Real Estate Barnes Final Exam Questions And Verified Answers | Accurate Solutions | Get It
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When a form of real estate sales contract has been agreed to and signed by the purchasers and given to
the sellers broker with an earnest money check - (answer)The transaction would be considered an offer
If a purchaser signed a contract under duress, it is generally - (answer)Voidable by the buyer
A mortgagee may include in the mortgage items which, when they occur, are considered a default by
the mortgagor and grounds for a foreclosure action. Such items include all of the following except -
(answer)Detrimental zoning by the city or county
Albert has a mortgage on his home the clause in Alberts mortgage which calls the entire balance of his
mortgage immediately due if his home is sold is called - (answer)Alienation clause
Which statement is true about FH a loans? - (answer)The property must be owner occupied, prepaid
penalties are not allowed, FHA gets first place clean holding
What secondary mortgage market entities can purchase FHA and VA loans? - (answer)Fanny Mae
Because of the federal equal credit opportunity act when you're home loan application is rejected, you
must be notified in writing that the reason it was denied within how long? - (answer)60 days
A couple bought their dream home in June 2005 with an arm that reset in 2010. However, in 2009 they
both became unemployed and lost their house to foreclosure in February 2011, because they could not
afford the payment. Why - (answer)The acceleration clause
A buyer Representative locate a suitable property through an owner broker. The buyer buys the
property; The seller pays the commission, and the two agents split the commission. In this instance, the
owner broker is acting as what? - (answer)A single agent for the owner
The two types of actual authority in the common law of agency are what - (answer)Actual and apparent
, Real Estate Barnes Final Exam Questions And Verified Answers | Accurate Solutions | Get It
100% Correct!! | Already Graded A+
Albert who is a broker went to get a listing on a piece of property Bill was wanting to sell. Bill indicated
to Albert that he did not want his house sold to a Hispanic. Which of the following should Albert do? -
(answer)Refuse to list the property
At the direction of a seller client, an agent tells a pregnant working woman that the property is not in a
good neighborhood for a single woman, particularly if she regularly works late hours. What is this agent
done wrong? - (answer)Steering
There are different employment relationships which exist in our economy. A person who is only
responsible to an employer for the results of their work is what - (answer)An independent contractor
A retailer installs special display counters to exhibit her products. At the end of the lease term, the
retailer moves to another state, leaving the counters in the store. At this point the counters are
considered which of the following? - (answer)Real property since the trade fixtures were abandoned
John stone owns property in a life estate which is to pass to the nephew upon stones death.
Subsequently, stone sells the property to Marty Jones. Which of the following is correct? - (answer)? The
nephew will still receive the property when stone dies? Cannot be confirmed
The advertisement said that the land measured "3/4 of a mile x 3/4 of a mile." How many acres of land
are for sale? - (answer)360
How many acres are in the SE 1/4 of the sw 1/4 and SW 1/4 of SE 1/4 of section 22TN 11, R2W? -
(answer)80 acres
Sam seller sold his duplex for the sum of $40,635 on an assumption type sale. When the transaction was
closed, the mortgage assumed it was $20,000. If documentary stamps are $.75 per $500 what was the
cost of documentary stamp attached to the deed? - (answer)61.50
At what date is the residential property condition disclosure statement no longer valid - (answer)180
days after completion
100% Correct!! | Already Graded A+
When a form of real estate sales contract has been agreed to and signed by the purchasers and given to
the sellers broker with an earnest money check - (answer)The transaction would be considered an offer
If a purchaser signed a contract under duress, it is generally - (answer)Voidable by the buyer
A mortgagee may include in the mortgage items which, when they occur, are considered a default by
the mortgagor and grounds for a foreclosure action. Such items include all of the following except -
(answer)Detrimental zoning by the city or county
Albert has a mortgage on his home the clause in Alberts mortgage which calls the entire balance of his
mortgage immediately due if his home is sold is called - (answer)Alienation clause
Which statement is true about FH a loans? - (answer)The property must be owner occupied, prepaid
penalties are not allowed, FHA gets first place clean holding
What secondary mortgage market entities can purchase FHA and VA loans? - (answer)Fanny Mae
Because of the federal equal credit opportunity act when you're home loan application is rejected, you
must be notified in writing that the reason it was denied within how long? - (answer)60 days
A couple bought their dream home in June 2005 with an arm that reset in 2010. However, in 2009 they
both became unemployed and lost their house to foreclosure in February 2011, because they could not
afford the payment. Why - (answer)The acceleration clause
A buyer Representative locate a suitable property through an owner broker. The buyer buys the
property; The seller pays the commission, and the two agents split the commission. In this instance, the
owner broker is acting as what? - (answer)A single agent for the owner
The two types of actual authority in the common law of agency are what - (answer)Actual and apparent
, Real Estate Barnes Final Exam Questions And Verified Answers | Accurate Solutions | Get It
100% Correct!! | Already Graded A+
Albert who is a broker went to get a listing on a piece of property Bill was wanting to sell. Bill indicated
to Albert that he did not want his house sold to a Hispanic. Which of the following should Albert do? -
(answer)Refuse to list the property
At the direction of a seller client, an agent tells a pregnant working woman that the property is not in a
good neighborhood for a single woman, particularly if she regularly works late hours. What is this agent
done wrong? - (answer)Steering
There are different employment relationships which exist in our economy. A person who is only
responsible to an employer for the results of their work is what - (answer)An independent contractor
A retailer installs special display counters to exhibit her products. At the end of the lease term, the
retailer moves to another state, leaving the counters in the store. At this point the counters are
considered which of the following? - (answer)Real property since the trade fixtures were abandoned
John stone owns property in a life estate which is to pass to the nephew upon stones death.
Subsequently, stone sells the property to Marty Jones. Which of the following is correct? - (answer)? The
nephew will still receive the property when stone dies? Cannot be confirmed
The advertisement said that the land measured "3/4 of a mile x 3/4 of a mile." How many acres of land
are for sale? - (answer)360
How many acres are in the SE 1/4 of the sw 1/4 and SW 1/4 of SE 1/4 of section 22TN 11, R2W? -
(answer)80 acres
Sam seller sold his duplex for the sum of $40,635 on an assumption type sale. When the transaction was
closed, the mortgage assumed it was $20,000. If documentary stamps are $.75 per $500 what was the
cost of documentary stamp attached to the deed? - (answer)61.50
At what date is the residential property condition disclosure statement no longer valid - (answer)180
days after completion
