Wa Brokers Cram Exam #2, Questions And Answers, 100% Accurate, Graded.| Latest Update 2024/25|

WA BROKERS CRAM EXAM #2, QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED. Which of the following loans would be subject to the Truth in Lending Act? A: A loan to a first time home buyer B: A lone to a homeowners association C: A loan to a residential subdivision D: A loan to buy a 20-unit apartment complex - -A Art sold his house, which was not encumbered with a mortgage. Closing expenses were $5,264, and he paid a commission of 7% of the selling price. He received a check at closing for $372,316. what did the house sell for? A: $398,000 B: $404,260 C: $406,000 D: $411,100 - -C : Add the selling costs to the sale proceeds ($5,264 + $372,316 = $377,580). Then use the seller's net formula. That is divide the sales price by the commission rate subtracted from 100 (100% -7% = 93%). $377,580 / 0.93 = $406,000 Frank gives Stella an option to buy his house. Stella, as the optionee, is obligated to: A: exercise the option at the end of the option period B: apply for a zoning change, if one is necessary in order to use the property in the way Stella wants C: Pay consideration for the option right D: record the option - -C A corn field with a depth of 900 feet and a frontage of 484 feet is bisected by an access road, leaving two triangular lots. If the land sells for $2000 per acre, how much is each lot worth? A: $2,000 B: $10,000 C: $20,000 D: $100,000 - -B Which is a list of duties owed to a principal by an agent? A: Loyalty, compensation, reasonable care, accounting B: Loyalty, confidentiality, reasonable care, accounting C: Performance, compensation, reasonable care, indemnification D: Performance, confidentiality, loyalty, indemnification - -B Ajax Realty lists a property for a seller at a commission rate of 8%. The multiple listing service provides that a listing brokerage will split commissions at a 50-50 rate. Baron Realty, a cooperating brokerage, finds a buyer for the property, at a price of $300,000. How much will the seller owe Ajax Realty at closing? A: $0 B: $12,000 C: $18,000 D: $24,000 - -D : ($300,000 x 0.8 = $24,000). The seller is not a party to the MLS commission split agreement. A buyer enters into a buyer agency agreement with a real estate licensee to negotiate the purchase of a particular FSBO property. The buyer then enters into a purchase and sale agreement, but the property he agreed to buy is subsequently condemned. Which of the following is true? A: the agency is terminated B: They can immediately look for another property C: The agent may sue the buyer for damages, If any were incurred D: This creates a dual agency - -A A right held by one or more persons to use and possess property to the exclusion of others is a/an: A: warranty B: easement C: fee simple estate D: right of equity - -C A new subdivision requires payment of homeowners association dues. If unpaid, what type of lien do they create? A: General lien applying to all property owned by the homeowner B: Involuntary lien that does not pass to the next buyer of the property C: Personal debt that is not secured by real property D: Specific lien that encumbers the property - -D