Real Estate Salesperson License
Quiz_________________?
A basic owners title insurance policy will cover all of the following EXCEPT? -
Answer✅
Building permit Violations
Quiz_________________?
A broker has a listing on a property. The seller has accepted an offer from the buyer, but
the transaction fails to close. Under which of the following conditions would the broker be
eligible for a commission? -
Answer✅
The seller has refused to clear up a cloud on the title and the property cannot be
transferred to a buyer.
Quiz_________________?
A broker has listed a seller's property. The seller travels extensively and would like the
broker to have the authority to accept a full price offer if he receives one. The seller's layers
prepares a limited power of attorney authorizing the broker to accept any offer for at least
list price. Once the broker has the authority to accept a full price or better offer for the
seller, what is his agency role with that seller? -
Answer✅
1
, He is a General Agent
Quiz_________________?
A broker has written permission to represent both the seller and the buyer as a dual agent.
Under these circumstances, which of the duties of an agent would be the easiest for him to
fulfill? -
Answer✅
Obedience
Quiz_________________?
A Broker owes customers -
Answer✅
Honesty and Fairness
Quiz_________________?
A builder is using inferior siding and paint in an effort to construct affordable housing. This
builder is an example of? -
Answer✅
Functional Obsolescence
Quiz_________________?
A builder is very successful and active in a new subdivision. Homes in the subdivision are
selling well, and the builder is making a good profile on the sale. The new builders arrive and
begin to sell in the same subdivision. All experience a lower level of profit. Which principle
of appraisal would this be? -
Answer✅
2
, Principle of Competition
Quiz_________________?
A buyer and his agent visit a listed property. The buyer loves the property and wants to
purchase it. He speaks with the seller, who is at home at the time, and they come to an
agreement regarding the price and terms. They shake hands on the agreement and the
buyer happily leaves the property. His agent should? -
Answer✅
Warn the buyer that a verbal sales contract is unenforceable
Quiz_________________?
A buyer has discovered a defect in title and has suffered a loss due to the defect. The title
company has compensated the buyer for the loss. Subsequently, the buyer is awarded
judgement against the seller. The title company is entitled to a portion of the judgement as
reimbursement for the claim it paid. This describes what? -
Answer✅
Subrogation
Quiz_________________?
A buyer has signed an agreement to purchase a property from a seller. He has met all the
terms and conditions of the listing. The listing broker has taken the agreement to the seller.
The seller has changed his mind about selling and refuses to sign the agreement. What is
true? -
Answer✅
The seller does not have to sell, but owes the listing broker a commission.
Quiz_________________?
A buyer with a signed contract who has not yet gone to closing is an example of? -
3
, Answer✅
Equitable Title
Quiz_________________?
A buyer's agent has helped a buyer find a home. The buyer has expressed concern about the
possible presence of radon. What should the buyer's agent recommend to the buyer in this
case? -
Answer✅
Recommend an inspection for hazardous materials
Quiz_________________?
a chemical manufacturing company purchases a plant after closing they discover that the
previous owners had spilled hazardous materials on the land. According to CERCLA, who is
liable for the cost of the cleanup? -
Answer✅
Both the new owners and the previous owners
Quiz_________________?
A client has asked an agent" what is the biggest disadvantage of investing in real estate?" the
licensee's response should be? -
Answer✅
Lack of Liquidity
Quiz_________________?
A Commercial property is sold for cash without inspections. After closing the buyer
discovers environmental problems on the property. Who is liable for the cleanup? -
4
Quiz_________________?
A basic owners title insurance policy will cover all of the following EXCEPT? -
Answer✅
Building permit Violations
Quiz_________________?
A broker has a listing on a property. The seller has accepted an offer from the buyer, but
the transaction fails to close. Under which of the following conditions would the broker be
eligible for a commission? -
Answer✅
The seller has refused to clear up a cloud on the title and the property cannot be
transferred to a buyer.
Quiz_________________?
A broker has listed a seller's property. The seller travels extensively and would like the
broker to have the authority to accept a full price offer if he receives one. The seller's layers
prepares a limited power of attorney authorizing the broker to accept any offer for at least
list price. Once the broker has the authority to accept a full price or better offer for the
seller, what is his agency role with that seller? -
Answer✅
1
, He is a General Agent
Quiz_________________?
A broker has written permission to represent both the seller and the buyer as a dual agent.
Under these circumstances, which of the duties of an agent would be the easiest for him to
fulfill? -
Answer✅
Obedience
Quiz_________________?
A Broker owes customers -
Answer✅
Honesty and Fairness
Quiz_________________?
A builder is using inferior siding and paint in an effort to construct affordable housing. This
builder is an example of? -
Answer✅
Functional Obsolescence
Quiz_________________?
A builder is very successful and active in a new subdivision. Homes in the subdivision are
selling well, and the builder is making a good profile on the sale. The new builders arrive and
begin to sell in the same subdivision. All experience a lower level of profit. Which principle
of appraisal would this be? -
Answer✅
2
, Principle of Competition
Quiz_________________?
A buyer and his agent visit a listed property. The buyer loves the property and wants to
purchase it. He speaks with the seller, who is at home at the time, and they come to an
agreement regarding the price and terms. They shake hands on the agreement and the
buyer happily leaves the property. His agent should? -
Answer✅
Warn the buyer that a verbal sales contract is unenforceable
Quiz_________________?
A buyer has discovered a defect in title and has suffered a loss due to the defect. The title
company has compensated the buyer for the loss. Subsequently, the buyer is awarded
judgement against the seller. The title company is entitled to a portion of the judgement as
reimbursement for the claim it paid. This describes what? -
Answer✅
Subrogation
Quiz_________________?
A buyer has signed an agreement to purchase a property from a seller. He has met all the
terms and conditions of the listing. The listing broker has taken the agreement to the seller.
The seller has changed his mind about selling and refuses to sign the agreement. What is
true? -
Answer✅
The seller does not have to sell, but owes the listing broker a commission.
Quiz_________________?
A buyer with a signed contract who has not yet gone to closing is an example of? -
3
, Answer✅
Equitable Title
Quiz_________________?
A buyer's agent has helped a buyer find a home. The buyer has expressed concern about the
possible presence of radon. What should the buyer's agent recommend to the buyer in this
case? -
Answer✅
Recommend an inspection for hazardous materials
Quiz_________________?
a chemical manufacturing company purchases a plant after closing they discover that the
previous owners had spilled hazardous materials on the land. According to CERCLA, who is
liable for the cost of the cleanup? -
Answer✅
Both the new owners and the previous owners
Quiz_________________?
A client has asked an agent" what is the biggest disadvantage of investing in real estate?" the
licensee's response should be? -
Answer✅
Lack of Liquidity
Quiz_________________?
A Commercial property is sold for cash without inspections. After closing the buyer
discovers environmental problems on the property. Who is liable for the cleanup? -
4
