Unit quiz 26

Question 1

When completing a real estate transaction involving a home built in 1965, the transaction folder should include all of the following EXCEPT

A) agency disclosure.

B) groundwater hazard statement.

C) lead-based paint disclosure form.

D) verification of religion and race of the buyers.

Answer 1

D) verification of religion and race of the buyers.

Question 2

If a property disclosure statement was personally delivered to a buyer after a buyer’s offer had been accepted by an owner, how many days would the buyer have to revoke the offer, without liability?

Answer 2

3 days

The buyer has a three-day right of refusal after receiving the property disclosure statement.

Question 3

What forms can a broker complete?

A) Preprinted purchase agreements

B) Affidavits of child support

C) Deeds

D) Installment sales contracts

Answer 3

A) Preprinted purchase agreements

Question 4

The recorder of deeds will NOT record a deed unless which document accompanies the deed?

A) Groundwater Hazard Statement
B) Declaration of Value
C) Purchase Agreement
D) Seller’s Property Disclosure Statement

Answer 4

A) Groundwater Hazard Statement

Question 5

What BEST describes the effort In Iowa to clean up abandoned, leaking hazardous waste sites that threaten public health and contaminate the environment?

A) The discharge of animal manure is not regulated in Iowa.

B) Iowa’s Department of Natural Resources (DNR) is the agency enforcing the cleanup laws.

C) No Iowa sites are on the National Priority List (NPL).

D) All sites in Iowa have been cleaned up or contained.

Answer 5

B) Iowa’s Department of Natural Resources (DNR) is the agency enforcing the cleanup laws.

Question 6

is used to clean up abandoned, leaking, hazardous waste sites that threaten public health and contaminate the environment

Answer 6

CERCLA’s Superfund

Question 7

In Iowa, the lawful discharge of animal manure is not regulated under CERCLA. (?) spells out its authority to deny or modify factory farm construction permits or manure management plans in order to protect Iowa’s waterways.

Answer 7

DNR

Question 8

Which government entity issues permits to developers to control eroded soil from polluting our waterways?

Answer 8

NPDES

Question 9

NPDES stands for the

Answer 9

National Pollutant Discharge Elimination System.

Question 10

Owners of a parcel of real estate in Iowa that borders the Mississippi River would be required to get the permission of the Iowa Department of Natural Resources (DNR) if they

Answer 10

divert, store, or withdraw water.

Question 11

True or false: Iowa law does not allow owners or lessees of land situated on the Iowa banks of the Mississippi or Missouri rivers to construct and maintain piers, cribs, and booms in front of their property

Answer 11

False. Iowa law allows all owners or lessees of land situated on the Iowa banks of the Mississippi or Missouri rivers to construct and maintain piers, cribs, and booms in front of their property

Question 12

Owners may also construct and maintain any other proper and convenient erections and devices for their respective pursuits and the protection and harbor for rafts, logs, floats, and watercraft in such a manner as to create no material or unreasonable obstruction to the (?)

Answer 12

navigational commerce of the rivers.

Question 13

Regarding documents used for a real estate closing,

A) the seller’s closing statement shows all monies received by the broker and how and for what they were disbursed.

B) the buyer’s closing statement shows all receipts and disbursements handled by the broker.

C) documents are prepared by the closing broker and retained for at least three years after the date of closing.

D) real estate brokers cannot charge a fee for the preparation of closing documents.

Answer 13

D) real estate brokers cannot charge a fee for the preparation of closing documents.

Question 14

The buyer’s closing statement shows

Answer 14

all monies received by the broker and how and for what they were disbursed.

Question 15

Closing documents are prepared by the closing broker and retained for at least

Answer 15

five years after the date of closing.

Question 16

In Iowa, who is allowed to prepare contracts for the purchase of real estate for others?

Answer 16

Attorneys

Question 17

A listing agent took a listing for $250,000. At an open house, the agent met a buyer and wrote a $245,000 offer. The listing agent called the seller to present the offer at 4:00 pm. Before 4:00 pm, a co-op broker stopped by the listing agent’s office and presented a full price offer on the same property. What is the proper presentation procedure for the listing agent?

A) Present the $250,000 offer first without disclosing the $245,000 offer

B) Present the offers in the order written and wait to see what the seller desires to do with the first one before disclosing the existence of a second offer

C) Just present the $245,000 offer

D) Present both offers for the seller’s perusal

Answer 17

D) Present both offers for the seller’s perusal

Question 18

On a declaration-of-value report, what item is a major concern to the county assessor?

A) Whether the buyer paid for a home inspection

B) Whether the sale was an arm’s-length transaction

C) Whether the purchase included a homeowner’s warranty

D) The amount of revenue tax paid by the owner

Answer 18

B) Whether the sale was an arm’s-length transaction

Question 19

Because cleanups can be quite costly, prospective buyers should obtain all available hazardous waste reports on the property. Which would be the LEAST likely source for these reports?

A) private environmental specialists

B) Department of Natural Resources

C) local board of REALTORS®

D) Environmental Protection Agency

Answer 19

C) local board of REALTORS®

Question 20

A transaction without collusion or duress between the parties involved.

Answer 20

ARM’S LENGTH TRANSACTION