ASREB Practice Exam Questions with Verified Answers

ASREB Practice Exam Questions with Verified Answers A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? a. $37,570 b. $75,141 c. $76,230 d. $78,712 b. $75,141 A blind ad refers to an ad that a. provides no price b. provides no address c. gives no indication that the property is listed with a broker d. gives no indication that the property has been sold or not c. gives no indication that the property is listed with a broker A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered a. equity b. boot c. tax shelter d. leverage a. equity A broker has what duty to a third party? a. fiduciary b. full disclosure of all material facts c. client relationship d. loyalty b. full disclosure of material facts A broker, acting as a property manager, would be what type of agent? a. special b. general c. implied d. ostensible b. general A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no further payments. What clause would the lender now exercise? a. alienation b. habendum c. novation d. acceleration d. acceleration A company that acts as an intermediary between a lender and an appraiser is a(n) a. full service appraisal company b. real estate brokerage company c. appraisal management company d. appraisal evaluation company c. appraisal management company A contract has been signed, but title has not yet passed. The contract is a. executed b. executory c. recorded d. estopped b. executory A federal rent subsidy program is known as a. Pathway to Purchase b. Section 8