NATIONAL REAL ESTATE EXAM QUESTIONS AND ANSWERS| 100% CORRECT 2024

NATIONAL REAL ESTATE EXAM QUESTIONS AND ANSWERS| 100% CORRECT 2024 A deed with the greatest protection - answerA general warranty deed Major sources of real estate financing are lenders in the secondary mortgage market. An example of a lender in the secondary mortgage market is? - answerFannie Mae If a seller defaults in performance of a contract, any of the following actions would be likely to help the buyer recover any loses except? - answerFiling a complaint with real estate commission During a showing of an occupied home, a buyer agent noticed that while running the water, it remained cold. In this situation, the licensee should - answerCall the seller to inquire about the water heater A potential buyer is interested in buying a house, but first wants to examine the deed recorded when the house was purchased by the present owner. Which of the following is needed to obtain this information? - answerAccess to public records Which of the following is an example of zoning variance? - answerA moderate violation of setback requirements is allowed so that an office building is built far enough from a high- pressure natural gas pipeline Which of the following best describes the housing for older persons act - answerRequires that at least 80% of occupied units have one person age 55 or older living there The closing disclosure should be received by the borrower when? - answer3 days Is an option to purchase a form of a contract - answerYes, because all the terms of the purchase should be decided upon after the option has been exercised A broker agrees to represent a buyer in purchasing a home and a contract was signed. Is this an appropriate agreement? - answerYes, only if the buyer pays commission Elderly home buyers paid off their loan 5 years ago. Due to limited fixed income, they would like to borrow on the equity of the home. Which type of loan would be most desirable? - answerReverse mortgage A group of the brokers attempt to set the commission rates for all real estate transactions within their market area. Such action could subject the brokers to prosecution under the: - answerAntitrust laws A buyer enters into a buyer agency agreement with a real estate licensee . This agreement establishes a - answerRepresentation relationship Which action would be allowed according to the federal fair housing law - answerrefusing to finance a home for an individual who has a poor credit history A buyer wishes to assume a sellers mortgage. Which of the following would be best to protect the seller? - answerAlienation clause Which of the following statements regarding an open listing is correct? - answerThe seller only pays the broker who produces a ready and willing buyer If a gap in the chain of title is discovered, what would it create - answercloud on title The amount of earnest money is determined by - answeragreement of the parties When is a brokers compensation negotiable - answerIn every case A lease option with the first right of refusal allows a tenant to - answerWith a lease option the tenant has an exclusive right to buy at a certain price for a period of time. The right of first refusal just gives them the right to match the sellers best offer. In some cases they might be required to pay a certain amount more. A broker receives a birthday check from a client. The broker decided to put it into escrow account because it's from a client this is -