Manufactured Housing Test Actual Exam Questions With Reviewed 100% Correct Detailed Answers Guaranteed Pass!!

Manufactured Housing Test Actual Exam
Questions With Reviewed 100%
Correct Detailed Answers
Guaranteed Pass!!

1. In the event of a breach by a dealer of a purchase agreement where the
buyer traded in a manufactured/ mobile home toward the purchase of
another manufactured/mobile home and the dealer is unable to return the
unit used toward the purchase, the dealer must:
A. refund to the buy either the value designated in the purchase agreement or the
fair market value of the unit used as a trade-in within five days of the breach
B. refund to the buyer the fair market value of the trade-in within 30 days of the
breach
C. refund to the buyer the value designated in the purchase agreement of the
trade-in within 30 days of the breach
D. replace the trade-in with a manufactured/ mobile home of equal or greater
value within 30 days - ANSWER A. refund to the buy either the value
designated in the purchase agreement or the fair market value of the unit used as
a trade-in within five days of the breach


2. If the buyer of a manufactured/ mobile home is to arrange for financing
without the assistance of the dealer and the buyer is unable to obtain
financing:
A. escrow shall terminate, and the dealer is entitled to the deposit
B. escrow shall terminate, and all money shall be returned to the buyer, unless a
letter of commitment of financing is delivered into escrow

,C. the dealer is entitled to the deposit if the unit has been delivered
D. the dealer is entitled to the deposit if the unit has been delivered from the
manufacturer - ANSWER B. escrow shall terminate, and all money shall be
returned to the buyer, unless a letter of commitment of financing is delivered into
escrow


3. A dealer may solicit, obtain listings, engage in multiple listings or engage in
payments:
A. with other licensed dealers for the sale of new or used manufactured/ mobile
homes
B. with real estate brokers and other dealers for units that are titled
C. with other dealers for the sale of units placed on a foundation system
D. with other dealers for the sale of units which have not been titled - ANSWER
B. with real estate brokers and other dealers for units that are titled


4. Errors on a conditional sales contract which affects the installment
payment or balance due may be corrected within 30 days of the execution
of the contract or 20 days of the date of sale, whichever is later, and:
A. the dealer notifies the department and provides the department and buyer a
replacement conditional sales contract
B. the dealer agrees to pay any increase in payments or balance due created by
the error
C. if there are no increases to the payments or balance due shown on the
conditional sales contract
D. where the correction increases the payments or balance due, the buyer must
concur in writing - ANSWER D. where the correction increases the payments
or balance due, the buyer must concur in writing

, 5. When a conditional sales contract is deemed unenforceable due to errors
relating to installments or balance due, the buyer may elect to:
A. retain the unit and continue the contract
B. recover form the dealer the amount paid the dealer
C. rescind the contract and return the unit

D. all the above - ANSWER D. all the above


6. When a buyer has elected to return a manufactured/ mobile home because
of errors made by the dealer in a conditional sales contract which have
affected the payments or balance due that renders the contract
unenforceable:
A. the value of the unit shall be deemed restitution without any decrease
resulting from the passage of time
B. the value of the unit may be discounted from the amount shown in the
contract due to the passage of time
C. the value of the unit must be increased due to increased cost of replacement
D. the value of the unit must be increased due to increased cost of replacement
less any repairs needed to make the unit saleable - ANSWER A. the value of
the unit shall be deemed restitution without any decrease resulting from the
passage of time


7. When a dealer has repossessed a manufactured/ mobile home and the
dealer plans to sell it on the open market, the dealer:
A. is required to notify the owner 10 days prior to the sale
B. is required to notify the owner 15 days prior to the sale
C. is required to notify the legal owner 20 days prior to sale

, D. is required to notify the legal owner 30 days prior to sale - ANSWER B. is
required to notify the owner 15 days prior to the sale


8. A buyer whose manufactured/ mobile home has been repossessed and has
been properly notified of the dealer's intent to resell the unit may exercise
the right to reclaim the unit up to the 15th day after receiving notice:
A. if the contract balance is paid in full
B. if collection costs incurred by the dealer are paid in full
C. if any delinquent fees are paid in full

D. all the above are true and may be required - ANSWER D. all the above are
true and may be required


9. A dealer may obtain listings to some manufactured/ mobile homes and
enter into multiple listings with other dealers:
A. except for units installed on permanent foundations
B. but must include in any listing agreement a date when the listing is to
terminate
C. except for units not titled and still in inventory

D. all the above are correct - ANSWER D. all the above are correct


10. It is unlawful for any person to act as a salesperson without first having
procured a license, temporary permit, or certificate issued by the
department or:
A. when the license, temporary permit, or certificate has expired
B. when the license, temporary permit, or certificate has been cancelled
C. when the license, temporary permit, or certificate has been suspended or
revoked