MO real estate EXAM SMART Questions and Answers 100% Pass

MO real estate EXAM SMART Questions and Answers 100% Pass Under a Listing agreement, who would be the client? The Salesperson The broker The Seller They Buyer - Correct Answer ️️ -The Seller A property was sold by a foreclosure sale. The sale did not produce enough money to satisfy all the debts on the property. What could the creditor who weren't paid now file? A deed in lieu of foreclosure An estoppel certificate A deficiency judgement A blanket Mortgage - Correct Answer ️️ -A deficiency judgement A broker and a non-licensee went together to buy a piece of property. What is the minimum that the broker must disclose to the seller? Nothing since the broker was only a part owner The exact percentage of the broker's interest in the property The broker would have an interest in the property The broker was acting as a middle-man in the transaction - Correct Answer ️️ -The broker would have an interest in the property A property did not abut a waterway. The owner established a beneficiary use through the state under prior appropriation. How could the owner gain access to the water? Apply for easement by necessity Apply for an easement by prescription Put an underground pipe across the neighbor's property with permission Go to the neighbor and negotiate an easement - Correct Answer ️️ -Go to neighbor and negotiate an easement The most useful way for a broker to receive commission is to have the seller pat as a: a flat fee percentage of the selling price non-refundable retainer fee option bonus - Correct Answer ️️ -Percentage of the selling price Which of the following deed would give the seller the LEAST amount of liability? Bargain and Sale Quitclaim Special Warranty General Warranty - Correct Answer ️️ -Quitclaim If a tenant stays over without the landlord's permission, this is called: estate for years estate at sufferance periodic tenancy tenancy at will - Correct Answer ️️ -estate at sufferance A person brought a rental property for $43,750. It was assessed for tax purposes at a value of $39,950 with an assessment rate of $1.50 per $100 (15mills). What would be the monthly tax assessment amount to the nearest cent? $44.37 $49.94 $54.69 $59.99 - Correct Answer ️️ -$49.94 $39,950 x 1.5% = $599.25 divided by 12 =$49.94 A person decides to place their license inactive. Which of the following statements would be true? Their license would stay with their last broker of record Their license would be held by the MREC There is no fee charged for the licensee to go inactive While inactive, the licensee can only receive referral fees - Correct Answer ️️ -Their license wold be held by the MREC A broker talks to a seller about listing the property for sale. The seller won't list just with this one broker, but tells the broker that if he finds a buyer for the property, the seller will pay a commission. This would be a(n): exclusive right to sell listing exclusive agency listing open listing net listing - Correct Answer ️️ -open listing A lender expressing the amount of the loan to the estimated property value is called an: loan to income ratio loan to value ratio loan to debt ratio loan to equity ratio - Correct Answer ️️ -loan to value ratio A house with outdated plumbing fixtures would be an example of: physical deterioration economic obsolescence curable functional obsolescence incurable functional obsolescence - Correct Answer ️️ -curab