Practice Test Question 58 A prospective buyer made an offer to purchase a

Practice test question 58 a prospective buyer made an

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--------------------------------------------------------------------------------Practice Test Question: 58 A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if Question Result: -------------------------------------------------------------------------------- Practice Test Question: 70 A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called Question Result: -------------------------------------------------------------------------------- Practice Test Question: 74 Two parties orally promise one thing, but write and sign something else. Which contract will prevail? Question Result:
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Topic Area: Transfer Of Property Total Topic Score: 7.0 Your Score: 4.0 Practice Test Question: 1 Under a land contract for deed, who retains fee ownership of the property? Question Result: Correct Your answer: Vendor -------------------------------------------------------------------------------- Practice Test Question: 31 For Federal income tax purposes, which of the following are costs of homeownership that may be deducted from gross income? Question Result: -------------------------------------------------------------------------------- Practice Test Question: 45 A will has been drawn up leaving the family homestead to the owners' granddaughter. Once that has been done, the owners may Question Result: -------------------------------------------------------------------------------- Practice Test Question: 55 At the closing on June 15, the buyer is assuming a mortgage presently on the property, on which the monthly interest charge is currently $600. The seller has made the payment due on June 1. Assuming a VA mortgage, what is the adjustment made at closing? Question Result:
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-------------------------------------------------------------------------------- Practice Test Question: 62 A judgment has been properly recorded. Any subsequent purchasers, whether they have actually examined the record or not, have been given Question Result: -------------------------------------------------------------------------------- Practice Test Question: 68 The escrow officer or closing agent MUST give information regarding the sales price and seller's social security number to Question Result: Incorrect Your answer: HUD. Correct answer: IRS. -------------------------------------------------------------------------------- Practice Test Question: 76 The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing? Question Result: Topic Area: Practice Of Real Estate Total Topic Score: 10.0 Your Score: 6.0
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