Superior School of Real Estate Final (Questions & Answers) Rated 100% Correct!!

A broker engaging in property management is generally tasked by the property owner with - instituting legal actions against tenants. A broker is aware that the public road in front of her listing is scheduled to be widened to a four-lane divided highway next year. The listing agent - must volunteer the information to all prospective buyers A broker is preparing a comparative market analysis (CMA) for a subject property with 3200 square feet. A comparable property has 2750 square feet. The estimated value of 450 additional square feet is $22,500. The broker should... - Add $22,500 to the sales price of the comparable property. A broker may be subject to disciplinary action by the Commission in which of the following situations? - The unlicensed assistant of a broker shows one of the broker's many listings to a prospective buyer. A broker obtains an exclusive right to sell listing for her real estate company. What is the agency relationship between the owner of the listed property and all the brokers that work for the listing company? - Seller subagency A buyer agent must disclose to the seller or the seller's agent that the broker represents the buyer - at the buyer agent's initial contact with the seller or seller's agent. A buyer has contracted to purchase a home for $275,000. The buyer paid a $4,000 earnest money deposit and the sale will close on March 30. The buyer has already received loan approval for an 80% loan-to-value conventional loan. The lender is charging the borrower a 1% loan origination fee and ½ discount point. The lender is requiring the borrower to deposit 7 months of real property taxes and 2 months of homeownerinsurance premium into an escrow account at settlement. The homeowner insurance premium for the first year is $864 and is to be paid at settlement. Real property taxes for the year total $3635 and have not been paid for the current year. For prorations, use a 30-day month/360-day year and assume the seller owns the day of settlement. Additional closing expenses for the buyer total $1500. What is the net amount that the buyer will owe at settlement, rounded to the nearest dollar? - 59,837 A buyer is under contract to purchase a home for $275,000 and has qualified for an 85% loan-to-value mortgage loan. How much will the monthly principal and interest payment be, using a loan factor of 6.32 per $1000 borrowed? - $1.477.30 A buyer is under contract to purchase a home for $370,000 and has qualified for an 80% loan-to-value mortgage loan at an annual interest rate of 45%. How much will the buyer owe for the 1% loan origination fee and 1 1/2 discount points associated with this loan package? - $7,400 A buyer who is Muslim instructs the broker to show the buyer properties that are located in neighborhoods that have a higher number of Muslim residents. If the broker complies with this client's instructions the broker will be in... - Compliance with the Civil Rights Act of 1866, but in violation of the Federal Fair Housing Act. A buyer's agent hand-delivers a signed offer to the listing agent with a different real estate firm. When the listing agent presents the offer to the seller in person, the seller strikes through the proposed purchase price and enters a higher number, initials the change, signs the offer, and hands the offer back to the listing agent. The listing agent delivers the signed offer to the buyer agent's firm. The buyer's agent scans and emails thedocument to the buyer, pointing out the price change. The buyer initials the change and emails the document back to the buyer's agent. The buyer's agent calls to inform the listing agent that the buyer has initialed the price change. The listing agent notifies the seller later that day of the buyer's acceptance. A binding contract was created when - the buyer's agent told the listing agent that the buyer had initialed the change A buyer's agent owes which of the following duties to the buyer? - Performing a comparative market analysis before an offer A buyer's agent will keep 65% of her firms earn commission split. The sales price of the property is $876,000. If the listing firm is offering a 50/50 split of the 5.5% commission to the selling firm how much will the buyers agent receive? - $15,658. A commercial lot in the city is located in the middle of an area zoned for office use only. City zoning requirements limit construction to one story in height and dictate a minimum number of parking spaces based on the square footage of an office building. The property owner wishes to build an office building on the lot. Due to the irregular shape of the lot and the presence of a city utility easement across the owner's property, less than half of the required parking spaces will fit on the property. The property owner realizes that the required parking spaces could be created by constructing offices over a one-story parking garage. The property owner should petition the city for a - variance A detached workshop extends over the property line onto the neighboring lot by six inches. This legally constitutes as a (an)... - Encroachment. A dual agent may disclose which of the following information to one of the agent's principals without the permission of the other client? - The fact that the property in question is being re-zonedA house has a finished bonus room above the garage that is only accessible through an unheated garage. The room is heated by a portable space heater and cooled by a window air conditioner unit. Which of the following statements is true? - The bonus room does not meet the criteria for living area, because it is not adequately heated.