1. What is a `lien` in the context of real estate?
A. A type of landscaping
B. A legal claim or right against a property
C. A government program for first-time homebuyers
D. A discount offered to senior citizens
2. Which term describes the legal process of removing a tenant from a property?
A. Eviction
B. Acquisition
C. Subrogation
D. Annexation
3. What is the difference between `leasehold` and `freehold` property?
A. Leasehold is owning the building, freehold is owning the land.
B. Leasehold is renting with an option to buy, freehold is renting without.
C. Leasehold is renting the property for a fixed period, freehold is owning the property outright.
D. Leasehold is owning the property outright, freehold is renting the property for a fixed period.
4. What is a `broker` in real estate?
A. A person who manages rental properties
B. A licensed professional who acts as an intermediary in real estate transactions
C. A person who provides financial advice to homebuyers
D. A person who inspects properties for defects
5. Which of the following terms best describes the process of assessing the value of a property?
A. Depreciation
B. Appraisal
C. Amortization
D. Accretion
6. What is `zoning` in real estate?
A. A type of energy-efficient building material
B. The division of land into areas for specific uses
C. A government program for urban renewal
D. A tax on property improvements
7. What is the term for transferring property ownership from seller to buyer?
A. Accretion
B. Conveyance
C. Depreciation
D. Amortization
8. What is `grandfathered` in real estate terms?
A. Exempt from new regulations due to pre-existing circumstances
B. Required to pay higher property taxes
C. Entitled to government subsidies
D. Subject to stricter building codes
9. What is `easement` in real estate law?
A. A type of property tax
B. The right to use another person`s land for a specific purpose
C. A building code regulation
D. A government program for affordable housing
10. What does `escrow account` typically cover?
A. Home renovations
B. Property taxes and insurance
C. Mortgage interest payments
D. Utility bills
11. What does `cap rate` (capitalization rate) measure?
A. The annual cost of property insurance
B. The annual rate of property tax increase
C. The rate of return on a real estate investment
D. The rate at which a property depreciates
12. What is a `deed`?
A. A monthly mortgage statement
B. A legal document that transfers property ownership
C. A property insurance policy
D. A property tax bill
13. What is `right of first refusal`?
A. The right to appeal property tax assessments
B. The right to be the first to make an offer on a property
C. The right to match an offer made by another party
D. The right to access a property for inspection
14. What is `Joint Tenancy`?
A. A type of commercial lease agreement
B. A form of property ownership where two or more people have equal rights
C. A type of mortgage loan
D. A type of homeowner`s insurance
15. What is the meaning of `fixture` in real estate?
A. A temporary decoration
B. An item permanently attached to the property
C. A type of loan
D. A type of insurance
16. In real estate, what does `escrow` refer to?
A. A type of mortgage insurance
B. A legal document transferring property ownership
C. A neutral third party holding funds or documents until specific conditions are met
D. A government tax on property sales
17. What is a `sublease`?
A. A type of mortgage refinancing
B. A lease agreement between a tenant and a new tenant
C. A clause in a lease that allows the landlord to increase rent
D. A government subsidy for renters
18. What is `depreciation` in real estate?
A. An increase in property value
B. A decrease in property value
C. The cost of insurance
D. The cost of improvements
19. What is a `walk-through`?
A. A type of mortgage approval
B. A final inspection of a property before closing
C. A detailed appraisal report
D. A neighborhood tour with a real estate agent
20. In property management, what is `vacancy rate`?
A. The rate of property tax increase
B. The percentage of unoccupied units in a property
C. The rate of return on investment
D. The cost of property insurance
21. What does `amortization` mean in the context of a mortgage?
A. The process of increasing the loan amount
B. The gradual repayment of a loan principal over time
C. The insurance premium paid on a mortgage
D. The fee charged for processing a loan application
22. What is meant by `market value`?
A. The assessed value for property taxes
B. The estimated price a willing buyer will pay to a willing seller
C. The original purchase price of the property
D. The cost of replacing the property
23. What is a `real estate investment trust` (REIT)?
A. A government agency that regulates real estate transactions
B. A company that owns or finances income-producing real estate
C. A type of mortgage with a variable interest rate
D. A program that helps low-income families buy homes
24. What is `comparative market analysis` (CMA)?
A. An environmental study of a property
B. A valuation method used by tax authorities
C. An estimation of a property`s market value based on similar properties
D. A detailed architectural survey of a building
25. What does `title insurance` protect against?
A. Damage to the property from natural disasters
B. Financial loss due to defects in the property`s title
C. The borrower`s inability to repay the mortgage
D. Decreases in property value
26. What is a `contingency` in a real estate contract?
A. An additional fee charged by the real estate agent
B. A condition that must be met for the contract to be binding
C. A penalty for early termination of the contract
D. A clause that protects the seller from liability
27. What is `due diligence` in real estate transactions?
A. The final payment made on a mortgage
B. The process of thoroughly investigating a property before purchase
C. A type of property insurance
D. A government subsidy for property development
28. What is a `balloon mortgage`?
A. A mortgage with gradually increasing payments
B. A mortgage with a large lump-sum payment at the end of the term
C. A mortgage with a fixed interest rate
D. A mortgage insured by the government
29. What is `appreciation` in real estate?
A. The decrease in property value over time
B. The increase in property value over time
C. The initial cost of purchasing a property
D. The annual cost of property maintenance
30. What is `PMI` (Private Mortgage Insurance)?
A. A type of property tax
B. Insurance that protects the lender if the borrower defaults
C. Insurance that protects the borrower from foreclosure
D. A government program for first-time homebuyers
