Principles of Real Estate Final Exam With 100% Correct Answers 2024

Principles of Real Estate Final Exam With 100% Correct Answers 2024 1. One of the elements of a valid contract is mutual consent—an offer and an acceptance. A contract becomes binding between the seller and the buyer when the: a. buyer signs the counteroffer. b. broker is notified of the seller's acceptance. c. offer is accepted by the broker. d. buyer is notified of the seller's acceptance. - answera. buyer signs the counteroffer. 2. What type of development combines the individual ownership of private dwellings with the shared ownership of common facilities of the entire project? a. Common interest development b. Standard subdivision c. In-zoning subdivision d. Shared development - answera. Common interest development 3. Which of the following causes real estate prices to increase? a. Demand is not an issue b. Demand is greater than supply c. Supply and demand are the same d. Supply is greater than demand - answerb. Demand is greater than supply 4. A(n) _____ may be unilaterally terminated by a lessor or lessee. a. tenancy at sufferance b. tenancy for years c. tenancy at will d. estate of periodic tenancy - answerc. tenancy at will 5. A listing agreement allows a broker to: a. be an independent contractor. b. complete a specific task. c. complete general tasks. d. transfer title. - answerc. complete general tasks. 6. The development of vacant parcels in existing urban and suburban areas is known as: a. brownfields. b. urban sprawl. c. mansionization. d. infill development. - answerd. infill development. 7. Under which government financing program are approved applicants required to apply for life insurance—not mortgage insurance? a. F.H.A. b. CalVet c. Fannie Mae d. V.A. - answerb. CalVet 8. Which document is used by a seller to describe the condition of his property to the buyer? a. Uniform Settlement Statement b. Loan Broker Disclosure Statement c. Transfer Disclosure Statement d. Alquist-Priolo Disclosure Statement - answerc. Transfer Disclosure Statement 9. The escrow holder is th