Kansas Real Estate Practice Test

Which of the following is a closing custom in KS - Answer- Buyers and sellers split the closing fee KREC recently updated the Real Estate Brokerage Relationship brochure in order to - Answer- Better clarify how designated agency works What is the most important reason for licensees to review the most recent version of the Kansas Real Estate license Law Book - Answer- It helps them stay up-to-date on any license law changes What are the four external forces that may affect value - Answer- Physical/environmental, economic, social, political/governmental Which of the following statements is true regarding earnest money in Kansas? - Answer- Earnest money must be placed in an escrow account within five business days after the contract is signed To prepare for financing, buyers should - Answer- save the down payment amount Before a blueprint and building specifications will receive a building permit, the blueprint must be stamped by - Answer- an architect or engineer what type of agency exists because a written or oral agreement is in place - Answer- express agency soundproofing and decorative material, shingles, and siding may contain what hazardous material - Answer- asbestos In kansas, is a licensee permitted to sign a listing agreement on behalf or their supervising broker - Answer- yes, the licensee is permitted to sign the listing agreement on behalf of the supervising broker if the broker agrees janine wants to meet with her potential buyer clients face-to-face in her office. whats her reason for doing this? - Answer- she wants to make sure the buyers are serious about purchasing Which type of buyer tends to look for a home with less pace, with a similar or better quality of living - Answer- trade-down buyer when a prospective homebuyer isnt represented, what doesnt she have - Answer- an agency agreement