1|Page
KANSAS REAL ESTATE SALESPERSON AND
BROKER EXAMINATION COMPLETE VERIFIED
QUESTIONS AND DETAILED SOLUTIONS LATEST
UPDATE THIS YEAR JUST RELEASED
A seller and buyer agreed on the sale and purchase of a
piece of real estate with closing to take place in 30 days.
Prior to closing, the lender informed the buyer that the
APR was going to change by 0.3%. Which of the following
statements would be true regarding this situation under
TRID guidelines? - Answer-A revised Closing Disclosure
would need to be issued regarding the change in APR
What is the purpose of a broker preparing a closing
statement for the buyer and seller at closing? - Answer-To
provide the buyer and seller with an accounting of all
funds related to the transaction
A person owned a property next to a stream. The owner's
rights to use the stream are referred to as: - Answer-
Riparian
Which of the following would best describe the term equity
of redemption? - Answer-The right of a debtor to receive
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property back by paying the debts and any other related
costs.
A seller and buyer agreed on the sale and purchase of a
house. As part of the agreement, the buyer was to take
over liability for the seller's existing loan as well as the
payments. This type of arrangement would be called a(n):
- Answer-loan assumption
A builder obtains a blanket mortgage to build homes in a
new subdivision. The builder wants to sell off just one of
the newly built homes. Regarding the sale of the one
property, which of the following would be outside the
parameters of the blanket mortgage? - Answer-The one
property can be released from the blanket mortgage if a
set amount of money is paid down on the loan
Which of the following would be an example of wetlands? -
Answer-Mossy vegetation in a field
Which of the following might lead to contamination of
ground water where a property contained an underground
storage tank? - Answer-Overfills and spills
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An owner of a residential home believed the property
might contain lead-based paint. If the seller wanted to sell
the property, which of the following statements would be
true? - Answer-The seller would have to disclose this to
any potential purchaser
A bathroom inside a home was deemed to be too airtight.
This might lead to problems concerning: - Answer-Mold
Under the 1986 Amendment Act under CERCLA, who is
responsible for an environmental violation? - Answer-The
current property owner
According to the 1988 Amendments to the Federal Fair
Housing Act, which of the following persons would be
protected or covered? - Answer-A person who has
HIV/AIDS
In deciding on whether to make a residential home loan, a
lender would normally consider the borrower's - Answer-
debt to income ratio
A property sold for $200,000 with an 80% loan to value
ratio. The lender charged 1 discount point in connection
KANSAS REAL ESTATE SALESPERSON AND
BROKER EXAMINATION COMPLETE VERIFIED
QUESTIONS AND DETAILED SOLUTIONS LATEST
UPDATE THIS YEAR JUST RELEASED
A seller and buyer agreed on the sale and purchase of a
piece of real estate with closing to take place in 30 days.
Prior to closing, the lender informed the buyer that the
APR was going to change by 0.3%. Which of the following
statements would be true regarding this situation under
TRID guidelines? - Answer-A revised Closing Disclosure
would need to be issued regarding the change in APR
What is the purpose of a broker preparing a closing
statement for the buyer and seller at closing? - Answer-To
provide the buyer and seller with an accounting of all
funds related to the transaction
A person owned a property next to a stream. The owner's
rights to use the stream are referred to as: - Answer-
Riparian
Which of the following would best describe the term equity
of redemption? - Answer-The right of a debtor to receive
,2|Page
property back by paying the debts and any other related
costs.
A seller and buyer agreed on the sale and purchase of a
house. As part of the agreement, the buyer was to take
over liability for the seller's existing loan as well as the
payments. This type of arrangement would be called a(n):
- Answer-loan assumption
A builder obtains a blanket mortgage to build homes in a
new subdivision. The builder wants to sell off just one of
the newly built homes. Regarding the sale of the one
property, which of the following would be outside the
parameters of the blanket mortgage? - Answer-The one
property can be released from the blanket mortgage if a
set amount of money is paid down on the loan
Which of the following would be an example of wetlands? -
Answer-Mossy vegetation in a field
Which of the following might lead to contamination of
ground water where a property contained an underground
storage tank? - Answer-Overfills and spills
, 3|Page
An owner of a residential home believed the property
might contain lead-based paint. If the seller wanted to sell
the property, which of the following statements would be
true? - Answer-The seller would have to disclose this to
any potential purchaser
A bathroom inside a home was deemed to be too airtight.
This might lead to problems concerning: - Answer-Mold
Under the 1986 Amendment Act under CERCLA, who is
responsible for an environmental violation? - Answer-The
current property owner
According to the 1988 Amendments to the Federal Fair
Housing Act, which of the following persons would be
protected or covered? - Answer-A person who has
HIV/AIDS
In deciding on whether to make a residential home loan, a
lender would normally consider the borrower's - Answer-
debt to income ratio
A property sold for $200,000 with an 80% loan to value
ratio. The lender charged 1 discount point in connection
