CE SHOP FINAL EXAM QUESTIONS AND
ANSWERS
A negotiable instrument must contain an order to pay or a ________.
A. Flexible sum of money
B. Hand written signature
C. Notary stamp
D. Promise to pay - Answer-D. Promise to pay
Negotiable instruments must be in writing, payable on demand or on a definite time,
contain a promise or order to pay, state a fixed sum of money, and be signed.
In which of the following situations would an agent be representing a customer in a real
estate purchase?
A. Any time
B. Never
C. When the agent has his broker's permission
D. When the agent has his broker's written and signed permission - Answer-B. Never
Minimizing risk in part means avoiding public networks, unsecure sites, and ______
sites.
A. All
B. Encrypted
C. Secure
D. Suspicious - Answer-D. Suspicious
Jacob owns property in a rural part of the state. He was recently approached by a
representative of a company that would like to drill for oil on a piece of Jacob's property.
What type of lease is the representative likely discussing with Jacob?
A. Ground lease
B. Net leases
C. Oil and gas lease
D. Percentage lease - Answer-C. Oil and gas lease
Oil and gas leases allow for the exploration by oil and gas companies on property that
does not belong to them.
Remembering the acronym PITI can help borrowers recall what makes up their ______.
A. Annual property maintenance
, B. Annual property taxes
C. Mortgage payment
D. Required loan documentation - Answer-C. Mortgage payment
Rachel and Nick are selling their home. Before the property is sold, a title search is
conducted to determine if there are any ______.
A. Cash-flow issues
B. Defects on the title
C. Past issues with a crime being committed on the property
D. Services on the property - Answer-B. Defects on the title
Which term is defined as the transfer of property given to another without
consideration?
A. Adverse possession
B. Dedication
C. Deed of gift
D. Foreclosure - Answer-C. Deed of gift
A landlord discovers that his married tenants are expecting their first child. He wouldn't
have rented to the couple had he known they were going to have children, so he serves
them with an eviction notice and tells them they must be out in 30 days. The landlord is
guilty of ______.
A. Familial status discrimination
B. Racial discrimination
C. Religious discrimination
D. Sex discrimination - Answer-A. Familial status discrimination
Which of the following is a benefit of a policies and procedures manual as a way to
reduce risk?
A. It helps people to vary their processes.
B. It reduces training time.
C. It regulates peoples' actions.
D. It's good documentation in case of a lawsuit. - Answer-C. It regulates peoples'
actions.
A policies and procedures manual provides guidelines for employees and independent
contractors that clarify direction, reduce confusion, and provide specific parameters for
everyone to follow. Everybody knows what is expected.
Based on the duty of reasonable skill and care, if clients ask agents for advice in areas
outside of an agent's scope of expertise, what should agents do?
ANSWERS
A negotiable instrument must contain an order to pay or a ________.
A. Flexible sum of money
B. Hand written signature
C. Notary stamp
D. Promise to pay - Answer-D. Promise to pay
Negotiable instruments must be in writing, payable on demand or on a definite time,
contain a promise or order to pay, state a fixed sum of money, and be signed.
In which of the following situations would an agent be representing a customer in a real
estate purchase?
A. Any time
B. Never
C. When the agent has his broker's permission
D. When the agent has his broker's written and signed permission - Answer-B. Never
Minimizing risk in part means avoiding public networks, unsecure sites, and ______
sites.
A. All
B. Encrypted
C. Secure
D. Suspicious - Answer-D. Suspicious
Jacob owns property in a rural part of the state. He was recently approached by a
representative of a company that would like to drill for oil on a piece of Jacob's property.
What type of lease is the representative likely discussing with Jacob?
A. Ground lease
B. Net leases
C. Oil and gas lease
D. Percentage lease - Answer-C. Oil and gas lease
Oil and gas leases allow for the exploration by oil and gas companies on property that
does not belong to them.
Remembering the acronym PITI can help borrowers recall what makes up their ______.
A. Annual property maintenance
, B. Annual property taxes
C. Mortgage payment
D. Required loan documentation - Answer-C. Mortgage payment
Rachel and Nick are selling their home. Before the property is sold, a title search is
conducted to determine if there are any ______.
A. Cash-flow issues
B. Defects on the title
C. Past issues with a crime being committed on the property
D. Services on the property - Answer-B. Defects on the title
Which term is defined as the transfer of property given to another without
consideration?
A. Adverse possession
B. Dedication
C. Deed of gift
D. Foreclosure - Answer-C. Deed of gift
A landlord discovers that his married tenants are expecting their first child. He wouldn't
have rented to the couple had he known they were going to have children, so he serves
them with an eviction notice and tells them they must be out in 30 days. The landlord is
guilty of ______.
A. Familial status discrimination
B. Racial discrimination
C. Religious discrimination
D. Sex discrimination - Answer-A. Familial status discrimination
Which of the following is a benefit of a policies and procedures manual as a way to
reduce risk?
A. It helps people to vary their processes.
B. It reduces training time.
C. It regulates peoples' actions.
D. It's good documentation in case of a lawsuit. - Answer-C. It regulates peoples'
actions.
A policies and procedures manual provides guidelines for employees and independent
contractors that clarify direction, reduce confusion, and provide specific parameters for
everyone to follow. Everybody knows what is expected.
Based on the duty of reasonable skill and care, if clients ask agents for advice in areas
outside of an agent's scope of expertise, what should agents do?
