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Language fluency and Conversational Training REAL ESTATE COURSE TEST

Real Estate Course
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REAL ESTATE The Complete Vocabulary and Course TEST

REAL ESTATE COURSE: TEST 1
Covers Lessons 1–65 (Foundational Concepts) Use this first test to review key principles and identify topics for further review. Each answer includes a reference to the lesson.

SECTION 1: Multiple Choice (1 point each)

  1. What is the primary responsibility of a real estate agent? a) Buying property b) Inspecting properties c) Representing buyers and sellers in real estate transactions d) Managing mortgage applications
    Answer: c) Representing buyers and sellers in real estate transactions (Lesson 1)

  2. Which document transfers ownership of real property? a) Lease b) Deed c) Mortgage d) Title insurance
    Answer: b) Deed (Lesson 24)

  3. What does MLS stand for? a) Mortgage Lending Services b) Market Listing Solutions c) Multiple Listing Service d) Market Lease Statistics
    Answer: c) Multiple Listing Service (Lesson 10)

  4. Which law prohibits housing discrimination based on race, color, religion, sex, or national origin? a) ADA b) RESPA c) Fair Housing Act d) Title IX
    Answer: c) Fair Housing Act (Lesson 17)

  5. A fiduciary duty includes all of the following EXCEPT: a) Loyalty b) Obedience c) Self-interest d) Disclosure
    Answer: c) Self-interest (Lesson 14)

SECTION 2: Fill in the Blanks (2 points each)

  1. The _______ is a licensed individual who supervises real estate agents. Answer: Broker (Lesson 7)

  2. _______ is an individual’s legal right to own and use land. Answer: Property ownership (Lesson 2)

  3. The _______ clause in a mortgage allows the lender to demand full payment if the borrower defaults. Answer: Acceleration (Lesson 27)

  4. _______ is the person borrowing money to purchase real estate. Answer: Mortgagor (Lesson 26)

  5. The _______ is the value assigned by a local government for property tax purposes. Answer: Assessed value (Lesson 33)

SECTION 3: True or False (1 point each)

  1. Title insurance protects against prior claims or defects in ownership history.
    Answer: True (Lesson 22)

  2. Real property includes land and anything permanently attached to it.
    Answer: True (Lesson 3)

  3. A listing agreement is signed by a buyer and a seller.
    Answer: False (Lesson 11)

  4. A pre-approval letter guarantees you a mortgage.
    Answer: False (Lesson 13)

  5. Dual agency is illegal in all 50 states.
    Answer: False (Lesson 15)

SECTION 4: Short Answer (3 points each)

  1. Define “agency relationship” in real estate. Answer: A legal relationship where one person (agent) acts on behalf of another (principal) in a transaction. (Lesson 14)

  2. What is the purpose of a home inspection? Answer: To assess the condition of the property and identify any major issues or repairs needed. (Lesson 30)

  3. Describe the difference between a fixed-rate and an adjustable-rate mortgage. Answer: A fixed-rate mortgage has a constant interest rate, while an adjustable-rate mortgage changes over time based on market conditions. (Lesson 13)

  4. What is the role of escrow in a transaction? Answer: Escrow holds funds and documents securely until all terms of the contract are met. (Lesson 20)

  5. Explain what is meant by “contingency” in a real estate contract. Answer: A condition that must be met for the contract to be legally binding, such as financing or inspections. (Lesson 23)

REAL ESTATE COURSE: TEST 2
Covers Lessons 1–65 (continued practice) Use this second test to reinforce and deepen your knowledge. Refer back to the lesson number provided after each answer key to revise where necessary.

SECTION 1: Multiple Choice (1 point each)

  1. Which federal law requires disclosure of known lead-based paint hazards in homes built before 1978?
    a) ADA
    b) RESPA
    c) Lead Disclosure Rule
    d) Fair Housing Act
    Answer: c) Lead Disclosure Rule (Lesson 18)

  2. Which of the following is NOT considered real property?
    a) Land
    b) Fixtures
    c) Personal belongings
    d) Improvements
    Answer: c) Personal belongings (Lesson 3)

  3. What is the purpose of a Comparative Market Analysis (CMA)?
    a) Determine home insurance coverage
    b) Appraise property value for tax purposes
    c) Estimate a home’s market value based on similar recently sold homes
    d) Set mortgage rates
    Answer: c) Estimate a home’s market value based on similar recently sold homes (Lesson 28)

  4. The Equal Credit Opportunity Act prohibits discrimination in: a) Leasing agreements
    b) Property appraisals
    c) Mortgage lending
    d) Title transfers
    Answer: c) Mortgage lending (Lesson 36)

  5. What is the document called that outlines the loan’s interest rate, payment schedule, and other details?
    a) Escrow statement
    b) Promissory note
    c) Mortgage deed
    d) Loan estimate
    Answer: b) Promissory note (Lesson 26)

SECTION 2: Fill in the Blanks (2 points each)

  1. _______ is the process of transferring ownership of real estate from one party to another.
    Answer: Conveyance (Lesson 24)

  2. _______ insurance protects homeowners from claims against their ownership.
    Answer: Title (Lesson 22)

  3. An agent working for both the buyer and the seller in the same transaction is practicing _______ agency.
    Answer: Dual (Lesson 15)

  4. A _______ lien is placed on a property by court order.
    Answer: Judgment (Lesson 41)

  5. The _______ is the official record of property ownership and legal rights.
    Answer: Title (Lesson 22)

SECTION 3: True or False (1 point each)

  1. Zoning laws regulate how a property can be used.
    Answer: True (Lesson 39)

  2. A broker has fewer responsibilities than a real estate salesperson.
    Answer: False (Lesson 7)

  3. PMI is required on all conventional loans regardless of the down payment.
    Answer: False (Lesson 13)

  4. The closing disclosure must be given to the buyer at least 3 business days before closing.
    Answer: True (Lesson 26)

  5. A contingency clause in a real estate contract makes the contract void.
    Answer: False (Lesson 23)

SECTION 4: Short Answer (3 points each)

  1. Describe the purpose of escrow in a real estate transaction.
    Answer: Escrow holds funds and documents securely while conditions of the contract are fulfilled, ensuring a safe transaction for both parties. (Lesson 20)

  2. What is earnest money and why is it important?
    Answer: Earnest money is a deposit made by a buyer to demonstrate serious intent; it is held in escrow and applied to the purchase if the deal goes through. (Lesson 23)

  3. Explain the concept of “highest and best use” in real estate appraisal.
    Answer: It is the most profitable legal use of a property that is physically possible and financially feasible. (Lesson 32)

  4. What are deed restrictions?
    Answer: Conditions written into deeds that limit how a property can be used, such as prohibiting commercial buildings in a residential area. (Lesson 44)

  5. What is the difference between a mortgage and a deed of trust?
    Answer: A mortgage involves two parties (borrower and lender), while a deed of trust includes a third-party trustee who holds the legal title until the loan is repaid. (Lesson 26)

REAL ESTATE COURSE: TEST 3
Covers Lessons 1–65 (Advanced practice) Use this third test to reinforce and challenge your knowledge. Refer back to the lesson number provided after each answer key to revise if needed.

