National Brokerage Final Exam Questions And
Accurate Answers (A+)
What does a carryover clause do?
A. It protects the seller if the buyer cancels the sale
B. It allows for a six-week extension to the listing contract
C. It allows the broker to collect commission for some period of time after the listing has
expired
Prevents the seller from doing a FSBO sale up to six months after the listing expires -
Answer Allows the broker to collect a commission for some period of time after the
listing expires
What is the most important document at closing?
Settlement statement
Deed
Inspection reports
Listing contract - Answer Deed
Which of the following is a variable expense?
Real estate taxes
, Insurance
Advertising
Utilities - Answer Utilities
Which of the following is NOT a source of information related to professional ethics?
Federal laws
Licensing regulations
Real estate marketing copy
Real estate associations - Answer Real estate marketing copy
What is risk management as it relates to property management?
Controlling and limiting risk through proper insurance
Limiting financial risk via the operating budget
Overseeing preventive maintenance
Keeping the grounds cleared to
eliminate accident risk - Answer Controlling and limiting risk through proper insurance
Which of the following is responsible for completing a property disclosure statement?
Broker's office assistant
The cooperating agent
The sellers
Accurate Answers (A+)
What does a carryover clause do?
A. It protects the seller if the buyer cancels the sale
B. It allows for a six-week extension to the listing contract
C. It allows the broker to collect commission for some period of time after the listing has
expired
Prevents the seller from doing a FSBO sale up to six months after the listing expires -
Answer Allows the broker to collect a commission for some period of time after the
listing expires
What is the most important document at closing?
Settlement statement
Deed
Inspection reports
Listing contract - Answer Deed
Which of the following is a variable expense?
Real estate taxes
, Insurance
Advertising
Utilities - Answer Utilities
Which of the following is NOT a source of information related to professional ethics?
Federal laws
Licensing regulations
Real estate marketing copy
Real estate associations - Answer Real estate marketing copy
What is risk management as it relates to property management?
Controlling and limiting risk through proper insurance
Limiting financial risk via the operating budget
Overseeing preventive maintenance
Keeping the grounds cleared to
eliminate accident risk - Answer Controlling and limiting risk through proper insurance
Which of the following is responsible for completing a property disclosure statement?
Broker's office assistant
The cooperating agent
The sellers
