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Real Estate Salesperson Exam — National Portion

Financing: practice questions

Our Real Estate (National) bank has 24 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1

What is a key feature of a VA loan?

  1. Eligible veterans may buy with no down payment
  2. It requires 20% down
  3. It is available only to first-time buyers who have never owned property
  4. It's a commercial loan
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A. Eligible veterans may buy with no down payment — The VA guarantees part of the loan.

Question 2

What is 'equity' in real estate?

  1. The loan amount
  2. The interest rate
  3. The down payment only, which stays the same for as long as the owner keeps the property
  4. The difference between the property's value and what is owed on it
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D. The difference between the property's value and what is owed on it — Equity grows with payments and appreciation.

Question 3

What does a due-on-sale (alienation) clause do?

  1. Requires the loan to be paid off if the property is sold
  2. Cancels the mortgage
  3. Lets any buyer assume the existing loan without the lender's approval
  4. Lowers the interest rate
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A. Requires the loan to be paid off if the property is sold — It prevents loan assumption without lender consent.

Question 4

What is an adjustable-rate mortgage (ARM)?

  1. A loan that must be paid off in full within one year, at a fixed rate set when the loan is made
  2. A loan with a fixed rate
  3. A loan whose interest rate changes periodically based on an index plus a margin
  4. A loan with no interest
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C. A loan whose interest rate changes periodically based on an index plus a margin — Caps limit how much the rate can change.

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