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Property Taxes National Exam – Real Estate

The key terms in this Real Estate License course include Property Taxes.


Governments like property taxes as a revenue source because ______.

  Everyone has to pay property taxes

  Because Property owners are easy to find

  Property taxes always increase, creating ever greater revenue

  Property values, and therefore taxes, tend to remain stable


Your client, Ray, is worried about title issues that may arise after closing. Remind Ray of his secret protection: ______.

  Buyer Trust Fund

  Litigation

  Seller guarantees

  Title insurance


The question, “What’s the purpose of this appraisal?” can be answered by this first step of the appraisal process.

  Determine highest and best use.

  Estimate land value.

  Identify data needed.

  State the problem.


Which of the following is defined as what it would take to recreate that property if it disappeared off the face of the earth today?

  Cost

  Insurance

  Price

  Value


As interest rates fall, the number of buyers in the market is likely to ______.

  Act independently from interest rate changes

  Decrease

  Increase

  Remain steady


Lily is considering signing a buyer representation agreement with you, but she’s unconvinced. “What’s in it for me?” she asks. What’s one major benefit to her when she signs the buyer representation agreement?

  It guarantees you’ll get a commission.

  Because It makes her look more serious in the seller’s eyes.

  It means you’re representing her and not the seller.

  It’s less time-consuming to you.


Which of the following could be an indication of a foundation problem?

  Crack in a basement wall

  Doors that open and close easily

  Lack of moisture in the basement

  Windows that open and close properly


Property Taxes National Exam – Real Estate


What does the metes and bounds system use to develop a property’s legal description?

  Compass headings and directions

  Plat references

  Principal meridians and base lines

  Townships and sections


Henry is Monica’s listing agent. As Monica’s agent, Henry has a duty to account for and properly handle her funds and ______.

  Financial investments

  Paperwork

  Personal savings

  Property taxes


A buyer is purchasing a property for $400,000. His loan-to-value ratio is 80%. The lender also charges a 1% loan origination fee. How much is the loan origination fee?

  $3,200

  $3,600

  $4,000

  $800


Margaret has an L-shaped living room. How would you calculate the area of this room?

  Divide the room into two rectangles, calculate the area of each, and add those together.

  Measure the room as if it were a single rectangle and compute the total square footage.

  Measure the room as if it were a single rectangle, compute the total square footage, and divide by two.

  Select the larger of the two rectangles that form this room, calculate its area, and multiply by two.


Everything in your office is potentially at risk from thieves and other criminals. Because of this, what should you never do?

  Invite clients to the office.

  Leave clients unattended in the office.

  Lock your computer.

  Use a computer.


Which of the following is the best example of a tie-in arrangement?

  A business offers add-on services for its best customers.

  A business requires its clients to also purchase services from another business.

  Competing businesses agree to similar pricing strategies.

  Competing companies agree to not do business with a third.


Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed value is now $201,500. Their tax rate is 0.63%. How much will their monthly taxes be?

  $105.79

  $111.04

  $191.37

  $86.49