PSI National Real Estate License Exam Prep 2020-2021 E-Book

Patrick Cohen

• Herausgeber: J4 Publishing LLC
• Kategorie: Bildung
• Sprache: Englisch
• Veröffentlichungsjahr: 2021

Beschreibung

The golden key to acing the exam on your very first try…

Are you nervous about your upcoming exam and can feel the pressure building already?

Have you heard the stories of how people sometimes take this test two, three, or even four times?

Does it feel like there is just too much information to know and memorize?

Or maybe, you’re feeling confident with everything but simply want to find a resource that allows you to house it all in one simple, easily accessible location...

Whatever the case may be, know that this exam doesn't have to be the “end all be all” of this stressful situation. In fact, it can even be a fun and empowering process.

The PSI National Real Estate Exam is an extensive and all-encompassing ordeal that will certainly challenge you, but it will also help you grow and become even better at what you do.

The study process will push you to the extreme and require focused time management, but again, this will only help you to become something more.

With the right awareness of what’s on the exam, a detailed understanding of the process itself, and a comprehensive outlook of what to expect and how to be prepared for precisely these things, the only option will be one of overwhelming success.

In PSI National Real Estate Exam Prep 2020-2021, you’ll discover:

• A play-by-play guide to establishing your plan of action prior to taking the exam itself
• Why your routine the week before the exam is the most important part of it all
• The most comprehensive set of study questions available, giving you more diversity in your studies
• Detailed explanations for why each answer is the correct one, expanding your awareness of the information itself
• Groundbreakingly similar practice exams to the test itself that will help you to prepare in ways otherwise unattainable
• How to schedule a little study time every day, no matter how busy you are, and why this will enhance your knowledge ten-fold
• 3 of the most powerful things NOT to do when taking the exam itself

… and so much more!

Just because many people take this exam more than once, it doesn’t mean you’re also destined for the same fate.

Whether this is your first go at it, or your 3rd (or 4th), with this guide by your side, it will certainly be your last.

Passing this exam is not something only for the elite of mind or real-estate geniuses. No matter where you are starting or how much time you have, you can master the material and pass the exam with flying colors.

Getting one step closer to the career of your dreams starts today.

If you’re ready to take your stress levels down a notch and streamline the entire exam prep process, then you need this book today!.

Leseprobe

PSI National Real Estate License Exam Prep 2020-2021

A Study Guide with 550 Test Questions and Answers Explanations (Includes Practice Tests for Brokers and Salespersons)

Patrick Cohen

© Copyright 2020 Patrick Cohen- All rights reserved.

The content contained within this book may not be reproduced, duplicated or transmitted without direct written permission from the author or the publisher.

Under no circumstances will any blame or legal responsibility be held against the publisher, or author, for any damages, reparation, or monetary loss due to the information contained within this book. Either directly or indirectly.

Legal Notice:

This book is copyright protected. This book is only for personal use. You cannot amend, distribute, sell, use, quote or paraphrase any part, or the content within this book, without the consent of the author or publisher.

Disclaimer Notice:

Please note the information contained within this document is for educational and entertainment purposes only. All effort has been executed to present accurate, up to date, and reliable, complete information. No warranties of any kind are declared or implied. Readers acknowledge that the author is not engaging in the rendering of legal, financial, medical, or professional advice. The content within this book has been derived from various sources. Please consult a licensed professional before attempting any techniques outlined in this book.

By reading this document, the reader agrees that under no circumstances is the author responsible for any losses, direct or indirect, which are incurred as a result of the use of the information contained within this document, including, but not limited to, — errors, omissions, or inaccuracies.

