Real Estate Final Exam (150 Questions ) #1
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1. A real estate licensee has a buyer A customer.
agency agreement. What is the seller
in this situation?
2. An optionor and an optionee make a He must exercise his option under the terms of the
contract for an option on a commer- option contract.
cial piece of property. If the optionee
decides to exercise his option, when
must he perform?
3. When can a landlord evict a disabled If the tenant has loud parties, makes too much
blind or disabled tenant from the noise, and is constantly disturbing other tenants
premises?
4. 4. Broker Carr, with ABC Real Estate There is not a relationship between the parties.
Company, listed the property with a Broker Carr represents the Seller and Broker Smith
seller. Broker Smith, with XYZ Real represents the Buyer.
Estate Company, called Broker Carr,
and disclosed that he was a Buyer
Agent. Broker Smith wrote a contract
with a buyer for the sale of the prop-
erty. What, if any, is the relationship
between the buyer's broker, the sell-
er and the listing broker?
5. A buyer bought a property without Enforceable
telling the seller of his intended pur-
pose for the property. The contract
contains no contingency clauses and
it is a properly executed contract. Af-
ter the closing, the buyer is unable
to obtain the zoning he needs for his
, Real Estate Final Exam (150 Questions ) #1
Study online at https://quizlet.com/_5xztc5
commercial project. What is the con-
tract at this stage?
6. 6. The seller and the buyer final- $1,130.14 debit the seller and credit the buyer
ly agreed to a purchase price of
$203,500 with the closing to occur
on June 15. The taxes for the year in
the amount of $2,500 have not been
paid by the seller. (Taxes are paid in
arrears). How much would the tax
proration amount to, and how would
it appear on a full settlement state-
ment? Base your answer on a 365 day
year, and the buyer is responsible for
the day of settlement.
7. A seller listed his home for six 6/15
months on February 26. On April 29,
a buyer made an offer on the prop-
erty. The listing broker presented the
offer to the seller on April 30. The
seller accepted the offer on May 1,
with the closing to occur on June 15.
Assuming the closing took place on
June 15, when did the listing expire?
8. The sellers listed their property for $36,225. Debit the seller.
six months on February 26 for
$522,500. They agreed to pay the list-
ing broker a 7% commission at clos-
ing on the agreed upon sale price.
A buyer made an offer on the prop-
, Real Estate Final Exam (150 Questions ) #1
Study online at https://quizlet.com/_5xztc5
erty on March 29 for $510,000. The
seller countered the offer on April 1
at $517,500, and the buyer accepted
the counter offer with the closing to
occur on June 15. How much com-
mission did the seller owe the listing
broker, and how would it appear on
the settlement statement?
9. The seller and the buyer agreed to a Loan balance $170,000; interest due $425
purchase price of $270,000 with the
closing to occur on June 15. The sell-
er's loan balance after the June 1 pay-
ment was $170,000. with an interest
rate of 6%.The monthly payment was
$1,800 principal and interest. What
was the loan balance the day of clos-
ing, and how much interest did the
seller owe the bank?
10. The buyer and seller agreed to a pur- $ 248,400. Credit the buyer only.
chase price of $310,500. The buyer
received an 80% loan. How much was
the buyer's loan and how did it ap-
pear on the settlement statement?
11. A home improvement company was Friday, midnight (Three business day period)
negotiating with a homeowner to
add on two rooms to a home. The
company agreed to take a second
mortgage as long as the homeowner
also included the rest of the proper-
Study online at https://quizlet.com/_5xztc5
1. A real estate licensee has a buyer A customer.
agency agreement. What is the seller
in this situation?
2. An optionor and an optionee make a He must exercise his option under the terms of the
contract for an option on a commer- option contract.
cial piece of property. If the optionee
decides to exercise his option, when
must he perform?
3. When can a landlord evict a disabled If the tenant has loud parties, makes too much
blind or disabled tenant from the noise, and is constantly disturbing other tenants
premises?
4. 4. Broker Carr, with ABC Real Estate There is not a relationship between the parties.
Company, listed the property with a Broker Carr represents the Seller and Broker Smith
seller. Broker Smith, with XYZ Real represents the Buyer.
Estate Company, called Broker Carr,
and disclosed that he was a Buyer
Agent. Broker Smith wrote a contract
with a buyer for the sale of the prop-
erty. What, if any, is the relationship
between the buyer's broker, the sell-
er and the listing broker?
5. A buyer bought a property without Enforceable
telling the seller of his intended pur-
pose for the property. The contract
contains no contingency clauses and
it is a properly executed contract. Af-
ter the closing, the buyer is unable
to obtain the zoning he needs for his
, Real Estate Final Exam (150 Questions ) #1
Study online at https://quizlet.com/_5xztc5
commercial project. What is the con-
tract at this stage?
6. 6. The seller and the buyer final- $1,130.14 debit the seller and credit the buyer
ly agreed to a purchase price of
$203,500 with the closing to occur
on June 15. The taxes for the year in
the amount of $2,500 have not been
paid by the seller. (Taxes are paid in
arrears). How much would the tax
proration amount to, and how would
it appear on a full settlement state-
ment? Base your answer on a 365 day
year, and the buyer is responsible for
the day of settlement.
7. A seller listed his home for six 6/15
months on February 26. On April 29,
a buyer made an offer on the prop-
erty. The listing broker presented the
offer to the seller on April 30. The
seller accepted the offer on May 1,
with the closing to occur on June 15.
Assuming the closing took place on
June 15, when did the listing expire?
8. The sellers listed their property for $36,225. Debit the seller.
six months on February 26 for
$522,500. They agreed to pay the list-
ing broker a 7% commission at clos-
ing on the agreed upon sale price.
A buyer made an offer on the prop-
, Real Estate Final Exam (150 Questions ) #1
Study online at https://quizlet.com/_5xztc5
erty on March 29 for $510,000. The
seller countered the offer on April 1
at $517,500, and the buyer accepted
the counter offer with the closing to
occur on June 15. How much com-
mission did the seller owe the listing
broker, and how would it appear on
the settlement statement?
9. The seller and the buyer agreed to a Loan balance $170,000; interest due $425
purchase price of $270,000 with the
closing to occur on June 15. The sell-
er's loan balance after the June 1 pay-
ment was $170,000. with an interest
rate of 6%.The monthly payment was
$1,800 principal and interest. What
was the loan balance the day of clos-
ing, and how much interest did the
seller owe the bank?
10. The buyer and seller agreed to a pur- $ 248,400. Credit the buyer only.
chase price of $310,500. The buyer
received an 80% loan. How much was
the buyer's loan and how did it ap-
pear on the settlement statement?
11. A home improvement company was Friday, midnight (Three business day period)
negotiating with a homeowner to
add on two rooms to a home. The
company agreed to take a second
mortgage as long as the homeowner
also included the rest of the proper-
