Principles of Real Estate Exam
Questions with Answers
The organization that has been most influential in addressing regional imbalances of mortgage
credit availability and in the standardization of mortgage loans is: - ✔✔Fannie Mae
Fannie Mae began in ________ as an agency of the federal government, created to bring
stability to the U.S. housing market. - ✔✔1938
Which federal law prohibits discrimination in any aspect of a credit transaction? - ✔✔Equal
Credit Opportunity Act
The quarterly interest payment on a loan is $3,600. The interest rate is 6%. What is the loan
amount? - ✔✔$240,000
All of the following are requirements of a valid lease EXCEPT:
a. Competent Parties
b. Agreement to let and take
c. Adequate consideration
d. Recording - ✔✔d. Recording
Appraiser must be aware of: - ✔✔Market cycles, economic forces and political actions
, A Residential Mortgage Loan Originator must be licensed with the: - ✔✔Texas Department of
Savings and Mortgage Lending
Recording a deed gives constructive notice of ownership. What other action below gives
constructive notice of ownership?
a. Securing a voter's registration card with that address
b. Moving in or taking possession of the property
c. Stating the address on your driver's license
d. Arranging for utility service to the property - ✔✔b. Moving in or taking possession of the
property
The consummation of a real estate transaction in which all the appropriate documents are
signed and the proceeds of the loan are disbursed is known as. - ✔✔Closing
All of the following statements about property managers are true EXCEPT:
a. Property managers work to preserve property value while generating income for the
property owner
b. A management agreement is used to create the agency relationship
c. Property managers must be full-time employees of the owner
d. Property managers should have Errors and Omissions insurance - ✔✔c. Property managers
must be full-time employees of the owner
Questions with Answers
The organization that has been most influential in addressing regional imbalances of mortgage
credit availability and in the standardization of mortgage loans is: - ✔✔Fannie Mae
Fannie Mae began in ________ as an agency of the federal government, created to bring
stability to the U.S. housing market. - ✔✔1938
Which federal law prohibits discrimination in any aspect of a credit transaction? - ✔✔Equal
Credit Opportunity Act
The quarterly interest payment on a loan is $3,600. The interest rate is 6%. What is the loan
amount? - ✔✔$240,000
All of the following are requirements of a valid lease EXCEPT:
a. Competent Parties
b. Agreement to let and take
c. Adequate consideration
d. Recording - ✔✔d. Recording
Appraiser must be aware of: - ✔✔Market cycles, economic forces and political actions
, A Residential Mortgage Loan Originator must be licensed with the: - ✔✔Texas Department of
Savings and Mortgage Lending
Recording a deed gives constructive notice of ownership. What other action below gives
constructive notice of ownership?
a. Securing a voter's registration card with that address
b. Moving in or taking possession of the property
c. Stating the address on your driver's license
d. Arranging for utility service to the property - ✔✔b. Moving in or taking possession of the
property
The consummation of a real estate transaction in which all the appropriate documents are
signed and the proceeds of the loan are disbursed is known as. - ✔✔Closing
All of the following statements about property managers are true EXCEPT:
a. Property managers work to preserve property value while generating income for the
property owner
b. A management agreement is used to create the agency relationship
c. Property managers must be full-time employees of the owner
d. Property managers should have Errors and Omissions insurance - ✔✔c. Property managers
must be full-time employees of the owner
