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1. Which of the following is true about mortgage assumptions?
A) The seller may or may not be released from liability.
B) The buyer is relieved of personal liability.
C) The mortgagee automatically releases the seller upon receipt of a warranty deed.
D) The buyer is required to sign a new mortgage note.
2. The listing broker has been presented with multiple offers. The seller would accept only a cash offer on the home, so the broker will present
A) the highest offer to the seller.
B) the highest cash offer to the seller.
C) only cash offers to the seller.
D) all offers to the seller.
3. What kind of lease would require the lessee to pay the taxes, insurance, repairs, and other operating expenses of the premises in addition to the regular rental payment?
A) gross lease
B) percentage lease
C) net lease
D) graduated lease
4. Which of the following is true about a competitive market analysis?
A) It is employed for insurance purposes.
B) It is useful to the buyer as well as to the seller.
C) It is usually based on local tax assessment.
D) It is used to establish depreciable value.
5. A rectangular lot contains 16,500 square feet. It has a depth of 150 feet. Each of two adjacent rectangular lots contains 4,950 square feet with a depth of 150 feet. What is the total street frontage of the three lots in linear feet?
A) 159
B) 176
C) 143
D) 133
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: A |
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