REAL ESTATE EXPRESS EXAM SCRIPT
VERIFIED QUESTIONS AND DETAILED
SOLUTIONS
●● If a contractor is planning to build a new apartment complex, he or
she needs to consult the _______ to avoid any potential fines by the
United States Attorney General.
Answer: Americans with Disabilities Act Standards
●● What is true regarding the platform-frame construction method?
Answer: It is the type of construction most generally used in home
building.
●● What type of agent has power of attorney?
Answer: A universal agent
●● An agent's duties to a principal include which of the following?
Answer: Disclosure or notice
●● Licensee Finn reported to the lender that the sales price was $5,000
higher than it actually was as the buyer requested him to. This is an
example of
Answer: intentional fraud.
,●● Does a seller have the option to reject subagency when signing the
listing agreement?
Answer: : Yes, the seller can choose to reject or accept subagency
●● In most states, a licensee must provide a(n) _______ of any existing
agency relationships to all parties _________ to whom they provide real
estate brokerage services.
Answer: written disclosure, at first substantive contact
●● Which of the following is a common type of agency relationship?
Answer: : Buyer/Tenant agency
●● Licensee Chad works for broker Michael. Licensee Chad has a
listing agreement with seller Ray. Licensee Chad decided to transfer
brokers. What will most likely happen with Chad's listing?
Answer: It will stay with Michael's brokerage.
●● In a(n) _____, an owner sets a minimum amount that he wants to
receive from the sale of the property and lets the broker have as
commission any amount above the set minimum.
Answer: net listing
,●● Both the agent and seller just signed the listing agreement. What
must the licensee give to the seller now?
Answer: A copy of the signed listing agreement
●● Carson had partial ownership of a property. He sold his ownership
share for $40,000 after receiving permission from the other owners
before the closing. Carson was a
Answer: Carson was a joint tenant.
●● Albert had the legal authority to sign the $128,000 sales contract for
a property held in trust. Albert is
Answer: the executor of the estate
●● There is no time limit on tenant Trent's lease. What type of lease has
he entered?
Answer: An estate at will
●● Lamar sells another broker's $800,000 listing for $785,000 at a
commission rate of 6.5%. Lamar has a 40% commission split with his
broker. If there is also a 50% brokerage split, what commission will
Lamar receive?
Answer: $10,205
, ●● Salesperson Jonathon joins a brokerage as an independent contractor.
Which of the following will he probably have to pay for on his own?
Answer: Self-employment tax
●● Which of the following is typically a licensee's duty to the
brokerage?
Answer: Work to promote and sell the broker's listings
●● Insurance policies are called _______ because the insurer only
performs the promised action if a specified chance event occurs.
Answer: aleatory contracts
●● A conveyance instrument for a property that is sold to enforce a tax
lien is a
Answer: tax deed.
●● Which of the following properties would most likely be exempted
from real estate taxes?
Answer: A building owned by the Department of Transportation
●● Tax assessors cannot do "spot" reassessments of properties unless
Answer: a material change in the property has been reported.
VERIFIED QUESTIONS AND DETAILED
SOLUTIONS
●● If a contractor is planning to build a new apartment complex, he or
she needs to consult the _______ to avoid any potential fines by the
United States Attorney General.
Answer: Americans with Disabilities Act Standards
●● What is true regarding the platform-frame construction method?
Answer: It is the type of construction most generally used in home
building.
●● What type of agent has power of attorney?
Answer: A universal agent
●● An agent's duties to a principal include which of the following?
Answer: Disclosure or notice
●● Licensee Finn reported to the lender that the sales price was $5,000
higher than it actually was as the buyer requested him to. This is an
example of
Answer: intentional fraud.
,●● Does a seller have the option to reject subagency when signing the
listing agreement?
Answer: : Yes, the seller can choose to reject or accept subagency
●● In most states, a licensee must provide a(n) _______ of any existing
agency relationships to all parties _________ to whom they provide real
estate brokerage services.
Answer: written disclosure, at first substantive contact
●● Which of the following is a common type of agency relationship?
Answer: : Buyer/Tenant agency
●● Licensee Chad works for broker Michael. Licensee Chad has a
listing agreement with seller Ray. Licensee Chad decided to transfer
brokers. What will most likely happen with Chad's listing?
Answer: It will stay with Michael's brokerage.
●● In a(n) _____, an owner sets a minimum amount that he wants to
receive from the sale of the property and lets the broker have as
commission any amount above the set minimum.
Answer: net listing
,●● Both the agent and seller just signed the listing agreement. What
must the licensee give to the seller now?
Answer: A copy of the signed listing agreement
●● Carson had partial ownership of a property. He sold his ownership
share for $40,000 after receiving permission from the other owners
before the closing. Carson was a
Answer: Carson was a joint tenant.
●● Albert had the legal authority to sign the $128,000 sales contract for
a property held in trust. Albert is
Answer: the executor of the estate
●● There is no time limit on tenant Trent's lease. What type of lease has
he entered?
Answer: An estate at will
●● Lamar sells another broker's $800,000 listing for $785,000 at a
commission rate of 6.5%. Lamar has a 40% commission split with his
broker. If there is also a 50% brokerage split, what commission will
Lamar receive?
Answer: $10,205
, ●● Salesperson Jonathon joins a brokerage as an independent contractor.
Which of the following will he probably have to pay for on his own?
Answer: Self-employment tax
●● Which of the following is typically a licensee's duty to the
brokerage?
Answer: Work to promote and sell the broker's listings
●● Insurance policies are called _______ because the insurer only
performs the promised action if a specified chance event occurs.
Answer: aleatory contracts
●● A conveyance instrument for a property that is sold to enforce a tax
lien is a
Answer: tax deed.
●● Which of the following properties would most likely be exempted
from real estate taxes?
Answer: A building owned by the Department of Transportation
●● Tax assessors cannot do "spot" reassessments of properties unless
Answer: a material change in the property has been reported.
