Updated: Jul 06, 2026
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1. The creation of express agency is best handled via a(n):
A) oral agreement or ratified actions
B) listing agreement or buyer representation agreement
C) listing agreement or ratified actions
D) oral agreement or buyer representation agreement
2. What are mortgage-backed securities?
A) the rights to real property being held by one party for the benefit of another
B) promissory notes that reference a security instrument
C) investment instruments that have packaged mortgages as collateral
D) notices that acknowledge a borrower's debt to the lender and promise to repay the holder of the note
3. Which of the following is NOT an option that a seller has after receiving a counteroffer?
A) accept the offer
B) allow the offer to expire
C) reject the offer in writing
D) discharge the contract
4. Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have?
A) sole ownership
B) joint tenancy
C) community property
D) tenants in common
5. When must a lender provide borrowers with a Closing Disclosure?
A) at least three business days before the consummation of the loan
B) on the day of closing
C) at least five business days after consummation of the loan
D) at the end of the closing ceremony
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: A |
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