CE SHOP FINAL EXAM PAPER 2026
COMPLETE QUESTIONS AND VERIFIED
SOLUTIONS
⩥"
amortization schedule/chart. Answer: "A table that shows how much of
each payment will apply toward principal and how much toward interest
for the loan term; also shows decrease in loan balance until paid off
Ex. If borrowers want to see how much of their payment is going toward
principal, they can check their mortgage statement, or an amortization
schedule.
⩥"
amperage. Answer: "Amount of current or electricity flowing through
electrical wires
Ex. The pulses were of high voltage but low amperage, which makes
them, like static electricity, safe but an unpleasant experience.
⩥"
anchor store/anchor tenant. Answer: "A large commercial tenant that
draws in traffic to a mall or shopping center
Ex. Janice was excited to place her boutique in the same shopping center
as Bloomingdales. Having such a great anchor store nearby was good for
business.
,⩥"
annexation. Answer: "The conversion of personal property into real
property
Ex. When Mrs. Goldman planted the rosebushes in her yard, the
resultant annexation meant that the rosebushes were now made part of
the property.
⩥"
annual percentage rate (APR). Answer: "A rate derived according to a
government formula that's intended to reflect the true cost of financing
that allows consumers to compare loan products; includes financing
fees, so it will always be higher than the actual interest rate on a loan
Ex. An interest rate of 6% may sound better than one of 6.25%, but it's
important to also compare annual percentage rate (APR) figures to see
the true cost of financing.
⩥"
appraisal. Answer: "An estimate of value as of a specific date and for a
specific use
Ex. The appraisal on Myra's property was for its use as a bed-and-
breakfast today.
⩥"
,appraisal contingency. Answer: "Contract clause that, if the property
doesn't appraise at or above the sales price, the buyer is allowed to
terminate
Ex. If the appraised value is close to the sales price, often the parties can
reach agreement. If not, and an appraisal contingency is in place, the
buyer can use the fact that the property didn't appraise to terminate and
receive a refund of earnest money deposited.
⩥"
appraised value. Answer: "An estimate of value as of a specific date, and
for a specific use
Ex. Barbara refinanced her property two years ago. At that time, the
appraised value was $450,000. If she puts it on the market today, she
can't use the appraised value as list price, because it's no longer valid.
⩥"
appraiser. Answer: "One who performs an appraisal
Ex. Vladimir the appraiser is certified to provide real estate appraisals
for his clients.
⩥"
appreciation. Answer: "Increase in property value
Ex. Due to appreciation, Kerry's investment property had doubled in
value over the eight years she had held it.
, ⩥"
appurtenances. Answer: "Automatic rights inherent in property
ownership
Ex. Jason loved being a property owner. He decided not to sell off any of
his appurtenances to others. He kept all of his bundle of sticks together.
⩥"
asbestos. Answer: "A fibrous mineral found in rocks and soil, previously
used in construction materials for its insulating and fire-retardant
strength
Ex. Many homes built before 1973 likely contain asbestos products.
These might be in insulation, ceiling or floor tiles, or in exterior
shingles.
⩥"
asbestosis. Answer: "A chronic lung disease caused by breathing
asbestos fibers
Ex. Asbestosis makes breathing difficult and can lead to death.
⩥"
assemblage. Answer: "The process of combining separate adjacent
parcels of land into one piece
Ex. Through the princple of assemblage, by purchasing several adjoining
parcels, the combined parcel was worth far more.
COMPLETE QUESTIONS AND VERIFIED
SOLUTIONS
⩥"
amortization schedule/chart. Answer: "A table that shows how much of
each payment will apply toward principal and how much toward interest
for the loan term; also shows decrease in loan balance until paid off
Ex. If borrowers want to see how much of their payment is going toward
principal, they can check their mortgage statement, or an amortization
schedule.
⩥"
amperage. Answer: "Amount of current or electricity flowing through
electrical wires
Ex. The pulses were of high voltage but low amperage, which makes
them, like static electricity, safe but an unpleasant experience.
⩥"
anchor store/anchor tenant. Answer: "A large commercial tenant that
draws in traffic to a mall or shopping center
Ex. Janice was excited to place her boutique in the same shopping center
as Bloomingdales. Having such a great anchor store nearby was good for
business.
,⩥"
annexation. Answer: "The conversion of personal property into real
property
Ex. When Mrs. Goldman planted the rosebushes in her yard, the
resultant annexation meant that the rosebushes were now made part of
the property.
⩥"
annual percentage rate (APR). Answer: "A rate derived according to a
government formula that's intended to reflect the true cost of financing
that allows consumers to compare loan products; includes financing
fees, so it will always be higher than the actual interest rate on a loan
Ex. An interest rate of 6% may sound better than one of 6.25%, but it's
important to also compare annual percentage rate (APR) figures to see
the true cost of financing.
⩥"
appraisal. Answer: "An estimate of value as of a specific date and for a
specific use
Ex. The appraisal on Myra's property was for its use as a bed-and-
breakfast today.
⩥"
,appraisal contingency. Answer: "Contract clause that, if the property
doesn't appraise at or above the sales price, the buyer is allowed to
terminate
Ex. If the appraised value is close to the sales price, often the parties can
reach agreement. If not, and an appraisal contingency is in place, the
buyer can use the fact that the property didn't appraise to terminate and
receive a refund of earnest money deposited.
⩥"
appraised value. Answer: "An estimate of value as of a specific date, and
for a specific use
Ex. Barbara refinanced her property two years ago. At that time, the
appraised value was $450,000. If she puts it on the market today, she
can't use the appraised value as list price, because it's no longer valid.
⩥"
appraiser. Answer: "One who performs an appraisal
Ex. Vladimir the appraiser is certified to provide real estate appraisals
for his clients.
⩥"
appreciation. Answer: "Increase in property value
Ex. Due to appreciation, Kerry's investment property had doubled in
value over the eight years she had held it.
, ⩥"
appurtenances. Answer: "Automatic rights inherent in property
ownership
Ex. Jason loved being a property owner. He decided not to sell off any of
his appurtenances to others. He kept all of his bundle of sticks together.
⩥"
asbestos. Answer: "A fibrous mineral found in rocks and soil, previously
used in construction materials for its insulating and fire-retardant
strength
Ex. Many homes built before 1973 likely contain asbestos products.
These might be in insulation, ceiling or floor tiles, or in exterior
shingles.
⩥"
asbestosis. Answer: "A chronic lung disease caused by breathing
asbestos fibers
Ex. Asbestosis makes breathing difficult and can lead to death.
⩥"
assemblage. Answer: "The process of combining separate adjacent
parcels of land into one piece
Ex. Through the princple of assemblage, by purchasing several adjoining
parcels, the combined parcel was worth far more.
