C-33 Online Practice 2 Questions and 100% correct answers 2024/202

C-33 Online Practice 2 Questions and 100% correct answers 2024/2025 A major reason for buying and owning a condominium rather than a detached single-family home is that 1. a condominium tends to be more affordable. 2. a condominium requires no maintenance. 3. a condominium is easier to resell. 4. condominium ownership has more tax advantages. - ANSWERS 1. a condominium tends to be more affordable. A competitive market analysis takes into consideration 1. square footage of the subject property. 2. neighborhood nuisances. 3. unemployment levels in the community. 4. age of the sellers. - ANSWERS 1. square footage of the subject property. At the closing on June 15, the buyer is assuming a mortgage presently on the property, on which the monthly interest charge is currently $600. The seller has made the payment due on June 1. Assuming a VA mortgage, what is the adjustment made at closing? 1. Credit seller $300; credit buyer $300. 2. Debit seller $300; debit buyer $300. 3. Credit seller $300; debit buyer $300. 4. Debit seller $300; credit buyer $300. - ANSWERS 4. Debit seller $300; credit buyer $300. A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when 1. any offer is delivered to the seller. 2. the seller accepts the offer. 3. all contingencies are removed. 4. the sale closes. - ANSWERS 2. the seller accepts the offer. The purpose of requiring an earnest money deposit in a real estate sales contract is to 1. ensure that the broker will receive some compensation if either party defaults. 2. ensure that the seller will not be bothered by offers from buyers who are unable to qualify for appropriate financing. 3. provide evidence of the buyer's intention to carry out the contract. 4. set aside funds to cover the buyer's closing costs and mortgage insurance premiums. - ANSWERS 3. provide evidence of the buyer's intention to carry out the contract. A managing broker can be held responsible for 1 all actions of associated salespersons. 2. all real estate activities of salespersons. 3. only those real estate activities the broker is aware of. 4. no activities of independent contractors. - ANSWERS 2. all real estate activities of salespersons. Antitrust laws prohibit competing brokers from all of the following EXCEPT 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sales commissions and management rates. 4. receiving compensation from both the buyer and the seller. - ANSWERS 4. receiving compensation from both the buyer and the seller. Real property can be converted to personal property by 1. annexation. 2. severance. 3. accession. 4. extension. - ANSWERS 2. severance. Earnest money should be deposited into a trust account 1. in a timely manner, according to state law