PEARSON VUE ACTUAL FINALS QUESTIONS AND
ANSWERS SET A+
✔✔when a contract states that "time is of the essence," the contract MUST be delivered
and presented
a. within 24 hours
b. within 48 hours
c. electronically
d. as soon as possible - ✔✔D. ASAP
✔✔which of the following clauses in a conventional mortgage instrument entitles the
lender to accelerate the loan if the loan is assumed
A. prepayment
b. right-to-sell
c. due-on-sale
d. variable interest rate - ✔✔c. due-on-sale
✔✔a seller has delinquent property taxes of $572. at closing, the taxes will be a
a. debit to the seller $572
b. debit to the buyer $572
c. credit to the seller $572
d. credit to the buyer $572 - ✔✔a. debit to the seller $572
✔✔an apartment project with 160 units has 8 vancancies. the vacancy rate is:
a. 5%
b.8%
c 92%
d. 95% - ✔✔a 5%
, ✔✔to be certain that a property has no encroachments, an appraiser should check a
a. survey
b. deed
c. field book
d. tax map book - ✔✔a. survey
✔✔a licensee is contacted by a potential buyer interested in purchasing a commercial
property as an investment. the licensee has no experience with this type of property.
what SHOULD the licensee do?
a. contact an attorney to draft a specialized agency contract
b. discourage the potential buyer from purchasing a commercial property w/o seeking
advise from a cpa
c. inform the potential buyer that the licensee has limited experience with this type of
property.
d. assess the brokerage's current commercial property inventory and suggest possible
listings to the client - ✔✔c. inform the buyer that the licensee has limited experience
with this type of property
✔✔what type of insurance would cover a mistake or negligence on a licensee's part that
results in financial loss to a client
a. general liability insurance
b. errors and ommissions (E&O) insurance
c. hazard insurance
d. group insurance - ✔✔b. errors and omissions insurance
✔✔A broker is typically considered to be which of the following types of agents
a. a special agent
b. universal agent
c. general agent
d. individual agent - ✔✔a. special agent
✔✔which of the following types of legal descriptions identifies a property by outlining its
boundaries in terms of a series of directions and distances from a specific point of
beginning?
a. rectangular
b. lot and block
c. metes and bounds
d. geodetic - ✔✔c. metes and bounds
✔✔the donation of private land for public use is called
ANSWERS SET A+
✔✔when a contract states that "time is of the essence," the contract MUST be delivered
and presented
a. within 24 hours
b. within 48 hours
c. electronically
d. as soon as possible - ✔✔D. ASAP
✔✔which of the following clauses in a conventional mortgage instrument entitles the
lender to accelerate the loan if the loan is assumed
A. prepayment
b. right-to-sell
c. due-on-sale
d. variable interest rate - ✔✔c. due-on-sale
✔✔a seller has delinquent property taxes of $572. at closing, the taxes will be a
a. debit to the seller $572
b. debit to the buyer $572
c. credit to the seller $572
d. credit to the buyer $572 - ✔✔a. debit to the seller $572
✔✔an apartment project with 160 units has 8 vancancies. the vacancy rate is:
a. 5%
b.8%
c 92%
d. 95% - ✔✔a 5%
, ✔✔to be certain that a property has no encroachments, an appraiser should check a
a. survey
b. deed
c. field book
d. tax map book - ✔✔a. survey
✔✔a licensee is contacted by a potential buyer interested in purchasing a commercial
property as an investment. the licensee has no experience with this type of property.
what SHOULD the licensee do?
a. contact an attorney to draft a specialized agency contract
b. discourage the potential buyer from purchasing a commercial property w/o seeking
advise from a cpa
c. inform the potential buyer that the licensee has limited experience with this type of
property.
d. assess the brokerage's current commercial property inventory and suggest possible
listings to the client - ✔✔c. inform the buyer that the licensee has limited experience
with this type of property
✔✔what type of insurance would cover a mistake or negligence on a licensee's part that
results in financial loss to a client
a. general liability insurance
b. errors and ommissions (E&O) insurance
c. hazard insurance
d. group insurance - ✔✔b. errors and omissions insurance
✔✔A broker is typically considered to be which of the following types of agents
a. a special agent
b. universal agent
c. general agent
d. individual agent - ✔✔a. special agent
✔✔which of the following types of legal descriptions identifies a property by outlining its
boundaries in terms of a series of directions and distances from a specific point of
beginning?
a. rectangular
b. lot and block
c. metes and bounds
d. geodetic - ✔✔c. metes and bounds
✔✔the donation of private land for public use is called
