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Title
Real Estate Final Exam/WV Real Estate FINAL Exam NEW VERSION UPDATE 2025 PRA
Description
The CE Shop/WV Real Estate FINAL Exam NEW VERSION UPDATE 2025
PRACTICE QUESTIONS AND CORRECT VERIFIED ANSWERS (complete solutions)
Import Add diagram Create from notes
1
Octogenarians Gertie and Frank met in c. Invalid
Image
Sunset Living, a skilled nursing center
DEFINITION
for people with advanced Alzheimer's
disease, where they're both residents.
They fell in love and get hitched,
signing a marriage certificate. This is an
example of a(n) ______ contract.
a. Executory
b. Implied
c. Invalid
d. Valid
TERM
2
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When a prospective homebuyer isn't a. An agency agreement
Image
represented, what doesn't she have?
DEFINITION
a. An agency agreement
b. A seller's agreement
c. Responsibility to pay the seller's
commission
d. The legal right to purchase
TERM
3
What's a foreclosure? c. The forced sale of a
Image
property due to the
a. A property sale that occurs in less borrower defaulting on
than one week the mortgage loan
b. A sale that fails to receive a high
DEFINITION
enough bid at auction and then falls to
the bank's ownership
c. The forced sale of a property due to
the borrower defaulting on the
mortgage loan
d. The sale of a property when the
market value of the home is less than
what is owed, plus closing costs
TERM
4
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_______ can be defined as everything b. Personal property
Image
that's not real property.
DEFINITION
a. Land property
b. Personal property
c. Private property
d. Real estate
TERM
5
What are the two categories of c. Elements and units
Image
comparison when evaluating
DEFINITION
comparables to a subject property in
the market comparison approach?
a. Broad and specific
b. Components and measures
c. Elements and units
d. General and detailed
TERM
6
Which of the following items must be b. Legal description of
Image
included in the security instrument the property
used for a real estate transaction?
DEFINITION
a. Borrower credit report
b. Legal description of the property
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c. Lender disclosures
d. Title insurance abstract
TERM
7
Which of the following statements best d. A person who works
Image
describes a mortgage broker? with multiple lenders to
find the product that
a. An institution that focuses on works best for the client
commercial lending
DEFINITION
b. An institution that specializes in
taking in savings deposits then lends
money out as loans and mortgages
c. A person who works for a specific
lender and can offer products from
that particular institution
d. A person who works with multiple
lenders to find the product that works
best for the client
TERM
8
Appraiser Niles uses ______ to determine a. Bracketing
Image
a range of values based on comparing
DEFINITION
a subject property to comparable
sales. He makes sure to use some
comparables that lack features of his
subject property, and others that have
even more desirable features, to
balance out the comparison.
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Scheduled maintenance: May 17, 2025 from 07:00 AM to 10:00 AM
Title
Real Estate Final Exam/WV Real Estate FINAL Exam NEW VERSION UPDATE 2025 PRA
Description
The CE Shop/WV Real Estate FINAL Exam NEW VERSION UPDATE 2025
PRACTICE QUESTIONS AND CORRECT VERIFIED ANSWERS (complete solutions)
Import Add diagram Create from notes
1
Octogenarians Gertie and Frank met in c. Invalid
Image
Sunset Living, a skilled nursing center
DEFINITION
for people with advanced Alzheimer's
disease, where they're both residents.
They fell in love and get hitched,
signing a marriage certificate. This is an
example of a(n) ______ contract.
a. Executory
b. Implied
c. Invalid
d. Valid
TERM
2
https://quizlet.com/1044713155/autosaved 1/47
,5/16/25, 12:22 AM Create a New Flashcard Set | Quizlet
When a prospective homebuyer isn't a. An agency agreement
Image
represented, what doesn't she have?
DEFINITION
a. An agency agreement
b. A seller's agreement
c. Responsibility to pay the seller's
commission
d. The legal right to purchase
TERM
3
What's a foreclosure? c. The forced sale of a
Image
property due to the
a. A property sale that occurs in less borrower defaulting on
than one week the mortgage loan
b. A sale that fails to receive a high
DEFINITION
enough bid at auction and then falls to
the bank's ownership
c. The forced sale of a property due to
the borrower defaulting on the
mortgage loan
d. The sale of a property when the
market value of the home is less than
what is owed, plus closing costs
TERM
4
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_______ can be defined as everything b. Personal property
Image
that's not real property.
DEFINITION
a. Land property
b. Personal property
c. Private property
d. Real estate
TERM
5
What are the two categories of c. Elements and units
Image
comparison when evaluating
DEFINITION
comparables to a subject property in
the market comparison approach?
a. Broad and specific
b. Components and measures
c. Elements and units
d. General and detailed
TERM
6
Which of the following items must be b. Legal description of
Image
included in the security instrument the property
used for a real estate transaction?
DEFINITION
a. Borrower credit report
b. Legal description of the property
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c. Lender disclosures
d. Title insurance abstract
TERM
7
Which of the following statements best d. A person who works
Image
describes a mortgage broker? with multiple lenders to
find the product that
a. An institution that focuses on works best for the client
commercial lending
DEFINITION
b. An institution that specializes in
taking in savings deposits then lends
money out as loans and mortgages
c. A person who works for a specific
lender and can offer products from
that particular institution
d. A person who works with multiple
lenders to find the product that works
best for the client
TERM
8
Appraiser Niles uses ______ to determine a. Bracketing
Image
a range of values based on comparing
DEFINITION
a subject property to comparable
sales. He makes sure to use some
comparables that lack features of his
subject property, and others that have
even more desirable features, to
balance out the comparison.
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