#1
What does MLS stand for in real estate?
Multiple Listing Service
Mostly Listed Sales
Market Listing System
Many Listing Sources
#2
Which of the following is NOT a common type of real estate ownership?
Tenancy in Common
Joint Tenancy
Sole Proprietorship
Tenancy by the Entirety
#3
What is the typical duration of a standard real estate listing agreement?
30 days
60 days
90 days
180 days
#4
In real estate, what does 'FSBO' stand for?
For Sale By Owner
Fast Selling Broker Option
Free Standing Building Offer
Full Service Brokerage Option
#5
Which of the following is NOT typically considered a type of real estate investment?
Commercial properties
Stock market investments
Residential properties
Vacation rentals
#6
What does 'ROI' stand for in real estate?
Return on Investment
Realistic Ownership Investment
Rental Occupancy Index
Realty Operations Income
#7
What is 'amortization' in the context of real estate financing?
The process of paying off a loan over time through regular payments
The calculation of property taxes
The adjustment of interest rates
The appraisal of the property's value
#8
What is the main purpose of an escrow account in a real estate transaction?
To hold earnest money deposits
To pay property taxes
To manage homeowner association fees
To cover closing costs
#9
Which of the following is an example of a 'contingency' in a real estate contract?
Seller financing
Title search
Home inspection
Earnest money deposit
#10
What is the primary purpose of a real estate appraisal?
To determine the property's market value
To establish the seller's asking price
To calculate property taxes
To evaluate potential rental income
#11
Which of the following is a characteristic of a buyer's market in real estate?
High demand and low supply
Low demand and high supply
Stable prices and balanced inventory
Increasing interest rates
#12
What is a 'due diligence' period in a real estate transaction?
The time during which the seller must complete repairs
The period when the buyer secures financing
The timeframe for conducting inspections and investigations
The window for finalizing closing documents
#13
What does the term 'closing costs' refer to in real estate transactions?
Fees paid to the real estate agent
Costs associated with property inspections
Expenses incurred during the property appraisal
Various fees and charges related to the sale of a property
#14
What is the purpose of a 'deed' in a real estate transaction?
To transfer ownership of the property
To provide financing for the buyer
To schedule property inspections
To determine property boundaries
#15
In real estate, what does 'comps' refer to?
Complications in the sales process
Comparative market analysis
Composite property values
Comprehensive property listings
#16
What is a '1031 exchange' in real estate?
An exchange of property for stocks
A tax-deferred exchange of investment properties
A type of mortgage refinancing
A legal process for property partitioning