Table of Contents

Introduction

Chapter 1: Everything You Need To Know

Salesperson and broker licensing and exams

Exam structure

How scores are determined

Test-taking techniques

Chapter 2: Study Questions Part 1

The practice of real estate

Answers

Property condition and disclosures

Answers

General principles of agency

Answers

Contracts

Answers

Land use controls and regulations

Answers

Specialty areas

Answers

Chapter 3: Study Questions Part 2

Financing

Answers

Valuation and market analysis

Answers

Real estate calculations

Answers

Brokerage responsibility and property management

Answers

Transfer of title

Answers

Property ownership

Answers

Chapter Four: Practice Tests For Brokers

Practice test 1

Answers

Practice test 2

Answers

Chapter Five: Practice Tests For Salesperson

Practice test 1

Answers

Practice test 2

Answers

Chapter Six: Final Checkup And Preparations To-Do List

Vital rules

Conclusion

Introduction

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” Franklin D. Roosevelt

Do you want to get a real estate license? Welcome to the book, which is going to help you to get one. This is the ideal first step that you need to take to ascertain your entrance into an attractive career in real estate. Just as you have been informed in your real estate studies, it is required in every state that real estate agents are licensed to practice their occupation. Although there are few exceptions, it is important that applicants for real estate license take and pass either one or more courses of study to get a license. On the other hand, taking and passing an examination on real estate is required in some states. Perhaps you have not yet taken any comprehensive real estate examination; it is essential that you contact the real estate office of your chosen state about information as regards licensing requirements. Don’t worry, I wrote this book basically to help you to get that license, and this book offers you the attitude and discipline that you need to become a winner.

This chapter gives you an overview of what awaits you while you prepare for your real estate license examination and exposes you to how real estate examination is conducted and how you could apply to take it. There is no particular national real estate program of study or exam towards becoming a real estate agent. The administration of real estate examination differs in various states. To qualify for a real estate licensing exam in your state, it is necessary that you complete a state-specific prelicensing education program. Once you are eligible to take the licensing exam, you will take a real estate licensing exam that is administered by your state. Therefore, your future career in the real estate business is dependent on your getting a score in the real estate licensing exam. Some states rely on independent bodies for the preparation, administration, and grading of real estate examinations; others prepare their real estate examinations themselves in their jurisdictions. However, it is vital that you know that the tests are regularly revised so that they could reflect the present practice and law. The exam will contain two sections: state-specific portion and national (general) portion, and you will be required to demonstrate your proficiency and knowledge about real estate practices, theories, concepts, responsibilities, policies, expectations, and terminology. Your real estate licensing exam has multiple choice questions format of about 100-150; about 80-100 questions on real estate related concepts, and about 60-80 state-distinct questions. Every state’s exam has a distinct set of questions according to their state-specific topics. Though the exams are administered in various states by the same testing service, the exams are made individualized for each of the clients’ state. The passing score of the examination is determined by each state, and some states sometimes require that real estate licensing applicants provide correct answers of a minimum of 70 percent answers to the overall exam questions in each portion of the licensing exam (state-specific and general).

The good news is that if you are determined, hardworking and confident that your success in this exam will open up the door for you to start a whole new life for yourself, this book will help you in preparing for your real estate licensing examination, whose service is administered by an independent testing firm, Psychological Services Inc. (PSI). PSI offers a nationwide content-based examination for client states, and examination review committees and educational consultants are utilized to ensure validity and fairness during the examination.

This book is produced to help you to learn the important facts, prepare for, and pass your chosen state’s real estate examination. The book contains everything you need to know about your state and its exam content, and a wide variety of topics such as property ownership, real estate calculations, financing, valuation, and market analysis, transfer of title, brokerage responsibility, and property management, etc. Do you think that’s all? Well, I will take you into a more designed and cohesive flow of the study, which replicates the actual test-taking process for individuals who intend to either take the broker portion of the test or the salesperson portion of the test. To pull it all together, it will interest you to know that each chapter has test questions and detailed answers explanations. In other words, this study guidebook contains 600 test questions with their respective answers to prepare you for the real thing.

This book will not only satisfy your search for efficiency to streamline your studying processes, but it also presents an overview of issues relating to real estate. PSI National Real Estate License Exam Prep 2020-2021 is your complete comprehensive real estate guide that houses all the basic information needed and provides the most important sections that you need to study for while preparing for the PSI exam, including eight practice tests, four broker practice tests, four salesperson practice tests, matching exercises after each chapter. You do not have to waste your time studying things that are not necessary; you could utilize your time efficiently by focusing on the key sessions mentioned in this book. You could use this book to study for any certification or licensing examination that is taken in the real estate field by any state. The book entails all the materials in the national and state distributed examinations. The first two chapters are study questions on various areas in real estate. Chapter two and chapter 3 are study questions for brokers and salesperson applicants.

