ASREB Practice Exam Questions With Complete Solutions
A 3.45-acre lot sells for 50 cents per square foot. What was the
selling price?
a. $37,570
b. $75,141
c. $76,230
d. $78,712 Correct Answers b. $75,141
A blind ad refers to an ad that
a. provides no price
b. provides no address
c. gives no indication that the property is listed with a broker
d. gives no indication that the property has been sold or not
Correct Answers c. gives no indication that the property is listed
with a broker
A borrower is required to put 10% down for the purchase of a
property. The 10% down would be considered
a. equity
b. boot
c. tax shelter
d. leverage Correct Answers a. equity
A broker has what duty to a third party?
a. fiduciary
b. full disclosure of all material facts
c. client relationship
d. loyalty Correct Answers b. full disclosure of material facts
,A broker, acting as a property manager, would be what type of
agent?
a. special
b. general
c. implied
d. ostensible Correct Answers b. general
A buyer pays 20% down and obtains a real estate mortgage. The
buyer makes no further payments. What clause would the lender
now exercise?
a. alienation
b. habendum
c. novation
d. acceleration Correct Answers d. acceleration
A company that acts as an intermediary between a lender and an
appraiser is a(n)
a. full service appraisal company
b. real estate brokerage company
c. appraisal management company
d. appraisal evaluation company Correct Answers c. appraisal
management company
A contract has been signed, but title has not yet passed. The
contract is
a. executed
b. executory
c. recorded
d. estopped Correct Answers b. executory
A federal rent subsidy program is known as
, a. Pathway to Purchase
b. Section 8
c. Landlord Tenant Act
d. Protecting Tenants in Foreclosure Act Correct Answers b.
Section 8
A handicapped person is leasing a house that requires a
modification. Which of the following is TRUE about the
modifications?
a. the lessor may forbid handicapped modifications
b. the lessor can require the lessee to reasonably restore the
property at the end of the lease
c. the lessor must pay for the modifications
d. the lessor can increase the rent due to the risk of the
handicapped person Correct Answers b. the lessor can require
the lessee to reasonably restore the property at the end of the
lease
A holdover tenant would have a(n)
a. estate at sufferance
b. estate at will
c. freehold estate
d. remainder estate Correct Answers a. estate at sufferance
A house costs $100,000. The buyer is making a down payment
of $32,000 and getting a $68,000 loan. If there are 4 points, how
much money will be paid out of the closing for the points?
a. $400
b. $1,280
c. $2,720
d. $4,000 Correct Answers c. $2,720
A 3.45-acre lot sells for 50 cents per square foot. What was the
selling price?
a. $37,570
b. $75,141
c. $76,230
d. $78,712 Correct Answers b. $75,141
A blind ad refers to an ad that
a. provides no price
b. provides no address
c. gives no indication that the property is listed with a broker
d. gives no indication that the property has been sold or not
Correct Answers c. gives no indication that the property is listed
with a broker
A borrower is required to put 10% down for the purchase of a
property. The 10% down would be considered
a. equity
b. boot
c. tax shelter
d. leverage Correct Answers a. equity
A broker has what duty to a third party?
a. fiduciary
b. full disclosure of all material facts
c. client relationship
d. loyalty Correct Answers b. full disclosure of material facts
,A broker, acting as a property manager, would be what type of
agent?
a. special
b. general
c. implied
d. ostensible Correct Answers b. general
A buyer pays 20% down and obtains a real estate mortgage. The
buyer makes no further payments. What clause would the lender
now exercise?
a. alienation
b. habendum
c. novation
d. acceleration Correct Answers d. acceleration
A company that acts as an intermediary between a lender and an
appraiser is a(n)
a. full service appraisal company
b. real estate brokerage company
c. appraisal management company
d. appraisal evaluation company Correct Answers c. appraisal
management company
A contract has been signed, but title has not yet passed. The
contract is
a. executed
b. executory
c. recorded
d. estopped Correct Answers b. executory
A federal rent subsidy program is known as
, a. Pathway to Purchase
b. Section 8
c. Landlord Tenant Act
d. Protecting Tenants in Foreclosure Act Correct Answers b.
Section 8
A handicapped person is leasing a house that requires a
modification. Which of the following is TRUE about the
modifications?
a. the lessor may forbid handicapped modifications
b. the lessor can require the lessee to reasonably restore the
property at the end of the lease
c. the lessor must pay for the modifications
d. the lessor can increase the rent due to the risk of the
handicapped person Correct Answers b. the lessor can require
the lessee to reasonably restore the property at the end of the
lease
A holdover tenant would have a(n)
a. estate at sufferance
b. estate at will
c. freehold estate
d. remainder estate Correct Answers a. estate at sufferance
A house costs $100,000. The buyer is making a down payment
of $32,000 and getting a $68,000 loan. If there are 4 points, how
much money will be paid out of the closing for the points?
a. $400
b. $1,280
c. $2,720
d. $4,000 Correct Answers c. $2,720
