Review Test 2

Which of the following is an example of a unilateral contract?

• Option

• Lease

• agreement of sale

• listing agreement

An individual who is authorized and consents to represent the interests of another person is...

• a customer

• a principal

• an agent

• a facilitator

Why have real estate license laws been put into effect?

• to protect licensees from lawsuits

• to protect the public and establish a standard of competence

• to prevent licensees from engaging in profit making activities

• to establish maximum levels of competency and a moral marketplace

Generally, in a court ordered sale, which of these is paid first?

• First mortgage

• Mechanics' liens

• Child support liens

• Real estate taxes

Which of these is an example of a specific, voluntary lien?

• decendent's debts

• IRS liens

• Mortgage liens

• Corporate franchise liens

A document that indicates that a loan has been made is called a....

• promissory note

• mortgage

• deed of trust

• satisfaction

A response to an offer that suggests specific changes.

• counteroffer

• contingency

• closing costs

• acceptance

The agent's obligation to use skill and expertise on behalf of the principal arises under with of these common-law duties?

• care

• obedience

• loyalty

• disclosure

What form must be provided to a loan applicant within 3 business days of application?

• closing disclosure

• settlement statement

• loan estimate

• mortgage servicing notification

The Federal Deposit Insurance Corporation (FDIC) does which of these?

• Administers Freddie Mac only

• Administers Freddie Mac and Ginnie Mae

• Services loans

• Insures deposits in participating institutions up to $250,000 per depositor, per account