These advertisements do not violate veterans' rights or the advertising rules of the Federal Fair Housing Act because

No, because veterans from all prote

The salesperson could be liable to the buyer for the statement about the ramp because it was

Yes, the statement was material mis

No, the statement was not material

A lot that measures 60 ft. x 130 ft. contains acres.

0.149 acres (Acres = 6,500 sq. ft./

The listing agent believes the metes and bounds legal description of the property she has listed is incorrect. The action that should be taken at this point is

The agent should do nothing as this

If the agent is knowledgeable, the

A surveyor or title attorney should

The agent should contact municipali

A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m. of that day. Before 7 p.m. two more offers arrive on the same property. offer should be presented to the owner at the 7 p.m. appointment.

The offer with the highest sales pr

The offer most favorable to the sel

A licensee lists a home knowing the seller capped a fuel oil tank and then filled it with sand. The licensee needs to disclose this information to potential buyers because .

Yes, but only if the buyer asks abo

Yes, because it could affect the bu

No, because there is no duty owed t

No, because the seller said the tan

A couple is interested in selling their investment property and buying a new one. They can defer paying any capital gains by a 1031 exchange. To qualify for full tax deferral, the value of the acquired property must equal or exceed the value of the relinquished property, including debt. If the acquired property is worth less than the relinquished property, then only a deferral may be available.

The relinquished and acquired prope

The property must be held for inves

Unless you are directly exchanging

To qualify for full tax deferral, t

The replacement properties must be

limits the level of representation that can be offered by the licensee and also prohibits the licensee from acting exclusively for either party. Dual agency is illegal in some states.

To disclose the buyer from defaulti

For the broker to write up a letter

To compensate the seller for taking

To cover any expenses the seller mi

The broker has been asked to write up a purchase agreement for a shopping center. The transaction will be very complex and detailed if accepted, so the first step is

To discourage the buyer from defaul

For the broker to write up a letter

To compensate the seller for taking

To cover any expenses the seller mi

automatically terminates an offer to purchase real estate.

The impending death of the offeror

Acceptance of the offer by the offe

Revocation by the offeror after bei

Failure to accept the offer within

The market in the small rural town of Centerville has been very hot. Values are leveling off but single family residences remain scarce. A potential buyer asked about the advisability of buying some farmland outside of town to develop into single family lots for sale to builders. She has noticed several builders already getting ready for new subdivisions by preparing new lots. A broker might best advise this potential buyer by saying

He should suggest to this potential

In a cycle like the one described,

He should advise that the current s

He should advise this potential buy

When valuing a three bedroom home in a neighborhood of a very similar property. One comparable has four bedrooms. After determining the fourth bedroom adds approximately $8,000 to a home’s value, adjustments should be made by $8000 from the value of the comparable property.

Add $8000 to the value of the subje

Add $8000 to the value of the compa

Subtract $8000 from the value of th

A broker and a prospective seller are discussing the listing of a house that is not in her usual area of business. It was a referral from another family member. The broker is at the house with the seller and is thrilled to see what decent shape it is in. The house has been vacant since the seller's husband died the year before. The action the broker should give the highest priority when deciding at what price to list this property is

Running a list of sold properties w

Holding a twilight open house and i

Running a list of active properties

Finding out how much equity the own

For the borrower, the major ADVANTAGE of Private Mortgage Insurance (PMI) for a home mortgage loan is that it allows for a .

The premium is typically paid by th

A smaller down payment is required.

The entire amount of the loan is in

The loan is paid in full if the bor

A borrower was offered a home loan of $100,000 with an interest rate of 3%. All appropriate forms and disclosures were utilized. This would be an example of predatory lending if the loan required the borrower to

make payments every other week.

pay a prepayment penalty of 20% of

submit all payments in United State

Interest rates charged by banks in the primary market are most likely a result of the actions of

Consumer Financial Protection Board

Priority of liens refers to . First in time, first in right. Exceptions would be for taxes and assessments.

