The Ce Shop Practice Test Exam
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
After getting into a fender bender, Parker had to buy a new car. To make the down payment on the car,
he had to skip a couple of his mortgage payments. He received a notice from his lender indicating that
the remaining amount of his loan is due immediately and in full. What clause in his mortgage
stipulates this? - CORRECT ANSWER Acceleration clause
What is the purpose of a well cap - CORRECT ANSWER Keeps contaminants from entering
the wall while allowing above ground access
Bertha is trying to resolve a conflict. Which approach will result in more possible resolutions -
CORRECT ANSWER Asking what can be done now
What does it mean if a property falls in a floodplain - CORRECT ANSWER Experts believe it
is likely to be flooded sometime in the next 100 years
The New York department of environmental conservation overseas wetlands in the state. Which of the
following statements is false regarding municipal agency involvement in wetland regulation? -
CORRECT ANSWER Local regulations have to be less protective of the wetlands than other
current state regulations
Eileen just turned her car into the driveway of a vacant home. As she gets out of her car, she has a
funny feeling that something isn't right. As she approaches the door, the hairs on the back of her neck
stand up. It's safest for Eileen To interpret her funny feeling as which of the following? - CORRECT
ANSWER Her intuition alerting her to a potentially dangerous situation
Which of the following is a potential disadvantage for a buyer who enters into a lease with an option
to buy contract? - CORRECT ANSWER The buyer/Lessee Could lose any funds credited to
the purchase price if he breaches the leases terms
Prior to a certain acts existence, there was no legal protection for women who endured sexual
harassment from landlords and sellers when they attempted to obtain housing. What's this act called? -
CORRECT ANSWER Housing and community development act of 1974
, Obviously, you can't lawfully convey some thing and less the parties agree on what's being conveyed.
How is that determined? - CORRECT ANSWER Legal description
If a landlord wants to notify a tenant that the leasehold interest in the property is subordinate to A
mortgage, what clause would be included in the lease? - CORRECT ANSWER subordination
clause
What term means a sum of money set aside at closing to be used later for a specific purpose, such as
insurance? - CORRECT ANSWER Reserve
What's the term for a notice given directly to an received by a person - CORRECT ANSWER
Actual notice
An installment sales contract is also known as a - CORRECT ANSWER Contract for deed
Local regulations have to be more protective of wetlands than the current state regulations. A
municipality can regulate the wetlands by setting up a separate wetlands commission or
____________ To monitor the wetlands - CORRECT ANSWER Conservation advisory council
What's a buyers representation agreement - CORRECT ANSWER A legal document that
formalize is the working relationship between the agent and the buyer client
How are real estate transactions affected by the taxpayer relief act of 1977 - CORRECT ANSWER
Homebuyers may use IRA Funds to acquire, build, or improve a residence, or for closing costs,
and home sellers may exclude some capital gains from the sale from their income tax
Katies home that was listed for sale was destroyed by fire. Under which of these methods will her
listing agreement terminate - CORRECT ANSWER Force of law
Which of the following means a loss in value due to wear and tear that happens gradually and is
usually curable - CORRECT ANSWER Physical deterioration
Which of the following statements best describes a listing that terminates by performance? -
CORRECT ANSWER Roberto list a property for Terrence. After two failed Offers, the
property made it to a successful closing
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
After getting into a fender bender, Parker had to buy a new car. To make the down payment on the car,
he had to skip a couple of his mortgage payments. He received a notice from his lender indicating that
the remaining amount of his loan is due immediately and in full. What clause in his mortgage
stipulates this? - CORRECT ANSWER Acceleration clause
What is the purpose of a well cap - CORRECT ANSWER Keeps contaminants from entering
the wall while allowing above ground access
Bertha is trying to resolve a conflict. Which approach will result in more possible resolutions -
CORRECT ANSWER Asking what can be done now
What does it mean if a property falls in a floodplain - CORRECT ANSWER Experts believe it
is likely to be flooded sometime in the next 100 years
The New York department of environmental conservation overseas wetlands in the state. Which of the
following statements is false regarding municipal agency involvement in wetland regulation? -
CORRECT ANSWER Local regulations have to be less protective of the wetlands than other
current state regulations
Eileen just turned her car into the driveway of a vacant home. As she gets out of her car, she has a
funny feeling that something isn't right. As she approaches the door, the hairs on the back of her neck
stand up. It's safest for Eileen To interpret her funny feeling as which of the following? - CORRECT
ANSWER Her intuition alerting her to a potentially dangerous situation
Which of the following is a potential disadvantage for a buyer who enters into a lease with an option
to buy contract? - CORRECT ANSWER The buyer/Lessee Could lose any funds credited to
the purchase price if he breaches the leases terms
Prior to a certain acts existence, there was no legal protection for women who endured sexual
harassment from landlords and sellers when they attempted to obtain housing. What's this act called? -
CORRECT ANSWER Housing and community development act of 1974
, Obviously, you can't lawfully convey some thing and less the parties agree on what's being conveyed.
How is that determined? - CORRECT ANSWER Legal description
If a landlord wants to notify a tenant that the leasehold interest in the property is subordinate to A
mortgage, what clause would be included in the lease? - CORRECT ANSWER subordination
clause
What term means a sum of money set aside at closing to be used later for a specific purpose, such as
insurance? - CORRECT ANSWER Reserve
What's the term for a notice given directly to an received by a person - CORRECT ANSWER
Actual notice
An installment sales contract is also known as a - CORRECT ANSWER Contract for deed
Local regulations have to be more protective of wetlands than the current state regulations. A
municipality can regulate the wetlands by setting up a separate wetlands commission or
____________ To monitor the wetlands - CORRECT ANSWER Conservation advisory council
What's a buyers representation agreement - CORRECT ANSWER A legal document that
formalize is the working relationship between the agent and the buyer client
How are real estate transactions affected by the taxpayer relief act of 1977 - CORRECT ANSWER
Homebuyers may use IRA Funds to acquire, build, or improve a residence, or for closing costs,
and home sellers may exclude some capital gains from the sale from their income tax
Katies home that was listed for sale was destroyed by fire. Under which of these methods will her
listing agreement terminate - CORRECT ANSWER Force of law
Which of the following means a loss in value due to wear and tear that happens gradually and is
usually curable - CORRECT ANSWER Physical deterioration
Which of the following statements best describes a listing that terminates by performance? -
CORRECT ANSWER Roberto list a property for Terrence. After two failed Offers, the
property made it to a successful closing
