Pearson Vue Test Questions with Complete Answers

Which of the following terms BEST describes personal property that, by its attachment to real property, is regarded as real estate? A. Emblements B. Personality C. Fixtures D. Appliances - C A salesperson who completes a written listing agreement with a seller is helping to create a contractual relationship between the: A. salesperson and the seller B. salesperson and the buyer C. salesperson and the listing broker D. salesperson's broker and the seller - D Which of the following statements about the income approach to value is CORRECT? A. It determines an investment property's value based on its return. B. It is used more frequently than the direct sales comparison (market value) approach to set loan-to-value ratios. C. It is the most accurate method of appraising single-family houses. D. It produces the highest estimate of value possible. - A When a buyer purchases a property subject to a seller's existing mortgage, which of the following statements is CORRECT? A. The seller's credit will not be affected by foreclosure on the property. B. The seller is released from all liability of the loan. C. Any mortgage loan obtained by the buyer to complete the purchase will be a first mortgage loan. D. The seller's obligations under the existing mortgage remain unchanged. - D The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is administered by the: A. Environmental Protection Agency B. Department of Housing and Urban Development C. Department of Health and Human Services D. Federal Emergency Management Agency - A A listing salesperson MUST disclose what information to potential buyers? A. Any zoning changes made after the property was listed B. Any ethnic diversity in the neighborhood C. The financial status of the seller D. The amount the seller originally paid for the property - A Property owners who want to list their property tell their licensee, "We want to sell only to a member of a minority group." In this situation, the licensee should advise the owners that they cannot legally discriminate against non-minority group members and: A. explain that it has to be an open listing B. explain the consequences of violations of the Federal Fair Housing Act C. report the owners to the local Board of REALTORS® D. remind the owners of their fiduciary responsibilities - B In stating a seller's price and terms to a prospective buyer, the seller's broker is required by the law of agency to state only those terms that are: A. included in the listing agreement B. based on the broker's evaluation of prevailing prices and terms C. favorable for the seller, as determined by the broker D. attractive to buyers, as determined by the broker - A