Real Exam Questions & Correct Answers | 100% Verified
solutions | 2025 latest Exam!!
The Range Of Penalties for disobeying FS 475 or 455 from
lowest to highest is: - ANSWER-Reprimand, fine, probation,
suspension, and revocation or denial.
Which is the maximum penalty for disobeying laws under FS
455 or FS 475 -
ANSWER-Revocation or denial of
license
If the licensee does not complete the 45 hour course before the
expiration date
of their first renewal, the license becomes ____ -
ANSWER-void and the
licensee will be out of business. (have to start over
everything)
Which mortgage loan program requires little or no down
payment and easy qualification requirements and low rates of
interest for specified individuals? -
,ANSWER-VA Loan
The provisions of Regulation Z cover - ANSWER-disclosure of
costs, the right to
rescind the transaction, advertising offers, and
noncompliance penalties.
The best source for obtaining buyers is your _________. If
you have the
listings, the buyers will follow. - ANSWER-
Listing Inventory
Make sure that a buyer is qualified, determine their
_______. - ANSWER-
Motivation and
Expectations.
What document does a broker use when seeking a paid
commission from a
buyer? - ANSWER-Exclusive Buyer Brokerage
Agreement
Document where all sellers and brokers are required to
disclose all material defects of the property that are not readily
,visible to the buyer. – ANSWER-Sellers Property Disclosure
Statement
Statute of Frauds requires any contract - ANSWER-to be in
writing in order to
be
enforceable
The Essential Elements of a Contract are - ANSWER-
Lawful Subject,
Agreement, Consideration, and
Competent parties.
There must be an agreement, also called _______, for a contract
to be created.
In order to do this, there must be an offer and an acceptance
of all terms and
conditions of the offer. - ANSWER-a meeting
of the minds
A contract must contain sufficient consideration, which
consists of two types: -
ANSWER-valuable and
good
, valuable consideration is - ANSWER-anything of value
including money, personal property, or a promise that can be
enforced, such as a promissory note.
good consideration is - ANSWER-anything that can't be
converted to valuable
consideration
A ______ is a right to buy a property during a specified period,
at a specified
price. It is not an obligation to buy the property, as is the
case with a sales
contract. - ANSWER-Option
contact
Option contracts are _____ since the party acquiring the right
has not promised
to buy the property. - ANSWER-
Unilateral
the _____ is located below grade and serves as a platform
that supports the
weight of the building. - ANSWER-
substructure