SECTION 1: Multiple Choice (1 point each)

  1. What is the main function of a deed?
    a) Guarantee a loan
    b) Secure property taxes
    c) Transfer ownership of property
    d) Serve as a title search document
    Answer: c) Transfer ownership of property (Lesson 22)

  2. Which term refers to a right to use another’s land for a specific purpose?
    a) Easement
    b) License
    c) Encroachment
    d) Covenant
    Answer: a) Easement (Lesson 30)

  3. What type of loan is guaranteed by the Department of Veterans Affairs?
    a) FHA Loan
    b) VA Loan
    c) USDA Loan
    d) Jumbo Loan
    Answer: b) VA Loan (Lesson 13)

  4. Which document itemizes the final closing costs and is reviewed before settlement?
    a) Promissory note
    b) Truth-in-Lending disclosure
    c) Closing Disclosure
    d) Escrow Instruction
    Answer: c) Closing Disclosure (Lesson 26)

  5. Which type of listing agreement offers the most protection to a broker?
    a) Open listing
    b) Net listing
    c) Exclusive agency listing
    d) Exclusive right-to-sell listing
    Answer: d) Exclusive right-to-sell listing (Lesson 16)

SECTION 2: Fill in the Blanks (2 points each)

  1. _______ value is used for tax assessment purposes and may differ from market value.
    Answer: Assessed (Lesson 34)

  2. A _______ estate lasts for an indefinite period and includes full ownership rights.
    Answer: Fee simple (Lesson 3)

  3. _______ occurs when property is seized to satisfy a debt.
    Answer: Foreclosure (Lesson 26)

  4. A _______ agreement allows the agent to represent the seller exclusively in a transaction.
    Answer: Listing (Lesson 16)

  5. The process of determining a property’s value by comparing it to similar properties is called a _______.
    Answer: Comparative Market Analysis (CMA) (Lesson 28)

SECTION 3: True or False (1 point each)

  1. Encumbrances do not affect the transferability of a property.
    Answer: False (Lesson 30)

  2. The FHA insures loans to protect lenders from losses.
    Answer: True (Lesson 13)

  3. A dual agent must obtain written consent from both parties.
    Answer: True (Lesson 15)

  4. Eminent domain allows private citizens to take property for private use.
    Answer: False (Lesson 39)

  5. A real estate salesperson must always work under a licensed broker.
    Answer: True (Lesson 7)

SECTION 4: Short Answer (3 points each)

  1. What is the difference between market value and assessed value?
    Answer: Market value is the price a property would sell for under normal conditions, while assessed value is used by local governments to calculate property taxes. (Lesson 34)

  2. Define adverse possession.
    Answer: Adverse possession is acquiring legal ownership of land by openly occupying it for a statutory period without the permission of the original owner. (Lesson 30)

  3. Explain the concept of “buyer agency”.
    Answer: Buyer agency is when a real estate agent exclusively represents the interests of the buyer in a transaction. (Lesson 15)

  4. What is a contingency in a purchase agreement?
    Answer: A condition that must be met for the contract to become binding, such as financing or inspection clauses. (Lesson 23)

  5. Why is title insurance important in real estate transactions?
    Answer: Title insurance protects against potential legal issues or claims related to property ownership, ensuring clear title transfer. (Lesson 22)

REAL ESTATE COURSE: TEST 4
Covers Lessons 1–65 (Expert level) Use this test to master your understanding. Review the referenced lesson numbers after each answer to reinforce key concepts.

SECTION 1: Multiple Choice (1 point each)

  1. Which government power allows land to be taken for public use with compensation?
    a) Police power
    b) Eminent domain
    c) Escheat
    d) Zoning authority
    Answer: b) Eminent domain (Lesson 39)

  2. Which document conveys property ownership but offers no warranties against title defects?
    a) General warranty deed
    b) Special warranty deed
    c) Quitclaim deed
    d) Title insurance
    Answer: c) Quitclaim deed (Lesson 22)

  3. A _______ is a court order requiring a party to do or refrain from doing a specific act.
    a) Lien
    b) Injunction
    c) Subordination
    d) Covenant
    Answer: b) Injunction (Lesson 44)

  4. Which type of mortgage includes both real property and personal property?
    a) Blanket mortgage
    b) Package mortgage
    c) Open-end mortgage
    d) Reverse mortgage
    Answer: b) Package mortgage (Lesson 26)

  5. What does the term “blockbusting” refer to in real estate?
    a) Charging excessive rent
    b) Illegal occupancy
    c) Persuading owners to sell due to racial changes in the neighborhood
    d) Selling homes in violation of zoning
    Answer: c) Persuading owners to sell due to racial changes in the neighborhood (Lesson 36)

SECTION 2: Fill in the Blanks (2 points each)

  1. _______ refers to the legal right to use and enjoy water from a stream or river.
    Answer: Riparian rights (Lesson 5)

  2. A _______ is a legal interest in property that provides security for repayment of a debt.
    Answer: Lien (Lesson 41)

  3. _______ is a method of land description using directions, distances, and monuments.
    Answer: Metes and bounds (Lesson 4)

  4. A _______ lease requires the tenant to pay property taxes, insurance, and maintenance.
    Answer: Triple net (Lesson 49)

  5. The _______ principle in appraisals states that a property’s value is influenced by the value of neighboring properties.
    Answer: Principle of progression/regression (Lesson 32)

SECTION 3: True or False (1 point each)

  1. A fiduciary duty includes loyalty, obedience, and disclosure.
    Answer: True (Lesson 15)

  2. Variance allows a property to be used in a way that does not comply with zoning laws.
    Answer: True (Lesson 39)

  3. RESPA applies only to cash transactions.
    Answer: False (Lesson 25)

  4. Subrogation in title insurance allows the insurer to recover claims paid out.
    Answer: True (Lesson 22)

  5. A balloon mortgage is fully amortized over the loan term.
    Answer: False (Lesson 26)

SECTION 4: Short Answer (3 points each)

  1. What is the difference between a general lien and a specific lien?
    Answer: A general lien affects all property of the debtor, while a specific lien is limited to a particular property. (Lesson 41)

  2. Describe the difference between an express contract and an implied contract.
    Answer: An express contract is clearly stated in words, while an implied contract is formed through actions or conduct. (Lesson 23)

  3. What is the purpose of the secondary mortgage market?
    Answer: It provides liquidity to lenders by purchasing existing loans, allowing them to issue more loans. (Lesson 13)

  4. Define the term “escheat” in real estate.
    Answer: Escheat is the reversion of property to the state when an individual dies without a will or legal heirs. (Lesson 39)

  5. What is the role of the Real Estate Commission in most states?
    Answer: It regulates licensing, enforces real estate laws, and oversees disciplinary actions for licensees. (Lesson 6)

REAL ESTATE COURSE: TEST 5
Covers Lessons 1–65 (Advanced practice) Use this fifth test to reinforce and challenge your knowledge. Refer back to the lesson number provided after each answer key to revise if needed.

