Real Estate Exam

Question 1

How long must broker maintain files after consummation of transaction?

Answer 1

5 Years

Question 2

What broker information is required on all yard signs?

Answer 2

Broker name and office telephone number.

Question 3

If broker dies, signs and ads must be removed within how many days?

Answer 3

30 Days

Question 4

The letters of the brokerage name on the door sign of office must be at least how tall?

Answer 4

1 inch tall

Question 5

If broker’s license is suspended, broker has how many days to cease activities?

Answer 5

30 days

Question 6

With death or disability of broker, what must be returned to commission?

Answer 6

Broker license and pocket card, and all sales associates licenses.

Question 7

Buyer must do their own research on if a seller was what?

Answer 7

a Sex offender.

Question 8

A property disclosure form is good for how many days?

Answer 8

180 days

Question 9

True or False: A buyer can ask in writing if a seller had aids or a suicide occurred in the property.

Answer 9

True but the seller is not required to answer.

Question 10

Practicing real estate without a license can result in a fine of what?

Answer 10

Up to $5,000 or the commission earned, whichever is greater.

Question 11

What is the maximum dollar amount an apartment can give as a referall bonus?

Answer 11

$50 dollars

Question 12

How many brokers can an associate receive commission from?

Answer 12

1 broker

Question 13

How many days does associate have to notify commission of address change?

Answer 13

10 days

Question 14

What are an associates continuing education requirements?

Answer 14

21 hours every 3 years

Question 15

If an associate leaves a broker he has how many days to submit a request to transfer to a new broker?

Answer 15

10 days.

Question 16

A defect that only a expert could identify is what?

Answer 16

A latent defect.

Question 17

A provisional sales associate license is issued for up to how many years?

Answer 17

1 year

Question 18

Sales associates and brokers licenses are issued for how long?

A) 2 Years
B) 1 Year
C) 4 Years
D) 3 Years

Answer 18

D) 3 years

Question 19

How many days does licensee have to respond to a complaint?

A) 3 Days
B) 10 Days
C) 15 days
D) 30 days

Answer 19

C) 15 days

Question 20

Once received, escrow funds must be deposited by broker within:

Answer 20

3 business days

Question 21

How many hours of coursework for a provisional sales associate?

A) 45 hours
B) 30 Hours
C) 115 Hours
D) 90 Hours

Answer 21

D) 90 Hours

Question 22

After one becomes a provisional sales associate, how many additional hours of coursework are required to become a sales associate?

Answer 22

45 hours

Question 23

Substituting a new contract in place of an old one is called what?

Answer 23

Novation

Question 24

How long is the term for the real estate commission?

Answer 24

4 years

Question 25

The real estate commission has 7 members, how are these broken down?

Answer 25

5 real estate brokers, one real estate school rep, and one non real estate person.

Question 26

This requires that lenders disclose fees and interest rates:

Answer 26

Regulation Z/Truth in Lending

Question 27

How long do buyers have from signing of sales contract to inspect for lead based paint?

Answer 27

10 days

Question 28

The broker must ensure a signed settlement statement is furnished to each party when:

Answer 28

At the time the transaction is consummated.

Question 29

After consummation of the transaction, broker has how many business days to disburse all funds it held.

Answer 29

3 business days