#1
Which of the following is NOT a common real estate marketing strategy?
Selling properties without legal documentation
ExplanationIllegal and risky practice with no legal protection.
#2
Which of the following is NOT typically included in a real estate marketing plan?
Income tax returns
ExplanationIrrelevant to marketing real estate properties.
#3
Which of the following is an example of an Earnest Money Deposit (EMD) in a real estate transaction?
A refundable deposit to demonstrate buyer's seriousness
ExplanationShows buyer's commitment to purchase.
#4
Which of the following is a common method of real estate financing?
Mortgage
ExplanationBorrowing against the value of the property.
#5
In real estate, what does the term 'CMA' stand for?
Comparative Market Analysis
ExplanationAnalyzes property values based on recent sales.
#6
What is the primary purpose of a property deed?
To transfer ownership of real estate
ExplanationLegal document ensuring transfer of property rights.
#7
In real estate, what does MLS stand for?
Multiple Listing Service
ExplanationCentralized database for real estate listings.
#8
Which legal document outlines the terms and conditions of a real estate transaction?
Purchase agreement
ExplanationFormalizes agreement between buyer and seller.
#9
What is the purpose of a title search in real estate?
To verify ownership of the property
ExplanationEnsures clear ownership title before purchase.
#10
Which federal agency oversees fair housing laws in the United States?
Department of Housing and Urban Development (HUD)
ExplanationEnforces laws to prevent housing discrimination.
#11
What is the primary purpose of a real estate appraisal?
To estimate the market value of a property
ExplanationDetermines property's worth for lenders and buyers.
#12
What is the purpose of zoning laws in real estate?
To regulate the types of businesses allowed in an area
ExplanationControls land use and development.
#13
What is the primary purpose of the Truth in Lending Act (TILA) in real estate transactions?
To ensure transparency in lending practices
ExplanationProtects consumers by disclosing loan terms.
#14
Which of the following is NOT typically included in a real estate purchase agreement?
Seller's favorite color
ExplanationPersonal preference unrelated to transaction terms.
#15
What is the purpose of a contingency clause in a real estate contract?
To allow for the cancellation of the contract under certain conditions
ExplanationProtects parties if specific conditions aren't met.
#16
Which legal document outlines the rights and responsibilities of tenants and landlords in a rental property?
Lease agreement
ExplanationDefines terms of the rental agreement.
#17
What legal document grants a lender an interest in a property as security for a loan?
Deed of trust
ExplanationSecures loan with property as collateral.