SECTION 1: Multiple Choice (1 point each)

  1. What does a title search aim to uncover?
    a) The property’s value
    b) Ownership history and encumbrances
    c) Property tax amount
    d) Appraisal details
    Answer: b) Ownership history and encumbrances (Lesson 22)

  2. Which form of ownership includes survivorship rights?
    a) Tenancy in common
    b) Severalty
    c) Joint tenancy
    d) Leasehold
    Answer: c) Joint tenancy (Lesson 4)

  3. Which federal law prohibits discrimination in housing based on race, religion, or national origin?
    a) ADA
    b) RESPA
    c) Fair Housing Act
    d) TILA
    Answer: c) Fair Housing Act (Lesson 38)

  4. The act of mixing a client’s funds with personal funds is called:
    a) Conversion
    b) Commingling
    c) Cooperation
    d) Escrowing
    Answer: b) Commingling (Lesson 9)

  5. What is the primary purpose of a home inspection?
    a) Set the price
    b) Secure the loan
    c) Identify property defects
    d) Obtain insurance
    Answer: c) Identify property defects (Lesson 26)

SECTION 2: Fill in the Blanks (2 points each)

  1. The _______ clause allows a lender to demand full repayment if the borrower defaults.
    Answer: Acceleration (Lesson 25)

  2. A _______ loan is a mortgage not insured or guaranteed by a government agency.
    Answer: Conventional (Lesson 13)

  3. _______ occurs when a property is taken by the government for public use with compensation.
    Answer: Eminent domain (Lesson 39)

  4. _______ interest is the borrower’s ability to gain legal ownership after default during foreclosure.
    Answer: Redemption (Lesson 26)

  5. A _______ lease automatically renews unless notice is given.
    Answer: Periodic (Lesson 12)

SECTION 3: True or False (1 point each)

  1. A broker can work independently without any license.
    Answer: False (Lesson 6)

  2. Net listings are legal in all states.
    Answer: False (Lesson 16)

  3. A promissory note outlines the terms of a loan.
    Answer: True (Lesson 25)

  4. A leasehold estate provides full ownership rights.
    Answer: False (Lesson 3)

  5. A fiduciary duty requires loyalty and care to the client.
    Answer: True (Lesson 15)

SECTION 4: Short Answer (3 points each)

  1. What is the purpose of an escrow account in a real estate transaction?
    Answer: To hold funds securely (e.g., earnest money) until all conditions of the sale are met. (Lesson 26)

  2. Define the term “contingency” in the context of contracts.
    Answer: A provision that must be satisfied before the contract is fully enforceable. (Lesson 23)

  3. What is a “quiet title” action?
    Answer: A legal process to resolve disputes and clear a title. (Lesson 22)

  4. Describe the difference between an exclusive agency and exclusive right-to-sell listing.
    Answer: Exclusive agency allows the owner to sell without paying commission; exclusive right-to-sell pays commission regardless of who sells. (Lesson 16)

  5. What’s the difference between personal property and real property?
    Answer: Real property includes land and structures; personal property is movable and not fixed to land. (Lesson 1)

REAL ESTATE COURSE: TEST 6
Covers Lessons 1–65 (Advanced Practice)
Use this sixth test to further challenge and refine your knowledge. Refer to the lesson number provided after each answer key to revise if needed.

SECTION 1: Multiple Choice (1 point each)

  1. Which of the following is an example of an encumbrance on a property?
    a) Property tax lien
    b) Market value
    c) The appraised value
    d) Property inspection
    Answer: a) Property tax lien (Lesson 22)

  2. Which of the following best describes the function of a mortgage?
    a) To provide evidence of property ownership
    b) To serve as a document transferring property title
    c) To serve as a security for the lender in case of borrower default
    d) To guarantee government-backed loans
    Answer: c) To serve as a security for the lender in case of borrower default (Lesson 13)

  3. What does the term “dual agency” refer to in real estate?
    a) One broker representing both the buyer and the seller
    b) Two different brokers representing the same party
    c) An agent working with two different buyers
    d) A lender and broker working together
    Answer: a) One broker representing both the buyer and the seller (Lesson 15)

  4. Which of the following is a type of freehold estate?
    a) Leasehold estate
    b) Fee simple estate
    c) Life estate
    d) All of the above
    Answer: b) Fee simple estate (Lesson 3)

  5. Which document outlines the responsibilities of the buyer and seller in a real estate transaction?
    a) Purchase agreement
    b) Deed of trust
    c) Title report
    d) Appraisal report
    Answer: a) Purchase agreement (Lesson 12)

SECTION 2: Fill in the Blanks (2 points each)

  1. A _______ clause allows the lender to call in the loan balance if the borrower defaults on the terms.
    Answer: Acceleration (Lesson 25)

  2. The _______ interest is the seller’s right to collect payment for a debt secured by a property.
    Answer: Lien (Lesson 14)

  3. The _______ market condition typically occurs when the supply of homes is lower than the demand.
    Answer: Seller’s (Lesson 8)

  4. A _______ disclosure is required by law to inform buyers of environmental hazards such as lead-based paint.
    Answer: Seller’s (Lesson 29)

  5. _______ is a process of obtaining financing for a property purchase.
    Answer: Mortgage application (Lesson 13)

SECTION 3: True or False (1 point each)

  1. A deed is a written document that transfers ownership of real property.
    True (Lesson 3)

  2. The closing process only involves the buyer, not the seller.
    False (Lesson 12)

  3. A lease agreement must always be written to be legally enforceable.
    False (Lesson 11)

  4. A fiduciary duty involves the agent acting in the best interest of the client.
    True (Lesson 15)

  5. The Fair Housing Act covers discrimination in housing based on disability.
    True (Lesson 38)

SECTION 4: Short Answer (3 points each)

  1. What is a title insurance policy, and why is it important?
    Answer: A title insurance policy protects the lender and buyer from any issues with the title of the property that may arise after the transaction, such as undiscovered claims or liens. (Lesson 22)

  2. What is an easement, and how does it affect property rights?
    Answer: An easement is a legal right to use someone else’s land for a specific purpose (such as a utility company accessing power lines). It does not grant ownership but can limit the property owner’s full control over the land. (Lesson 24)

  3. What is the difference between a lien and a mortgage?
    Answer: A lien is a legal claim on a property due to a debt or obligation, while a mortgage is a specific type of lien used to secure a loan for purchasing property. (Lesson 14)

  4. Explain the term “closing costs” and give examples.
    Answer: Closing costs are the fees associated with completing a real estate transaction, including appraisal fees, title insurance, loan origination fees, and taxes. (Lesson 12)

  5. What are the differences between a broker and an agent in real estate?
    Answer: A broker is licensed to own a real estate firm and supervise agents, while an agent works under a broker to help clients buy, sell, or rent properties. (Lesson 6)

REAL ESTATE COURSE: TEST 7
Covers Lessons 1–65 (Advanced Practice)
This test is designed to assess your knowledge of the real estate concepts covered in lessons 1 through 65. Refer to the lesson numbers provided after each answer key for clarification if needed.

