CA Real Estate Exam Practice | 100% Correct Answers | Verified | Latest 2024 Version

How many square feet in one acre? - There are 43,560 square feet in an acre Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming no other fees, if they walked away from the sale with $306,000, about how much did their house sell for? - $332,600 To solve this problem, set up an equation using P for the answer you seek: You know that the seller walked away with $306,000. If the agent was to take 8% of the selling price (P), then the seller received 92% of the selling price. So, the equation would look like this: Amount seller received (306,000) = P (selling price) x 92% (0.92) 306,000 = P x 0.92 To isolate P (the unknown) on one side, divide both sides of the equation by 0.92 and you have: 306,0000.92=P Divide and you have the actual answer: 332,608.695 etc. Notice that the question says "about," so round to find the correct answer among the choices given: $332,600 Which of the following is a violation of the Fair Housing act? - not allowing a service dog in an apartment complex that doesn't allow pets According to Fair Housing laws, a handicapped individual who needs a service dog is permitted to have one even if animals are not generally allowed on the property. However, the person is responsible to pay for any damage the animal causes when their tenancy is up. In new multiple-story housing properties, accommodations must be made on the first floor only. According to Fair Housing laws, which of these people is not considered disabled? - a former convict According to Fair Housing laws, people whose mental or physical condition limits their performance of major life activities is "disabled." So, alcoholics, drug addicts, and HIV-infected people are considered disabled, but having been a convict does not qualify as a disability. Sarah owns a warehouse and has decided to sell it as an open listing. She has contacted three brokers to sell it for her, Brokers A, B, and C. If Broker B makes the sale, who gets the commission? - Broker BIn an open listing, whichever broker sells the property gets the commission. What information would be unethical for a listing agent to share with a potential buyer? - "The seller is very eager for an offer because he lost his job and found a new one in a different state." It is inappropriate for a listing agent to tell a prospective buyer personal information about the seller, even if it may encourage a sale. The only exception would be in the case of a seller instructing the agent to do so. Doing so would be a confidentiality breach on the part of the listing agent. The broker should answer all questions related to the property honestly. A subdivision has a rule that each home in the neighborhood be at least 2,500 square feet. This is an example of which concept? - restrictive covenant Restrictive covenants are created by neighborhood developers or associations to ensure that the neighborhood maintains certain standards. Examples include minimum housing size, restrictions on architectural style, or mandated underground sprinkling. Which of the following describes a transaction brokerage? - The broker does not represent either party, but provides general information and services to each. In a transaction brokerage, the broker may help with general information or services, but she is not looking out for the specific interests of either the buying or selling party. Who takes the biggest risk in an open listing? - the agent In an open listing, the seller will only pay the agent if the agent finds the buyer. Because the seller can have many agents in an open listing, only the agent who finds the buyer will be compensated. This means the agents who do not produce a buyer will recei