RESIDENTIAL PART 2 EXAM
QUESTIONS AND COMPLETE
SOLUTIONS GRADED A+
Your Exam Plug
, The following are examples of ____________ Obligations an industry member has to their brokerage: 1.
Comply with brokerage policies and procedures; 2. Maintain confidentiality of brokerage and client
information; 3. Ensure the brokerage's fiduciary obligations to clients are satisfied; 4. Act honestly
toward the brokerage and its broker. - Answer: legal obligations
Marketers refer to establishing a brand. Which of the following is not a characteristic of a branding? -
Answer: Similar to successful industry members
Which of the following is an example of the type of information found on a title? - Answer: verification
of ownership
The brokerage must maintain all records with regards to a trade in real estate. Which of the following
would be considered a record? 1. Purchase Contract; 2. Copies of advertisements; 3. CMA's; 4. Square
footage calculations. - Answer: all of the above
What are the five main areas of the sales process? - Answer: Prospecting, qualifying, presenting, closing,
follow-up
Which of the following is not true with respect to the information requirements a board can set out for
rentals? - Answer: age of tenant
True or False: A section of land is one mile by one mile and normally contains 640 acres. - Answer: true
all lenders require a survey - Answer: true
In Alberta, if a homeowner does not pay the mortgage payment for a period of time, the mortgage
company may: - Answer: may commence act of foreclosure
"This mortgage does not permit principal payments before maturity, other than the stipulated payments
on scheduled payment dates. There are no prepayment privileges." This is the definition of: - Answer: a
closed mortgage
QUESTIONS AND COMPLETE
SOLUTIONS GRADED A+
Your Exam Plug
, The following are examples of ____________ Obligations an industry member has to their brokerage: 1.
Comply with brokerage policies and procedures; 2. Maintain confidentiality of brokerage and client
information; 3. Ensure the brokerage's fiduciary obligations to clients are satisfied; 4. Act honestly
toward the brokerage and its broker. - Answer: legal obligations
Marketers refer to establishing a brand. Which of the following is not a characteristic of a branding? -
Answer: Similar to successful industry members
Which of the following is an example of the type of information found on a title? - Answer: verification
of ownership
The brokerage must maintain all records with regards to a trade in real estate. Which of the following
would be considered a record? 1. Purchase Contract; 2. Copies of advertisements; 3. CMA's; 4. Square
footage calculations. - Answer: all of the above
What are the five main areas of the sales process? - Answer: Prospecting, qualifying, presenting, closing,
follow-up
Which of the following is not true with respect to the information requirements a board can set out for
rentals? - Answer: age of tenant
True or False: A section of land is one mile by one mile and normally contains 640 acres. - Answer: true
all lenders require a survey - Answer: true
In Alberta, if a homeowner does not pay the mortgage payment for a period of time, the mortgage
company may: - Answer: may commence act of foreclosure
"This mortgage does not permit principal payments before maturity, other than the stipulated payments
on scheduled payment dates. There are no prepayment privileges." This is the definition of: - Answer: a
closed mortgage
