#1
Which document is legally required to sell a property?
Warranty Deed
Purchase Agreement
Zoning Permit
Building Plan
#2
What does 'closing' mean in a real estate transaction?
Inspecting the property
Listing the property for sale
The finalization of the sale
Applying for a mortgage
#3
What is 'zoning' in real estate?
Assessing the value of a property
Dividing land into zones for different uses
Calculating property taxes
Insuring property
#4
Which legal document transfers property ownership from the seller to the buyer?
Mortgage Agreement
Title Insurance
Deed
Purchase Agreement
#5
What does 'PMI' stand for in the context of a mortgage?
Property Management Initiative
Private Mortgage Insurance
Property Maintenance Invoice
Public Mortgage Institution
#6
What is the primary purpose of a title search in real estate transactions?
To determine the market value of the property
To verify the legal owner of the property
To inspect the physical condition of the property
To assess property taxes
#7
Which term refers to a situation where a property is being sold for less than the amount owed on the mortgage?
Foreclosure
Equity Sale
Short Sale
Bankruptcy Sale
#8
Which type of lien has the highest priority in most jurisdictions?
Mortgage lien
Mechanic's lien
Tax lien
Judgment lien
#9
What does 'escrow' mean in the context of real estate transactions?
A type of mortgage
A property inspection
A neutral third party holds funds or documents until certain conditions are met
The transfer of property ownership
#10
In real estate, what is 'due diligence'?
The process of evaluating a property before purchase
Paying property taxes on time
Repairing property before sale
Applying for a mortgage
#11
In a lease agreement, what term describes the tenant's right to purchase the property at a predetermined price?
Right of First Refusal
Lease to Own
Option to Purchase
Buyout Clause
#12
Which of the following best describes 'easement' in real estate?
A non-possessory right to use and/or enter onto the real property of another without possessing it
A claim or lien on a property by a creditor
A decrease in property value due to external factors
An increase in land area through natural processes
#13
What is the primary difference between 'joint tenancy' and 'tenancy in common'?
The ability to sell the property without the other owners' consent
The distribution of rental income
The right of survivorship
The type of property that can be owned
#14
In real estate, what is 'cap rate'?
A legal cap on the annual increase in property taxes
The maximum legal interest rate on a mortgage
The rate of return on a real estate investment property based on the income that the property is expected to generate
A cap on the amount a landlord can charge for security deposits
#15
In real estate, what is a '1031 exchange'?
A swap of one investment property for another to defer capital gains taxes
A standard residential property sale
A change in property zoning laws
An exchange of real estate agents between companies