PEARSON VUE TEST PAPER ANSWERS AND
QUESTIONS SET A+
✔✔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
a. accretion
b. dedication
c. assignment
d. condemnation - ✔✔b. dedication
✔✔when a private property is abandoned, the state MAY acquire title to that property
under the right of
a. escheat
b. eminent domain
c. police power
d. taxation - ✔✔a. escheat
✔✔a lease that provides for periodic increases of rent at regular intervals is called a
a. graduated lease
b. percentage lease
c. yearly lease
d. long-term lease - ✔✔a. graduated lease
✔✔a listing salesperson MUST disclose what info to potential buyers
a. any zoning changes made after the property was listed
b. any ethnic diversity in the neighborhood
c. the financial status of the seller
d. the amount the seller originally paid for the property - ✔✔a. any zoning changes
made after the property was listed
✔✔the taxes on a property are based on an assessment ratio of 50% of a market value
of $174,000. the tax rate is $4.75 per $100. the amount of the semi- annual tax payment
is
a. $1,033
b. $2,066
c. $4,132
d. $8,265 - ✔✔b. $2,066
QUESTIONS SET A+
✔✔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
a. accretion
b. dedication
c. assignment
d. condemnation - ✔✔b. dedication
✔✔when a private property is abandoned, the state MAY acquire title to that property
under the right of
a. escheat
b. eminent domain
c. police power
d. taxation - ✔✔a. escheat
✔✔a lease that provides for periodic increases of rent at regular intervals is called a
a. graduated lease
b. percentage lease
c. yearly lease
d. long-term lease - ✔✔a. graduated lease
✔✔a listing salesperson MUST disclose what info to potential buyers
a. any zoning changes made after the property was listed
b. any ethnic diversity in the neighborhood
c. the financial status of the seller
d. the amount the seller originally paid for the property - ✔✔a. any zoning changes
made after the property was listed
✔✔the taxes on a property are based on an assessment ratio of 50% of a market value
of $174,000. the tax rate is $4.75 per $100. the amount of the semi- annual tax payment
is
a. $1,033
b. $2,066
c. $4,132
d. $8,265 - ✔✔b. $2,066
