45 Hour Post Licensing Exam Study Guide with complete solutions | Latest 2025/2026 Update.

45 Hour Post Licensing Exam Study
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Guide with complete solutions | i,- i,- i,- i,- i,-




Latest 2025/2026 Update. i,- i,-




Innocent purchaser status An amendemnt to the
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Comprehensive Enviromental Response, Compensation, and i,- i,- i,- i,- i,-



Liability Act (CERCLA) that exempts from liability landowners who
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made resonable inquiries about hazardous substances before
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purchasing the property. i,- i,-




Material fact An important fact that may affect a buyer's
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decision to buy or a seller's decision to sell. Licensees must
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disclose facts that materially affect the value of residential
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property.


Misrepresentation A false or misleading statement made i,-i,- i,- i,- i,- i,- i,- i,- i,-



intentionally or unintentionally, or the failure to disclose a
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material fact. i,-




No Brokerage Relationship Notice
i,- A disclosure that must be
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given by a licensee who does not represent a buyer or seller
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before entering into an agreement or showing a property
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,Principal The person who enters into a fiduciary relationship
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with a single-agent licensee.
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Property condition discloure A form designed for disclosure
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to a buyer of any property defects. The form is normally signed
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by the seller, and the buyer signs a receipt that the buyer has
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received the disclosure. i,- i,-




Radon gas A colorless, odorless gas occurring from the
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natural breakdown of uranium in the soil. Many experts believe
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radon gas to be the second leading cause of lung cancer.
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Single Agent A broker who represents either the seller or the
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buyer in a real estate transaction, but not both.
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Single Agent Notice i,-A disclosure form informing the i,- i,-i,- i,- i,- i,- i,- i,- i,-



principal of the duties of his single agent.
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Transaction broker A licensee who has limited representation
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to the buyer and/or the seller in a transaction. Instead of being an
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advocate for the buyer or the seller, the licensee is working for
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the contract.
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,Agency i,-i,- i,- The relationship of agents and their principals
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buyer brokerage agreement
i,- An agreement between a buyer i,- i,-i,- i,- i,- i,- i,- i,- i,-



and a broker for the broker to provide services to a buyer for
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compensation. The broker may be acting as a single agent, i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



transaction broker, or a nonrepesentative. i,- i,- i,- i,-




Community association can be Condominiums, Cooperatives,
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Vacation and time-sharing, mobil home park lots, which owners
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belong and are responsible for; i.e. assessments, documents,
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dues, ect. i,-




concurrency A state law requiring that infrastructure such as
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roads, sewers, schools, etc., be in place as development occurs
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consent to Transition to Transaction Broker Notice
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disclousre form that allows a single agent to become a
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transaction broker. The notice must be signed by the principal
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before the broker can make the change
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Customer A person who works with a sales associate or a
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broker. While the person could be a principal, the usual definition
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is that the broker is either a transaction broker or has no
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brokerage relationsip with the person. i,- i,- i,- i,-

, Designated sales associate A sales associate who is i,- i,- i,-i,- i,- i,- i,- i,- i,- i,-



appointed by a broker to be a single agent for a buyer or seller in
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a nonresidential transaction when another sales associate in the
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firm has been appointed to be the single agent for the other
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party in the transaction. Both buyer and seller must have assets of
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at least $1 million and agree to the arrangement.
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Disclosure i,-i,- i,- The revelation of information important to a
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transaction


Dual agency An illegal arrangement whereby the broker tries
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to represent both the buyer and the seller in the same transaction
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False or misleading statements
i,- i,-In real estate, a statement i,- i,-i,- i,- i,- i,- i,- i,- i,-



made by a licensee or party in a real estate transaction that is not
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factual.


Fiduciary relationship A relationship of trust and confidence
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between an agent and principal i,- i,- i,- i,-




Infrastructure In developements: roads, water, sewer, i,-i,- i,- i,- i,- i,- i,- i,-



electricity are in place prior to homes being built.
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