Q 01/05

The word "Realtor" is not a generic term. In the United States it is a trademark of which organisation?

A) The National Association of Realtors

B) The Better Business Bureau

C) The Council of Real Estate Brokers

D) The Federal Housing Administration

Answer · why

A) The National Association of Realtors

NAR has over 1.5 million members and prefers the word in all capitals; it says never to use it as a synonym for agent.

Q 02/05

The Realtors' national association was founded in 1908 in which city?

A) Washington, D.C.

B) Philadelphia

C) New York

D) Chicago

Answer · why

D) Chicago

It began as the National Association of Real Estate Exchanges and did not take its current name until 1972.

Q 03/05

America's oldest real estate brokerage, founded in Chicago in 1855, later took which name?

A) Sotheby's International Realty

B) Baird & Warner

C) Douglas Elliman

D) Coldwell Banker

Answer · why

B) Baird & Warner

It started life as L. D. Olmsted & Co.

Q 04/05

A mortgage in the United States is typically scheduled to amortise over how many years?

A) 10

B) 15

C) 30

D) 20

Answer · why

C) 30

In the 1930s most home loans were short three-to-five-year balloon loans; the FHA and Fannie Mae changed that.

Q 05/05

What is the term for money held by a neutral third party until the conditions of a sale are met?

A) Equity

B) Lien

C) Earnest

D) Escrow

Answer · why

D) Escrow

Mortgage servicers also keep escrow accounts to pay property tax and insurance on the borrower's behalf.