Perhaps you have taken a basic course about Real Estate Principles, which is not long enough to cover all the topics which could be encountered in the real estate examination so as to comprehend and respond effectively and successfully to all the test questions after each chapter. Do you know why you need the recommended tips to study for the exam? The answer is in your current status. It is possible that you are not a full-time student. Hence, you are no longer in the habit of studying, thorough reading, and test-taking. On the other hand, you may not only be out of the test-taking practice, but you may also have had more distractions and responsibilities to prevent you from proper studying in comparison with when you were in high school and college with assignments and well-defined hours. What you should know is that you are not alone in this as you intend to acquire the needed knowledge to pass an examination. Usually, in some states, out of the total license applicants, only a third of them pass the exam. What this means is that a lot of those people who are taking the exam are repeating their previous attempts. Perhaps you have taken and failed the exam before; you could improve your performance during the next attempt once you study this book, as it is designed to help you to learn and remember the basic things to pass the real estate licensing exam. In addition, the book provides you with up-to-date test questions and combines practice and theory questions to prepare you thoroughly before taking the exam. The book is designed to help you in handling your previously learned real estate terms and concepts when those terms and concepts appear as exam questions that you will be asked to answer in the exam.

Over the past 20 years, I have been involved in the real estate business. I am aware of the stress which students encounter while looking for the necessary information. Hence, I wrote this book to remove the challenge of lack of organization and cohesiveness while students prepare for their exams. The aim of the author is to help you to achieve happiness bypassing the real estate licensing exam. Pleasure is far from the reason for writing this book. But the book was written to guide, direct, expose, and inspire you towards the needed actions to be taken to take and pass your real estate exam, and to eventually get a license.

“Real estate is an imperishable asset, and it is everincreasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security.” Russell Sage

Chapter 1: Everything You Need To Know

On your journey towards becoming a licensed real estate agent, one of the steps that you need to take is to write a state exam. Perhaps you think that taking a state exam is an intimidating phase, you should never worry about that, as this book will remove all your worry. This chapter opens you to everything you need to know prior to your exam. At the end of this chapter, the information provided will be enough to ensure that the overall exam process is not a total surprise.

The supreme authority on the state licensing exam is your home state since real estate licenses are issued by individual states. You could obtain a copy of the state-specific information and the state license law you require for the exam from the instructor of the pre-licensing course, which you may have to take. Perhaps you belong to one of the states that do not require any prelicensing course or you unable to obtain the information from your instructor; you could easily send a message to your state licensing agency by either writing a letter or surfing online to get some needed information. You should use Goggle to check the real estate licensing agency of your state by typing keywords such as “real estate commission,” “real estate licensing agency,” “real estate license law,” or “real estate commission.” Perhaps you could not access a computer; you could call the information in your state capital and inquire about the phone number of the agency using any of the aforementioned keywords. Perhaps you are still unable to get the needed information, contact the department of law or the department of state in your jurisdiction through phone or e-mail. It will direct you to the appropriate place.

Just as every state has its own licensing exams which are administered by different state agencies, each state has at least two different license stages for their real estate agents: broker and salesperson. While any individual who is given permission by the state to undertake some activities like making sales in the best interest of another individual for a fee is a real estate broker, a salesperson is an individual who is licensed to perform those activities but only under the supervision of the real estate broker. In some states, the levels for real estate agents are not restricted to only two phases; they have other levels of licensing, which include an associate broker, a timeshare agent, a salesperson trainee, or a salesperson apprentice.

Once you have decided to follow a career in real estate, the next step is to get enough information about the steps for getting your license. The specific requirements of every state are different based on factors such as citizenship, education, age, criminal background, etc. to be sure about the basic requirements; you could consult the licensing law of your state directly. This is because the real estate license law of each state basically contains everything that you need to become a real estate agent in your state. Real estate licensing educational necessities and the testing are treated in a wide range of ways by your state licensing system. Certain states could require the applicants to take and pass a minimum hour of education or number of classrooms before the applicants are eligible to take and pass the real estate licensing exam. Some states do not have any educational stipulation, and they only require that the applicants pass the state exam. However, some states expect the applicants to not only take some educational courses, an apprenticeship, or a minimum number of classroom hours; they also expect the applicants to take a state examination after one or two classroom experiences. Before you could become a real estate broker, you should first become a salesperson so that you could get some experience that will aid you as you take additional hours of coursework and pass another exam.

