Which of the following statements is NOT correct?

On the broker's recommendation, a seller accepted an offer that was 8% below the listed price. The broker did not disclose to the listing seller that the buyer was the broker's brother-in-law. Which of the following is correct?

An agent's responsibilities and duties to a third person include:

An agent, based upon statements made by the seller, tells her buyer that all mechanical systems are in "good working order:" The agent did not personally verify this information. The buyer decided not to have the property inspected since the seller had indicated they were selling "as is:" After the closing, the furnace is found to be defective and must be replaced.

A real estate agent is typically considered to be in what form of agency relationship?

Allison is an agent with Miller's Creek Realty that has a buyer client who wishes to see a listing obtained by her firm. The broker at Miller's Creek Realty appoints Allison to represent only the interests of the buyer and the listing agent to represent only the interests of the seller. This type of arrangement is an example of:

A contract that has no legal standing because it does not meet the minimum standards for a legally enforceable agreement is:

A substitution of one contract for another where the original contract is voided is:

A contract in which one party makes a promise of compensation if another party renders a service in return is which of the following?

Which of the following statements about offers is correct?

A buyer made an offer to purchase a seller's land at a price to be mutually agreed upon in the future. Which of the following best describes this offer?

A total transfer of contractual rights and obligations to another party is a(n):

Ralph and Sandra are both agents at Healdsburg Realty. Ralph presents an offer, on behalf of his buyer client to Sandra, the listing agent. Sandra presents the offer to her seller who counteroffers in writing for more money. Ralph presents this counteroffer to his buyer who signs his acceptance in Ralph's presence. After the buyer signs, but before Ralph has notified Sandra, she contacts Ralph to inform him that her seller wishes to withdraw the counteroffer and sell to someone else for more money. Which of the following is true?

A prospective purchaser has made an offer to the owner's agent who in turn has mailed the offer to his seller. The seller has received this offer, signed it, and now mailed it back to his agent. While the documents are in the mail, another offer for more money is made to the seller's agent. The agent calls the seller to inform him about this new offer, and the seller instructs him to disregard the signed agreement because he wants to accept this new offer. Which of the following is true?

An option to purchase differs from a right of first refusal in that:

A buyer made an offer to purchase that stated "this offer shall remain open until 12:00 noon on August 20 at which point it shall become null and void:' He further stipulates "he will not terminate this offer prior to that time for any reason whatsoever:" On Thursday, August 19, before hearing back from the seller, the buyer contacts the seller to inform him that he has changed his mind. The buyer is:

On Monday, the buyer, Jeff, signs a full price and conditions offer to purchase Sara's house and mails it to her for review. Sara receives it in the mail late on Tuesday afternoon, at which time she reads the offer and decides that she will accept it. When Sara gets to the office on Wednesday, she signs Jeff's offer and mails it back to him at his proper address. Jeff receives her acceptance on Thursday morning. What Sara does not realize is that Jeff had changed his mind and mailed a letter of revocation of his offer early Tuesday morning. Unfortunately, Sara did not receive the letter of revocation until Thursday afternoon. Is there a binding contract of sale?

As a result of a provisional broker's negligence in filling in the provisions in a contract of sale, the seller incurred a financial loss. Liability for this loss may be imposed upon:

A listing contract creates an agency relationship in which:

A seller tells his broker that he is very anxious to sell and will accept $5,000 less than the listed price. The broker may share this information with:

Which of the following types of listing agreements allow for the seller to personally sell her own property without having to pay the broker a commission?

Amy shows her listing to a buyer who makes an offer that was ultimately accepted by the seller. Before the closing, the buyer has a job transfer that necessitates she move to another town. The seller sympathizes with the purchaser and allows her to withdraw from the contract and releases her from all further obligation. The seller:

The clause that is inserted into a listing agreement that protects the broker in the event the seller and buyer try to delay entering into a contract of sale so they can avoid the commission to the agent is known as:

A pending sales contract agreement can best be described as:

Champion Realty has received an offer on one of its listings. The seller lives in Maryland and the offer was emailed to him where he signed electronically to accept the offer with no modifications to the original agreement. Once the form was signed electronically it was emailed back to the listing agent at Champion. The agent at Champion then called and told the buyer agent at XYZ Realty the seller had signed the acceptance with no changes. The next day the seller wants to terminate the sale due to having received a better offer. He is claiming there is no contract since he did not "actually" sign the offer but rather used an electronic means to indicate acceptance. Which of the following best describes this situation?

Amy accepted a buyer's verbal offer to purchase her house. A week later the buyer calls to inform her that he wishes to terminate his agreement. Which of the following best describes this situation?

The type of listing agreement in which the seller agrees to only have the brokerage firm enter the listing in the local MLS and place a sign in the yard might best be described as a(n):

All of the following are considered an example of a property owner's "bundle of rights" EXCEPT:

The owner(s) of the real property may hold title in all of the following ways EXCEPT:

Nancy and Kim owned a parcel of property in joint tenancy. Nancy decides to sell her portion to Yvonne, and Kim will continue to own her share. After the transaction closes, how will Kim be considered to hold ownership of her portion?

The type of tenancy in which a tenant remains in possession after the lease term has expired but without obtaining the landlord's consent is an example of:

A property held in the name of a large corporation will likely be held as:

A trespass on another's land as a result of an intrusion by some structure or other object is an:

Which of the following statements is correct?

Easements are created in all of the following ways EXCEPT:

A property owner in a recently re-zoned area was permitted to continue to use his property in a manner that did not comply with the new zoning requirements. This use is described as which of the following?

Wendy has been notified that her property is subject to being acquired by eminent domain. One of the requirements that must be met in order to acquire her property in this manner is that:

Which of the following is an example of an exempt property under the Americans with Disability Act (ADA)?

Which of the following is NOT an example of a public land use control?

Which of the following best illustrates the example of an easement appurtenant?

Regulation Z of the Truth in Lending Act allows which of the following to be placed within an advertisement for a real estate loan without requiring a full disclosure of all credit financing terms?

A short sale exists when:

Who is the oldest and largest of the secondary mortgage markets?

A title theory state is associated with a:

A loan-to-value (LTV) is traditionally based upon:

A contract for deed (land contract):

Which of the following is true regarding VA mortgage loans?

Which of the following is NOT considered to be one of the six elements considered to constitute a loan application according to RESPA?

An alienation clause makes a mortgage:

The primary function of the FHA is to:

Which of the following regulates the advertisement of credit terms available for a house offered for sale?

What is the purpose of a deed of trust?

Which lien has priority to mortgage foreclosure sale proceeds?

Which of the following requires immediate payment of the principal balance when the borrower is in default on a loan?

In which of the following types of legal description must the description close the loop?

An acre contains how many square feet?

Adherence to which of the following maximizes land value?

A competitive market analysis is performed when:

The principle providing that the highest value of a property has a tendency to be established by the cost of purchasing or constructing a building of equal utility and desirability is the principle of:

Which appraisal method is most appropriate to a unique property such as a church or post office?

Which appraisal method is most appropriate to vacant land?

The direct sales comparison approach takes into consideration all of the following factors EXCEPT:

A gift of real property by will is a:

A person has died intestate. As a result, the property will be distributed to:

Which of the following is NOT a benefit of recording a deed?

Which of the following would create a defect affecting title?

The type of deed the grantee would want to receive in order to gain the maximum benefit of protection from the grantor would be a:

Title insurance policies protect the lender against:

The Residential Lead-Based Paint Hazard Reduction Act requires that a buyer of pre-1978 residential property be provided with all of the following EXCEPT:

A real estate agent has been showing his buyer client homes in a subdivision when he sees a For Sale by Owner sign in front of a house that contains the owner's phone number. Unfortunately, a search of the records indicates this owner has registered his home phone number on the Do Not Call Registry. Which of the following is correct?

The Fair Housing Act of 1968 prohibits discrimination in the rental of all of the following EXCEPT:

Inducing an owner to list property by telling the owner that persons of a particular national origin are moving into the neighborhood is called:

Robert is the manager of an apartment complex that has buildings 1-6 occupied by families with children and buildings 7-10 for those without children. George and Anna, and their two children, are being told by Robert that although they easily qualify for the lease, there aren't any vacancies in a building that allows children. Which of the following best describes this situation?

Which of the following does NOT describe radon gas?

Larry Lender is being asked for a mortgage loan on a house in a predominately minority neighborhood. Because of his concern regarding the long term economic potential for houses in that area he charges a higher interest rate and down payment than he normally would charge that particular buyer given his credit score and income. This can be best described as an example of:

Angela has a listing that is being sold because the prior owner died in the home. Which of the following best describes her responsibility to disclose this fact in her advertising?

Jackson is in the process of acquiring a new residential listing. He states that the listing fee will be 6% of the sales price. When the seller asks why everyone seems to charge the same rate he should:

L.B. is a broker that received a call from a prospective buyer a month ago inquiring about a particular property. When L.B. told the buyer this house has just been sold the buyer asks him to keep him in mind should a similar property come on the market. A house very similar has just been listed but when L.B. goes to call this buyer he discovers that he is registered on the Do Not Call registry. What should L.B. do?

A person living on the managed premises as a salaried employee engaged to rent and lease apartments is called a(n):

All of the following are required of property managers EXCEPT:

The first step in creating an owner-manager relationship is which of the following?

A property manager's fee is often a combination of a base fee and a percentage of which of the following?

Periodic financial reports provided to the owner are called:

A property manager's duties typically include all EXCEPT which of the following?

In qualifying and selection of tenants the property manager's duties would include all EXCEPT:

The principal functions of a property manager include all of the following EXCEPT:

A purchaser has contracted to buy a home for $167,900 and the lender has agreed to make him an 85% LTV mortgage at 6.25%. The appraisal has just been completed and the property appraised for only $165,000. What would be the maximum loan amount the lender will make on this purchase?

A buyer has recently contracted to purchase a duplex that rents for $750 per month per side. If closing is to occur on the 21st of the month, how would the resulting entry for rental income appear on the settlement statement?

If a real estate agent listed and sold a property for $90,000 and received 60% of the 7% commission paid to her employing broker, how much did the agent receive?

A property was recently sold for $170,000, and the monthly payment on the $160,000 fully amortizing mortgage loan at 6% APR for a 20-year term is $1,146. What would be the outstanding loan balance due after the first monthly payment?

In making a mortgage loan of $190,000, a lending institution charged sufficient discount points to increase the yield on the loan from 8% to 8 1/8%. The cost of the points was:

A triangular tract of land is 800 feet deep and has highway frontage of 250 yards. If Ajax Realty Company listed this property at 9% commission and sold it for $15,000 per acre, what was Ajax's commission? (Round sales price and commission to the nearest whole dollar amount.)

If the closing date is November 10 and the seller has paid the real property taxes of $2,880 for the current tax year, which of the following is the correct closing statement entry for taxes?

Kevin is planning to purchase flooring for his large meeting room. He has been told it will require 88.6 square yards of flooring. The room is 20 feet wide. Without taking into account any walls or other waste how long is this room (rounded)?

Cameron has purchased a house and obtained a mortgage loan of $235,000 at 6.5% interest for a term of 30 years. Her monthly P&I payment is $1,485. If she keeps the loan until it is fully amortized what will be the total amount of interest that she will pay over the life of this loan?

Edward is the property manager of an eight-unit apartment building. The units rent for $600 per month each. Last month one of the units was vacant the entire month and another unit was vacant for 10 days. If Edward is paid a 10% management fee, how much did he earn last month?

Ed recently sold his house for $150,000, which is 25% more than he originally paid. How much did he originally pay for the home?

Dan has contracted to purchase a home for $269,000 with closing set for September 9. He has paid $2,500 in earnest money deposit and $500 as a due diligence fee at the time of his original offer. He has located a lender who agrees to make him a mortgage of $200,000 at an interest rate of 4.5% with one point for loan origination fee and 1% discount point. Dan will be responsible for the payment of interim interest for September. Property taxes for the year are $3,600 have not yet been paid. The taxes are being required to be paid off by the lender at the closing. In addition, the following items will be paid at the closing by the party who would traditionally pay for them: attorney fees $1,200, title insurance $538, survey $450, deed preparation $80, recording fees $35, and revenue stamps using state rate. Dan has paid $450 for the appraisal and $65 for the credit report during the time of loan application. How much money in certified funds will Dan need to bring to the closing? (Round answer to nearest whole dollar amount.)

Ella has recently contracted to sell her home for $179,000 and has agreed to pay the broker a sales commission of 5%. The outstanding loan balance as of the March 17 date of closing is $103,650. Property taxes are estimated to be $1,080 and are to be prorated. The seller has agreed to pay $80 for deed preparation in addition to revenue stamps. At the time of the offer,the buyer paid a $1,500 earnest money deposit and a $300 due diligence fee. In addition, the seller has also agreed to pay $250 as a carpet cleaning fee. How much will Ella "net" at the closing?