Aline Final Course Exam
Minimizing risk in part means avoiding public networks, unsecure sites, and ______ sites. -
ANSWER:Suspicious
A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest
payment totaling $2,042.71. If $1,145.83 is interest, how much is applied to principal? - ANSWER:
$896.88
Adam owes $125,000 on his home. It's currently worth $340,000. How much equity does Adam have in
his home? - ANSWER:$215,000
James is obtaining an 80/20 loan. What does 80/20 signify? - ANSWER:Amount financed/Down payment
With which type of government power can a lien be placed on a property, giving the government a claim
to the property? - ANSWER:Taxation is a government power that, if unpaid, allows the government to
place a lien on the property.
Cameron had a listing agreement with a client named Ben. Ben got mad at Cameron and said he was
terminating the agreement. Can Ben do this? - ANSWER:Yes, but certain terms of the agreement may still
be binding upon Ben.
When may informed consent for dual agency be obtained? - ANSWER:Before the fact, or as the situation
arises
As an agent, you owe fiduciary duties to your client. Among these are loyalty, reasonable skill and care,
confidentiality, accounting, and disclosure. What fiduciary duty is missing from this list? -
ANSWER:Obedience
Which of the following is an example of the duty of obedience? - ANSWER:Carrying out a client's
instructions
Roger just discovered that his loan includes a hidden balloon payment, so now he must ________. -
ANSWER:Make one large final payment to pay off the principal
Why do licensees help buyers estimate closing costs? - ANSWER:Doing so helps buyers determine the
affordability of purchasing a home.
Which of the following is true about title to a property? - ANSWER:Constructive notice to the public of
interest in a parcel of real estate occurs when the deed is recorded and physical possession of the
property is taken.
Which law requires the EPA to establish air quality standards? - ANSWER:The Clean Air Act of 1970
Amy is about to complete her very first sales contract. What should she do to prepare? -
ANSWER:Review the contract and make sure she understands each section's purpose.
Which term refers to a permitted deviation from current zoning restrictions that allows an owner to use
land for a purpose that's otherwise prohibited, and requires the owner to prove the zoning creates an
unnecessary hardship? - ANSWER:Use variance
, Which choice correctly identifies the seven protected classes according to the Fair Housing Act? -
ANSWER:Race, color, national origin, religion, sex, familial status, and disability
What may be found in paint in homes built before 1978? - ANSWER:Lead
Risks to computer systems can be reduced by avoiding public networks, ______ sites, and suspicious
sites. - ANSWER:Unsecure
_______ can be defined as everything that's not real property. - ANSWER:Personal property
Jay's new loan to purchase a property includes the seller's existing mortgage. What type of loan is this? -
ANSWER:Wraparound
When considering buying property subject to an existing lease, it's critical to understand the lease terms,
including the lease duration, rent amount, renewal/purchase options, and the __________________. -
ANSWER:Property Mgmt responsibilites
A clause that allows the parties to agree that they won't litigate if there are any contract disputes is a/n
_________. - ANSWER:Arbitration clause
Which entity guarantees loans? - ANSWER:U.S. Department of Veterans Affairs
Kris made an offer on Lincoln's townhouse. However, Kris offered no earnest money. If Lincoln accepted
her offer, would it be binding? - ANSWER:Yes, because the offer to buy is the consideration.
The power of the state to claim property when the owner dies without a will and without locatable heirs
or creditors is also known as ______. - ANSWER:Escheat
Which of the following provides everything a lender needs to know in order to value the property used
as collateral for a loan? - ANSWER:Appraisal
Which laws does the Office of Fair Housing and Equal Opportunity uphold? - ANSWER:Federal fair
housing laws
What's a certified opinion or estimate of value of a particular property as of a particular date? -
ANSWER:Appraisal
Which of the following activities occurs before closing? - ANSWER:The buyer obtains an insurance
binder.
