B-1: Law Of Real Estate Business

Question 1

When is a timeshare required to have a public report?

Answer 1

If there are 12+ intervals

Question 2

True or false: the affidavit of disclosure applies only to residential property

Answer 2

False

Question 3

Which of the following is true of a one year lease: can be oral, must be in writing

Answer 3

Must be in writing

Question 4

Which of the following does not need to be stated in a notice of intent to subdivide: title condition, provisions for utilities, floor plans, purchase contracts to be used

Answer 4

Floor plans

Question 5

Who many days does a buyer have to rescind a purchase of unimproved land if he has seen it?

Answer 5

7 days

Question 6

How much of a broker’s own funds may be kept in a trust account?

Answer 6

$3000

Question 7

Improved subdivided land is defined as:

Answer 7

Property on which a structure has been built

Question 8

Do you need a license to lease a building owned by the US post office?

Answer 8

Yes (federally owned)

Question 9

Which parties in a transaction do you have to disclose a referral fee to?

Answer 9

None

Question 10

If the ADRE wants to revoke your license due to a severe violation, what would their next step be?

Answer 10

Refer the case to the Attorney General

Question 11

How long is a public report valid for?

Answer 11

5 years