Real estate practice final exam
Questions With Solved Solutions.
A broker brings his seller an offer from a potential buyer if the seller asked about the buyers
race, the broker: - Answer May not disclose this information because to do so would violate
the Rumford act
A broker received an offer with a deposit for one of his listings. The seller excepted the offer. But
before the transaction closed, the buyer and seller mutually agreed to cancel it. The buyer
request the return of the deposit, and the seller has no objection. The broker: - Answer Must
return all of the deposit, but may then sue the seller for his commission
A buyer obtains a 90% institutional loan for $270,000 towards the purchase of a $300,000
house. The buyer does not have the necessary $30,000 for the down payment, so the seller
takes back a $15,000.10 year mortgage and the buyer contribute to the other $15,000 in cash.
This arrangement is known as: - Answer Seller second
A contingent sell collapses because the buyer is unable to sell his own property. Which form is it
appropriate to use at this point? - Answer Cancellation agreement
Agent Peter is working with a buyer who is interested in a for sale by owner property she saw
on her way to work. Peter would like to approach the owner to see if he'll list his property with
Peter. In this situation, Peter might have the most success with a: - Answer One party listing
A landlord has two apartments available for rent. Because he feels that married couples and
women tend to be better tenants, he decides to charge a higher security deposit for single men.
Additionally he places a newspaper ad stating women and married couples preferred. Which of
the following is true? - Answer Both the higher security deposit and the newspaper ad violate
the fair housing act
A lender calculating a loan applicants stable monthly income would most likely to count -
Answer Income from self-employment consisting of a continuous series of short term
consulting positions for the last three years
A listing agent - Answer Always represents the seller
, a listing agreement would be enforceable if it were signed by any of the following except -
Answer A real estate broker on behalf of an out-of-state seller
A list of the rental rates assigned to the various types of units in a property is called a - Answer
Rental schedule
All of the following would show up on a loan applicants credit report as derogatory credit
information except - Answer Unemployment
All of the following are exempt from escrow agent licensing requirements, except - Answer A
broker providing escrow services for someone else's transaction
All the following occurs sticks of aFH a insured loan except - Answer No down payment
All the following are important components of an inspection report except - Answer Providing
a preliminary value estimate for the property
A lower loan to value ratio corresponds to a higher - Answer Amount of equity in the property
An agent is preparing a CMA and evaluating possible comparable cells. Which of the following
characteristics would most likely make a property on suitable for use as a comparable? - Answer
The property sold just over 12 months ago
An agent putting together a listing proposal wants to estimate the properties value. He should -
Answer Use the selling prices of comparable properties
An agent received an offer of $350,000 for property that she listed for $355,000. When she was
about to present the offer to the sellers, another offer comes in. This is one for $300,000. She
should - Answer Present both offers at the same time
An annual expense is $1850. Using a 365 day year, what is the per DM rate? - Answer $5.07
A property manager is likely to be concerned with all the following except - Answer Going
commission rates on real estate sells
Questions With Solved Solutions.
A broker brings his seller an offer from a potential buyer if the seller asked about the buyers
race, the broker: - Answer May not disclose this information because to do so would violate
the Rumford act
A broker received an offer with a deposit for one of his listings. The seller excepted the offer. But
before the transaction closed, the buyer and seller mutually agreed to cancel it. The buyer
request the return of the deposit, and the seller has no objection. The broker: - Answer Must
return all of the deposit, but may then sue the seller for his commission
A buyer obtains a 90% institutional loan for $270,000 towards the purchase of a $300,000
house. The buyer does not have the necessary $30,000 for the down payment, so the seller
takes back a $15,000.10 year mortgage and the buyer contribute to the other $15,000 in cash.
This arrangement is known as: - Answer Seller second
A contingent sell collapses because the buyer is unable to sell his own property. Which form is it
appropriate to use at this point? - Answer Cancellation agreement
Agent Peter is working with a buyer who is interested in a for sale by owner property she saw
on her way to work. Peter would like to approach the owner to see if he'll list his property with
Peter. In this situation, Peter might have the most success with a: - Answer One party listing
A landlord has two apartments available for rent. Because he feels that married couples and
women tend to be better tenants, he decides to charge a higher security deposit for single men.
Additionally he places a newspaper ad stating women and married couples preferred. Which of
the following is true? - Answer Both the higher security deposit and the newspaper ad violate
the fair housing act
A lender calculating a loan applicants stable monthly income would most likely to count -
Answer Income from self-employment consisting of a continuous series of short term
consulting positions for the last three years
A listing agent - Answer Always represents the seller
, a listing agreement would be enforceable if it were signed by any of the following except -
Answer A real estate broker on behalf of an out-of-state seller
A list of the rental rates assigned to the various types of units in a property is called a - Answer
Rental schedule
All of the following would show up on a loan applicants credit report as derogatory credit
information except - Answer Unemployment
All of the following are exempt from escrow agent licensing requirements, except - Answer A
broker providing escrow services for someone else's transaction
All the following occurs sticks of aFH a insured loan except - Answer No down payment
All the following are important components of an inspection report except - Answer Providing
a preliminary value estimate for the property
A lower loan to value ratio corresponds to a higher - Answer Amount of equity in the property
An agent is preparing a CMA and evaluating possible comparable cells. Which of the following
characteristics would most likely make a property on suitable for use as a comparable? - Answer
The property sold just over 12 months ago
An agent putting together a listing proposal wants to estimate the properties value. He should -
Answer Use the selling prices of comparable properties
An agent received an offer of $350,000 for property that she listed for $355,000. When she was
about to present the offer to the sellers, another offer comes in. This is one for $300,000. She
should - Answer Present both offers at the same time
An annual expense is $1850. Using a 365 day year, what is the per DM rate? - Answer $5.07
A property manager is likely to be concerned with all the following except - Answer Going
commission rates on real estate sells
