ORES Ohio Real Estate Salesperson Examination - Set 2 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: A retail tenant in a shopping center pays a base rent plus a portion of gross sales above a set breakpoint. Which type of lease is described?
Question 42: A long-term lease covers land only, and the tenant agrees to construct a building on it, with improvements typically reverting to the landowner at the end. Which lease is this?
Question 43: Which of the following loans is neither insured nor guaranteed by a government agency, so the lender relies on the borrower's credit and the property itself?
Question 44: A buyer takes an FHA-insured loan and asks what protects the lender against default. Which charge applies to FHA loans rather than the private insurance used on conventional loans?
Question 45: On a VA-guaranteed loan, a one-time charge is collected in place of monthly mortgage insurance, though it is waived for veterans with service-connected disabilities. Which charge is this?
Question 46: A loan is repaid in equal periodic payments of principal and interest that reduce the balance to zero by the end of the term. Which type of loan is this?
Question 47: A borrower makes interest-only payments throughout the term, then owes the entire principal as a single lump sum at the end. Which type of loan is this?
Question 48: On an adjustable-rate mortgage, the lender adds its fixed markup to a moving published benchmark to set the rate at each adjustment. What is the lender's fixed markup called?
Question 49: A borrower pays an upfront charge at closing to lower the loan's interest rate and raise the lender's yield. Which of the following describes that charge?
Question 50: Which of the following does the loan-to-value ratio express about a mortgage loan in relation to the property securing it?
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