Real Estate Principles: Q5/Chp 18-23

Question 1

1) The federal lead based paint (LBP) disclosure is required on all \_\_\_\_\_\_\_\_\_\_\_\_ residential construction. 
A) pre-1978
B) post- 1978
C) pre- 1995
D) post- 1995

Answer 1

A) pre- 1978

Question 2

2) A(n) \_\_\_\_\_\_\_\_\_\_\_\_ is any condition that causes exposure to lead from lead-contaminated dust, soil or paint which has deteriorated to the point of causing adverse human health effects.
A) natural hazard
B) lead-based paint hazard
C) oil-based paint hazard
D) neighborhood security hazard

Answer 2

B) lead-based paint hazard

Question 3

3) ____________ are exempt from federal lead-based paint (LBP) disclosure requirements.
A) Residential properties built prior to 1968
B) Single family residences built after 1970
C) Foreclosure sales of residential property
D) Resales of housing previously acquired by the lender at a foreclosure sale

Answer 3

C) foreclosure sales of residential property

Question 4

4) A real estate agent has no affirmative duty to voluntarily disclose information to a potential buyer regarding a prior occupant whose death occurred on the real estate more than ___ years prior to the purchase offer.
A) one
B) two
C) three
D) an agent always needs to disclose a death

Answer 4

C) three

Question 5

5) Ownership of a unit in a condominium project includes compulsory membership in:
A) the local trade union
B) the home owners association (HOA)
C) Facebook
D) the board of directors

Answer 5

B) The homeowners’ association (HOA)

Question 6

6) \_\_\_\_\_\_\_\_\_\_ levied by a homeowners' association (HOA) fund the operating budget to pay for the cost of maintaining the common areas.
A) Special assessments
B) Regular assessments
C) Mello Roos assessments
D) Extraordinary assessments

Answer 6

B) Regular assessments

Question 7

7) Any individual who holds themselves out as being in the business of preparing a home inspection report on a one-to-four unit residential property is referred to as a(n):
A) appraiser
B) home inspector
C) handyman
D) subcontractor

Answer 7

B) Home inspector

Question 8

8) A statement by a structural pest control (SPC) company indicating the property is free of infestation in the visible and accessible areas is referred to as a:
A) Certificate of Completion
B) Certificate of Occupancy
C) Pest Elimination Voucher
D) Pest Control Certification

Answer 8

D) Pest Control Certification

Question 9

9) Brokers owe a fiduciary duty to the client to use \_\_\_\_\_\_\_\_\_\_ in a continuous effort to meet the objective of the employment.
A) due diligence
B) minimal effort
C) moderate caution
D) general competence

Answer 9

A) due diligence

Question 10

10) All records of an agent's activities on behalf of the buyer or seller during the listing period are to be retained by the agents broker for:
A) one year
B) two years
C) three years
D) four years

Answer 10

C) three years