RESIDENTIAL SALES UPDATED TEST 2026/2027 PAPER
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔Fee - ✔✔The most desirable form of timesharing is called ___________
timesharing.
✔✔Joint Tenancy and Tenancy by the Entirety - ✔✔Which ownership includes a right of
survivorship?
✔✔Both general and limited partners - ✔✔A limited partnership has
✔✔Corporation - ✔✔An organization that acts as a single legal entity in performing
certain activities, usually business for profit; also includes charitable, educational, and
religious organizations" is the definition of
✔✔Encroachment - ✔✔Trespassing on the domain of another" is the definition of
✔✔Market, Data - ✔✔The sequence of adjustments is determined by the _______ and
through analysis of the _______.
✔✔Sequence of adjustments - ✔✔The order in which quantitative adjustments are
applied to the sale prices of comparable properties" is the definition of
✔✔Tenancy in common - ✔✔An estate held by two or more persons, each of whom has
an undivided interest" is the definition of
✔✔Either private or public partnerships - ✔✔Syndications are
✔✔Tenancy - ✔✔The holding of property by any form of title" is the definition of
✔✔Tenancy by the entirety - ✔✔An estate that is restricted to husband and wife only is
called
✔✔Fannie Mae, Freddie Mac, and Ginnie Mae - ✔✔The primary participants in the
secondary mortgage market are
✔✔Tend to offer favorable terms - ✔✔Mortgages that are either insured by the FHA or
guaranteed by the VA:
✔✔A transaction involved non-market financing - ✔✔Cash equivalency adjustments are
typically made when
✔✔Installment sale contract - ✔✔Another name for a land contract is a(n)
, ✔✔FNMA - ✔✔Which of these does NOT originate mortgage loans?
✔✔mortgage - ✔✔A pledge of a described property interest as collateral or security for
the repayment of a loan under certain terms and conditions" is the definition of a
✔✔FHA and VA - ✔✔_______________ loans are assumable without the permission of
the lender.
✔✔Time adjustments - ✔✔Market condition adjustments are also commonly known as:
✔✔Unrelated, best - ✔✔The definition of arms-length is a transaction between
___________ parties acting in their own _______ interests.
✔✔$15,000 - ✔✔Your research of a comparable sale reveals that the purchase price
was $200,000, but the purchaser realized the property needed extensive repairs to the
mechanical systems. The estimated cost to cure the problems was $15,000 but the
actual costs turned out to be $20,000. What should you do?
✔✔Seasonal, exponential - ✔✔Changes in a market cycle may be cyclical, one-time-
only, ___________ and ____________.
✔✔Caused by national or international conditions - ✔✔Long-term market cycles are:
✔✔stability, revitalization - ✔✔The life cycle of a market area typically includes the
stages of growth, _____________, decline and _______________.
✔✔An early responder to short-term economic cycles - ✔✔The real estate market tends
to be:
✔✔May either discard it or use it with adjustments - ✔✔If a sale is not arms-length, the
appraiser
✔✔Sales contract and the closing date - ✔✔Fannie Mae expects that the appraiser
should provide which date or dates for each comparable sale?
✔✔Sale to a corporation - ✔✔Which would NOT typically be a cause of duress that
could result in a transaction that would not be considered arms-length?
✔✔Alfred Marshall - ✔✔The concept of real estate value being linked to location comes
to us from the economist
✔✔homogenous - ✔✔A district is an area characterized by ____________ land use.
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔Fee - ✔✔The most desirable form of timesharing is called ___________
timesharing.
✔✔Joint Tenancy and Tenancy by the Entirety - ✔✔Which ownership includes a right of
survivorship?
✔✔Both general and limited partners - ✔✔A limited partnership has
✔✔Corporation - ✔✔An organization that acts as a single legal entity in performing
certain activities, usually business for profit; also includes charitable, educational, and
religious organizations" is the definition of
✔✔Encroachment - ✔✔Trespassing on the domain of another" is the definition of
✔✔Market, Data - ✔✔The sequence of adjustments is determined by the _______ and
through analysis of the _______.
✔✔Sequence of adjustments - ✔✔The order in which quantitative adjustments are
applied to the sale prices of comparable properties" is the definition of
✔✔Tenancy in common - ✔✔An estate held by two or more persons, each of whom has
an undivided interest" is the definition of
✔✔Either private or public partnerships - ✔✔Syndications are
✔✔Tenancy - ✔✔The holding of property by any form of title" is the definition of
✔✔Tenancy by the entirety - ✔✔An estate that is restricted to husband and wife only is
called
✔✔Fannie Mae, Freddie Mac, and Ginnie Mae - ✔✔The primary participants in the
secondary mortgage market are
✔✔Tend to offer favorable terms - ✔✔Mortgages that are either insured by the FHA or
guaranteed by the VA:
✔✔A transaction involved non-market financing - ✔✔Cash equivalency adjustments are
typically made when
✔✔Installment sale contract - ✔✔Another name for a land contract is a(n)
, ✔✔FNMA - ✔✔Which of these does NOT originate mortgage loans?
✔✔mortgage - ✔✔A pledge of a described property interest as collateral or security for
the repayment of a loan under certain terms and conditions" is the definition of a
✔✔FHA and VA - ✔✔_______________ loans are assumable without the permission of
the lender.
✔✔Time adjustments - ✔✔Market condition adjustments are also commonly known as:
✔✔Unrelated, best - ✔✔The definition of arms-length is a transaction between
___________ parties acting in their own _______ interests.
✔✔$15,000 - ✔✔Your research of a comparable sale reveals that the purchase price
was $200,000, but the purchaser realized the property needed extensive repairs to the
mechanical systems. The estimated cost to cure the problems was $15,000 but the
actual costs turned out to be $20,000. What should you do?
✔✔Seasonal, exponential - ✔✔Changes in a market cycle may be cyclical, one-time-
only, ___________ and ____________.
✔✔Caused by national or international conditions - ✔✔Long-term market cycles are:
✔✔stability, revitalization - ✔✔The life cycle of a market area typically includes the
stages of growth, _____________, decline and _______________.
✔✔An early responder to short-term economic cycles - ✔✔The real estate market tends
to be:
✔✔May either discard it or use it with adjustments - ✔✔If a sale is not arms-length, the
appraiser
✔✔Sales contract and the closing date - ✔✔Fannie Mae expects that the appraiser
should provide which date or dates for each comparable sale?
✔✔Sale to a corporation - ✔✔Which would NOT typically be a cause of duress that
could result in a transaction that would not be considered arms-length?
✔✔Alfred Marshall - ✔✔The concept of real estate value being linked to location comes
to us from the economist
✔✔homogenous - ✔✔A district is an area characterized by ____________ land use.
