45 hour post license real estate course exam with
| | | | | | | |
correct answers
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agency |- |CORRECT |ANSWER-The |relationship |of |agents |and |their |principals
buyer |brokerage |agreement |- |CORRECT |ANSWER-An |agreement |between |a |buyer |and |a |broker |for |
the |broker |to |provide |services |to |a |buyer |for |compensation. |The |broker |may |be |acting |as |a |single |
agent, |transaction |broker, |or |a |nonrepesentative.
Community |association |- |CORRECT |ANSWER-can |be |Condominiums, |Cooperatives, |Vacation |and |time-
sharing, |mobil |home |park |lots, |which |owners |belong |and |are |responsible |for; |i.e. |assessments, |
documents, |dues, |ect.
concurrency |- |CORRECT |ANSWER-A |state |law |requiring |that |infrastructure |such |as |roads, |sewers, |
schools, |etc., |be |in |place |as |development |occurs
consent |to |Transition |to |Transaction |Broker |Notice |- |CORRECT |ANSWER-A |disclousre |form |that |allows |
a |single |agent |to |become |a |transaction |broker. |The |notice |must |be |signed |by |the |principal |before |the
|broker |can |make |the |change
Customer |- |CORRECT |ANSWER-A |person |who |works |with |a |sales |associate |or |a |broker. |While |the |
person |could |be |a |principal, |the |usual |definition |is |that |the |broker |is |either |a |transaction |broker |or |
has |no |brokerage |relationsip |with |the |person.
Designated |sales |associate |- |CORRECT |ANSWER-A |sales |associate |who |is |appointed |by |a |broker |to |be |
a |single |agent |for |a |buyer |or |seller |in |a |nonresidential |transaction |when |another |sales |associate |in |
the |firm |has |been |appointed |to |be |the |single |agent |for |the |other |party |in |the |transaction. |Both |buyer
|and |seller |must |have |assets |of |at |least |$1 |million |and |agree |to |the |arrangement.
Disclosure |- |CORRECT |ANSWER-The |revelation |of |information |important |to |a |transaction
,Dual |agency |- |CORRECT |ANSWER-An |illegal |arrangement |whereby |the |broker |tries |to |represent |both |
the |buyer |and |the |seller |in |the |same |transaction
False |or |misleading |statements |- |CORRECT |ANSWER-In |real |estate, |a |statement |made |by |a |licensee |or
|party |in |a |real |estate |transaction |that |is |not |factual.
Fiduciary |relationship |- |CORRECT |ANSWER-A |relationship |of |trust |and |confidence |between |an |agent |
and |principal
Infrastructure |- |CORRECT |ANSWER-In |developements: |roads, |water, |sewer, |electricity |are |in |place |
prior |to |homes |being |built.
Innocent |purchaser |status |- |CORRECT |ANSWER-An |amendemnt |to |the |Comprehensive |Enviromental |
Response, |Compensation, |and |Liability |Act |(CERCLA) |that |exempts |from |liability |landowners |who |
made |resonable |inquiries |about |hazardous |substances |before |purchasing |the |property.
Material |fact |- |CORRECT |ANSWER-An |important |fact |that |may |affect |a |buyer's |decision |to |buy |or |a |
seller's |decision |to |sell. |Licensees |must |disclose |facts |that |materially |affect |the |value |of |residential |
property.
Misrepresentation |- |CORRECT |ANSWER-A |false |or |misleading |statement |made |intentionally |or |
unintentionally, |or |the |failure |to |disclose |a |material |fact.
No |Brokerage |Relationship |Notice |- |CORRECT |ANSWER-A |disclosure |that |must |be |given |by |a |licensee |
who |does |not |represent |a |buyer |or |seller |before |entering |into |an |agreement |or |showing |a |property
Principal |- |CORRECT |ANSWER-The |person |who |enters |into |a |fiduciary |relationship |with |a |single-agent |
licensee.
Property |condition |discloure |- |CORRECT |ANSWER-A |form |designed |for |disclosure |to |a |buyer |of |any |
property |defects. |The |form |is |normally |signed |by |the |seller, |and |the |buyer |signs |a |receipt |that |the |
buyer |has |received |the |disclosure.
