The CE Shop Final Exam Proctor
Questions and Answers 100% Solved
What type of agency exists because of the actions and behavior of the
parties?
Action agency
Behavioral agency
Express agency
Implied agency - ✔✔Implied agency
Which entity ensures that contractors perform their work according to code
by inspecting their job sites?
City hall
The attorney general
The building department
The secretary of state - ✔✔The building department
1
©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
,The secondary mortgage market is comprised of
_________________________.
FNMA, GNMA, FHLMC, & lending institutions that buy loans from other
lenders
Lending institutions that lend directly to consumers
Savings and loans, thrifts, and credit unions
The VA and the FHA - ✔✔FNMA, GNMA, FHLMC, and lending institutions
that buy loans from other lenders
The secondary market is where loans are resold.
What is the highest penalty an unlicensed individual practicing real estate
may be fined for more than two offenses?
$10,000 per violation
$1,000 per violation
$25,000 per violation
$2,500 per violation - ✔✔$25,000 per violation
Which document is provided to borrowers no fewer than three days prior to
closing and provides disclosures about the costs of the transaction?
2
©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
,Closing Disclosure
Escrow Closing notice
Loan Estimate
The Mortgage Servicing Transfer disclosure - ✔✔Closing Disclosure
Which of the following is an example of a development cost?
Crime rates
Increased demand on infrastructure
Lower unemployment
School ratings - ✔✔Increased demand on infrastructure
Which option best describes a delivery and acceptance of a deed as
required?
Grantor has acknowledged and voluntarily signed the deed in front of a
public notary and delivered it in person to the grantee or an agent of the
grantee
Grantor has handed the grantee the deed and the grantee has signed it in
front of a public notary voluntarily accepting it.
3
©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
, Grantor has mailed the deed to the county clerk's office for recording.
Grantor has signed the deed and left it on the grantees patio. - ✔✔Grantor
has acknowledged and voluntarily signed the deed in front of a public
notary and delivered it in person to the grantee or an agent of the grantee
Which document given before closing provides an estimate of the costs a
buyer is likely to pay at settlement?
Abstract of title
Closing Disclosure
Loan Estimate
The Mortgage Servicing Transfer disclosure - ✔✔Loan Estimate
The Loan Estimate provides the buyer with the costs they are likely to pay
at settlement and discloses the mortgage loan specifics, such as its key
features, costs, and risks.
In the sales comparison approach, the appropriateness of the various
comparable sales in relationship to the subject is considered in a process
known as ______, where certain factors may be given more weight.
4
©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
Questions and Answers 100% Solved
What type of agency exists because of the actions and behavior of the
parties?
Action agency
Behavioral agency
Express agency
Implied agency - ✔✔Implied agency
Which entity ensures that contractors perform their work according to code
by inspecting their job sites?
City hall
The attorney general
The building department
The secretary of state - ✔✔The building department
1
©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
,The secondary mortgage market is comprised of
_________________________.
FNMA, GNMA, FHLMC, & lending institutions that buy loans from other
lenders
Lending institutions that lend directly to consumers
Savings and loans, thrifts, and credit unions
The VA and the FHA - ✔✔FNMA, GNMA, FHLMC, and lending institutions
that buy loans from other lenders
The secondary market is where loans are resold.
What is the highest penalty an unlicensed individual practicing real estate
may be fined for more than two offenses?
$10,000 per violation
$1,000 per violation
$25,000 per violation
$2,500 per violation - ✔✔$25,000 per violation
Which document is provided to borrowers no fewer than three days prior to
closing and provides disclosures about the costs of the transaction?
2
©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
,Closing Disclosure
Escrow Closing notice
Loan Estimate
The Mortgage Servicing Transfer disclosure - ✔✔Closing Disclosure
Which of the following is an example of a development cost?
Crime rates
Increased demand on infrastructure
Lower unemployment
School ratings - ✔✔Increased demand on infrastructure
Which option best describes a delivery and acceptance of a deed as
required?
Grantor has acknowledged and voluntarily signed the deed in front of a
public notary and delivered it in person to the grantee or an agent of the
grantee
Grantor has handed the grantee the deed and the grantee has signed it in
front of a public notary voluntarily accepting it.
3
©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
, Grantor has mailed the deed to the county clerk's office for recording.
Grantor has signed the deed and left it on the grantees patio. - ✔✔Grantor
has acknowledged and voluntarily signed the deed in front of a public
notary and delivered it in person to the grantee or an agent of the grantee
Which document given before closing provides an estimate of the costs a
buyer is likely to pay at settlement?
Abstract of title
Closing Disclosure
Loan Estimate
The Mortgage Servicing Transfer disclosure - ✔✔Loan Estimate
The Loan Estimate provides the buyer with the costs they are likely to pay
at settlement and discloses the mortgage loan specifics, such as its key
features, costs, and risks.
In the sales comparison approach, the appropriateness of the various
comparable sales in relationship to the subject is considered in a process
known as ______, where certain factors may be given more weight.
4
©NINJANERD 2024/2025. YEAR PUBLISHED 2024.
