RESIDENTIAL QUIZZ RANDOM
PRACTICE QUESTIONS AND
COMPLETE SOLUTIONS
GRADED A+
Your Exam Plug
,Which of the following information is required to undertake a Land Titles search?
I. The legal description of the property
Il. The Land Identification Number Code
IlI. The Title Number for the property
IV. The municipal address for the property
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: A) Statements I, Il, and III
I. The legal description of the property
Il. The Land Identification Number Code
IlI. The Title Number for the property
Which of the following information can be found on a Certificate of Title?
I. The full legal description
Il. The municipality where the property is located
Ill. Property tax history
IV. The Land Identification Number Code (LINC)
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: B) Statements I, II, and IV
I. The full legal description
Il. The municipality where the property is located
IV. The Land Identification Number Code (LINC)
,Which of the following are correct regarding "inclusions" that are part of a real estate transaction?
I. They are the attached and unattached items that are to stay with the property.
Il. The seller must ensure the inclusions are free and clear of all encumbrances.
Ill. Inclusions may or may not be negotiated between the buyer and the seller.
IV. Real estate trades always require a separate contract inclusions addendum.
A) Statements I, Il, and III
B) Statements I, Il, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: A) Statements I, Il, and III
I. They are the attached and unattached items that are to stay with the property.
Il. The seller must ensure the inclusions are free and clear of all encumbrances.
Ill. Inclusions may or may not be negotiated between the buyer and the seller.
Which statement best describes the difference between a mortgage term and the amortization period
of a mortgage?
A) The mortgage term is the length of time for which the lender loans funds, while the amortization
period is the time required to repay the loan.
B) The mortgage term is the time required to repay the loan, while the amortization period is the length
of time the funds are borrowed at a specific interest rate.
C) The mortgage term is set by the Federal government, while the minimum amortization period is set
by the lender.
D) The mortgage term is negotiated by the lender and borrower, while the minimum amortization
period is set at 25 years. - Answer: A) The mortgage term is the length of time for which the lender loans
funds, while the amortization period is the time required to repay the loan.
Which of the following statements is correct regarding mortgage assumption in Alberta?
, I. The lender may require the buyer to meet its credit approval guidelines prior to assuming the
mortgage
Il. The lender may exercise its due-on-sale clause which would nullify the mortgage assumption
Ill. The lender can pursue the current owner and past owners if a default occurs on a high-ratio
mortgage
IV. The lender can increase the interest rate when the mortgage is assumed
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: C) Statements I, III, and IV
I. The lender may require the buyer to meet its credit approval guidelines prior to assuming the
mortgage
Ill. The lender can pursue the current owner and past owners if a default occurs on a high-ratio
mortgage
IV. The lender can increase the interest rate when the mortgage is assumed
What is a key requirement in a closing process?
A) A current Real Property Report (RPR) is mandatory for all real property transactions in Alberta.
B) The buyer delivers the closing documents to the seller or seller's lawyer along with proof of financing,
if applicable.
C) The seller must personally provide the closing documents to the Land Titles Office on the possession
day to avoid ownership confusion.
D) Closing documents must be delivered within a reasonable time before the completion day for Land
Titles Office registration. - Answer: A) A current Real Property Report (RPR) is mandatory for all real
property transactions in Alberta.
When preparing a Comparative Market Analysis (CMA), which of the following statements is correct if a
comparable property has a feature that the subject property does not?
PRACTICE QUESTIONS AND
COMPLETE SOLUTIONS
GRADED A+
Your Exam Plug
,Which of the following information is required to undertake a Land Titles search?
I. The legal description of the property
Il. The Land Identification Number Code
IlI. The Title Number for the property
IV. The municipal address for the property
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: A) Statements I, Il, and III
I. The legal description of the property
Il. The Land Identification Number Code
IlI. The Title Number for the property
Which of the following information can be found on a Certificate of Title?
I. The full legal description
Il. The municipality where the property is located
Ill. Property tax history
IV. The Land Identification Number Code (LINC)
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: B) Statements I, II, and IV
I. The full legal description
Il. The municipality where the property is located
IV. The Land Identification Number Code (LINC)
,Which of the following are correct regarding "inclusions" that are part of a real estate transaction?
I. They are the attached and unattached items that are to stay with the property.
Il. The seller must ensure the inclusions are free and clear of all encumbrances.
Ill. Inclusions may or may not be negotiated between the buyer and the seller.
IV. Real estate trades always require a separate contract inclusions addendum.
A) Statements I, Il, and III
B) Statements I, Il, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: A) Statements I, Il, and III
I. They are the attached and unattached items that are to stay with the property.
Il. The seller must ensure the inclusions are free and clear of all encumbrances.
Ill. Inclusions may or may not be negotiated between the buyer and the seller.
Which statement best describes the difference between a mortgage term and the amortization period
of a mortgage?
A) The mortgage term is the length of time for which the lender loans funds, while the amortization
period is the time required to repay the loan.
B) The mortgage term is the time required to repay the loan, while the amortization period is the length
of time the funds are borrowed at a specific interest rate.
C) The mortgage term is set by the Federal government, while the minimum amortization period is set
by the lender.
D) The mortgage term is negotiated by the lender and borrower, while the minimum amortization
period is set at 25 years. - Answer: A) The mortgage term is the length of time for which the lender loans
funds, while the amortization period is the time required to repay the loan.
Which of the following statements is correct regarding mortgage assumption in Alberta?
, I. The lender may require the buyer to meet its credit approval guidelines prior to assuming the
mortgage
Il. The lender may exercise its due-on-sale clause which would nullify the mortgage assumption
Ill. The lender can pursue the current owner and past owners if a default occurs on a high-ratio
mortgage
IV. The lender can increase the interest rate when the mortgage is assumed
A) Statements I, Il, and III
B) Statements I, II, and IV
C) Statements I, III, and IV
D) Statements II, III, and IV - Answer: C) Statements I, III, and IV
I. The lender may require the buyer to meet its credit approval guidelines prior to assuming the
mortgage
Ill. The lender can pursue the current owner and past owners if a default occurs on a high-ratio
mortgage
IV. The lender can increase the interest rate when the mortgage is assumed
What is a key requirement in a closing process?
A) A current Real Property Report (RPR) is mandatory for all real property transactions in Alberta.
B) The buyer delivers the closing documents to the seller or seller's lawyer along with proof of financing,
if applicable.
C) The seller must personally provide the closing documents to the Land Titles Office on the possession
day to avoid ownership confusion.
D) Closing documents must be delivered within a reasonable time before the completion day for Land
Titles Office registration. - Answer: A) A current Real Property Report (RPR) is mandatory for all real
property transactions in Alberta.
When preparing a Comparative Market Analysis (CMA), which of the following statements is correct if a
comparable property has a feature that the subject property does not?