SECTION 1: Multiple Choice (1 point each)

  1. Which of the following is NOT a valid method of acquiring real property?
    a) Purchase
    b) Inheritance
    c) Adverse possession
    d) Borrowing
    Answer: d) Borrowing (Lesson 11)

  2. A tenant who holds the right to occupy a property for a specific period under a lease agreement holds a(n):
    a) Fee simple estate
    b) Leasehold estate
    c) Life estate
    d) Easement
    Answer: b) Leasehold estate (Lesson 3)

  3. Which of the following is a government-issued right that allows the government to take private property for public use?
    a) Eminent domain
    b) Police power
    c) Zoning
    d) Restrictive covenant
    Answer: a) Eminent domain (Lesson 39)

  4. Which of these best defines the term “capital gains tax” in relation to real estate?
    a) A tax on rental income
    b) A tax on the sale of an investment property
    c) A tax on property value
    d) A tax on the loan interest
    Answer: b) A tax on the sale of an investment property (Lesson 30)

  5. In which of the following scenarios would a real estate agent earn a commission?
    a) Renting a property
    b) Assisting a seller in a home sale
    c) Showing properties to a prospective buyer
    d) Both b and c
    Answer: d) Both b and c (Lesson 6)

SECTION 2: Fill in the Blanks (2 points each)

  1. A _______ deed guarantees that the title to a property is free from encumbrances except those specified in the deed.
    Answer: Warranty (Lesson 3)

  2. The _______ Act protects consumers from predatory lending practices by requiring full disclosure of loan terms.
    Answer: Truth in Lending (Lesson 28)

  3. The _______ principle refers to the idea that the value of a property is determined by the highest and best use of the land.
    Answer: Highest and best use (Lesson 9)

  4. A _______ in real estate refers to a document that outlines a loan’s repayment schedule and other terms.
    Answer: Promissory note (Lesson 25)

  5. A _______ is an amount deducted from the purchase price of a property to compensate for repairs or issues identified during a home inspection.
    Answer: Seller concession (Lesson 26)

SECTION 3: True or False (1 point each)

  1. A real estate agent can perform legal services like drafting contracts.
    Answer: False (Lesson 6)

  2. A life estate grants full ownership of the property until the holder’s death, after which the property passes to another party.
    Answer: True (Lesson 3)

  3. A lease agreement must always be signed by the landlord, but the tenant’s signature is optional.
    Answer: False (Lesson 11)

  4. An appraisal is a formal estimate of the market value of a property.
    Answer: True (Lesson 26)

  5. A real estate broker and an agent can be held liable for any fraudulent activities in a transaction, even if they were not directly involved in the act.
    Answer: True (Lesson 15)

SECTION 4: Short Answer (3 points each)

  1. What is a “title search,” and why is it performed during the real estate transaction process?
    Answer: A title search is conducted to ensure the seller has legal ownership of the property and that there are no liens, encumbrances, or disputes that would prevent the transfer of ownership. (Lesson 22)

  2. What are the primary differences between a buyer’s agent and a seller’s agent in real estate?
    Answer: A buyer’s agent represents the buyer’s interests, helping them find a property, negotiate, and navigate the closing process. A seller’s agent represents the seller, assisting with pricing, marketing the property, and negotiating offers. (Lesson 6)

  3. What is the purpose of escrow in a real estate transaction?
    Answer: Escrow is a neutral third party that holds funds and documents, such as the buyer’s earnest money, during the transaction process until all conditions are met, ensuring a secure closing. (Lesson 26)

  4. What is a “zoning ordinance,” and how does it affect real estate development?
    Answer: Zoning ordinances are laws established by local governments to regulate land use, ensuring that the property is used for specific purposes such as residential, commercial, or industrial development. (Lesson 40)

  5. Describe the difference between “real property” and “personal property.”
    Answer: Real property includes land and anything permanently attached to it, such as buildings, while personal property is movable and not fixed to the land, like furniture or appliances. (Lesson 1)

REAL ESTATE COURSE: TEST 8
Covers Lessons 1–65 (Advanced Practice)
This test will assess your knowledge of real estate concepts based on lessons 1 through 65. Review the corresponding lesson numbers provided after each answer if needed.

SECTION 1: Multiple Choice (1 point each)

  1. Which of the following would be considered an encumbrance on a property?
    a) A tax lien
    b) A mortgage
    c) An easement
    d) All of the above
    Answer: d) All of the above (Lesson 22)

  2. What is the primary purpose of an appraisal in real estate?
    a) To determine the market value of a property
    b) To finalize the sale price of the property
    c) To estimate property tax assessments
    d) To verify the property’s insurance needs
    Answer: a) To determine the market value of a property (Lesson 26)

  3. In a real estate transaction, which of the following must be disclosed by the seller?
    a) All known material defects of the property
    b) The property’s previous market value
    c) Whether the buyer has good credit
    d) The seller’s reason for selling
    Answer: a) All known material defects of the property (Lesson 29)

  4. Which document contains a buyer’s promise to repay a loan under specific terms?
    a) Mortgage
    b) Title deed
    c) Promissory note
    d) Purchase agreement
    Answer: c) Promissory note (Lesson 25)

  5. What does a “listing agreement” do?
    a) Specifies how the sale proceeds will be distributed
    b) Assigns the real estate agent’s commission
    c) Establishes the terms and conditions under which the property will be sold
    d) Outlines the loan repayment schedule
    Answer: c) Establishes the terms and conditions under which the property will be sold (Lesson 16)

SECTION 2: Fill in the Blanks (2 points each)

  1. A _______ is a claim against a property for unpaid debt, such as a mortgage or tax lien.
    Answer: Lien (Lesson 22)

  2. The _______ is the legal process through which a lender can take possession of a property due to the borrower’s failure to make payments.
    Answer: Foreclosure (Lesson 25)

  3. A _______ agreement allows the buyer to purchase a property within a specific time frame and at a specified price.
    Answer: Option (Lesson 13)

  4. A _______ lease is one where the rent is adjusted periodically based on an index, such as the consumer price index (CPI).
    Answer: Index (Lesson 12)

  5. _______ is the legal right to use someone else’s land for a specific purpose, such as crossing it to reach another property.
    Answer: Easement (Lesson 22)

SECTION 3: True or False (1 point each)

  1. A “quitclaim deed” guarantees the seller has clear title to the property.
    Answer: False (Lesson 3)

  2. A “due-on-sale clause” allows a lender to call the entire loan balance due upon the sale of the property.
    Answer: True (Lesson 25)

  3. The Fair Housing Act prohibits discrimination based on marital status.
    Answer: False (Lesson 38)

  4. In a seller’s market, there are more homes for sale than there are buyers.
    Answer: False (Lesson 10)

  5. A lease option gives the tenant the right to purchase the property at a later date under agreed-upon terms.
    Answer: True (Lesson 13)

SECTION 4: Short Answer (3 points each)

  1. Explain the difference between “exclusive right-to-sell” and “exclusive agency” listing agreements.
    Answer: An exclusive right-to-sell listing agreement guarantees the agent will receive a commission regardless of who sells the property, while an exclusive agency listing allows the seller to sell the property without owing the agent a commission if the seller finds the buyer. (Lesson 16)

  2. What is the purpose of an earnest money deposit in a real estate transaction?
    Answer: An earnest money deposit is made by the buyer to demonstrate serious intent to follow through with the purchase. It is typically applied to the down payment or refunded if the sale falls through under certain conditions. (Lesson 26)

  3. What is a “short sale” in real estate?
    Answer: A short sale occurs when a property is sold for less than the outstanding mortgage balance, typically with the lender’s approval, to avoid foreclosure. (Lesson 26)

  4. How does a mortgage broker differ from a mortgage lender?
    Answer: A mortgage broker acts as an intermediary between the borrower and potential lenders, helping the borrower find the best loan terms. A mortgage lender is a financial institution that actually provides the loan. (Lesson 25)

  5. What is the role of a property manager?
    Answer: A property manager oversees the daily operations of a rental property, including maintenance, rent collection, and tenant relations, to ensure the property is managed efficiently. (Lesson 21)

REAL ESTATE COURSE: TEST 9
Covers Lessons 1–65 (Advanced Practice)
This test will assess your knowledge of real estate concepts from lessons 1 through 65. Review the lesson numbers provided after each answer if needed.

