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Real Estate Basics Knowledge Test
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Real Estate Basics Knowledge Test
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25 Questions

1. What does the term “comps” refer to in real estate?
2. What is the process of estimating the value of a property called?
3. What is the term used to describe the legal document that transfers ownership of real estate from one party to another?
4. What is the term used to describe a real estate property that is sold “as is,” with no warranties or guarantees?
5. Which of the following is NOT considered a type of real estate investment strategy?
6. Which of the following is a type of property ownership where multiple individuals share ownership and have the right of survivorship?
7. What is the term used to describe the difference between the market value of a property and the amount owed on its mortgage?
8. What is the term used to describe the legal process by which a lender takes possession of a property due to borrower default?
9. What does the term “ROI” stand for in real estate?
10. What is the maximum number of years for a typical residential mortgage loan term?
11. What is a contingency in a real estate contract?
12. What is the term used to describe a property that generates income through rental payments?
13. What is the term used to describe a legal claim against a property as collateral for a debt?
14. Which federal law prohibits discrimination in housing based on race, color, religion, sex, national origin, disability, or familial status?
15. What is the maximum allowable debt-to-income ratio for most mortgage loans?
16. What does the term “amortization” refer to in relation to a mortgage loan?
17. What is the maximum number of units in a property for it to be considered residential?
18. What is the primary purpose of a home inspection in a real estate transaction?
19. Which of the following is NOT a type of real estate investment property?
20. Which type of lease requires the tenant to pay a fixed rent amount plus a portion of the operating expenses?
21. Which of the following is NOT a characteristic of a buyer’s market in real estate?
22. What is the purpose of an escrow account in a real estate transaction?
23. What does the acronym REIT stand for?
24. What is the difference between a real estate agent and a real estate broker?
25. Which government agency insures mortgage loans to protect lenders against borrower defaults?

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