THE CE SHOP FINAL EXAM PROCTOR
QUESTIONS WITH CORRECT ANSWERS
In the sales comparison approach, the appropriateness of the various comparable sales
in relationship to the subject is considered in a process known as ______, where certain
factors may be given more weight.
Averaging
Bracketing
Conformity
Correlation - Answer-Correlation
A licensee says, "This is a dream home with the best views in town." This is an example
of ______.
A lie
Intentional misrepresentation
Positive misrepresentation
Puffery - Answer-Puffery
What's the term for an addition to a sales agreement form that can be added before it is
signed without changing any of the other terms that have already been agreed upon?
Addendum
Amendment
Annexation
Appurtenance - Answer-Addendum
In accordance with the Maryland Property Condition Disclosure Law, when is the seller
required to provide the Maryland Residential Property Disclosure and Disclaimer
Statement to the buyer?
No more than 24 hours after both parties have signed the agreement.
Only before entering into a contract of sale with the buyer.
Only if the buyer asks for it.
On or before entering into a contract of sale with the buyer. - Answer-On or before
entering into a contract of sale with the buyer.
You have found the perfect home for Lucy and she is ready to make an offer. The home
was built in 1938. Who is responsible for scheduling paying for the home's lead
inspection?
,The buyer
The listing agent
The mortgage company
The seller - Answer-The buyer
If a lead-based paint risk assessment or inspection reveals hazards on the property and
the seller refuses to fix the problem, what options does the buyer have?
The buyer can declare the contract null and void or remove the contingency and
continue with the purchase of the property.
The buyer can report the seller to the EPA and force the seller to make the repairs or
serve jail time.
The buyer can sue the seller for breach of contract.
The buyer has only one option and that is to back out of the contract. - Answer-The
buyer can declare the contract null and void or remove the contingency and continue
with the purchase of the property.
Niko has decided to move somewhere else when his lease ends on April 30. This would
be considered termination through ______.
Actual eviction
Eviction
Expiration
Mutual agreement - Answer-Expiration
How much notice must a tenant give if they want to terminate their lease?
30 days
It depends on the type of tenancy.
Three weeks
Two weeks - Answer-30 days
Which of the following are landlords required by law to ensure?
That each tenant carries renter insurance
That each tenant has enough in their checking account to cover their monthly rent
That each tenant signs a waiver stating they will not sue the landlord under any
condition
, That tenants may peaceably and quietly enter the leased premises at the beginning of
the lease - Answer-That tenants may peaceably and quietly enter the leased premises
at the beginning of the lease
Elisa and Simone signed an agreement to list Simone's house for sale. After the
contract was signed, Simone lost her job, and her father, George, offered to help
Simone out by paying Elisa's commission. The buyer's agent, Carl, also reduced his
commission by a quarter of one percent to help Simone out. Who is Elisa's client?
Carl
Carrie
George
Simone - Answer-Simone
The ______ provides administration and enforcement of federal fair housing laws.
Federal Housing Administration
Housing and Urban Development Department (HUD)
Office of Fair Housing and Equal Opportunity (FHEO)
The Federal Housing Finance Agency (FHFA) - Answer-Office of Fair Housing and
Equal Opportunity (FHEO)
______ is a process in which an appraiser determines a probable range of values for a
property by comparing a group of comparable sales to the subject. The appraiser
attempts to include both superior and inferior units of comparison, such as age,
transaction price, etc.
Bracketing
Bridging
Substituting
Surrounding - Answer-Bracketing
Which statement best describes a trade fixture?
A fixture or item installed by a commercial tenant that becomes personal property of the
landlord when the tenant moves out
A fixture or item installed by a commercial tenant that's considered personal property of
the tenant
Personal property of the tenant used as a bargaining chip when negotiating a sale
QUESTIONS WITH CORRECT ANSWERS
In the sales comparison approach, the appropriateness of the various comparable sales
in relationship to the subject is considered in a process known as ______, where certain
factors may be given more weight.
Averaging
Bracketing
Conformity
Correlation - Answer-Correlation
A licensee says, "This is a dream home with the best views in town." This is an example
of ______.
A lie
Intentional misrepresentation
Positive misrepresentation
Puffery - Answer-Puffery
What's the term for an addition to a sales agreement form that can be added before it is
signed without changing any of the other terms that have already been agreed upon?
Addendum
Amendment
Annexation
Appurtenance - Answer-Addendum
In accordance with the Maryland Property Condition Disclosure Law, when is the seller
required to provide the Maryland Residential Property Disclosure and Disclaimer
Statement to the buyer?
No more than 24 hours after both parties have signed the agreement.
Only before entering into a contract of sale with the buyer.
Only if the buyer asks for it.
On or before entering into a contract of sale with the buyer. - Answer-On or before
entering into a contract of sale with the buyer.
You have found the perfect home for Lucy and she is ready to make an offer. The home
was built in 1938. Who is responsible for scheduling paying for the home's lead
inspection?
,The buyer
The listing agent
The mortgage company
The seller - Answer-The buyer
If a lead-based paint risk assessment or inspection reveals hazards on the property and
the seller refuses to fix the problem, what options does the buyer have?
The buyer can declare the contract null and void or remove the contingency and
continue with the purchase of the property.
The buyer can report the seller to the EPA and force the seller to make the repairs or
serve jail time.
The buyer can sue the seller for breach of contract.
The buyer has only one option and that is to back out of the contract. - Answer-The
buyer can declare the contract null and void or remove the contingency and continue
with the purchase of the property.
Niko has decided to move somewhere else when his lease ends on April 30. This would
be considered termination through ______.
Actual eviction
Eviction
Expiration
Mutual agreement - Answer-Expiration
How much notice must a tenant give if they want to terminate their lease?
30 days
It depends on the type of tenancy.
Three weeks
Two weeks - Answer-30 days
Which of the following are landlords required by law to ensure?
That each tenant carries renter insurance
That each tenant has enough in their checking account to cover their monthly rent
That each tenant signs a waiver stating they will not sue the landlord under any
condition
, That tenants may peaceably and quietly enter the leased premises at the beginning of
the lease - Answer-That tenants may peaceably and quietly enter the leased premises
at the beginning of the lease
Elisa and Simone signed an agreement to list Simone's house for sale. After the
contract was signed, Simone lost her job, and her father, George, offered to help
Simone out by paying Elisa's commission. The buyer's agent, Carl, also reduced his
commission by a quarter of one percent to help Simone out. Who is Elisa's client?
Carl
Carrie
George
Simone - Answer-Simone
The ______ provides administration and enforcement of federal fair housing laws.
Federal Housing Administration
Housing and Urban Development Department (HUD)
Office of Fair Housing and Equal Opportunity (FHEO)
The Federal Housing Finance Agency (FHFA) - Answer-Office of Fair Housing and
Equal Opportunity (FHEO)
______ is a process in which an appraiser determines a probable range of values for a
property by comparing a group of comparable sales to the subject. The appraiser
attempts to include both superior and inferior units of comparison, such as age,
transaction price, etc.
Bracketing
Bridging
Substituting
Surrounding - Answer-Bracketing
Which statement best describes a trade fixture?
A fixture or item installed by a commercial tenant that becomes personal property of the
landlord when the tenant moves out
A fixture or item installed by a commercial tenant that's considered personal property of
the tenant
Personal property of the tenant used as a bargaining chip when negotiating a sale