, Radon |gas |- |CORRECT |ANSWER-A |colorless, |odorless |gas |occurring |from |the |natural |breakdown |of |
uranium |in |the |soil. |Many |experts |believe |radon |gas |to |be |the |second |leading |cause |of |lung |cancer.
Single |Agent |- |CORRECT |ANSWER-A |broker |who |represents |either |the |seller |or |the |buyer |in |a |real |
estate |transaction, |but |not |both.
Single |Agent |Notice |- |CORRECT |ANSWER-A |disclosure |form |informing |the |principal |of |the |duties |of |his
|single |agent.
Transaction |broker |- |CORRECT |ANSWER-A |licensee |who |has |limited |representation |to |the |buyer
|and/or |the |seller |in |a |transaction. |Instead |of |being |an |advocate |for |the |buyer |or |the |seller, |the |
licensee |is |working |for |the |contract.
Real |estate |license |expires |on |the |first |of |two |dates |after |18 |months |have |elapsed |following |issue: |- |
CORRECT |ANSWER-March |31 |or |September |30
Sales |assoicate |must |successfully |complete |what |course |before |the |first |renewal |date |- |CORRECT |
ANSWER-45- |hour |sales |associate |post-licensing |course
If |the |licensee |does |not |succerssfully |complete |the |post-license |requirements |- |CORRECT |ANSWER-the
|license |becomes |void
and |if |wants |to |practice |real |estate |must |take |prelicensing |course |and |state |exam.
After |1st |renewal |license |will |expire |when |- |CORRECT |ANSWER-same |date |every |2 |years
failure |to |renew |license |after |1st |renewal |results |- |CORRECT |ANSWER-the |license |becomes |
involuntary |active |and |can |not |perform |real |estate |services
A |new |broker |must |complete |- |CORRECT |ANSWER-60-hour |broker |post |license |education |before |first |
renewal |date.
The |broker's |license |becomes |what |if |failure |complete |the |required |60 |hour |post-license |course. |- |
CORRECT |ANSWER-void
| | | | | | | |
correct answers
| |
agency |- |CORRECT |ANSWER-The |relationship |of |agents |and |their |principals
buyer |brokerage |agreement |- |CORRECT |ANSWER-An |agreement |between |a |buyer |and |a |broker |for |
the |broker |to |provide |services |to |a |buyer |for |compensation. |The |broker |may |be |acting |as |a |single |
agent, |transaction |broker, |or |a |nonrepesentative.
Community |association |- |CORRECT |ANSWER-can |be |Condominiums, |Cooperatives, |Vacation |and |time-
sharing, |mobil |home |park |lots, |which |owners |belong |and |are |responsible |for; |i.e. |assessments, |
documents, |dues, |ect.
concurrency |- |CORRECT |ANSWER-A |state |law |requiring |that |infrastructure |such |as |roads, |sewers, |
schools, |etc., |be |in |place |as |development |occurs
consent |to |Transition |to |Transaction |Broker |Notice |- |CORRECT |ANSWER-A |disclousre |form |that |allows |
a |single |agent |to |become |a |transaction |broker. |The |notice |must |be |signed |by |the |principal |before |the
|broker |can |make |the |change
Customer |- |CORRECT |ANSWER-A |person |who |works |with |a |sales |associate |or |a |broker. |While |the |
person |could |be |a |principal, |the |usual |definition |is |that |the |broker |is |either |a |transaction |broker |or |
has |no |brokerage |relationsip |with |the |person.
Designated |sales |associate |- |CORRECT |ANSWER-A |sales |associate |who |is |appointed |by |a |broker |to |be |
a |single |agent |for |a |buyer |or |seller |in |a |nonresidential |transaction |when |another |sales |associate |in |
the |firm |has |been |appointed |to |be |the |single |agent |for |the |other |party |in |the |transaction. |Both |buyer
|and |seller |must |have |assets |of |at |least |$1 |million |and |agree |to |the |arrangement.
