WGU C215 Q Bank For CPHQith correct answers
When a purchaser cannot qualify for conventional financing and enters into a
contract for deed with a seller, the buyer has possession and pays the
property expenses and taxes. (In a contract for deed arrangement, the buyer
takes full possession of the property and gets equitable title, agreeing to cover
expenses like real property taxes, insurance, and upkeep.)
1. In assessing a prospective buyer's mortgage affordability, a lender will
typically use percentages based on the buyer's gross monthly income, total
housing expense, and debt expenses.
2. The federal Fair Housing Amendments Act of 1988 added protected classes;
however, as of 1988, a woman convicted of sexual molestation is NOT
protected under the law. (Sexual molesters are not protected under any
federal law.)
3. A municipality establishes development goals through its master plan,
which is used to control growth. (Local governments use a master plan, also
called a comprehensive plan, to define development goals.)
4. When a principal broker hires new salespeople, their MOST important
obligation is to ensure the new salespeople are supervised.
5. If a seller rejects a full-price offer that matches the terms of the listing
contract, brought by a ready, willing, and able buyer, the seller owes a
commission to the broker. (The listing contract is binding, and the broker
is entitled to their commission, even if the seller chooses not to sell.)
6. A municipality may grant a woman permission to open an adult daycare
facility in her neighborhood through a special-use permit. (This type of
permit often allows for a special property use that benefits the common
good.)
7. The clause in a listing contract that allows the broker to distribute the listing
to other brokers, is a multiple listing clause.
8. The seller's property disclosure form benefits the transaction by ensuring the
buyer has full knowledge of all issues with the property.
9. The system of legal description that defines land by tracing its perimeter is
known as Metes and Bounds. (This method starts at a point of beginning
and precisely describes property lines, always ending back at the starting
point.)
10.A homeowner conceals water damage with a false floor is an example of a
latent defect, and the listing brokerage firm is not liable for not
discovering the false floor over the damage. (Latent defects are hidden
issues not reasonably discoverable by an inspection, and real estate
professionals are not liable for those not disclosed by the seller.)
When a purchaser cannot qualify for conventional financing and enters into a
contract for deed with a seller, the buyer has possession and pays the
property expenses and taxes. (In a contract for deed arrangement, the buyer
takes full possession of the property and gets equitable title, agreeing to cover
expenses like real property taxes, insurance, and upkeep.)
1. In assessing a prospective buyer's mortgage affordability, a lender will
typically use percentages based on the buyer's gross monthly income, total
housing expense, and debt expenses.
2. The federal Fair Housing Amendments Act of 1988 added protected classes;
however, as of 1988, a woman convicted of sexual molestation is NOT
protected under the law. (Sexual molesters are not protected under any
federal law.)
3. A municipality establishes development goals through its master plan,
which is used to control growth. (Local governments use a master plan, also
called a comprehensive plan, to define development goals.)
4. When a principal broker hires new salespeople, their MOST important
obligation is to ensure the new salespeople are supervised.
5. If a seller rejects a full-price offer that matches the terms of the listing
contract, brought by a ready, willing, and able buyer, the seller owes a
commission to the broker. (The listing contract is binding, and the broker
is entitled to their commission, even if the seller chooses not to sell.)
6. A municipality may grant a woman permission to open an adult daycare
facility in her neighborhood through a special-use permit. (This type of
permit often allows for a special property use that benefits the common
good.)
7. The clause in a listing contract that allows the broker to distribute the listing
to other brokers, is a multiple listing clause.
8. The seller's property disclosure form benefits the transaction by ensuring the
buyer has full knowledge of all issues with the property.
9. The system of legal description that defines land by tracing its perimeter is
known as Metes and Bounds. (This method starts at a point of beginning
and precisely describes property lines, always ending back at the starting
point.)
10.A homeowner conceals water damage with a false floor is an example of a
latent defect, and the listing brokerage firm is not liable for not
discovering the false floor over the damage. (Latent defects are hidden
issues not reasonably discoverable by an inspection, and real estate
professionals are not liable for those not disclosed by the seller.)