Salesperson and Broker Licensing and Exams

Usually, you are probably pursuing the basic or first real estate license level, which is regarded as a salesperson’s license or some form of salesperson trainee in some states. The manner in which to advance on the real estate ladder is different among the distinct states. For instance, for you to become a licensed real estate salesperson in some states, you need to complete all the basic requirements, such as taking and passing a state examination. In this kind of situation, you could either remain a salesperson throughout your entire life, or you work towards becoming a broker by probably taking more coursework, gaining more experience, and passing another state examination. Another instance is that you could start your real estate profession by obtaining a license at whichever level that is provided as a trainee or an apprentice, that could entail taking a state exam or a course. In this situation, after a stipulated period of experience, it is essential that you move up to the next stage of a proficient and experienced licensed salesperson. This means you will have additional coursework, and you will have to take another licensing exam. In this case, you could also stay a salesperson for the rest of your profession, and movement to the level of a real estate broker involves an exam, more experienced, and coursework.

Presently, your foremost concern is to identify the exam you need to pass at this phase of your real estate profession. Perhaps this is the first exam you will take, you are currently at the salesperson stage, and perhaps you are a licensed salesperson already, you are aiming at the broker level. After you have identified your area, what you need now is to find the subject matter on the exam. To find the subject matter on the exam, you could take coursework to obtain your license, or you could find out the subject matter of the exam through checking with the licensing agency in your state.

Exam Structure

Almost all the states, if not all, presently utilize a multiple-choice question format in their real estate licensing exams. The questions could either be straightforward or presented as reverse questions. Often times, people, especially students, are comfortable with this format of the setting question because it is usually believed that these exams are very easy to pass due to the availability of choices that have been narrowed down for the applicants. Due to the fact that a number of states use the multiple-choice question format, all the practice questions in this comprehensive book are written in a multiple-choice question format. You should contact your state’s licensing agency or your course instructor to verify the number of questions (for broker’s and salesperson’s exams) that you will be taking in the exam, and whether the exam will either be a single exam or it will be divided into state-specific and general sections. Individual states select their test developer and mandate their own state-specific content that is being tested together with the general (national) content.

After you have done everything you have been told to do (you have taken the required course, read the license laws, etc. thoroughly), you will receive an entry permit via your mail. This entry permit allows you to take the state exam, and you will be given information about the place and time of the exam.

Part of the questions that are usually found in the general or national sections relates to general common law (like contracts), federal programs (like the Veterans Affairs and the Federal Housing Administration mortgage guarantees), the code of ethics which realtors are meant to adhere to, and federal rules and regulations such as interstate land sales, hazardous materials, consumer and banking credit legislation). The state-specific section contains questions about the state’s rules and regulations, laws, real estate licensing laws, etc. This section also relates to topics such as your state’s basic licensing requirements for realtors, certain laws which relate to the zoning, environment, title conveyance and deeds, statutory requirements which govern the activities of real estate licenses, and the purpose, composition, and powers of the real estate board or commission in your state.

How Scores Are Determined

You will find the information about scores from the testing agency that is utilized by your state or a state licensing agency. Scoring is different from one state to another, as a lot of states give applicants percentage based on the number of correct answers which are provided. You should also know that passing scores are also different from state to state, as they vary. While some states could give you your test results on the day you take the state’s exam, some may make you wait for the test results, and they will eventually send it to your mail. Getting your license also varies from one state to another. You could get a temporary license the day you pass the state’s exam in some states, and in other places, you could receive your license in your mail. Another thing is that in some states, after you have gotten your test results, to get your license, there is a need for you to apply for it.

Test-Taking Techniques

The way of administering the exam varies based on each state’s test developer, and the format of the exam is different from one state to another. The time that is allotted for the exam also varies from two to four hours.

You would have been told by your teachers or your parents that the best way to pass any exam is to effectively prepare for the exam. Perhaps that is all they have told you, by leaving you hanging. Perhaps your parent or teachers gave you a few hints to pass your exam successfully; I will ensure I do better through a provision of a detailed guide to prepare you to take your state licensing exam. Once you follow all the steps that I will give you and you master them effectively and efficiently, you will have a high tendency to pass your state’s real estate license exam the first you take the exam. They are as follows:

Offer yourself every chance to pass the real estate license exam by providing yourself with enough information about the exam, enough time, and a quiet place to study;

Study all the chapters in this book thoroughly after you have identified certain subject areas on the state exam;

Practice to assess your weak and strong points so as improve yourself by taking question practice exams in this book;

Find out the venue of the exam on time, in the right time and in good humor;

Ensure you relax the night prior to the exam;

Ensure you pay attention to the exam details;

Finally, enjoy. You would be wondering why you should enjoy when you have not taken the exam, right? You have studied, reviewed, relaxed – you are prepared. You should visualize a situation that you have already passed the exam in your mind, and you have started making money in your real estate career, perhaps you have even got your personal brokerage business in time. Are you getting the picture? One thing that you should know is that taking a test is a challenge, and it is a challenge that any individual with the right preparation could easily meet. You are capable, and your career in real estate awaits you. Your real estate career is in your own hands, as it requires motivation, which is psychological. Therefore, you need to convince yourself that the real estate business is a valuable goal and start to work in that direction!

