Real Estate License Exam Prep (General) Complete Questions
and Answers.
True of false, a facilitator-intermediary for a real estate transaction is a limited agent?
1. True
2. False - > 2. False
True or false, real estate agents are considered general agents?
1. True
2. False - > 2. False
True or false, if a person is to act as "Power of Attorney" in a real estate sale, the power of
attorney form must be recorded?
1. False
2. True - > 2. True
True or false, a customer is an individual who does not have a working relationship with a
real estate agent?
1. False
2. True - > 2. True
True or false, a facilitator makes sure both parties understand the transaction and makes
sure the terms of the contract are carried out?
1. False
2. True - > 2. True
True or false, if the public sees an act by one person (A) whose act represents another
person (B), an implied agency can exist if person B consents to the action of person A?
1. False
2. True - > 2. True
A deed has an incorrect spelling of the buyer's name and needs to be corrected. The
action to correct would be called .
,1. Novation
2. Reformation
3. Rescission
4. Waiver - > 2. Reformation
Which of the following statements about a real estate sales contract is TRUE?
1. The selling broker and seller split the earnest money if the buyer defaults.
2. The buyer and seller are bound to close by a specified date.
3. The buyer and seller have the right of specific performance.
4. Legal Title transfers at the signing of the contract.
5. Both B and C (2 and 3). - > 5. Both B and C (2 and 3).
A lender refuses to make loans on mountain properties. This would be an example of .
1. Redlining
2. Blockbusting
3. Steering
4. Coercion - > 1. Redlining
A broker has listed a home for $150,000. He knows that there is financing available at
6.5% with only 20% down. Which of the following statements will require full disclosure in
advertising under the Truth-in-Lending Act?
1. For only $150,000, you can buy this wonderful 3-bedroom home.
2. For as little as $30,000 down, you can purchase this home with 6.5% financing.
3. For a small down payment, you can get great financing to buy this home at $150,000.
4. Great financing is available to buy this home that is priced to sell. - > 2. For as little as
$30,000 down, you can purchase this home with 6.5% financing.
When a buyer and seller enter into a sales contract, the buyer is said to have .
1. Legal title
2. Equitable title
3. Fee simple determinable
, 4. Fee simple absolute - > 2. Equitable title
A listing agreement whereby sellers list with one company but retain the right to sell by
themselves without owing any money to the listing company is called .
1. A net listing
2. An exclusive right-to-sell listing
3. An open listing
4. An exclusive agency listing - > 4. An exclusive agency listing
Ms. Rogers states she will only list her property if the listing states that it cannot be sold to
a minority person. Because of the Federal Fair Housing Act, the listing company must .
1. Refuse to list the property under her conditions
2. List the property stating the property can not be sold to minorities, but then try to
discourage Ms. Rogers from such discrimination
3. List the property stating the property cannot be sold to minorities
4. List the property as Federal Fair Housing Act does not cover sales to minorities - > 1.
Refuse to list the property under her conditions
Which of the following ensures that the listing broker receives payment if the property
sells?
1. Net Listing
2. Open Listing
3. Exclusive Right-to-Sell Listing
4. Exclusive Agency Listing - > 3. Exclusive Right-to-Sell Listing
When a party agrees to be paid a specified amount if the other party breaches the
contract, the specified amount is known as .
1. Punitive damages
2. Compensatory damages
3. Actual damages
4. Liquidated damages - > 4. Liquidated damages
and Answers.
True of false, a facilitator-intermediary for a real estate transaction is a limited agent?
1. True
2. False - > 2. False
True or false, real estate agents are considered general agents?
1. True
2. False - > 2. False
True or false, if a person is to act as "Power of Attorney" in a real estate sale, the power of
attorney form must be recorded?
1. False
2. True - > 2. True
True or false, a customer is an individual who does not have a working relationship with a
real estate agent?
1. False
2. True - > 2. True
True or false, a facilitator makes sure both parties understand the transaction and makes
sure the terms of the contract are carried out?
1. False
2. True - > 2. True
True or false, if the public sees an act by one person (A) whose act represents another
person (B), an implied agency can exist if person B consents to the action of person A?
1. False
2. True - > 2. True
A deed has an incorrect spelling of the buyer's name and needs to be corrected. The
action to correct would be called .
,1. Novation
2. Reformation
3. Rescission
4. Waiver - > 2. Reformation
Which of the following statements about a real estate sales contract is TRUE?
1. The selling broker and seller split the earnest money if the buyer defaults.
2. The buyer and seller are bound to close by a specified date.
3. The buyer and seller have the right of specific performance.
4. Legal Title transfers at the signing of the contract.
5. Both B and C (2 and 3). - > 5. Both B and C (2 and 3).
A lender refuses to make loans on mountain properties. This would be an example of .
1. Redlining
2. Blockbusting
3. Steering
4. Coercion - > 1. Redlining
A broker has listed a home for $150,000. He knows that there is financing available at
6.5% with only 20% down. Which of the following statements will require full disclosure in
advertising under the Truth-in-Lending Act?
1. For only $150,000, you can buy this wonderful 3-bedroom home.
2. For as little as $30,000 down, you can purchase this home with 6.5% financing.
3. For a small down payment, you can get great financing to buy this home at $150,000.
4. Great financing is available to buy this home that is priced to sell. - > 2. For as little as
$30,000 down, you can purchase this home with 6.5% financing.
When a buyer and seller enter into a sales contract, the buyer is said to have .
1. Legal title
2. Equitable title
3. Fee simple determinable
, 4. Fee simple absolute - > 2. Equitable title
A listing agreement whereby sellers list with one company but retain the right to sell by
themselves without owing any money to the listing company is called .
1. A net listing
2. An exclusive right-to-sell listing
3. An open listing
4. An exclusive agency listing - > 4. An exclusive agency listing
Ms. Rogers states she will only list her property if the listing states that it cannot be sold to
a minority person. Because of the Federal Fair Housing Act, the listing company must .
1. Refuse to list the property under her conditions
2. List the property stating the property can not be sold to minorities, but then try to
discourage Ms. Rogers from such discrimination
3. List the property stating the property cannot be sold to minorities
4. List the property as Federal Fair Housing Act does not cover sales to minorities - > 1.
Refuse to list the property under her conditions
Which of the following ensures that the listing broker receives payment if the property
sells?
1. Net Listing
2. Open Listing
3. Exclusive Right-to-Sell Listing
4. Exclusive Agency Listing - > 3. Exclusive Right-to-Sell Listing
When a party agrees to be paid a specified amount if the other party breaches the
contract, the specified amount is known as .
1. Punitive damages
2. Compensatory damages
3. Actual damages
4. Liquidated damages - > 4. Liquidated damages