Carla creates a trust to convey her assets to her children. Her brother, Alvin, is placed in charge of
making sure the terms of the trust are carried out. In this example, Carla is the ________. -
ANSWER:Trustor
What is a property condition disclosure statement? - ANSWER:A statement the seller provides to the
buyer that outlines all known property defects
Which of the following is the best definition of a covenant between a lessor and lessee? - ANSWER:An
agreement or promise made between the parties
Mary, who's suffering from Alzheimer's disease, signs a contract to buy Edgar's home. Before the deal
closes, it's determined that Mary lacks legal capacity to enter into a contract. Which party is permitted to
Minimizing risk in part means avoiding public networks, unsecure sites, and ______ sites. -
ANSWER:Suspicious
A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest
payment totaling $2,042.71. If $1,145.83 is interest, how much is applied to principal? - ANSWER:
$896.88
Adam owes $125,000 on his home. It's currently worth $340,000. How much equity does Adam have in
his home? - ANSWER:$215,000
James is obtaining an 80/20 loan. What does 80/20 signify? - ANSWER:Amount financed/Down payment
With which type of government power can a lien be placed on a property, giving the government a claim
to the property? - ANSWER:Taxation is a government power that, if unpaid, allows the government to
place a lien on the property.
Cameron had a listing agreement with a client named Ben. Ben got mad at Cameron and said he was
terminating the agreement. Can Ben do this? - ANSWER:Yes, but certain terms of the agreement may still
be binding upon Ben.
When may informed consent for dual agency be obtained? - ANSWER:Before the fact, or as the situation
arises
As an agent, you owe fiduciary duties to your client. Among these are loyalty, reasonable skill and care,
confidentiality, accounting, and disclosure. What fiduciary duty is missing from this list? -
ANSWER:Obedience
Which of the following is an example of the duty of obedience? - ANSWER:Carrying out a client's
instructions
Roger just discovered that his loan includes a hidden balloon payment, so now he must ________. -
ANSWER:Make one large final payment to pay off the principal
Why do licensees help buyers estimate closing costs? - ANSWER:Doing so helps buyers determine the
affordability of purchasing a home.
Which of the following is true about title to a property? - ANSWER:Constructive notice to the public of
interest in a parcel of real estate occurs when the deed is recorded and physical possession of the
property is taken.
Which law requires the EPA to establish air quality standards? - ANSWER:The Clean Air Act of 1970
Amy is about to complete her very first sales contract. What should she do to prepare? -
ANSWER:Review the contract and make sure she understands each section's purpose.
Which term refers to a permitted deviation from current zoning restrictions that allows an owner to use
land for a purpose that's otherwise prohibited, and requires the owner to prove the zoning creates an
unnecessary hardship? - ANSWER:Use variance
, Which choice correctly identifies the seven protected classes according to the Fair Housing Act? -
ANSWER:Race, color, national origin, religion, sex, familial status, and disability
What may be found in paint in homes built before 1978? - ANSWER:Lead
Risks to computer systems can be reduced by avoiding public networks, ______ sites, and suspicious
sites. - ANSWER:Unsecure
_______ can be defined as everything that's not real property. - ANSWER:Personal property
Jay's new loan to purchase a property includes the seller's existing mortgage. What type of loan is this? -
ANSWER:Wraparound
When considering buying property subject to an existing lease, it's critical to understand the lease terms,
including the lease duration, rent amount, renewal/purchase options, and the __________________. -
ANSWER:Property Mgmt responsibilites
A clause that allows the parties to agree that they won't litigate if there are any contract disputes is a/n
_________. - ANSWER:Arbitration clause
Which entity guarantees loans? - ANSWER:U.S. Department of Veterans Affairs
Kris made an offer on Lincoln's townhouse. However, Kris offered no earnest money. If Lincoln accepted
her offer, would it be binding? - ANSWER:Yes, because the offer to buy is the consideration.
The power of the state to claim property when the owner dies without a will and without locatable heirs
or creditors is also known as ______. - ANSWER:Escheat
Which of the following provides everything a lender needs to know in order to value the property used
as collateral for a loan? - ANSWER:Appraisal
Which laws does the Office of Fair Housing and Equal Opportunity uphold? - ANSWER:Federal fair
housing laws
What's a certified opinion or estimate of value of a particular property as of a particular date? -
ANSWER:Appraisal
Which of the following activities occurs before closing? - ANSWER:The buyer obtains an insurance
binder.
Carla creates a trust to convey her assets to her children. Her brother, Alvin, is placed in charge of
making sure the terms of the trust are carried out. In this example, Carla is the ________. -
ANSWER:Trustor
What is a property condition disclosure statement? - ANSWER:A statement the seller provides to the
buyer that outlines all known property defects
Which of the following is the best definition of a covenant between a lessor and lessee? - ANSWER:An
agreement or promise made between the parties
Mary, who's suffering from Alzheimer's disease, signs a contract to buy Edgar's home. Before the deal
closes, it's determined that Mary lacks legal capacity to enter into a contract. Which party is permitted to