Now is the time for you to take the exam, you should never postpone it. Hence, you need to know the exam rules and regulations, study your license law of your state, remember the vital vocabulary, concentrate on the important concepts, follow your initial instinct and complete all the questions by not leaving any answer blank during the exam.

Chapter 2: Study Questions Part 1

As you start your review for your state’s real estate exam, it is important that you know how much you know, what you need to study more about thoroughly, and what you are a little bit uncertain about. Taking the questions in this chapter will enable you to identify your weaknesses and strengths. The questions will cover topics such as the practice of real estate, land use controls and regulations, property conditions and disclosures, general principles of agency, contracts, and specialty areas. Just like the original real estate exam, you should complete it in a sitting, or you should allow three hours for the test in this section. Once you have finished, ensure you verify your answers against the answer section in the chapter. For incorrect answers or perhaps you chose the right answer even though you are doubtful, there is an explanation after each answer to guide you so you could know why the right answer is right and why you got the answer wrong.

50 sample questions are provided for you in each section. Embrace them, as there is no better way to accomplish this than to study everything that is required of you. You should plan ahead and give it time, as you can literally master every single question in this chapter.

Once you read and study the questions, answers, and explanations thoroughly, your success is guaranteed in your real estate exam of your state.

Your studying does not stop here; there are plenty more topics to be covered and plenty more sample test questions to be worked through. Remember, if you master all of these, you will be more than equipped to ace this exam!

The Practice of Real Estate

1. All of the following are examples of corporeal property except:

a. A fixture

b. A building

c. Monthly rent

d. Growing crops

2. The best definition for a real estate is as:

a. Only about land

b. About land and all the permanent attachments

c. About land and buildings

d. About land and everything growing on it

3. The following are seen as permanent attachments to land except:

a. Chattels

b. Whatever things that grow on the land

c. Anything that is built upon the lad

d. Fixtures

4. Pick one out of the following, which is not realty:

a. A life estate

b. A fee simple estate

c. Lumber

d. A leasehold for an indefinite duration

5. If Mr. Joseph dies without leaving a will prior to his death, Mr. Joseph is considered to have died

a. Unwillingly

b. Without heirs

c. Intestate

d. Unbequeathed

6. A fee simple estate is regarded as:

a. An estate in abeyance

b. A life state

c. A freehold estate

d. An estate for years

7. If an individual has an undivided interest in land with at least one person, and he or she has the right of survivorship, such an individual is considered to be a:

a. Joint tenant

b. Tenant in common

c. Tenant at sufferance

d. Tenant at will

8. An individual who does not have every possessory right but only has certain rights to utilize land, such an individual is said to have:

a. A life estate in land

b. An interest in land

c. A tenancy in common

d. An estate inland

9. If Mr. Stalin appears to own some property, but in reality, he does not own some property, such individual is said to have:

a. Color of title

b. Good title

c. Constructive notice

d. Recorded evidence title

Use this situation to answer questions 10-12

Mr. David owns real estate. He died, and in his will, the right to utilize, occupy and enjoy the real estate is given to Mrs. David till his death. After Mrs. Death, the will state that real estate is to become the property of their daughter, Lucy.

10. Lucy is a

a. Tenant in common

b. Life tenant

c. Remainderman

d. Joint tenant

11. Mrs. David is a

a. Life tenant

b. Tenant in common

c. Remainderman

d. Joint tenant

12. Mrs. David has a

a. Life estate

b. Life estate in joint tenancy with Lucy

c. Fee simple estate as a tenant in common with Lucy

d. Fee simple estate in joint tenancy with Lucy

13. If an individual has no other rights but has no permission to use the land, he or she has

a. License to use

b. Tenancy at sufferance

c. A fee simple estate

d. Tenancy in common

14. Perhaps two individuals are said to own undivided interests in similar realty, but they have the right of survivorship, they have:

