ARE PRACTICE MANAGEMENT
EXAM 2026 TEST BANK REVIEW
COMPLETE QUESTIONS SOLUTIONS
A+
◉ Neal's home has been foreclosed on and sold at a Sheriff's sale. The
sale brought in $500,000 and the total liabilities on the home were
$425,000. Who receives the additional $75,000???? Answer: Neal
◉ "This property has the best view in the entire county." This statement
is an example of Answer: puffing
◉ Broker Jack has an agreement with seller Mauve that says Jack will
receive compensation if anyone except Mauve sells Mauve's home. This
is an example of Answer: exclusive agency.
◉ Which statement about a deed in lieu of foreclosure is false???????
Answer: There is less risk to the lender that the borrower will damage
the property in revenge for the loss of the property.
◉ What is a disadvantage of real estate investment? Answer: It is not
highly liquid.
, ◉ What is the definition of "valuable consideration" in regard to
contract validity??? Answer: Something specifically offered in exchange
for something else
◉ How does the Federal Reserve control lenders? Answer: They tell
lenders what percentage of assets they must keep as reserves.
◉ Which of the following statements best describes what happens with a
judicial foreclosure? Answer: The mortgaged property is sold under the
supervision of a court.
◉ The size of jurisdiction's tax base is derived by Answer: subtracting
exemptions from assessed values.
◉ Broker Torrey hired Wes to be his personal assistant. What must
Torrey provide to his new employee Wes???? Answer: An
incentive/bonus plan
◉ Which of these statements about an independent contractor is false?
Answer: He or she is reimbursed for all business expenses.
◉ Who can qualify for an FHA loan? Answer: Anyone with qualified
income
◉ A tenant who stays beyond his lease without consent of the landlord is
known as Answer: a tenant at sufferance.
EXAM 2026 TEST BANK REVIEW
COMPLETE QUESTIONS SOLUTIONS
A+
◉ Neal's home has been foreclosed on and sold at a Sheriff's sale. The
sale brought in $500,000 and the total liabilities on the home were
$425,000. Who receives the additional $75,000???? Answer: Neal
◉ "This property has the best view in the entire county." This statement
is an example of Answer: puffing
◉ Broker Jack has an agreement with seller Mauve that says Jack will
receive compensation if anyone except Mauve sells Mauve's home. This
is an example of Answer: exclusive agency.
◉ Which statement about a deed in lieu of foreclosure is false???????
Answer: There is less risk to the lender that the borrower will damage
the property in revenge for the loss of the property.
◉ What is a disadvantage of real estate investment? Answer: It is not
highly liquid.
, ◉ What is the definition of "valuable consideration" in regard to
contract validity??? Answer: Something specifically offered in exchange
for something else
◉ How does the Federal Reserve control lenders? Answer: They tell
lenders what percentage of assets they must keep as reserves.
◉ Which of the following statements best describes what happens with a
judicial foreclosure? Answer: The mortgaged property is sold under the
supervision of a court.
◉ The size of jurisdiction's tax base is derived by Answer: subtracting
exemptions from assessed values.
◉ Broker Torrey hired Wes to be his personal assistant. What must
Torrey provide to his new employee Wes???? Answer: An
incentive/bonus plan
◉ Which of these statements about an independent contractor is false?
Answer: He or she is reimbursed for all business expenses.
◉ Who can qualify for an FHA loan? Answer: Anyone with qualified
income
◉ A tenant who stays beyond his lease without consent of the landlord is
known as Answer: a tenant at sufferance.
