|Or or or is the GIVOR||Ee ee ee is the gimee gimee gimee the property|
|Mortgagor = borrower|
The Mortgagor is the GIVOR of the payment
|Mortgagee = lender|
If the Mortgagee doesn’t give the payment, the Mortgagee says: gimee, gimee, gimee the propertee
EXAMPLE EXAM from our Real Estate Program
1.Under a land contract who retains fee ownership of the property? (Title)
2. A buyer made an offer and the seller responded with a counteroffer. When the buyer was reviewing the counter offer the seller received a better offer from another buyer. The seller can accept the second offer
- if the second offer is coupled with a higher down payment.
- if the seller withdraws the counter offer before the buyer accepts it.
- if the first buyer has been informed in writing that the seller is going to accept the second offer.
- the seller is forced to wait for the response of the first buyer.
4. John listed his property with sales agent Tracy. John sold his own home to his cousin. John did not have to pay a commission to Tracy. The type of listing most likely was a/an
- net listing.
- gross listing.
- exclusive Right to sell listing.
- exclusive listing.
5, A broker has decided to buy his client’s house, which the broker has listed. The broker should
- wait six weeks.
- buy the property through a straw man.
- not accept any offers on the property to protect his interest.
- make his true intention known to his client.
6. The gross rent multiplier for a duplex is calculated by dividing the sales price by
- its gross yearly rent.
- its gross monthly payment.
- its gross monthly rent.
- its net yearly income.
7. Depreciation is based on
- land and the building.
- land only.
- building only.
- economic obsolescence.
8. Mary died without a will. She has one daughter and three granddaughters. Mary’s estate will be distributed by
- the statute of novation.
- statute of reverse condemnation.
- statute of escheat.
- statute of descent.
9. Real Estate transactions are reported to the IRS. Required information includes
- sales price and the buyer’s name and social security number.
- seller’s name, social security number(s) and price.
- buyer’s name and method of payment.
- seller’s name and address only.
10. If conditions for purchase are included in the deed and those conditions are violated
- the violator may face jail and a fine.
- the violator will serve jail time.
- an injunction can be placed on the property.
- the property reverts back to the original grantor/owner.
11. When a seller gives her broker authorization to perform a single act, it causes
- special agency.
- dual agency.
- universal agency.
- uncommon lawful agency.
12. When the government establishes legislation to preserve order, protect the public health and safety and promotes the general welfare of the public, it is called
- lawful power.
- police power.
- inverse condemnation.
- All of the above.
13. If one party in a contract does not live up to their part of the contract there is money set aside that will serve as full compensation to the aggrieved party. This is called
- earnest money.
- liquidated damages.
- arbitration clause.
- agreement pay.
14. When two parties have a verbal and a written contract and the contract’s conflict, which contract takes precedent?
- The oral agreement if it was made first.
- The written contract.
- Neither, new contracts must be drawn.
- The oral agreement in all cases.
15, Usury Laws protect
- the lender.
- the seller.
- the borrower.
- the agent.
16. Which is the best method to appraise a single-family home?
- Cost comparison.
- Depreciated method.
- Market data.
- Tax assessment method.
18. An agent told the buyer that the property the buyer wanted was connected to the city’s sewer system. After the purchase, the buyer found out that the property had a septic tank and was not connected to the city’s sewer system. What protects the agent from financial loss?
- The National Association of Realtors national protection fund.
- E and O insurance coverage.
- The homeowner’s insurance policy.
- Title insurance.
The following textbooks are included in the Salesperson and Broker license courses at no extra charge.
The Real Estate University Course Workbook
RETI is very proud of our published books
The Realty Training Institute Course Workbook for Mississippi
The books for the “Become Salesperson Course” and “Become Broker Course” include over 400 practice quizzes to help students passed their Mississippi exam. (at no additional fee)
Brokers are invited to call or stop by the RETI school in Biloxi to pick up a free copy of MREC License Law and Administrative Rules. Copies are free.
Books by Real Estate Training Institute