real estate

Question 1

What action must a licensee take with a purchase and sales agreement signed by both the buyer and the seller?

Answer 1

Retain a copy in secure files

Question 2

A principal in a listing agreement is the?

Answer 2

Seller

Question 3

A property management agreement is between the?

Answer 3

Property owner (and the management firm)

Question 4

Which of the following terms describes how the value of the real estate is influenced by the addition of desirable facilities and amenities in the surrounding areas?

Answer 4

Progression

Question 5

Owners, who disagree with the appraised value of the property may present their objection to the local board of appeal.

Answer 5

May require an adjustment to the average asset value of adjoining properties

Question 6

Sellers who know their house contains lead based paint are required to?

Answer 6

Disclose that fact to potential buyers

Question 7

Which of the following elements is required for a contract to be enforced?

Answer 7

Implied agency agreement

Question 8

A home inspector performing an inspection as part of a buyer’s due diligence, Will primarily be converted with the?

Answer 8

Title report

Question 9

A person with free simple ownership of a unit in a project, undivided interest in the project’s common areas owns a?

Answer 9

Condominium

Question 10

The lien that takes priority over all others?

Answer 10

Recorded lien for real estate taxes

Question 11

Condemnation of a part of a property is most likely the result of?

Answer 11

The state exercising it’s rights of eminent domain

Question 12

Which of the following would be described in an environmental impact statement?

Answer 12

acreage

Question 13

When mortgages are sold after they have been funded, they are considered part of the?

Answer 13

Secondary mortgage market

Question 14

The right to use the land of another for a specific purpose is called?

Answer 14

Easement

Question 15

The federal fair housing act is enforced through the?

Answer 15

Department of housing and urban development HUD

Question 16

During the course of leasing a home, the real estate license overseeing the process denies the tenant based on receiving public assistance. The licensee is?

Answer 16

Violating the federal fair housing act

Question 17

A license is showing a listed house and notices a latent defect. In this situation the license?

Answer 17

Should disclose the problem to prospective buyer

Question 18

The area of a rectangular that 5 ft by17 t is?

Answer 18

85 square ft

Question 19

A lease states the obligation of the tenant. Which of the following is likely an obligation of the tenant?

Answer 19

Comply with rules and regulations

Question 20

The commission charged by a listing broker who is a member of an MLS is?

Answer 20

Negotiated between the broker and the seller

Question 21

A landlord leases an apartment to a tenant who without the landlord’s approval installs new kitchen cabinets. The tenant vacates. What is the status of the kitchen cabinets?

Answer 21

The landlord is entitled to the cabinets without compensating the tenant

Question 22

Which of the following is an example of iInvoluntary alienation?

Answer 22

A state taking property to build a road

Question 23

A license deposits a client’s earnest money into the licensees personal account to hold. The licensee is guilty of?

Answer 23

Commingling

Question 24

Which of the following options best describes an appraisal?

Answer 24

An opinion of value

Question 24

Which of the following options best describes an appraisal?

Answer 24

An opinion of value

Question 25

To file a complaint of discrimination the complaint must?

Answer 25

Suspect discrimination occurred

Question 25

To file a complaint of discrimination the complaint must?

Answer 25

Suspect discrimination occurred