SECTION 1: Multiple Choice (1 point each)

  1. What is the primary function of a title insurance policy in real estate transactions?
    a) To guarantee the property’s market value
    b) To protect the buyer and lender against defects in title
    c) To ensure the property has no unpaid taxes
    d) To cover the costs of a property inspection
    Answer: b) To protect the buyer and lender against defects in title (Lesson 22)

  2. Which type of loan requires the borrower to make monthly payments of both principal and interest?
    a) Interest-only loan
    b) Fixed-rate mortgage
    c) Adjustable-rate mortgage
    d) Balloon mortgage
    Answer: b) Fixed-rate mortgage (Lesson 25)

  3. What is a common reason for a property to be sold via a “short sale”?
    a) The seller wants to downsize
    b) The property is in need of major repairs
    c) The property’s value has decreased and the seller owes more than it’s worth
    d) The seller is relocating for work
    Answer: c) The property’s value has decreased and the seller owes more than it’s worth (Lesson 26)

  4. What is the primary purpose of a deed of trust?
    a) To transfer property ownership
    b) To provide proof of ownership
    c) To secure a loan with the property as collateral
    d) To create a lease agreement
    Answer: c) To secure a loan with the property as collateral (Lesson 25)

  5. What does the term “capital gains” refer to in real estate?
    a) The increase in the property value
    b) The amount paid for the property
    c) The profits made from the sale of an investment property
    d) The annual income from a rental property
    Answer: c) The profits made from the sale of an investment property (Lesson 35)

SECTION 2: Fill in the Blanks (2 points each)

  1. _______ is the process by which a property is sold to satisfy the outstanding debt when the borrower defaults on a mortgage.
    Answer: Foreclosure (Lesson 25)

  2. A _______ clause allows the seller to retain ownership of certain items like appliances or fixtures in a property.
    Answer: Reservation (Lesson 16)

  3. A property with a _______ zoning classification can be used for both residential and commercial purposes.
    Answer: Mixed-use (Lesson 21)

  4. A _______ inspection is done after an offer has been accepted but before closing, to ensure no new issues have arisen.
    Answer: Final (Lesson 26)

  5. The _______ is the person responsible for managing the financial aspects of a real estate transaction, including the distribution of funds.
    Answer: Closing agent (Lesson 24)

SECTION 3: True or False (1 point each)

  1. A “quitclaim deed” is the most commonly used form of deed in real estate transactions.
    Answer: False (Lesson 3)

  2. A “special assessment” is a one-time charge for improvements to the property, such as road repairs.
    Answer: True (Lesson 22)

  3. The buyer of a property always has the right to cancel the transaction after signing the purchase agreement.
    Answer: False (Lesson 13)

  4. An “adjustable-rate mortgage” offers a fixed interest rate throughout the life of the loan.
    Answer: False (Lesson 25)

  5. The Federal Housing Administration (FHA) insures loans made by approved lenders to borrowers with low to moderate incomes.
    Answer: True (Lesson 25)

SECTION 4: Short Answer (3 points each)

  1. What is the difference between a “mortgage” and a “deed of trust”?
    Answer: A mortgage is a loan agreement where the borrower pledges the property as collateral for the loan, with the lender holding the lien. A deed of trust involves a third party (trustee) who holds the property in trust until the borrower repays the loan. (Lesson 25)

  2. What is the role of a real estate agent in a transaction?
    Answer: A real estate agent acts as an intermediary between buyers and sellers, assisting with property searches, negotiating terms, and facilitating the transaction process. (Lesson 15)

  3. Explain what an “easement” is in real estate.
    Answer: An easement is a legal right to use another person’s land for a specific purpose, such as access to a neighboring property or utility lines. (Lesson 22)

  4. What is the significance of the “closing disclosure” document in a real estate transaction?
    Answer: The closing disclosure outlines the final details of the mortgage loan, including loan terms, monthly payments, and closing costs, helping the borrower understand the full financial impact of the loan. (Lesson 24)

  5. Describe what a “lease option” agreement entails.
    Answer: A lease option agreement allows a tenant to lease a property with the option to purchase it later, usually at a predetermined price. The tenant typically pays a premium for this option. (Lesson 13)

REAL ESTATE COURSE: TEST 10
Covers Lessons 1–65 (Advanced Practice)
This test will assess your knowledge of real estate concepts from lessons 1 through 65. Review the lesson numbers provided after each answer if needed.

SECTION 1: Multiple Choice (1 point each)

  1. Which of the following is typically NOT included in a seller’s disclosure statement?
    a) Previous property sales history
    b) Known defects or issues with the property
    c) Property boundaries
    d) Homeowners’ association fees
    Answer: a) Previous property sales history (Lesson 29)

  2. What is the main difference between a “fixed-rate mortgage” and an “adjustable-rate mortgage”?
    a) Fixed-rate mortgages have lower interest rates than adjustable-rate mortgages.
    b) Adjustable-rate mortgages have a fixed interest rate for the life of the loan.
    c) Fixed-rate mortgages have an interest rate that remains constant throughout the loan period, while adjustable-rate mortgages can fluctuate.
    d) Fixed-rate mortgages are only available for government-backed loans.
    Answer: c) Fixed-rate mortgages have an interest rate that remains constant throughout the loan period, while adjustable-rate mortgages can fluctuate. (Lesson 25)

  3. In real estate, what does the term “title” refer to?
    a) The deed of the property
    b) The legal right to ownership of the property
    c) The survey of the property boundaries
    d) The document verifying the zoning classification of the property
    Answer: b) The legal right to ownership of the property (Lesson 22)

  4. What does a “listing agreement” specify?
    a) The buyer’s intent to purchase the property
    b) The seller’s right to market the property
    c) The property taxes due on the home
    d) The agent’s commission and the length of time they can market the property
    Answer: d) The agent’s commission and the length of time they can market the property (Lesson 16)

  5. What does the term “equity” refer to in real estate?
    a) The market value of a property
    b) The amount of the property’s value that the owner still owes on their mortgage
    c) The difference between the property’s current market value and the amount owed on the mortgage
    d) The down payment made when purchasing a property
    Answer: c) The difference between the property’s current market value and the amount owed on the mortgage (Lesson 32)

SECTION 2: Fill in the Blanks (2 points each)

  1. A _______ is a legal claim against a property due to unpaid debts, such as property taxes or a mortgage.
    Answer: Lien (Lesson 22)

  2. A _______ clause in a mortgage allows the lender to call the full loan balance due if the borrower defaults.
    Answer: Acceleration (Lesson 25)

  3. A property that is owned by a bank after a foreclosure is known as a _______.
    Answer: REO (Real Estate Owned) (Lesson 25)

  4. _______ property is property that is rented or leased, as opposed to property that is used by its owner.
    Answer: Investment (Lesson 29)

  5. The process of _______ involves transferring legal ownership of a property from one person to another.
    Answer: Conveyance (Lesson 22)

