Real Estate Final Test Review Missouri 2023

Real Estate Final Test Review Missouri 2023 A seller owned two plots of land that combined for a width of 950ft and a depth of 1800ft. A creek divided the north plot from the south plot. What is the total acreage of the two plots? Answer: (B) 39.25 acres A secretary in a real estate office has passed the salesperson's exam but has not yet received a license. This person could: Answer: C. give another salesperson in the office the address of the listed property the other salesperson wants to show An owner builds a recreation room onto her house. Her neighbor feels the new addition will violate setback lines established in city building codes. Does the neighbor have the right to request an injunction to stop construction? Answer: D) yes, under these circumstances the neighbor may justifiable ask for an injunction 4. A broker received earnest money from the buyer. The offer was not accepted by the seller; however, the agent had already deposited the earnest money. What should be done? Answer: B return the earnest money to the buyer immediately In order to be in compliance with the statute of frauds, a sales contract must be Answer: in writing The owner of an apartment building has just signed a management contract with a real estate firm. In this situation, has an agency been formed? Answer: A. yes, because an agency is formed whenever one party delegates to another the right to act on their behalf in certain business transactions Falk had a property for sale for $129,000. Murphy made an offer for $123,000. Falk made a counteroffer of $127,000. Which of the following statements is NOT true regarding this situation? Answer: C. the counteroffer would be binding on Murphy Which BEST describes a fixture? Answer: C.)it was at one time personal property wanted to void the deal. Could he do so? A 16 year old bought a piece of property. The seller found out that he was a minor and Answer: no, only the buyer could void the contract X, a single person, and Y, a each to have an undivided interest in the single person, want to take title to a property. They want property and if one dies, the interest will pass to the other. Which of the following ways of taking title BEST accomplishes their objectives? Answer: B X, a single person, and Y, a single person, as joint tenants with right of survivorship In the event of a dispute over earnest money the broker should Answer: (D hold the money until all parties to the contract sign a release or release it to the courts 12. After listing a home with a broker, a seller told the broker NOT to disclose a major structural defect in the house. The broker should Answer: PD. tell the buyer of the defect prior to the writing of a contract To create a joint tenancy relationship in the ownership of real estate, there must be unity of Answer: C. possession, time, interest and title A seller had his home listed with a broker. During the listing period, the seller found seller and won. What type of listing did the broker most likely have? his own buyer and refused to pay the broker's commission. The broker then sued the Answer: A an exclusive right to sell listing A property manager normally is charged with all the following duties except: Answer: D repairing a tenants fixture In 1988, John Smith built a 3 story apartment building. To comply with the Federal Fair Housing: Answer: A handicap tenants would need to have access to at least the 1st floor Elective credits for continuing education could be granted for a course: Answer: That