1|Page
The CE Shop Final Exam Proctor|
Comprehensive Questions With Answers
What type of agency exists because of the actions and behavior of the parties?
Action agency
Behavioral agency
Express agency
Implied agency -correct-answer-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 -correct-answer-The building department
The secondary mortgage market is comprised of _________________________.
,2|Page
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 -correct-answer-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 -correct-answer-$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?
Closing Disclosure
Escrow Closing notice
Loan Estimate
,3|Page
The Mortgage Servicing Transfer disclosure -correct-answer-Closing Disclosure
Which of the following is an example of a development cost?
Crime rates
Increased demand on infrastructure
Lower unemployment
School ratings -correct-answer-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.
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. -correct-answer-
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
, 4|Page
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 -correct-answer-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.
Averaging
Bracketing
Conformity
Correlation -correct-answer-Correlation
The CE Shop Final Exam Proctor|
Comprehensive Questions With Answers
What type of agency exists because of the actions and behavior of the parties?
Action agency
Behavioral agency
Express agency
Implied agency -correct-answer-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 -correct-answer-The building department
The secondary mortgage market is comprised of _________________________.
,2|Page
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 -correct-answer-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 -correct-answer-$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?
Closing Disclosure
Escrow Closing notice
Loan Estimate
,3|Page
The Mortgage Servicing Transfer disclosure -correct-answer-Closing Disclosure
Which of the following is an example of a development cost?
Crime rates
Increased demand on infrastructure
Lower unemployment
School ratings -correct-answer-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.
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. -correct-answer-
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
, 4|Page
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 -correct-answer-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.
Averaging
Bracketing
Conformity
Correlation -correct-answer-Correlation
