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Answers Graded A+
What type of agency exists because of the actions and behavior of the parties?
Page | 1
Action agency
Behavioral agency
Express agency
Implied agency - -Implied agency
Which entity ensures that contractors perform their work according to code by inspecting
their job sites?
City hall
The attorney general
The building department
The secretary of state - -The building department
The secondary mortgage market is comprised of _________________________.
FNMA, GNMA, FHLMC, & lending institutions that buy loans from other lenders
Lending institutions that lend directly to consumers
Savings and loans, thrifts, and credit unions
The VA and the FHA - -FNMA, GNMA, FHLMC, and lending institutions that buy loans
from other lenders
, The secondary market is where loans are resold.
What is the highest penalty an unlicensed individual practicing real estate may be fined for
Page | 2 more than two offenses?
$10,000 per violation
$1,000 per violation
$25,000 per violation
$2,500 per violation - -$25,000 per violation
Which document is provided to borrowers no fewer than three days prior to closing and
provides disclosures about the costs of the transaction?
Closing Disclosure
Escrow Closing notice
Loan Estimate
The Mortgage Servicing Transfer disclosure - -Closing Disclosure
Which of the following is an example of a development cost?
Crime rates
Increased demand on infrastructure
Lower unemployment
School ratings - -Increased demand on infrastructure
, Which option best describes a delivery and acceptance of a deed as required?
Grantor has acknowledged and voluntarily signed the deed in front of a public notary and
Page | 3 delivered it in person to the grantee or an agent of the grantee
Grantor has handed the grantee the deed and the grantee has signed it in front of a public
notary voluntarily accepting it.
Grantor has mailed the deed to the county clerk's office for recording.
Grantor has signed the deed and left it on the grantees patio. - -Grantor has
acknowledged and voluntarily signed the deed in front of a public notary and delivered it in
person to the grantee or an agent of the grantee
Which document given before closing provides an estimate of the costs a buyer is likely to
pay at settlement?
Abstract of title
Closing Disclosure
Loan Estimate
The Mortgage Servicing Transfer disclosure - -Loan Estimate
The Loan Estimate provides the buyer with the costs they are likely to pay at settlement and
discloses the mortgage loan specifics, such as its key features, costs, and risks.
, In the sales comparison approach, the appropriateness of the various comparable sales in
relationship to the subject is considered in a process known as ______, where certain
factors may be given more weight.
Page | 4
Averaging
Bracketing
Conformity
Correlation - -Correlation
A licensee says, "This is a dream home with the best views in town." This is an example of
______.
A lie
Intentional misrepresentation
Positive misrepresentation
Puffery - -Puffery
What's the term for an addition to a sales agreement form that can be added before it is
signed without changing any of the other terms that have already been agreed upon?
Addendum
Amendment
Annexation
Appurtenance - -Addendum
Answers Graded A+
What type of agency exists because of the actions and behavior of the parties?
Page | 1
Action agency
Behavioral agency
Express agency
Implied agency - -Implied agency
Which entity ensures that contractors perform their work according to code by inspecting
their job sites?
City hall
The attorney general
The building department
The secretary of state - -The building department
The secondary mortgage market is comprised of _________________________.
FNMA, GNMA, FHLMC, & lending institutions that buy loans from other lenders
Lending institutions that lend directly to consumers
Savings and loans, thrifts, and credit unions
The VA and the FHA - -FNMA, GNMA, FHLMC, and lending institutions that buy loans
from other lenders
, The secondary market is where loans are resold.
What is the highest penalty an unlicensed individual practicing real estate may be fined for
Page | 2 more than two offenses?
$10,000 per violation
$1,000 per violation
$25,000 per violation
$2,500 per violation - -$25,000 per violation
Which document is provided to borrowers no fewer than three days prior to closing and
provides disclosures about the costs of the transaction?
Closing Disclosure
Escrow Closing notice
Loan Estimate
The Mortgage Servicing Transfer disclosure - -Closing Disclosure
Which of the following is an example of a development cost?
Crime rates
Increased demand on infrastructure
Lower unemployment
School ratings - -Increased demand on infrastructure
, Which option best describes a delivery and acceptance of a deed as required?
Grantor has acknowledged and voluntarily signed the deed in front of a public notary and
Page | 3 delivered it in person to the grantee or an agent of the grantee
Grantor has handed the grantee the deed and the grantee has signed it in front of a public
notary voluntarily accepting it.
Grantor has mailed the deed to the county clerk's office for recording.
Grantor has signed the deed and left it on the grantees patio. - -Grantor has
acknowledged and voluntarily signed the deed in front of a public notary and delivered it in
person to the grantee or an agent of the grantee
Which document given before closing provides an estimate of the costs a buyer is likely to
pay at settlement?
Abstract of title
Closing Disclosure
Loan Estimate
The Mortgage Servicing Transfer disclosure - -Loan Estimate
The Loan Estimate provides the buyer with the costs they are likely to pay at settlement and
discloses the mortgage loan specifics, such as its key features, costs, and risks.
, In the sales comparison approach, the appropriateness of the various comparable sales in
relationship to the subject is considered in a process known as ______, where certain
factors may be given more weight.
Page | 4
Averaging
Bracketing
Conformity
Correlation - -Correlation
A licensee says, "This is a dream home with the best views in town." This is an example of
______.
A lie
Intentional misrepresentation
Positive misrepresentation
Puffery - -Puffery
What's the term for an addition to a sales agreement form that can be added before it is
signed without changing any of the other terms that have already been agreed upon?
Addendum
Amendment
Annexation
Appurtenance - -Addendum
