Real Estate U Final Exam Guide (Latest 2025/2026 Update) Questions with Verified Answers| 100% Correct| Graded A.

Real Estate U Final Exam (Latest 2025/2026
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Update) Questions with Verified Answers| i,- i,- i,- i,- i,-




100% Correct| Graded A. i,- i,- i,-




Title Legal term for a bundle of rights in a piece of property in
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which a party may own either a legal interest or equitable interest.
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Closing Statement A document commonly used in real estate
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transactions, detailing the fees, commissions, insurance, etc. that
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must be transacted for a successful transfer of ownership to take
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place.


Essential Element of a Contract i,- i,- i,- i,- i,- i,-1) Consideration
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2) Must be in writing
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3) Must have competent parties
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Estate for Years A leasehold estate for any specific period of
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time. An estate for years is not automatically renewed.
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Express Contract A contract in which all elements of a
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contract are specifically stated (offer, acceptance, consideration).
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,Attorney Review Clause i,- i,- i,- i,- A clause found in real estate contracts
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that may allow buyers to
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walk away from an agreed upon sale for any reason.
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Mortgage Contingency Clause i,- i,- i,- i,- A clause in a contract that
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states a mortgage must be
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obtained in order for the contract to be binding.
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Eviction A legal proceeding by a lessor landlord to recover
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possession of real property. i,- i,- i,-




Holdover Tenant A tenant who remains in possession of
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leased property after the expiration of the lease term.
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Triple Net Lease
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single, long-term tenant.
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Mortgage Legal agreement by which a bank lends money in
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exchange for taking title of the debtor's property, with the
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condition that the conveyance of title becomes void upon
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payment of the debt. i,- i,- i,-

, APR The actual interest rate charged, including loan fees and
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points


Secondary Mortgage Market i,- i,- i,- i,-The market where mortgage
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loans and servicing rights are
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bought and sold between mortgage originators, mortgage
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aggregators (securitizers) and investors. i,- i,- i,-




Loan-to-Value (LTV) A financial term used by lenders to i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



express the ratio of a loan to the
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value of an asset (property) purchased.
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- Determined by using the Purchase Price or the Appraised Value,
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whichever is less. i,- i,-




Satisfaction of Mortgage A document acknowledging the
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payment of a mortgage debt. i,- i,- i,- i,-




Adjustable rate mortgage (ARM) i,- i,- i,- i,- i,- A mortgage loan with the
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interest rate on the note
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periodically adjusted based on an index which reflects the cost to
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the lender of borrowing on the credit markets.
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