Charles Barnes Real estate exam
prep Questions and Verified Answers
| Accurate Solutions | Get it 100%
Correct!! | Already Graded A
A property seller empowers an agent to market and sell a property on his behalf.
The kind of agency represented is - ✔✔ANSWER✔✔->>Special agency
The standard of care and competence that a principal can expect from an agent is
generally that which is - ✔✔ANSWER✔✔->>A: comparable to that of other
practitioners in the area
: One of the agent's fiduciary duties that continues even after a listing agreement
expires is - ✔✔ANSWER✔✔->>Confidentiality
,Q: A property has sold for $380,000. The listing agreement calls for a commission
of 6.5%. The listing broker and selling broker agree to share the commission
equally. What will the listing agent receive if the agent is scheduled to get a 40%
share? - ✔✔ANSWER✔✔->>$4,940.00
Q: A contingency in a sale contract is - ✔✔ANSWER✔✔->>a condition that, if
unmet, renders the contract unenforceable
A buyer makes an offer to purchase a house, and the seller accepts the offer. Both
parties sign the sale contract, but the buyer fails to provide an earnest money
deposit. What are the seller's obligations to the buyer? - ✔✔ANSWER✔✔-
>>None. There is no valid contract.
: A salesperson makes a listing presentation to a homeseller and obtains a signed
listing agreement. The first thing the salesperson must now do is -
✔✔ANSWER✔✔->>submit the listing to the broker for approval and signing.
A tenant has an option-to-purchase agreement with the landlord that expires on
June 30. On July 1, the tenant frantically calls the landlord to exercise the option,
offering the apology that she was busy with a death in the family. Which of the
following is true? - ✔✔ANSWER✔✔->>he option is expired, and the tenant has
no rightful claim to money paid for the option.
: A clause in a sale contract stipulates that the seller must provide evidence that
the property is free of active termite infestation. On the day of closing, the buyer
learns that inspection service did not provide the required written
documentation. The buyer then proceeds to declare that the sale is off. Which of
the following is true of this situation? - ✔✔ANSWER✔✔->>The buyer may be
able to have the contract canceled.
, A joint venture may generally broker real estate if the co-venturers -
✔✔ANSWER✔✔->>are properly licensed
: A real estate salesperson finds a buyer to a For Sale By Owner property. The
home sells for $245,000, and the seller agrees to pay a commission of 3%. The
salesperson is on a 65% commission schedule with her broker, who pays her 65%
minus office expenses of $500. How much will the salesperson receive from this
transaction? - ✔✔ANSWER✔✔->>$4,278.00
: Which of the following is true of a contract for deed transaction -
✔✔ANSWER✔✔->>At the end of the contract period, the vendor conveys legal
title, provided the vendee has fulfilled all obligations
Which of the following may associate his or her name or title with the term
"Realtor-«"? - ✔✔ANSWER✔✔->>A: Only members of the National Association
of Realtors-«.
A salesperson's commission rate and structure is established by -
✔✔ANSWER✔✔->>Competitive conditions
: Competing brokers in a county seat agree on a standard commission rate for
principals within the county. The is a possible violation of - ✔✔ANSWER✔✔->>A:
fair trade and anti-trust laws.
Which of the following is an essential element of a valid contract for the sale of
real estate? - ✔✔ANSWER✔✔->>An offer and acceptance
prep Questions and Verified Answers
| Accurate Solutions | Get it 100%
Correct!! | Already Graded A
A property seller empowers an agent to market and sell a property on his behalf.
The kind of agency represented is - ✔✔ANSWER✔✔->>Special agency
The standard of care and competence that a principal can expect from an agent is
generally that which is - ✔✔ANSWER✔✔->>A: comparable to that of other
practitioners in the area
: One of the agent's fiduciary duties that continues even after a listing agreement
expires is - ✔✔ANSWER✔✔->>Confidentiality
,Q: A property has sold for $380,000. The listing agreement calls for a commission
of 6.5%. The listing broker and selling broker agree to share the commission
equally. What will the listing agent receive if the agent is scheduled to get a 40%
share? - ✔✔ANSWER✔✔->>$4,940.00
Q: A contingency in a sale contract is - ✔✔ANSWER✔✔->>a condition that, if
unmet, renders the contract unenforceable
A buyer makes an offer to purchase a house, and the seller accepts the offer. Both
parties sign the sale contract, but the buyer fails to provide an earnest money
deposit. What are the seller's obligations to the buyer? - ✔✔ANSWER✔✔-
>>None. There is no valid contract.
: A salesperson makes a listing presentation to a homeseller and obtains a signed
listing agreement. The first thing the salesperson must now do is -
✔✔ANSWER✔✔->>submit the listing to the broker for approval and signing.
A tenant has an option-to-purchase agreement with the landlord that expires on
June 30. On July 1, the tenant frantically calls the landlord to exercise the option,
offering the apology that she was busy with a death in the family. Which of the
following is true? - ✔✔ANSWER✔✔->>he option is expired, and the tenant has
no rightful claim to money paid for the option.
: A clause in a sale contract stipulates that the seller must provide evidence that
the property is free of active termite infestation. On the day of closing, the buyer
learns that inspection service did not provide the required written
documentation. The buyer then proceeds to declare that the sale is off. Which of
the following is true of this situation? - ✔✔ANSWER✔✔->>The buyer may be
able to have the contract canceled.
, A joint venture may generally broker real estate if the co-venturers -
✔✔ANSWER✔✔->>are properly licensed
: A real estate salesperson finds a buyer to a For Sale By Owner property. The
home sells for $245,000, and the seller agrees to pay a commission of 3%. The
salesperson is on a 65% commission schedule with her broker, who pays her 65%
minus office expenses of $500. How much will the salesperson receive from this
transaction? - ✔✔ANSWER✔✔->>$4,278.00
: Which of the following is true of a contract for deed transaction -
✔✔ANSWER✔✔->>At the end of the contract period, the vendor conveys legal
title, provided the vendee has fulfilled all obligations
Which of the following may associate his or her name or title with the term
"Realtor-«"? - ✔✔ANSWER✔✔->>A: Only members of the National Association
of Realtors-«.
A salesperson's commission rate and structure is established by -
✔✔ANSWER✔✔->>Competitive conditions
: Competing brokers in a county seat agree on a standard commission rate for
principals within the county. The is a possible violation of - ✔✔ANSWER✔✔->>A:
fair trade and anti-trust laws.
Which of the following is an essential element of a valid contract for the sale of
real estate? - ✔✔ANSWER✔✔->>An offer and acceptance