SECTION 3: True or False (1 point each)

  1. A “deed of trust” is used to transfer ownership of the property to the buyer at closing.
    Answer: False (Lesson 25)

  2. A “balloon mortgage” requires monthly payments that are lower than a typical mortgage but includes a large lump sum payment at the end of the term.
    Answer: True (Lesson 25)

  3. The appraised value of a property is always equal to its market value.
    Answer: False (Lesson 26)

  4. An easement allows a property owner to use another person’s property for a specific purpose, such as crossing it to reach a road.
    Answer: True (Lesson 22)

  5. A buyer’s agent represents the interests of the seller in a transaction.
    Answer: False (Lesson 16)

SECTION 4: Short Answer (3 points each)

  1. What is a “leasehold estate” in real estate?
    Answer: A leasehold estate is a temporary right to occupy and use a property, typically granted under a lease agreement, without transferring ownership. The tenant has exclusive possession during the lease period. (Lesson 21)

  2. Explain the difference between “mortgage insurance” and “title insurance.”
    Answer: Mortgage insurance protects the lender in case the borrower defaults on the loan, while title insurance protects the buyer and lender from financial loss due to issues with the property’s title, such as ownership disputes or unpaid liens. (Lesson 25 & 22)

  3. What is a “contingency” in a real estate purchase agreement?
    Answer: A contingency is a condition or requirement that must be met for the contract to be binding, such as securing financing, completing an inspection, or obtaining a satisfactory appraisal. (Lesson 13)

  4. Describe what a “foreclosure” process entails.
    Answer: Foreclosure is the legal process through which a lender takes possession of a property after the borrower fails to make mortgage payments, with the property typically being sold at auction to recover the loan balance. (Lesson 25)

  5. What is the role of an escrow agent in a real estate transaction?
    Answer: An escrow agent holds funds, documents, and other assets on behalf of both the buyer and seller during a real estate transaction until all conditions are met, ensuring a fair and smooth closing. (Lesson 24)

REAL ESTATE COURSE: TEST 11
Covers Lessons 1–65 (Advanced Practice)
This test will evaluate your knowledge of real estate principles covered in lessons 1 through 65. Check the lesson numbers provided after each answer if you need to review any material.

SECTION 1: Multiple Choice (1 point each)

  1. Which of the following is the main purpose of a property appraisal?
    a) To establish the tax rate for a property
    b) To determine the market value of the property
    c) To assess the property’s repair costs
    d) To calculate the buyer’s mortgage payments
    Answer: b) To determine the market value of the property (Lesson 26)

  2. A buyer has an option to purchase a property within a specified period but is not obligated to do so. This agreement is called a:
    a) Right of first refusal
    b) Leasehold estate
    c) Option contract
    d) Purchase agreement
    Answer: c) Option contract (Lesson 27)

  3. Which of the following is NOT a type of encumbrance?
    a) Lien
    b) Easement
    c) Mortgage
    d) Survey
    Answer: d) Survey (Lesson 22)

  4. The “closing” of a real estate transaction typically involves:
    a) The final inspection of the property
    b) The signing of the deed and transfer of ownership
    c) The lender’s approval of the buyer’s mortgage
    d) The initial payment of the down payment
    Answer: b) The signing of the deed and transfer of ownership (Lesson 25)

  5. A “subdivision” is:
    a) The division of a single property into two or more parcels for sale
    b) A government program that helps first-time homebuyers
    c) The process of creating a lease agreement
    d) The condition of a property being uninhabitable
    Answer: a) The division of a single property into two or more parcels for sale (Lesson 30)

SECTION 2: Fill in the Blanks (2 points each)

  1. The process of a lender taking possession of a property after a borrower defaults on a mortgage is called _______.
    Answer: Foreclosure (Lesson 25)

  2. A _______ agreement is a written contract in which a seller agrees to pay a broker for securing a buyer for their property.
    Answer: Listing (Lesson 16)

  3. A _______ mortgage requires the borrower to make monthly payments, and the interest rate adjusts periodically based on an index.
    Answer: Adjustable-rate (Lesson 25)

  4. _______ is a legal document that transfers ownership of a property from one party to another.
    Answer: Deed (Lesson 22)

  5. A _______ is a financial arrangement where an investor receives periodic payments in exchange for using their money to purchase a property or other assets.
    Answer: Annuity (Lesson 30)

SECTION 3: True or False (1 point each)

  1. An easement allows someone to use another person’s land for a specific purpose without owning the land.
    Answer: True (Lesson 22)

  2. The buyer is responsible for paying the commission fees to the real estate agent in a typical real estate transaction.
    Answer: False (Lesson 16)

  3. Property taxes are a form of lien and must be paid before the property can be sold.
    Answer: True (Lesson 22)

  4. A lease agreement must always be in writing to be legally binding.
    Answer: False (Lesson 12)

  5. A “home inspection” typically assesses the aesthetic appearance of a home rather than its structural integrity.
    Answer: False (Lesson 26)

SECTION 4: Short Answer (3 points each)

  1. What is the difference between a “mortgage broker” and a “mortgage lender”?
    Answer: A mortgage broker acts as an intermediary who connects borrowers with lenders, while a mortgage lender directly offers loans to borrowers. (Lesson 25)

  2. Explain the concept of “title insurance.”
    Answer: Title insurance protects buyers and lenders from financial loss due to defects in a property’s title, such as ownership disputes or errors in the public records. (Lesson 22)

  3. What is the purpose of a “short sale” in real estate?
    Answer: A short sale occurs when a homeowner sells the property for less than the amount owed on the mortgage, with the lender’s approval, often to avoid foreclosure. (Lesson 25)

  4. Define the term “zoning” in real estate.
    Answer: Zoning refers to the local government regulations that dictate how a property can be used (e.g., residential, commercial, industrial). (Lesson 30)

  5. What does the term “purchasing power” refer to in the context of real estate?
    Answer: Purchasing power refers to the amount of property a buyer can afford based on their income, creditworthiness, and financing options. (Lesson 32)

REAL ESTATE COURSE: TEST 12
Covers Lessons 1–65 (Advanced Practice)
This test will challenge your knowledge of real estate principles. Refer to the lesson numbers provided after each answer if you need to review any material.

