthly
18. What is `LTV` an abbreviation for in mortgage lending?
A. Loan Term Variance
B. Loan to Value
C. Limited Time Validity
D. Legal Transfer Verification
19. What is `Title Insurance` designed to protect against?
A. Damage to the property from natural disasters
B. Financial loss due to defects in the property title
C. Loss of personal property within the home
D. Liability for accidents on the property
20. Which term describes a situation where a tenant continues to occupy a property after the lease expires?
A. Eviction
B. Holdover
C. Sublease
D. Foreclosure
21. What does `Fair Market Value` represent?
A. The price a seller initially hopes to get
B. The estimated price a property would sell for in an open and competitive market
C. The lowest price a seller is willing to accept
D. The original purchase price of the property
22. Which of the following is an example of `Real Property`?
A. A mobile home not permanently affixed to land
B. Land and anything permanently attached to it
C. Furniture inside a house
D. Stocks and bonds related to real estate companies
23. The term `Capital Gain` in real estate refers to:
A. The original amount invested in a property
B. The profit made from selling an asset
C. The annual property tax rate
D. The cost of property maintenance
24. Which of these actions is considered `breach of contract` by a buyer in a real estate transaction?
A. Completing due diligence within the agreed timeframe
B. Failing to secure financing after waiving the financing contingency
C. Requesting a property inspection
D. Negotiating repair requests after inspection
25. What is the function of a `Property Manager`?
A. To sell properties on behalf of owners
B. To oversee the daily operations and maintenance of rental properties
C. To assess property values for taxation purposes
D. To provide legal advice during property transactions
26. What is the meaning of `Amortization` in the context of a mortgage?
A. The total cost of the loan over its life
B. The process of reducing debt through regular payments
C. The initial down payment required for the loan
D. The penalty for early loan repayment
27. Which of the following best describes `Due Diligence` in a real estate transaction?
A. The final price negotiation stage
B. The process of thoroughly investigating a property
C. The immediate payment after signing a contract
D. The marketing period before listing a property
28. What is `Cap Rate` (Capitalization Rate) used for in real estate investment?
A. To calculate property taxes
B. To estimate the potential rate of return on a real estate investment
C. To determine the depreciation of a property
D. To assess the cost of property insurance
29. In real estate, `lien` refers to:
A. A type of homeowner`s insurance
B. A legal claim against a property
C. A discount offered on property taxes
D. A government grant for first-time buyers
30. What does `ARM` stand for in mortgage types?
A. Adjustable Rate Mortgage
B. Annual Rate Multiplier
C. Appraisal Review Mechanism
D. Automated Repayment Method