a. Joint tenancy

b. Tenancy in common

c. Tenancy in severalty

d. Tenancy at sufferance

15. One of the following would not be considered a real property:

a. An easement

b. A life estate

c. A lease for one month

d. Permanent ownership of mineral rights on another individual’ land

16. Governmental land-use zoning and planning are vital examples of:

a. Encumbrance

b. Deed of restrictions

c. Use of police power

d. Exercise of eminent domain

17. Under which arrangement could you own land apart from the building on it:

a. Life estate

b. Ground lease

c. Net lease

d. Remainder

18. Real property could be defined

a. The land and the right to possess the land

b. Land

c. The land, easements and buildings

d. The land, the bundle of rights, and the improvements

19. Property is owned by a corporation in

a. Tenancy by the entirety

b. Tenancy in severalty

c. Tenancy in common

d. Joint tenancy

20. Which of the following is contained in an abstract of title?

a. A quit title lawsuit

b. A summary of a title search

c. The certificate of title of a registrar

d. The opinion title of an attorney

21. Any manmade inclusion to land is referred to as

a. Trade fixtures

b. Improvements

c. Chattels

d. Easements

22. The lumber for a deck that has not yet been constructed is known as

a. A fixture

b. Personal property

c. A trade fixture

d. Real estate

23. What is the highest extensive form of ownership in real estate?

a. Fee simple

b. Fee tail

c. Life estate

d. A paid-up fee

24. If an individual inherits a real estate under the terms provided by a will, such an individual is known as

a. Devisee

b. Bequest

c. Executor

d. Life estate

25. Which type of rights among the following does not refer to how water is being used?

a. Dower

b. Riparian

c. Littoral

d. Usufructuary

26. Once a life estate expires, the property is passed to the

a. Trustee

b. Remainderman

c. Life tenant

d. Beneficiary

27. Proprietary is a distinct feature of:

a. Cooperative ownership

b. PUD ownership

c. Condominium ownership

d. Time-share ownership

28. Perhaps the widow died in the absence of a will. The property of his surviving children are inherited by

a. Estover

b. Escheat

c. Emblements

d. Law of intestate succession

29. One out of the following gives a full form of ownership

a. Fee on condition

b. Fee tail

c. Leasehold

d. Fee simple absolute

30. If an individual gives his brother the freedom to reside in a house that the individual owns till his or her daughter’s death. It is known as

a. A life estate purautre vie

b. A tenancy for life

c. An ordinary life estate

d. a leasehold interest

31. If a person dies in the absence of a will and in the absence of heirs, which right confers the state ownership of the person’s property?

a. Escheat

b. Emblements

c. Estovers

d. Intestate

32. If an individual owns a life estate, such an individual cannot

a. Mortgage his interest

b. Lease his interest

c. Sell his interest

d. Devise his interest

33. Under the Civil Rights Act of 1866, the practice of racial discrimination is enforced by:

a. Federal court

b. Local jurisdiction

c. Justice of the peace court

d. State court

34. Under the present Federal Fair Housing Act, one of the following phrases is not discriminatory in an advert, which is intended to lease an on-exempt 100-unit apartment complex

a. Only females

b. Only adults, no children

c. No smoking on premises

d. No handicapped alterations will be made

35. Potential buyers to a particular area due to their national origin is regarded as

a. Channeling

b. Less favorable treatment

c. Redlining

d. Blockbusting

36. Which phrase among the following violates an Equal Credit Opportunity Act during a lender advert to secure borrowers?

a. Rates will be adjusted in accordance with the number of minor children

b. Reduced interest rates and rapid loan approvals

c. Must be below 60 years of age for 30-year term loans

d. Assumable note for future ease of selling

37. Blockbusting is illegal under which federal law

a. Fair Housing Act

b. Community Reinvestment Act

c. Sherman Anti-Trust Act

d. Equal Credit Opportunity Act

38. Which jurisdiction imposes fines for non-compliance under Regulation Z?

a. County court

b. Federal reserve

c. Municipal court

d. Office of the state attorney general

39. What determines the amount of commission that is paid to a broker?

a. Negotiation between a client and an agent

b. The local association of Realtors

c. The Federal Trade Commission

d. The Sherman Anti-Trust Act

40. The act of inducing real estate owners to sell via fear tactics in which some minorities are migrating into a residence is regarded as

a. Bait and switch

b. Blockbusting

c. Steering

d. Getting listings

41. Discrimination in real estate is prohibited in the Civil Rights Act of 1866 based on

a. Religion and gender

b. race

c. Handicap and country of origin

d. Gender and race