FINAL EXAM (Bob Brooks) Questions And Answers

When must earnest money and/or deposits accepted by the broker be put into the escrow account? a. Earnest money does not have to be put into an escrow account. b. By the close of business of the next banking day c. Within 24 hours d. Within 48 hours - correct answer-b. By the close of business of the next banking day In order to record a deed, it MUST be in writing and: a. signed by grantee b. recite the actual purchase price c. acknowledged d. be free of all liens - correct answer-c. acknowledged An exclusive agency listing: a. Allows the owner to sell through his own efforts without obligation to pay a commission b. Need not contain a definite termination date c. Means the seller pays the agency regardless of who sells the property d. None of the above - correct answer-a. Allows the owner to sell through his own efforts without obligation to pay a commission A lease that requires a lessor to pay operating expenses of the property is called: a. Gross lease b. Net lease Incorrect c. Graduated lease d. Participation lease - correct answer-a. Gross lease The idea that a property's value is safer when surrounded by similar properties is the principle of: a. Substitution b. Progression c. Regression d. Conformity - correct answer-d. Conformity