SECTION 1: Multiple Choice (1 point each)

  1. What is the purpose of a real estate closing?
    a) To transfer the property title from the seller to the buyer
    b) To review the buyer’s mortgage application
    c) To complete an appraisal
    d) To determine the fair market value
    Answer: a) To transfer the property title from the seller to the buyer (Lesson 25)

  2. Which of the following types of ownership gives both parties equal rights to the property and includes the right of survivorship?
    a) Tenancy in common
    b) Joint tenancy
    c) Severalty
    d) Life estate
    Answer: b) Joint tenancy (Lesson 4)

  3. Which of the following best defines “capital gains tax” in real estate?
    a) A tax on the seller’s profit from the sale of property
    b) A tax paid by the buyer for title transfer
    c) A tax on rental income
    d) A tax imposed on property insurance payouts
    Answer: a) A tax on the seller’s profit from the sale of property (Lesson 31)

  4. A “right of first refusal” allows:
    a) A seller to refuse a lower offer than the asking price
    b) The buyer to purchase the property before the seller offers it to others
    c) The buyer to increase their bid at the last minute
    d) A third-party investor to buy the property
    Answer: b) The buyer to purchase the property before the seller offers it to others (Lesson 27)

  5. What is the purpose of an earnest money deposit in real estate?
    a) To secure the buyer’s loan
    b) To hold the property off the market
    c) To show the buyer’s commitment to the purchase
    d) To cover closing costs
    Answer: c) To show the buyer’s commitment to the purchase (Lesson 25)

SECTION 2: Fill in the Blanks (2 points each)

  1. A _______ is a lien placed against a property for unpaid property taxes.
    Answer: Tax lien (Lesson 22)

  2. A _______ provides a borrower with the right to occupy a property and pay rent, while the owner retains ownership.
    Answer: Leasehold estate (Lesson 3)

  3. The practice of selling a property for less than what is owed on the mortgage, usually to avoid foreclosure, is called a _______.
    Answer: Short sale (Lesson 25)

  4. _______ occurs when one party to a contract fails to perform their obligations as outlined in the agreement.
    Answer: Breach of contract (Lesson 23)

  5. The _______ document identifies the buyer’s and seller’s legal obligations in a real estate transaction.
    Answer: Purchase agreement (Lesson 15)

SECTION 3: True or False (1 point each)

  1. The Federal Reserve’s monetary policy has no impact on the mortgage interest rates.
    Answer: False (Lesson 31)

  2. A mortgage pre-approval is a guarantee that a lender will offer a loan to a buyer.
    Answer: False (Lesson 27)

  3. A property manager’s primary responsibility is to maintain the property’s condition and manage the tenant relationship.
    Answer: True (Lesson 28)

  4. An option contract allows the seller to terminate the agreement if the buyer does not exercise their option.
    Answer: False (Lesson 27)

  5. A “fixed-rate mortgage” has an interest rate that may change during the term of the loan.
    Answer: False (Lesson 25)

SECTION 4: Short Answer (3 points each)

  1. What is the significance of an “easement” in real estate?
    Answer: An easement is a legal right to use another person’s land for a specific purpose, such as accessing a property or utility installation, without owning the land. (Lesson 22)

  2. Explain the difference between a “deed of trust” and a “mortgage.”
    Answer: A deed of trust involves a third-party trustee holding legal title to the property until the borrower repays the loan, while a mortgage is a direct agreement between the borrower and lender, with the borrower retaining title until repayment. (Lesson 25)

  3. What is a “contingency” in a real estate contract, and how does it impact the transaction?
    Answer: A contingency is a condition that must be met for the contract to become binding, such as an inspection or financing requirement. If the contingency is not met, the contract may be voided. (Lesson 23)

  4. Describe the “due diligence” process in a real estate transaction.
    Answer: Due diligence refers to the research and investigation a buyer conducts to ensure the property is in satisfactory condition, including inspections, title search, and reviewing zoning and financial records. (Lesson 22)

  5. What is the role of a real estate agent in a property transaction?
    Answer: A real estate agent assists with buying, selling, and negotiating the terms of a property transaction, providing market insights and facilitating communication between buyers and sellers. (Lesson 15)

REAL ESTATE COURSE: TEST 13
Covers Lessons 1–65 (Advanced Practice)
This test will further challenge your understanding of real estate. Refer to the lesson numbers provided after each answer if you need to review any material.

SECTION 1: Multiple Choice (1 point each)

  1. Which of the following is a key element of a property deed?
    a) The purchase price
    b) A description of the property
    c) The buyer’s financing options
    d) The property’s tax history
    Answer: b) A description of the property (Lesson 22)

  2. Which type of real estate agent has the legal authority to represent a buyer or seller in a transaction?
    a) Salesperson
    b) Broker
    c) Appraiser
    d) Property manager
    Answer: b) Broker (Lesson 6)

  3. What is the main objective of zoning laws?
    a) To determine how much a property can be sold for
    b) To control the use and development of land
    c) To establish the financing terms for properties
    d) To ensure properties are taxed equally
    Answer: b) To control the use and development of land (Lesson 34)

  4. Which of the following is true regarding a mortgage loan?
    a) It is a personal loan based on income
    b) It is secured by the borrower’s property
    c) It does not require collateral
    d) It can only be used for commercial properties
    Answer: b) It is secured by the borrower’s property (Lesson 25)

  5. What is the role of the title company during a real estate transaction?
    a) To provide financing options for the buyer
    b) To ensure the property is free from liens and encumbrances
    c) To negotiate the sale price
    d) To manage rental properties for investors
    Answer: b) To ensure the property is free from liens and encumbrances (Lesson 22)

SECTION 2: Fill in the Blanks (2 points each)

  1. A _______ is a legal document that allows someone to hold and manage property on behalf of another.
    Answer: Power of attorney (Lesson 24)

  2. The process of transferring ownership of real estate is called _______.
    Answer: Conveyance (Lesson 22)

  3. In a _______ loan, the borrower makes fixed payments and the interest rate is subject to change after a certain period.
    Answer: Adjustable-rate mortgage (ARM) (Lesson 26)

  4. _______ is the financial interest in real property held by a lender.
    Answer: Mortgage lien (Lesson 25)

  5. The _______ clause in a mortgage allows the lender to accelerate the loan balance in case of default.
    Answer: Acceleration (Lesson 25)

SECTION 3: True or False (1 point each)

  1. A seller can cancel a contract without consequences if the buyer is unable to secure financing.
    Answer: False (Lesson 23)

  2. A leasehold estate provides the lessee with complete ownership rights to the land.
    Answer: False (Lesson 3)

  3. A real estate appraiser’s primary job is to assess the value of a property for tax purposes.
    Answer: False (Lesson 29)

  4. A seller’s disclosure form includes all known defects and issues with a property.
    Answer: True (Lesson 26)

  5. Title insurance protects both the buyer and lender from financial loss due to defects in the title.
    Answer: True (Lesson 22)

SECTION 4: Short Answer (3 points each)

  1. What is a “seller’s disclosure” in a real estate transaction, and why is it important?
    Answer: A seller’s disclosure is a document in which the seller discloses known defects, issues, and conditions of the property. It is important because it helps protect the buyer by providing full information about the property’s condition. (Lesson 26)

  2. Define the term “escrow” in the context of real estate transactions.
    Answer: Escrow is a neutral third-party account where funds (e.g., earnest money) are held until certain conditions of the real estate transaction are met, ensuring the transaction’s integrity. (Lesson 25)

  3. Explain the difference between “amortization” and “appreciation.”
    Answer: Amortization refers to the gradual repayment of a loan principal over time, whereas appreciation is the increase in the value of a property over time. (Lesson 25, Lesson 29)

  4. What is the difference between “real property” and “personal property”?
    Answer: Real property includes land and anything permanently attached to it, such as buildings, while personal property consists of movable items not attached to land. (Lesson 1)

  5. What is a “home inspection,” and how does it benefit the buyer?
    Answer: A home inspection is an examination of the property’s condition by a professional. It helps the buyer identify potential issues before finalizing the purchase, providing an opportunity to negotiate or back out of the deal. (Lesson 26)

REAL ESTATE COURSE: TEST 14
Covers Lessons 1–65 (Advanced Practice)
This test will challenge your knowledge further. Make sure to refer to the lesson numbers provided after each answer if you need to review.

