1. What does 'MLS′ stand for in the context of real estate listings?
A. Mortgage Lending Service
B. Multiple Listing Service
C. Market Listing Standard
D. Master Loan System
2. What is 'seller′s disclosure′ in a real estate transaction?
A. The seller′s asking price for the property.
B. A document revealing known defects or issues with the property.
C. The seller′s financing terms offered to the buyer.
D. A guarantee of property value appreciation.
3. What does 'cap rate′ stand for in commercial real estate?
A. Capital Appreciation Percentage Rate
B. Capitalization Rate
C. Certified Appraisal Price Rate
D. Commission and Premium Rate
4. What is 'curb appeal′ in real estate?
A. The total square footage of a property.
B. The attractiveness of a property from the street.
C. The assessed value of a property for tax purposes.
D. The legal description of a property′s boundaries.
5. What is 'Gross Leasable Area′ (GLA) primarily used for measuring?
A. Residential property size.
B. Commercial property rentable space.
C. Land area of a property.
D. Parking space in a development.
6. What is a 'fixture′ in real estate?
A. A temporary structure on a property.
B. Personal property not included in a sale.
C. An item permanently attached to the property.
D. A loan used to finance property improvements.
7. What is 'property management′?
A. The process of valuing real estate for sale.
B. The oversight of residential, commercial, or industrial real estate.
C. The legal process of transferring property titles.
D. The construction and development of new properties.
8. What is the primary purpose of a 'property survey′?
A. To estimate the market value of a property.
B. To determine the legal boundaries of a property.
C. To inspect the structural integrity of a building.
D. To assess the property for tax purposes.
9. What is the difference between 'gross rent′ and 'net rent′?
A. Gross rent includes utilities; net rent does not.
B. Gross rent is before expenses; net rent is after expenses.
C. Gross rent is for commercial properties; net rent is for residential.
D. Gross rent is for short-term leases; net rent is for long-term leases.
10. What does 'REIT′ stand for?
A. Real Estate Investment Trust
B. Real Estate Interest Tax
C. Residential Equity Investment Transfer
D. Registered Estate Investment Title
11. What is 'zoning′ in real estate and urban planning?
A. The process of property surveying.
B. Government regulations controlling land use and development.
C. A type of property tax assessment.
D. The system for numbering properties on a street.
12. What does 'appraisal′ mean in real estate?
A. A legal document transferring property ownership.
B. An estimation of a property′s market value.
C. The process of renovating a property.
D. Insurance coverage for property damage.
13. What is a '1031 exchange′ in US real estate?
A. A type of home improvement loan.
B. A tax-deferred exchange of 'like-kind′ properties.
C. A government program for first-time homebuyers.
D. A penalty for early withdrawal from a real estate investment.
14. What is a 'brokerage′ in real estate?
A. A company that manages rental properties.
B. A firm that employs real estate agents and brokers.
C. A type of mortgage lender.
D. An appraisal company.
15. What is 'due diligence′ in the context of real estate transactions?
A. The final payment made at closing.
B. A formal property valuation by a bank.
C. A thorough investigation to verify facts before a transaction.
D. The process of obtaining a building permit.
16. Which of the following is an example of 'real property′?
A. A mobile home not permanently affixed to land.
B. Growing trees on a piece of land.
C. A tenant′s furniture in an apartment.
D. Stocks and bonds related to real estate companies.
17. Which term describes the process of legally seizing property for unpaid debt?
A. Foreclosure
B. Refinancing
C. Equity stripping
D. Leasehold
18. What is 'equity′ in real estate?
A. The total value of a property.
B. The down payment made on a property.
C. The difference between the property′s market value and outstanding mortgage balance.
D. The annual property taxes.
19. In real estate, 'escrow′ typically refers to:
A. A type of property insurance.
B. A neutral third party holding funds or documents during a transaction.
C. A government tax on property sales.
D. A clause in a contract allowing for cancellation.
20. In real estate finance, what does 'LTV′ stand for?
A. Loan-to-Tax Value
B. Loan-to-Value Ratio
C. List-to-Value Ratio
D. Leverage-to-Value
21. Which of these is NOT typically considered 'real property′?
A. Land
B. Buildings
C. Furniture
D. Mineral rights
22. A 'lien′ on a property primarily represents:
A. A type of insurance claim.
B. A legal right or claim against a property.
C. An agreement to rent a property.
D. A discount on property taxes.
23. Which of the following best describes 'amortization′ in mortgage terms?
A. A penalty for paying off a loan early.
B. The reduction of loan balance over time through regular payments.
C. The initial down payment required for a mortgage.
D. The interest rate applied to a mortgage loan.
24. What is 'eminent domain′?
A. The right of a property owner to build on their land.
B. The government′s power to take private property for public use.
C. A legal dispute over property boundaries.
D. The process of inheriting real estate.
25. Which professional is primarily responsible for showing properties to potential buyers?
A. Appraiser
B. Real Estate Agent
C. Property Manager
D. Home Inspector
26. Which term refers to the legal rights of ownership in property?
A. Easement
B. Lien
C. Title
D. Deed
27. What is 'capital gain′ in real estate investment?
A. The initial investment amount.
B. The profit from selling an asset for a higher price than the purchase price.
C. Annual rental income from a property.
D. The cost of property maintenance and repairs.
28. What is a 'contingency′ clause in a real estate contract?
A. A penalty for contract breach.
B. A condition that must be met for the contract to be binding.
C. A discount offered for quick closing.
D. An insurance policy requirement.
29. What does 'HOA′ stand for in real estate?
A. Homeowner′s Option Agreement
B. Housing Opportunity Association
C. Homeowners Association
D. Housing and Occupancy Administration
30. What is 'leasehold′ ownership?
A. Ownership for a limited period, as defined by a lease.
B. Full and permanent ownership of a property.
C. Ownership shared between multiple parties.
D. Ownership that includes mineral rights but not surface rights.