Order in which liens will be paid i

Dates liens are filed for record

Fact that specific liens have great

Order in which a debtor assumes res

usually would be given highest priority in disbursing funds from a foreclosure sale.

Real estate taxes due (Unpaid real

Mechanic's lien for work started be

Judgment rendered the day before fo

A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75% of market value. The tax rate for the county in which the property is located is 40 mills. The tax bill will be

$4,800 (mill is undefined of a doll

A lender is only interested in making loans that can be sold on the secondary market. He is currently in the process of qualifying his client for a new loan to purchase a winery. The lender is relying primarily on the Buyer's creditworthiness and results of the appraisal, along with other information regarding the buyer's ability to make required payments. In this situation, the buyer is most likely to get a following approval.

Conventional loan (Conventional loa

Barbara Buyer wanted an agent to represent her, but did not wish to commit to just one. She also wanted to be able to purchase a property on her own without an agent. The type of buyer agency contract she should seek is

An exclusive-agency buyer agency ag

Only an open buyer agency agreement

She may enter into any agency relat

An exclusive buyer agency agreement

A seller has agreed to sell a property that has been in his family for decades. The broker finds a buyer and they enter into an escrow with a closing date 45 days after acceptance. Seven days before the escrow is to close, the seller receives another offer from a distant relative at a substantially higher offer. The most favorable outcome for the seller if the buyer cannot close escrow as expected and the included the escrow "time is of the essence" is .

when the seller hires an attorney f

if the buyer and seller mutually ag

when the buyer initiates cancellati

if the seller assigns the existing

A disadvantage of a high degree of leverage may be that it entails

It makes pyramiding more difficult.

A large down payment is required.

Capital gains cannot be deferred.

Real Estate Quiz

Authored by DERRICK YARBROUGH

Other

12th Grade

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94 questions

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DROPDOWN QUESTION

30 sec • 1 pt

An exclusive buyer broker agreement does not include a legal description is (a) until a legal description is provided.

VOIDABLE

VALID

DROPDOWN QUESTION

30 sec • 1 pt

The primary purpose of Title Insurance is to (a) .

protects real estate owners and len

ensures the property is free of any

DROPDOWN QUESTION

30 sec • 1 pt

The correct statement concerning the contract is (a)

The contract is void because Bill w

The contract is valid because Ted w

The contract was not entered into a

The contract is invalidated because

DROPDOWN QUESTION

30 sec • 1 pt

A broker practicing exclusive seller agency is prepared to offer representation to (a) only.

sellers

buyers

both sellers and buyers

neither sellers nor buyers

DROPDOWN QUESTION

30 sec • 1 pt

In an exclusive seller agency, brokers can offer representation services to buyers (a) .

Always

Never, as they only represent selle

Only if the buyer agrees to pay a f

Only if the seller consents

DROPDOWN QUESTION

30 sec • 1 pt

Rick is required to disclose the fee and get Kenny's consent to accept the referral fee: (a)

Yes, Rick must disclose the fee and

No, Rick does not need to disclose

DROPDOWN QUESTION

30 sec • 1 pt

The contract signed by Buyer Jim and Seller Tom, with the closing date changed to 40 days, is (a) .

Valid

Invalid since the signed documents

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Real Estate Quiz

An exclusive buyer broker agreement does not include a legal description is (a) until a legal description is provided.

The primary purpose of Title Insurance is to (a) .

The correct statement concerning the contract is (a)

A broker practicing exclusive seller agency is prepared to offer representation to (a) only.

In an exclusive seller agency, brokers can offer representation services to buyers (a) .

Rick is required to disclose the fee and get Kenny's consent to accept the referral fee: (a)

The contract signed by Buyer Jim and Seller Tom, with the closing date changed to 40 days, is (a) .

These advertisements do not violate veterans' rights or the advertising rules of the Federal Fair Housing Act because (a)

The salesperson could be liable to the buyer for the statement about the ramp because it was (a)

Open listing is usually a (a) contract.

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