Disclosure |- |CORRECT |ANSWER-The |revelation |of |information |important |to |a |transaction
,Dual |agency |- |CORRECT |ANSWER-An |illegal |arrangement |whereby |the |broker |tries |to |represent |both |
the |buyer |and |the |seller |in |the |same |transaction
False |or |misleading |statements |- |CORRECT |ANSWER-In |real |estate, |a |statement |made |by |a |licensee |or
|party |in |a |real |estate |transaction |that |is |not |factual.
Fiduciary |relationship |- |CORRECT |ANSWER-A |relationship |of |trust |and |confidence |between |an |agent |
and |principal
Infrastructure |- |CORRECT |ANSWER-In |developements: |roads, |water, |sewer, |electricity |are |in |place |
prior |to |homes |being |built.
Innocent |purchaser |status |- |CORRECT |ANSWER-An |amendemnt |to |the |Comprehensive |Enviromental |
Response, |Compensation, |and |Liability |Act |(CERCLA) |that |exempts |from |liability |landowners |who |
made |resonable |inquiries |about |hazardous |substances |before |purchasing |the |property.
Material |fact |- |CORRECT |ANSWER-An |important |fact |that |may |affect |a |buyer's |decision |to |buy |or |a |
seller's |decision |to |sell. |Licensees |must |disclose |facts |that |materially |affect |the |value |of |residential |
property.
Misrepresentation |- |CORRECT |ANSWER-A |false |or |misleading |statement |made |intentionally |or |
unintentionally, |or |the |failure |to |disclose |a |material |fact.
No |Brokerage |Relationship |Notice |- |CORRECT |ANSWER-A |disclosure |that |must |be |given |by |a |licensee |
who |does |not |represent |a |buyer |or |seller |before |entering |into |an |agreement |or |showing |a |property
Principal |- |CORRECT |ANSWER-The |person |who |enters |into |a |fiduciary |relationship |with |a |single-agent |
licensee.
Property |condition |discloure |- |CORRECT |ANSWER-A |form |designed |for |disclosure |to |a |buyer |of |any |
property |defects. |The |form |is |normally |signed |by |the |seller, |and |the |buyer |signs |a |receipt |that |the |
buyer |has |received |the |disclosure.
, Radon |gas |- |CORRECT |ANSWER-A |colorless, |odorless |gas |occurring |from |the |natural |breakdown |of |
uranium |in |the |soil. |Many |experts |believe |radon |gas |to |be |the |second |leading |cause |of |lung |cancer.
Single |Agent |- |CORRECT |ANSWER-A |broker |who |represents |either |the |seller |or |the |buyer |in |a |real |
estate |transaction, |but |not |both.
Single |Agent |Notice |- |CORRECT |ANSWER-A |disclosure |form |informing |the |principal |of |the |duties |of |his
|single |agent.
Transaction |broker |- |CORRECT |ANSWER-A |licensee |who |has |limited |representation |to |the |buyer
|and/or |the |seller |in |a |transaction. |Instead |of |being |an |advocate |for |the |buyer |or |the |seller, |the |
licensee |is |working |for |the |contract.
Real |estate |license |expires |on |the |first |of |two |dates |after |18 |months |have |elapsed |following |issue: |- |
CORRECT |ANSWER-March |31 |or |September |30
Sales |assoicate |must |successfully |complete |what |course |before |the |first |renewal |date |- |CORRECT |
ANSWER-45- |hour |sales |associate |post-licensing |course
If |the |licensee |does |not |succerssfully |complete |the |post-license |requirements |- |CORRECT |ANSWER-the
|license |becomes |void
and |if |wants |to |practice |real |estate |must |take |prelicensing |course |and |state |exam.
After |1st |renewal |license |will |expire |when |- |CORRECT |ANSWER-same |date |every |2 |years
failure |to |renew |license |after |1st |renewal |results |- |CORRECT |ANSWER-the |license |becomes |
involuntary |active |and |can |not |perform |real |estate |services
A |new |broker |must |complete |- |CORRECT |ANSWER-60-hour |broker |post |license |education |before |first |
renewal |date.
The |broker's |license |becomes |what |if |failure |complete |the |required |60 |hour |post-license |course. |- |
CORRECT |ANSWER-void
