RESIDENTIAL EXAM PART 3
QUESTIONS AND COMPLETE
SOLUTIONS GRADED A+
Your Exam Plug
, Which one of the following is NOT "Strategies of Effective Negotiation": - Answer: respond quickly
True or False: It is generally understood that if a person understands the nature and effect of a contract
(i.e. the general nature of the contract), they have capacity to enter into the contract. - Answer: true
Which of the following statements is not true about load-bearing walls? - Answer: Load-bearing walls
provide space division without structural support
An associate represents a seller under a seller brokerage agreement and, before their property sells, she
decides to purchase it herself. What must she do? - Answer: Disclose, in writing, that she is a licensed
agent
Yes or No: Steve and Sally are receiving a gift of the down-payment on a new home from her parents. Do
lenders allow this? - Answer: yes
If a couple owns a property as tenants in common and one of them dies, what happens to the property?
- Answer: His or her interest does not go to the other party but goes to their estate
The deductible applicable under the error and omission policy is _____________ for the first claim paid
in any two-year period. - Answer: 2500
True or False: Phase 2 of an environmental assessment deals with determining if it is reasonable to
suspect that a hazard exists. - Answer: false
Associate Art James is a very successful real estate associate who has decided to hire a unlicensed
assistant. Art started to make a list of duties for his assistant. Which of the following duties would the
assistant not be allowed to do? - Answer: may conduct showings
True or False: If an industry member makes a negligent misrepresentation while selling their personal
property, REIX will cover them for any damages. - Answer: false
The fiduciary duty of confidentiality means that the agent must: - Answer: Not pass their client's
information to others
QUESTIONS AND COMPLETE
SOLUTIONS GRADED A+
Your Exam Plug
, Which one of the following is NOT "Strategies of Effective Negotiation": - Answer: respond quickly
True or False: It is generally understood that if a person understands the nature and effect of a contract
(i.e. the general nature of the contract), they have capacity to enter into the contract. - Answer: true
Which of the following statements is not true about load-bearing walls? - Answer: Load-bearing walls
provide space division without structural support
An associate represents a seller under a seller brokerage agreement and, before their property sells, she
decides to purchase it herself. What must she do? - Answer: Disclose, in writing, that she is a licensed
agent
Yes or No: Steve and Sally are receiving a gift of the down-payment on a new home from her parents. Do
lenders allow this? - Answer: yes
If a couple owns a property as tenants in common and one of them dies, what happens to the property?
- Answer: His or her interest does not go to the other party but goes to their estate
The deductible applicable under the error and omission policy is _____________ for the first claim paid
in any two-year period. - Answer: 2500
True or False: Phase 2 of an environmental assessment deals with determining if it is reasonable to
suspect that a hazard exists. - Answer: false
Associate Art James is a very successful real estate associate who has decided to hire a unlicensed
assistant. Art started to make a list of duties for his assistant. Which of the following duties would the
assistant not be allowed to do? - Answer: may conduct showings
True or False: If an industry member makes a negligent misrepresentation while selling their personal
property, REIX will cover them for any damages. - Answer: false
The fiduciary duty of confidentiality means that the agent must: - Answer: Not pass their client's
information to others
