The CE Shop Exam Prep 2026/2027 – Key
Concepts, Practice Questions & Solutions
buyer reagan wants to know what her closing costs cover. You explain that the
money covers ______ - correct answer-County recording fees
which party's closing costs might include mortgage insurance? - correct answer-
buyer
Uh-oh. You failed to present an offer on behalf of your client in a timely manner.
As a result, the seller accepted a lower offer from another buyer. For which of the
following could your buyer sue you? - correct answer-negligence
a 47 yr. old veteran owns a home in east chicago (tax rate 3.46%) that has an
assessed value of $125,000. Calculate his tax bill based on this information. -
correct answer-1,779.20
According to national standards, how should square footage be reported in
residential buildings? - correct answer-square footage should be reported to the
nearest square foot.
what is it called when a person who has possession of a property through a life
estate abuses the property or allows it to deteriorate? - correct answer-act of
waste
, why is it common for lenders to sell mortgages on the secondary market - correct
answer-So they can obtain additional funds to continue making loans available to
the community
when does recaptured depreciation apply? - correct answer-upon the sale of an
investment property
at the time of closing, jessica grants her property to theo, who pays for and
recieves a clear title to the property after alyssa has ensured that the title is free
of defects. Which one of the following options describes jessicas role in the
transaction? - correct answer-The seller
real estate appraisals conducted by real estate licensees in indiana or by state-
licensed or certified appraisers must follow_____. - correct answer-The standards
set forth in USPAP
whose responsibility is it to complete the sellers residential real estate sales
disclosure form in indiana? - correct answer-The seller
Regardless of the aggregate value, the maximum filing fee for a securities
registration statement in indiana is _____. - correct answer-$1000
Under standard lease provisions, a demising clase would contain ____. - correct
answer-the date the tenant will take posession of the property
whats the area of a rectangular building thats 40 feet by 20 feet? - correct
answer-800 sq ft
Concepts, Practice Questions & Solutions
buyer reagan wants to know what her closing costs cover. You explain that the
money covers ______ - correct answer-County recording fees
which party's closing costs might include mortgage insurance? - correct answer-
buyer
Uh-oh. You failed to present an offer on behalf of your client in a timely manner.
As a result, the seller accepted a lower offer from another buyer. For which of the
following could your buyer sue you? - correct answer-negligence
a 47 yr. old veteran owns a home in east chicago (tax rate 3.46%) that has an
assessed value of $125,000. Calculate his tax bill based on this information. -
correct answer-1,779.20
According to national standards, how should square footage be reported in
residential buildings? - correct answer-square footage should be reported to the
nearest square foot.
what is it called when a person who has possession of a property through a life
estate abuses the property or allows it to deteriorate? - correct answer-act of
waste
, why is it common for lenders to sell mortgages on the secondary market - correct
answer-So they can obtain additional funds to continue making loans available to
the community
when does recaptured depreciation apply? - correct answer-upon the sale of an
investment property
at the time of closing, jessica grants her property to theo, who pays for and
recieves a clear title to the property after alyssa has ensured that the title is free
of defects. Which one of the following options describes jessicas role in the
transaction? - correct answer-The seller
real estate appraisals conducted by real estate licensees in indiana or by state-
licensed or certified appraisers must follow_____. - correct answer-The standards
set forth in USPAP
whose responsibility is it to complete the sellers residential real estate sales
disclosure form in indiana? - correct answer-The seller
Regardless of the aggregate value, the maximum filing fee for a securities
registration statement in indiana is _____. - correct answer-$1000
Under standard lease provisions, a demising clase would contain ____. - correct
answer-the date the tenant will take posession of the property
whats the area of a rectangular building thats 40 feet by 20 feet? - correct
answer-800 sq ft