SECTION 1: Multiple Choice (1 point each)

  1. Which of the following is an example of a lien on a property?
    a) A deed
    b) A mortgage
    c) A deed of trust
    d) A promissory note
    Answer: b) A mortgage (Lesson 25)

  2. A “mortgagee” is:
    a) The borrower
    b) The lender
    c) The real estate agent
    d) The title company
    Answer: b) The lender (Lesson 25)

  3. Which type of property is exempt from property tax?
    a) Vacant land
    b) Commercial property
    c) Agricultural property
    d) Government-owned property
    Answer: d) Government-owned property (Lesson 34)

  4. A property’s “highest and best use” refers to:
    a) The property’s current market value
    b) The use of the property that will generate the highest return
    c) The age of the property
    d) The original purpose of the property
    Answer: b) The use of the property that will generate the highest return (Lesson 29)

  5. What is an “amortization schedule”?
    a) A document outlining the terms of the loan
    b) A breakdown of the principal and interest payments for a loan
    c) A list of the property’s defects
    d) A tool used to calculate taxes
    Answer: b) A breakdown of the principal and interest payments for a loan (Lesson 25)

SECTION 2: Fill in the Blanks (2 points each)

  1. A _______ clause in a loan agreement allows the lender to demand immediate repayment if certain conditions are met.
    Answer: Acceleration (Lesson 25)

  2. The _______ is the process of determining the value of a property based on comparable properties in the area.
    Answer: Comparative Market Analysis (CMA) (Lesson 29)

  3. The _______ deed provides the highest level of protection to the buyer, ensuring that the seller has the right to transfer ownership.
    Answer: Warranty (Lesson 22)

  4. _______ zoning controls the type of structures and their uses in a specific area.
    Answer: Building (Lesson 34)

  5. A _______ is a form of ownership in which two or more individuals share ownership in a property but each owns a specific portion of the property.
    Answer: Tenancy in common (Lesson 4)

SECTION 3: True or False (1 point each)

  1. A property can be sold even if the seller has not paid off the mortgage.
    Answer: True (Lesson 25)

  2. The Uniform Residential Loan Application (URLA) is used to determine the buyer’s ability to repay the loan.
    Answer: True (Lesson 25)

  3. A seller can accept an offer from the buyer at any time during negotiations.
    Answer: False (Lesson 23)

  4. Title insurance protects the seller from legal issues related to the property’s title.
    Answer: False (Lesson 22)

  5. A broker has a fiduciary duty to act in the best interest of the client.
    Answer: True (Lesson 15)

SECTION 4: Short Answer (3 points each)

  1. What is the purpose of a “quitclaim deed”?
    Answer: A quitclaim deed transfers ownership interest in a property from the seller to the buyer without guaranteeing that the title is free from defects. It is often used to clear up title issues. (Lesson 22)

  2. Explain the difference between a “real estate agent” and a “real estate broker.”
    Answer: A real estate agent works under a broker’s license and assists clients with buying or selling property, while a broker has additional training and can operate their own real estate business. (Lesson 6)

  3. What is the role of a “listing agreement” in real estate transactions?
    Answer: A listing agreement is a contract between a seller and a broker, giving the broker the right to market and sell the property on the seller’s behalf, typically in exchange for a commission. (Lesson 16)

  4. What is a “lease option” in real estate?
    Answer: A lease option is an agreement in which a tenant has the option to purchase the property they are renting at a specified price within a set period. (Lesson 12)

  5. What are the steps involved in a typical real estate closing process?
    Answer: The closing process involves signing the closing documents, transferring the property deed, paying closing costs, and finalizing the transfer of funds. (Lesson 23)

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Test your level for FREE, learn more about the COURSE CONTENT

Free Consultation
Learn French Quick Start from zero to speaking

French Quick Start Course

The program of 8 initial classes for your perfect foundation + 12 special lessons to practice fluent speaking. As easy as that.

Test your level for FREE, learn more about the COURSE CONTENT

Free Consultation
Learn Italian today to safe time money and effort

Italian Easy Course

The easiest language to learn, the most exciting course with various materials to make your Italian learning the most pleasant experience.

Test your level for FREE, learn more about the COURSE CONTENT

Free Consultation

Master Your Perfect Vocabulary In Private Classes

150 Essential Topics with Speaking Training Exercises for Absolute Language Fluency

🌟 The Most Comprehensive and Effective Language Learning System
🌟 From Beginner to Advanced Fluency
🌟 Texts & Exercises for Confident Communication and Quick Results

Begin mastering 150 carefully curated topics that cover every aspect of real-world communication!

150 Essential Topics

Your Perfect Wordlists for Levels A1, A2 and B1

Start with the priority 500 words, practicing and acquiring your first basic grammar foundation by learning the parts of speech and how to build basic sentences. Expand naturally to your first 1,000 words with our word lists and speaking exercises—it’s easy! Achieve your new B1 level as successfully as the previous levels with our 4,000-word list and speaking exercises.

🌟 Your first 500* priority words for level A1: English, Spanish, French, Italian, German, Polish
🌟 Your first 1000* priority words for level A2: English, Spanish, French, Italian, German, Polish
🌟 Your first 4000* priority words for level B1: English, Spanish, French, Italian, German, Polish

* The word lists are available for free for current students only. 
Become a Student Now

Coming up: “Learn German Fast” Program

🌟 Learn how to read, pronounce, build simple sentences, learn your first 1000 words 
🌟 Learn all the fundamental words and grammar 
🌟 Practice, practice and practice… 
🌟 90 days for the solid and practical level A2 and one year for complete fluency B2 
🌟 With easy and comfortable pace
🌟 Clear and perfectly planned structure


* The word lists are available for free for current students only. 
German for Beginners *
Priority words & Speaking *
B2 German Speaking Practice *

Affirmations 

🌟 7-Level Affirmations to Successfully Pass the Examinations and Good Luck*

* Available for current students only 

What Students Say

“It is a great success to meet a teacher who presents language-learning information in such an accessible and engaging way. Anastasiia creates a wonderful atmosphere where material is absorbed easily, naturally, and effortlessly.

What amazed me even more is that she never refuses to answer a student’s question, no matter how many or how complex they are. On the contrary, she enjoys the questions and eagerly looks forward to them.

Anastasiia, a huge thank you! You are a highly qualified teacher and a wonderful person!

P.S. A tip for those who want to finally start speaking English, stop struggling, and get out of the language “forest” (I’m talking about myself, but I’m already on the way)—go to Anastasiia! She will help you do it effortlessly. You’ll love it!”

-Inna Trukhan-

“I would like to thank Anastasiia for inspiring me to want to speak English—not because I have to, but because I genuinely want to.

What surprised, impressed, and captivated me is that Anastasiia teaches using a communicative approach and with love. She is so passionate and deeply engaged in language learning that she has the power to inspire others with the same enthusiasm.

It is a great success to meet a teacher who explains things so clearly and engagingly.“

-Inna Borshchevska-

“Anastasiia, I am very grateful for this approach to language learning!

For me, having a morning cup of coffee was sacred, and nothing was allowed to interrupt it. But now, your lessons have become a part of that ritual. It’s another untouchable and truly enjoyable part of my daily life. Thank you!“

–Tatyana Rudenko-

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Contact

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