45-Hour PA Practice Final Exam

The final step a licensee will take when preparing a CMA is: 1. Choosing comparables 2. Estimating a reasonable selling price range 3. Making adjustments to comparables 4. Collecting and analyzing information - Answer- CORRECT ANSWER: Estimating a reasonable selling price range A broker price opinion must include what the price was based on and: 1. License number 2. The broker's phone number 3. Applicable market data 4. A legal description - Answer- CORRECT ANSWER: Applicable market data If an agent is found guilty of false advertising, what may the FTC issue? 1. A summons 2. A cease-and-desist order to stop running the ad 3. A suit for defamation 4. A continuation - Answer- CORRECT ANSWER: A cease-and-desist order to stop running the ad What function does the Federal Housing Administration (FHA) play in the mortgage loan process? 1. FHA builds homes 2. FHA insures loans 3. FHA lends money 4. FHA establishes national interest rates on mortgage loans - Answer- CORRECT ANSWER: FHA insures loans Contract law states that a material breach of contract is a(n): 1. Reparable break in a legally binding contract 2. Contract section that can be omitted based on a written agreement of all parties