2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
Sales General Exam (Stringham) Questions
and Correct Answers | Latest Update
Under the law of emblements, which of the following situations is true?
(a) The seller deeds the property to the buyer but has rights to the crop.
(b) The buyer gets the land, the seller gets the farm house.
(c) The buyer gets everything, and after harvesting the crop, gets the profits from it.
(d) Everything goes to the buyer and the seller has no further rights to anything on the
property.
✓ -:- The seller deeds the property to the buyer but has rights to the
crop.
When a listing is taken how does the agent confirm the amounts owed on the mortgages?
(a) The listing agent should personally contact all lien holders and verify balances.
(b) Order an Estoppel Certificate.
(c) Have the title company verify balances.
(d) The seller must list all lien amounts on the Seller's Proceeds Sheet.
✓ -:- Order an Estoppel Certificate.
1|P a g e | G r a d e A + | 2 0 2 0 2 5
,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
(Explanation: Estoppel Certificate is a formal term describing the document that the lender
provides accounting for the total amounts owed. Agents should not be personally gathering
this information. Agents should advise their clients to personally verify the amounts on the
Estoppel Certificate.)
Truth in Lending or Reg. Z includes all the following requirements EXCEPT:
(a) Use of APR
(b) Settlement Costs & You
(c) Disclosure of costs
(d) Advertising restrictions
✓ -:- Settlement Costs & You
(Explanation: "Settlement Costs & You" is a booklet required to be given to prospective
borrowers under the Real Estate Settlement Procedures Act [RESPA], not Truth in
Lending.)
Tim gets a 80% loan on a $100,000 property and is charged a 1 point origination fee. He is
also charged a $35 credit report fee and a $450 appraisal. How much must Tim come to
settlement with to then close the deal?
2|P a g e | G r a d e A + | 2 0 2 0 2 5
,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
(a) $21, 285
(b) $1,285
(c) $100,485
(d) $1,485
✓ -:- $21, 285
For the purpose of property taxes, an appraisal is done and the value is determined by the:
(a) County Tax Appraiser's Office
(b) Board of Equalization
(c) County Tax Assessor
(d) State Appraisal Board
✓ -:- County Tax Assessor
A lien on real property, documented by a signed mortgage contract gives the lender the
right to:
(a) Go to court and/or sell the property if the owner defaults any of the provisions of the
mortgage
(b) Collect a particular interest rate on the loan.
3|P a g e | G r a d e A + | 2 0 2 0 2 5
, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
(c) Sell the servicing rights to the loan to another investor.
(d) Collect monthly payments for insurance and taxes and place them in an escrow
account.
✓ -:- Go to court and/or sell the property if the owner defaults any of the
provisions of the mortgage
The buyers insisted they were not interested in a property that was less than 1.75 acres in
size. A house on a property that was 465 feet by 643 looked great. How many acres does it
have?
(a) 5.75
(b) 6.86
(c) 7.25
(d) 4.5
✓ -:- 6.86
The commission structure for the brokerage was 5% on the first $1,000,000 and 8% on the
rest. The property sold for $1,345,000. How much was the commission?
(a) $97,250
(b) $67,250
4|P a g e | G r a d e A + | 2 0 2 0 2 5
Sales General Exam (Stringham) Questions
and Correct Answers | Latest Update
Under the law of emblements, which of the following situations is true?
(a) The seller deeds the property to the buyer but has rights to the crop.
(b) The buyer gets the land, the seller gets the farm house.
(c) The buyer gets everything, and after harvesting the crop, gets the profits from it.
(d) Everything goes to the buyer and the seller has no further rights to anything on the
property.
✓ -:- The seller deeds the property to the buyer but has rights to the
crop.
When a listing is taken how does the agent confirm the amounts owed on the mortgages?
(a) The listing agent should personally contact all lien holders and verify balances.
(b) Order an Estoppel Certificate.
(c) Have the title company verify balances.
(d) The seller must list all lien amounts on the Seller's Proceeds Sheet.
✓ -:- Order an Estoppel Certificate.
1|P a g e | G r a d e A + | 2 0 2 0 2 5
,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
(Explanation: Estoppel Certificate is a formal term describing the document that the lender
provides accounting for the total amounts owed. Agents should not be personally gathering
this information. Agents should advise their clients to personally verify the amounts on the
Estoppel Certificate.)
Truth in Lending or Reg. Z includes all the following requirements EXCEPT:
(a) Use of APR
(b) Settlement Costs & You
(c) Disclosure of costs
(d) Advertising restrictions
✓ -:- Settlement Costs & You
(Explanation: "Settlement Costs & You" is a booklet required to be given to prospective
borrowers under the Real Estate Settlement Procedures Act [RESPA], not Truth in
Lending.)
Tim gets a 80% loan on a $100,000 property and is charged a 1 point origination fee. He is
also charged a $35 credit report fee and a $450 appraisal. How much must Tim come to
settlement with to then close the deal?
2|P a g e | G r a d e A + | 2 0 2 0 2 5
,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
(a) $21, 285
(b) $1,285
(c) $100,485
(d) $1,485
✓ -:- $21, 285
For the purpose of property taxes, an appraisal is done and the value is determined by the:
(a) County Tax Appraiser's Office
(b) Board of Equalization
(c) County Tax Assessor
(d) State Appraisal Board
✓ -:- County Tax Assessor
A lien on real property, documented by a signed mortgage contract gives the lender the
right to:
(a) Go to court and/or sell the property if the owner defaults any of the provisions of the
mortgage
(b) Collect a particular interest rate on the loan.
3|P a g e | G r a d e A + | 2 0 2 0 2 5
, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!
(c) Sell the servicing rights to the loan to another investor.
(d) Collect monthly payments for insurance and taxes and place them in an escrow
account.
✓ -:- Go to court and/or sell the property if the owner defaults any of the
provisions of the mortgage
The buyers insisted they were not interested in a property that was less than 1.75 acres in
size. A house on a property that was 465 feet by 643 looked great. How many acres does it
have?
(a) 5.75
(b) 6.86
(c) 7.25
(d) 4.5
✓ -:- 6.86
The commission structure for the brokerage was 5% on the first $1,000,000 and 8% on the
rest. The property sold for $1,345,000. How much was the commission?
(a) $97,250
(b) $67,250
4|P a g e | G r a d e A + | 2 0 2 0 2 5
