Sample Questions

Following are the sample Questions for Multiple Choice:
Q1. The fee ownership of a specified amount of space in multiple occupancy building witch tenancy-in-common ownership of portions used jointly with other owners is an explanation of
a) Condominium
b) Fee simple
c) Tenure
d) Co- operative

Q2.  The basis of our real property Tax system is based on the ___________concept which in Latin means according to value
a) Ad hoc
b) Ad assessor
c) Ad Valorem
d) Actual value

Q3.  Based on the definition of compound interest, if a loan of $15,000 bears an annual interest rate of 12% which calculated (compounded) semi-annually, what would be the total amount of principal plus interest be at the end of the first year, if payments were made during that year?
a) $16,800
b) $15,935
c) $15,954
d) $16,854

Q4.  Which of the following does not have the right of survivorship in fee simple estate?
a) Joint tenancy
b) Lease
c) Tenancy-in-common
d) All of the above

Q5. The closing date of transaction is January 29,20x. The property is oil heated and has a 200 gallon tank. Heating oil is $2.45 a gallon. Who receives credit on the statement of adjustments and in what amount?
a) Seller- $490.00
b) Seller- $90.00
c) Buyer- $406.80
d) Buyer- $90.40

Following are the sample Questions for True False:
Q1. Seller O’Brien makes the following statement to a listing salesperson: It’s crazy to sell this house for $210,000; I’ve got more than that in it...” He is thinking in terms of objective Value.
a) True
b) False

Q2. The Act requires that all persons employed by a brokerage be registered under REBBA.
a) True
b) False

Q3. The municipal council is deemed to be an approving authority when expropriation involves land within that municipality.
a) True
b) False

Q4. Personal property can be mortgaged by way of a chattel mortgage.
a) True
b) False

Q5. Debt consolidation using a longer amortization may have the net effect of lowering a borrower’s TDS ratio.
a) True
b) False.