MO real estate EXAM SMART Questions and Answers 100% Pass

MO real estate EXAM SMART Questions and Answers 100% Pass Under a Listing agreement, who would be the client? The Salesperson The broker The Seller They Buyer - Correct Answer ️️ -The Seller A property was sold by a foreclosure sale. The sale did not produce enough money to satisfy all the debts on the property. What could the creditor who weren't paid now file? A deed in lieu of foreclosure An estoppel certificate A deficiency judgement A blanket Mortgage - Correct Answer ️️ -A deficiency judgement A broker and a non-licensee went together to buy a piece of property. What is the minimum that the broker must disclose to the seller? Nothing since the broker was only a part owner The exact percentage of the broker's interest in the property The broker would have an interest in the property The broker was acting as a middle-man in the transaction - Correct Answer ️️ -The broker would have an interest in the property A property did not abut a waterway. The owner established a beneficiary use through the state under prior appropriation. How could the owner gain access to the water? Apply for easement by necessity Apply for an easement by prescription Put an underground pipe across the neighbor's property with permission Go to the neighbor and negotiate an easement - Correct Answer ️️ -Go to neighbor and negotiate an easement The most useful way for a broker to receive commission is to have the seller pat as a: a flat fee percentage of the selling price non-refundable retainer fee option bonus - Correct Answer ️️ -Percentage of the selling price Which of the following deed would give the seller the LEAST amount of liability? Bargain and Sale Quitclaim Special Warranty General Warranty - Correct Answer ️️ -Quitclaim If a tenant stays over without the landlord's permission, this is called: estate for years estate at sufferance periodic tenancy tenancy at will - Correct Answer ️️ -estate at sufferance A person brought a rental property for $43,750. It was assessed for tax purposes at a value of $39,950 with an assessment rate of $1.50 per $100 (15mills). What would be the monthly tax assessment amount to the nearest cent? $44.37 $49.94 $54.69 $59.99 - Correct Answer ️️ -$49.94 $39,950 x 1.5% = $599.25 divided by 12 =$49.94 A person decides to place their license inactive. Which of the following statements would be true? Their license would stay with their last broker of record Their license would be held by the MREC There is no fee charged for the licensee to go inactive While inactive, the licensee can only receive referral fees - Correct Answer ️️ -Their license wold be held by the MREC A broker talks to a seller about listing the property for sale. The seller won't list just with this one broker, but tells the broker that if he finds a buyer for the property, the seller will pay a commission. This would be a(n): exclusive right to sell listing exclusive agency listing open listing net listing - Correct Answer ️️ -open listing A lender expressing the amount of the loan to the estimated property value is called an: loan to income ratio loan to value ratio loan to debt ratio loan to equity ratio - Correct Answer ️️ -loan to value ratio A house with outdated plumbing fixtures would be an example of: physical deterioration economic obsolescence curable functional obsolescence incurable functional obsolescence - Correct Answer ️️ -curable functional obsolescence A title insurance policy lists: All recorded defects against the title All owners any transactions that affected the title any mortgage ever against the property - Correct Answer ️️ -All recorded defects against the title An Agency agreement can always be terminated by: the seller unilaterally the broker unilaterally the salesperson and seller mutual agreement by all parties to the contract - Correct Answer ️️ -mutual agreement by all parties to the contract Broker Carr had a 90 day exclusive listing. One month after the listing began, Broker Dole contacted the seller and told him he had a buyer moving in one month after the listing terminates and asked the seller to sign an agreement to take effect the listing expires. This is: misrepresentation a violation of state law allowable as the listing would expire considered commingling of listing - Correct Answer ️️ -a violation of state law An owner of an 8-plex wants to advertise for seniors only. The building foes have any special facilities for older persons. In order for the owner to do this, at least 80% of the units must be occupied by a person who is at least: 50 years old 55 years old 60 years old 65 years old - Correct Answer ️️ -55 years old Why should a listing agent be aware of all the ownership documents that will be used in a real estate transaction? So the agent can know which documents the seller and buyer will have to sign to complete the transaction So the agent can give both parties advice on vesting So the agent can give the seller capital gains advice So the agent can give both parties inheritance advice - Correct Answer ️️ -So the agent can know which documents the seller and buyer will have to sign to complete the transaction Which is true about a net listing? A written net listing is enforceable in court An oral net listing is enforceable in court