THE CE SHOP FINAL EXAM QUESTIONS
AND ANSWERS
A property that's been converted to natural gas may actually have which issue?
A decrease in value
An undiscovered oil tank
Increased fuel bills
Remodeling problems - Answer-An undiscovered oil tank
Which of the following responsibilities does the commercial property manager have that
the residential property manager doesn't have?
Evict tenants who fail to comply with the terms and conditions of the lease agreement
Negotiate leases
Oversee the maintenance of buildings on the property
Screen and select potential tenants - Answer-Negotiate leases
Remembering the acronym PITI can help borrowers recall what makes up their ______.
Annual property maintenance
Annual property taxes
Mortgage payment
Required loan documentation - Answer-Mortgage payment
Caveats to prospective buyers of condominiums include ______.
Boards retain association lawyers but rarely sue anyone
If there is an ongoing lawsuit with the association, an owner is still able to sell a unit
Sometimes boards withhold information from other unit owners
The entire budget is available only to the building developer - Answer-Sometimes
boards withhold information from other unit owners
,A lot with a front footage measuring 450 feet sold for $300,000. What was the cost per
front foot?
$135,000 per front foot
$300,000 per front foot
$667 per front foot
$780 per front foot - Answer-$667 per front foot
In addition to defining the broker/worker professional relationship, independent
contractor agreements also include which of the following?
Provisions regarding copyright protection of photos and ownership of brokerage listings
The number of hours the independent contractor is required to work per week.
The office location in which the independent contractor must work an eight-hour day.
The salary and benefits the firm will provide the independent contractor. - Answer-
Provisions regarding copyright protection of photos and ownership of brokerage listings
M&R Lending has borrowers who are in default. Those borrowers have listed their
house for sale and must obtain M&R's approval before they can accept any offers. What
is this an example of?
Deed in lieu of foreclosure
Delinquency
Foreclosure
Short sale - Answer-Short sale
What's 35% of 650? (Round to the nearest whole number.)
19
2,275
22,750
228 - Answer-228
, Buyer Penelope adores the house at 212 Maple Street, but two weeks after making her
offer, she's discovered it's got some issues that weren't identified on the state-required
seller disclosure form. She still wants to buy the house. Since the seller appears to have
lied on the disclosure form, what can Penelope do?
Ask the seller to make the repairs needed, or ask for a credit to cover the cost of those
repairs.
Because the seller lied on the disclosure forms, the purchase contract is invalidated, so
Penelope must make a new offer.
Complete the transaction, then sue the seller for fraud.
Reduce the amount of her offer. - Answer-Ask the seller to make the repairs needed, or
ask for a credit to cover the cost of those repairs.
Jay's new loan to purchase a property includes the seller's existing mortgage. What
type of loan is this?
Blanket
Package
Unsecured
Wraparound - Answer-Wraparound
The purpose of the employee and independent contractor agreements is to
_________________.
Define the terms of the broker and worker's professional relationship
Ensure that the worker is not working outside the firm
Set the number of days the worker will have to travel on business
Verify that the worker has read and agrees to the policies and procedures outlined in
the employee manual - Answer-Define the terms of the broker and worker's professional
relationship
Ronan's brokerage allows its licensees to represent either the buyer in a transaction or
the seller, but not both. This is also called _______ agency.
Double
Dual
AND ANSWERS
A property that's been converted to natural gas may actually have which issue?
A decrease in value
An undiscovered oil tank
Increased fuel bills
Remodeling problems - Answer-An undiscovered oil tank
Which of the following responsibilities does the commercial property manager have that
the residential property manager doesn't have?
Evict tenants who fail to comply with the terms and conditions of the lease agreement
Negotiate leases
Oversee the maintenance of buildings on the property
Screen and select potential tenants - Answer-Negotiate leases
Remembering the acronym PITI can help borrowers recall what makes up their ______.
Annual property maintenance
Annual property taxes
Mortgage payment
Required loan documentation - Answer-Mortgage payment
Caveats to prospective buyers of condominiums include ______.
Boards retain association lawyers but rarely sue anyone
If there is an ongoing lawsuit with the association, an owner is still able to sell a unit
Sometimes boards withhold information from other unit owners
The entire budget is available only to the building developer - Answer-Sometimes
boards withhold information from other unit owners
,A lot with a front footage measuring 450 feet sold for $300,000. What was the cost per
front foot?
$135,000 per front foot
$300,000 per front foot
$667 per front foot
$780 per front foot - Answer-$667 per front foot
In addition to defining the broker/worker professional relationship, independent
contractor agreements also include which of the following?
Provisions regarding copyright protection of photos and ownership of brokerage listings
The number of hours the independent contractor is required to work per week.
The office location in which the independent contractor must work an eight-hour day.
The salary and benefits the firm will provide the independent contractor. - Answer-
Provisions regarding copyright protection of photos and ownership of brokerage listings
M&R Lending has borrowers who are in default. Those borrowers have listed their
house for sale and must obtain M&R's approval before they can accept any offers. What
is this an example of?
Deed in lieu of foreclosure
Delinquency
Foreclosure
Short sale - Answer-Short sale
What's 35% of 650? (Round to the nearest whole number.)
19
2,275
22,750
228 - Answer-228
, Buyer Penelope adores the house at 212 Maple Street, but two weeks after making her
offer, she's discovered it's got some issues that weren't identified on the state-required
seller disclosure form. She still wants to buy the house. Since the seller appears to have
lied on the disclosure form, what can Penelope do?
Ask the seller to make the repairs needed, or ask for a credit to cover the cost of those
repairs.
Because the seller lied on the disclosure forms, the purchase contract is invalidated, so
Penelope must make a new offer.
Complete the transaction, then sue the seller for fraud.
Reduce the amount of her offer. - Answer-Ask the seller to make the repairs needed, or
ask for a credit to cover the cost of those repairs.
Jay's new loan to purchase a property includes the seller's existing mortgage. What
type of loan is this?
Blanket
Package
Unsecured
Wraparound - Answer-Wraparound
The purpose of the employee and independent contractor agreements is to
_________________.
Define the terms of the broker and worker's professional relationship
Ensure that the worker is not working outside the firm
Set the number of days the worker will have to travel on business
Verify that the worker has read and agrees to the policies and procedures outlined in
the employee manual - Answer-Define the terms of the broker and worker's professional
relationship
Ronan's brokerage allows its licensees to represent either the buyer in a transaction or
the seller, but not both. This is also called _______ agency.
Double
Dual
