Real Estate Express 45 Hour Final

Most common source of major problems in new home construction a a)foundation b)electric c)damage d)plumbing - Answer- foundation problems What is the measurement of how much is invested in a property for tax purposes a) attainment b) apex c) scope d) basis - Answer- basis Listing agreement is made with the sller, the compensation is generally represented as a fixed $ amount or a)% of the sales price b) base pay c) hourly pay - Answer- % of the sales price Best way to avoid fair housing complaints is to - Answer- treat everyone the same Single broker responsible for the real estate transaction of a partnership - Answer- broker of record Consumer becomes a ( ) when he or she enters into a contract with a real estate licensee a) client b)proprietor c)customer - Answer- client Conventional lenders require insurance especially if the down payment is below 20% an insured conventional loan is similar to an FHA Loan except the insurer is a a) private lender b) public bank c) purchaser - Answer- private lender Largest source of household wealth - Answer- real estate Lenders provide loans to unqualified home buyers with poor credit, risky lenders are - Answer- sub-prime loans