CHAMPIONS SCHOOL OF REAL ESTATE SALESPERSON NATIONAL PREP EXAM 1 WITH ANSWERS 2023

CHAMPIONS SCHOOL OF REAL ESTATE SALESPERSON NATIONAL PREP EXAM 1 WITH ANSWERS 2023. Which of the following statements about general partners is FALSE? a. General partners are involved in running the partnership on a daily basis. b. General partners have unlimited liability for the debts of the partnership. c. General partners have liability that will not exceed their initial investment. d. General partners are part owners of the partnership. General partners have general duties (run the day to day operations) and general liability which may exceed their initial investment. v. A type of business ownership where the member or manager is not generally held liable for the debts, obligations or liabilities of the company is a(n): a. sole proprietorship. b. Limited Liability Company. c. Sub-Chapter S Corporation. d. partnership. LLCs are a good way to set up a partnership/corporation to limit a manager's personal liability for the debts of the company. vi. A young couple wants to purchase a home and take title so that if one spouse dies, the other immediately becomes the sole owner of the property. They ask their agent how to do this. The agent should: a. tell them to talk to an attorney about title concerns. b. tell them to take title as Tenants in Common. c. tell them to take title as Joint Tenants. d. tell them to take title as Tenants by the Entirety. Speaking to an attorney about legal matters (like how to take title) is a good idea. An attorney will advise the client on the legal consequences of taking title as tenancy in common or joint tenancy/tenancy by the entirety. vii. A buyer has a contract with a due diligence clause in it. If the buyer is not satisfied with the results of inspections on the property, the due diligence clause: a. allows the buyer to address his concerns with the seller. b. allows the buyer to terminate the contract during the due diligence period. c. allows the buyer to sue the seller to make repairs. d. allows the buyer to sue the seller for misrepresentation of property condition. viii. When should an agent advise a client to see an attorney? a. after all the paperwork has been filled out and signed. b. before viewing any properties. c. at the time that the agency agreement is negotiated. d. before the client signs anything he/she does not understand. ix. An investment property owner wants to do a 1031 tax deferred exchange. He contacts a license holder about it and asks for advice. The agent does not have any experience with this type of transaction. The agent should: a. advise the owner to talk to a commercial broker. b. tell the owner that he can handle this, and then get some advice from his broker. c. tell the owner the he is not experienced in this and advise the owner to talk to a Certified Public Accountant. d. agree to represent the owner, and then read up on 1031 exchanges.  A court order directing the county sheriff to seize and sell property of a debtor to satisfy a lien is: