Experience the Quality With Free Real Estate Sales Exam Questions That Helps Candidates Pass

The Truth in Lending Act (TILA) requires clear disclosure of loan terms, including the Annual Percentage Rate (APR). RESPA (A) covers settlement procedures. ECOA (C) prohibits lending discrimination. Fair Housing (D) addresses housing discrimination.

An installment land contract (or contract for deed) allows buyers to occupy and make payments, but title transfers only upon completion. Lease options (A) give purchase rights but not immediate possession. Net leases (C) involve tenants paying expenses. Option contracts (D) give the right to buy but no obligation.

The fiduciary duty of accounting requires agents to protect and accurately report client funds and property. Loyalty (A) means putting client interests first. Disclosure (B) means sharing material facts. Confidentiality (C) protects private information.

A net lease requires tenants to pay rent plus expenses (taxes, insurance, maintenance). A gross lease (A) includes all expenses in rent. Percentage leases (C) charge rent based on sales revenue, common in retail. Ground leases (D) involve leasing land long-term.

The income approach values income-producing property by analyzing net operating income and capitalization rates. Cost approach (A) is for unique or special-purpose properties. Sales comparison (C/D) is most reliable for residential property.