ASREB Exam Questions and Answers with complete solution

Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? - Answer-Estoppel Amount stated in a purchase contract in case the buyer breaches is called: - Answer-Liquidated In a sublease with a positive leasehold who benefits from excess rent? - Answer-Sub-lessor Property taxes are 1,525. 1st half paid by seller closes November 2nd - Answer-512.57 Debit seller, credit buyer (518.07) Deed of trust is created, it also needs: - Answer-Note Consumer financial protection bureau is governing - Answer-Savings & Loan Associations Fixed rate 30 year loan is partially prepaid, has an effect on - Answer-Shortening the life of the loan Buyers interest in a purchase contract is assigned to 3rd party, sellers' permission - Answer-Never Required Apt. 2 units :900, 2550 - Answer-2,030 90,000 1500 + 6% annum - Answer-427.50 Sell house for 113,000 7% VA Loan 110,000 2 ½ points termite inspection - Answer-29,840 Commissioner may issue cease and desist on all but - Answer-Appeal to Advisory BoardLow income loans - Answer-GNMA Closing statement not pro-rated - Answer-Security deposit What is not required on brokerage receipt - Answer-brokerage name Brokers are required to have all except: - Answer-Trust Account Not appear on public report - Answer-Market Value Taxes are 915 a year, seller paid 1st half on October 1, close escrow on 11/16 - Answer-340 Debit Seller Relationship of Licensee to Broker - Answer-General