Leasing License Exam Questions with verified answers
______________ records go into NON INTEREST BEARING accounts unless
discussed otherwise. Ans✓✓✓ escrow
.Fair Credit Reporting Act Ans✓✓✓ if landlords deny housing to a prospect,
landlords will need to provide a letter informing them why they were denied
housing (ex: bad credit score)
"COLAN" is the abbreviated term for the? Ans✓✓✓ duties of the fiduciary
"Oral statements can support written words but not contradict them" Ans✓✓✓
parol evidence rule
"Reality of Consent" means: Ans✓✓✓ A person understands the terms of the
contract
2 common examples of antitrust violations are ___________ Ans✓✓✓ 1) Price
fixing - (compensation rates)
2) Setting up areas of trade
3 of the members of the Real Estate Disciplinary Board are..... Ans✓✓✓ non-
licensees and serve as representatives of the general public
(non-voting members)
6 essential elements needed in a contract? Ans✓✓✓ Offer and Acceptance
,Legal Purpose
Legal Capacity of the Parties (legal age)
Consideration (something of value)
Reality of Consent
Possibility to Complete
6/9 of the Real Estate Disciplinary Board need to have been? Ans✓✓✓
brokers/salespeople for a minimum of 10 years
a contract NEEDS to be in writing when it's term exceeds ________ Ans✓✓✓ 1
year
a holdover tenant is also known as _______________ Ans✓✓✓ Tenancy at
Sufferance
A lease with an indefinite ending date is called? Ans✓✓✓ periodic tendancy
A lending institution requiring different rates and terms for minorities is an
example of? Ans✓✓✓ redlining
,A resident lessee may refer how many prospective lessees in a 12 month period?
Ans✓✓✓ 3
A residential lessee is exempt from a license IF they: Ans✓✓✓ -refer no more
than 3 prospective lessees in any 12 month period
-recieved no more compensation than $1,500 or equivalent at one months rent,
whichever is less in any 12 month period
According to contract law, a contract is Ans✓✓✓ -An agreement between two or
more competent parties
-The parties must be of sound mind
-To engage in some legal purpose
-To receive something of value in exchange
Administrative Law Judge (ALJ) Ans✓✓✓ In lieu of waiting for a jury trail, many
fair housing
cases are heard by an independent judge assigned by HUD
However, the amount of potential award to the aggrieved may be higher in a
federal court.
Age is a protected class and is part of which law(s)? Ans✓✓✓ state only
, Agency - written disclosure? Ans✓✓✓ Every customer must be given written
notice as to who his/her designated agent is BEFORE beginning to work with that
person
Agency Ans✓✓✓ the relationship of an agent (licensee) representing an owner
in a real estate transaction
Americans with Disabilities Act (ADA) - Title I Ans✓✓✓ Employers cannot
discriminate in hiring and firing and provides for "reasonable accommodation" for
persons with disabilities.
Americans with Disabilities Act (ADA) - Title II Ans✓✓✓ All services or programs
by public entities are protected under this section of ADA.
Ex) public housing and housing for colleges and
universities.
Americans with Disabilities Act (ADA) - Title III Ans✓✓✓ This section relates to
"public accommodations" in any business open to the public
ex) restaurants, medical offices, court house, theaters, retail operations
Americans with Disabilities Act (ADA) Ans✓✓✓ guarantees equal opportunities
for persons with disabilities in employment, public transportation, government
services and telecommunications. It prohibits discrimination based on physical or
mental disabilities.
______________ records go into NON INTEREST BEARING accounts unless
discussed otherwise. Ans✓✓✓ escrow
.Fair Credit Reporting Act Ans✓✓✓ if landlords deny housing to a prospect,
landlords will need to provide a letter informing them why they were denied
housing (ex: bad credit score)
"COLAN" is the abbreviated term for the? Ans✓✓✓ duties of the fiduciary
"Oral statements can support written words but not contradict them" Ans✓✓✓
parol evidence rule
"Reality of Consent" means: Ans✓✓✓ A person understands the terms of the
contract
2 common examples of antitrust violations are ___________ Ans✓✓✓ 1) Price
fixing - (compensation rates)
2) Setting up areas of trade
3 of the members of the Real Estate Disciplinary Board are..... Ans✓✓✓ non-
licensees and serve as representatives of the general public
(non-voting members)
6 essential elements needed in a contract? Ans✓✓✓ Offer and Acceptance
,Legal Purpose
Legal Capacity of the Parties (legal age)
Consideration (something of value)
Reality of Consent
Possibility to Complete
6/9 of the Real Estate Disciplinary Board need to have been? Ans✓✓✓
brokers/salespeople for a minimum of 10 years
a contract NEEDS to be in writing when it's term exceeds ________ Ans✓✓✓ 1
year
a holdover tenant is also known as _______________ Ans✓✓✓ Tenancy at
Sufferance
A lease with an indefinite ending date is called? Ans✓✓✓ periodic tendancy
A lending institution requiring different rates and terms for minorities is an
example of? Ans✓✓✓ redlining
,A resident lessee may refer how many prospective lessees in a 12 month period?
Ans✓✓✓ 3
A residential lessee is exempt from a license IF they: Ans✓✓✓ -refer no more
than 3 prospective lessees in any 12 month period
-recieved no more compensation than $1,500 or equivalent at one months rent,
whichever is less in any 12 month period
According to contract law, a contract is Ans✓✓✓ -An agreement between two or
more competent parties
-The parties must be of sound mind
-To engage in some legal purpose
-To receive something of value in exchange
Administrative Law Judge (ALJ) Ans✓✓✓ In lieu of waiting for a jury trail, many
fair housing
cases are heard by an independent judge assigned by HUD
However, the amount of potential award to the aggrieved may be higher in a
federal court.
Age is a protected class and is part of which law(s)? Ans✓✓✓ state only
, Agency - written disclosure? Ans✓✓✓ Every customer must be given written
notice as to who his/her designated agent is BEFORE beginning to work with that
person
Agency Ans✓✓✓ the relationship of an agent (licensee) representing an owner
in a real estate transaction
Americans with Disabilities Act (ADA) - Title I Ans✓✓✓ Employers cannot
discriminate in hiring and firing and provides for "reasonable accommodation" for
persons with disabilities.
Americans with Disabilities Act (ADA) - Title II Ans✓✓✓ All services or programs
by public entities are protected under this section of ADA.
Ex) public housing and housing for colleges and
universities.
Americans with Disabilities Act (ADA) - Title III Ans✓✓✓ This section relates to
"public accommodations" in any business open to the public
ex) restaurants, medical offices, court house, theaters, retail operations
Americans with Disabilities Act (ADA) Ans✓✓✓ guarantees equal opportunities
for persons with disabilities in employment, public transportation, government
services and telecommunications. It prohibits discrimination based on physical or
mental disabilities.
