Difficult Exam Questions Flashcards
A customer sharing personal, financial, or motivational information:
A. Always creates material fact
B. Could trigger a first substantial contact
C. means the agent cannot work with another buyer for the same listing
D. Requires BIC permission
B. Could trigger a first substantial contact
A NC buyer’s agent is expected to verify what info on the settlement statement?
A. Complete accuracy of all data
B. Accurate loan payoffs
C. correct title fees
D. Accurate reflection of terms of sales contract and addenda
D. Accurate reflection of terms of sales contract and addenda
Broker representing a seller meets unrep buyer. When must broker make agency disclosure to buyer?
A. At initial contact
B. When buyer provides confidential info
C. Before showing the property
D. Prior to submitting an offer
B. When buyer provides confidential info
Listing broker emails offer to seller. Seller electronically signs and emails to listing broker.
A. Not binding because no proper communication.
B. Not binding because signature is electronic
C. Binding because contract is signed
D. Binding because electronic signatures are acceptable under UETA
A. Not binding because no proper communication
In an option contract…
A. The contract is binding on all parties
B. The buyer can harvest crops during the option period
C. the contract is binding on the optionee
D. The contract is binding on the optionor
D. The contract is binding on the optionor
If the broker or any co-op broker finds the buye3r, commission is paid. If the seller finds the buyer, commission is not paid.
A. Exclusive right to sell listing
B. Open listing
C. Exclusive agency listing
D. Net listing
C. Exclusive agency listing
An exclusive buyer’s agency agreement means
A. the buyer’s firm has fiduciary duties to the buyer
B. the buyer’s firm cannot represent another buyer for the same property
C. owes the buyer fair dealing and honesty
cannot act as a dual agent
A. the buyer’s firm has fiduciary duties to the buyer
An exclusive right to sell listing agreement terminates when/if:
A. seller closes on the purchase of a property
B. Sole practitioner listing broker dies
C. Seller sells to a friend
D. Individual listing broker dies
C. Sole practitioner listing broker dies
Which of the following is a leasehold estate?
A. Life estate
B. Estate for years
C. Defeasible fee
D. Fee simple
B. Estate for years
Seller has not paid the real estate tax bill. Closing is May 22. How will the tax proration appear on the CD?
A. Debit to buye3r and credit to the seller
B. Debit to the seller and credit to the buyer
C. Credit to the seller and credit to the buyer
D. Seller pays the entire amount
B. Debit to the seller and credit to the buyer
Which of the following contains trigger terms under TILA?
A. Low interest rate!
B. Seller pays closing costs!
C. Builder will pay 1 discount point!
D. Put $20,000 and pay only $560 per month
D. Put $20,000 and pay only $560 per month
What is true re: title insurance?
A. There are monthly premiums
B. One policy covers mortgagor and mortgagee
C. Policy covers insured against existing defects undiscovered at eff date.
D. Policy covers insured from all defects
C. Policy covers insured against existing defects undiscovered at eff date.
A house in the city has AV of $200,000. Tax rates: 2.00/100 in city; $1.00/100 in county. Tax Bill?
A. $6,000
B. $4,000
C. $1000
D. $2000
A. $6000
Loan: $200,000. Closing: Nov. 25. Rate: 5%. 360 day year. Interim interest?
A. $138.90
B. $166.67
C. $694.50
D. $722.28
B. $166.67
What is true about an oral buyer agency agreement?
A. Must include agreement about single or dual agency
B. Buyer must sign WWREA brochure before broker can work with the buyer
C. Must be renewed every 14 days
D. Must be renewed every 3 days
A. Must include agreement about single or dual agency
