Updated: Jun 11, 2026
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1. The two clauses in a mortgage which allow the lender to proceed with a foreclosure sale are which of the following?
A) escalation clause and alienation clause
B) foreclosure clause and alienation clause
C) acceleration clause and power of sale clause
D) escalation clause and power of sale clause
2. What type of loan would allow homeowners to utilize the equity built up in their home without having to sell?
A) graduated payment
B) reverse mortgage
C) accelerated mortgage
D) sale-and-leaseback
3. A home warranty for a previously owned home would usually cover which of the following items?
A) only home systems such as the roof, plumbing, and foundation
B) major appliances and home systems such as electric, heating, and plumbing
C) major appliances, the buyer's personal property, and any seller added fixtures
D) structure or flooding issues after closing
4. A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city. Which type of agreement would protect the buyer from owing multiple commissions?
A) nonexclusive buyer-agency
B) nonexclusive right-to-lease
C) exclusive right to sell
D) exclusive agency representation
5. The broker has a single agency relationship with the seller. The broker will show the property to a buyer who is a customer. The broker must disclose that the
A) home has a leaky roof in heavy rains.
B) seller does not like the next door neighbor.
C) seller needs to move soon.
D) home has a lake view.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: A |
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