National Real Estate Exam Questions and Answers 100% Pass

National Real Estate Exam Questions and Answers 100% Pass A purchase contract required that the property be free of tenants when the property conveyance occurred. On the day of closing, the tenants were still living in the property. Who is responsible for ensuring that tenants vacated the property prior to closing? A. Buyer B. Sellers Agent C. Seller D. Listing Agent Seller A real estate broker enters into an agreement to represent a buyer who is seeking a property to purchase, and remains a single agent throughout the transaction. A seller with whom the broker negotiates is the broker's A. Client B. Principal C. Customer D. Fiduciary Customer An investor has come to the broker because he may be interested in selling one of his residential properties. His family has owned the 8-unit building for several years and have kept accurate records of income expenses. The investor brings out a file of lavish improvements that he has completed inside each of the units, including granite counters, top of the line appliances and marble floors. He has no idea what the property is worth and has asked the broker to tell him what his potential profit will be before he agrees to list it. In this situation, what is most important for the broker to explore before counseling the investors and putting his units on the market? A. Be honest with the investor and tell him that he was foolish for spending so much money on rental properties and he should keep the property until he is able to depreciate all the improvements over the next 31 years. B. Establish what the expenses, i Explain that he will develop his opinion of value by using the income approach and that the investors may not be able to recover all the cost of his improvements A broker has a listing agreement to deliver to his out of town client. To properly secure his listing, the agreement A. Must have original ink signature B. Must be retained in the broker's files for 3 years C. May be an oral agreement D. May be in electronic format May be in electronic format Working to convince a potential buyer that a single-family house near a university could be converted to student housing, a broker guarantees the buyer substantial profit. Such a guarantee A. Maybe unethical but is not violation of the real estate rules and regulations B. Requires comparable sales information to support the claim of future value C. Is an acceptable professional practice if the property is properly zoned D. Constitutes failure to engage in competent practice under the real estate rules and regulations Constitutes failure to engage in competent practice under the real estate rules and regulations A recently widowed farm owner has called a broker to list his one-acre building site in order to raise the money to pay the property taxes. How should the broker proceed? A. Pace off the land, put markers on the corners, and advertise the building site for sale B. Contact the municipality to determine if this is possible, and then have a surveyor prepare the description C. Draw up the legal description of the property, list it, and begin the marketing campaign D. Refuse the assignment, as one cannot divide and sell a portion