(KW) POST-LICENSE COURSE FINAL EXAM
QUESTIONS & ANSWERS
The associate can fill out the information on the residential property disclosure form for
the seller's signature - Answers :false
A date of termination is required to make a listing agreement legal - Answers :true
A listing agreement without a sales price is acceptable - Answers :false
The listing agreement addresses the management of vacant property - Answers :true
When you think it is in the best interest you can "steer" the buyer - Answers :false
A MLS rule allows you to accompany the listing associate to present the buyer's offer -
Answers :true
It is permissible for you to get the buyer's signature on an offer to purchase property
before you have given them an estimate of their buyer's costs and payments - Answers
:false
If a buyer wants to submit a ridiculously low offer you are required to write it up for them
- Answers :true
Delivery of the HUD-1 (closing statement) must be made to the buyer the selling broker
and the listing broker's escrow officer 24 hours prior to closing - Answers :true
The lender's "good faith estimate" is a good substitute for the cost to buyer form -
Answers :false
Many items on the closing statement will change when the closing date is changed -
Answers :true
After closing the transaction the original copy of the deed will be delivered to the buyer -
Answers :true
We are required by the MLS & OKCMAR to prepare the buyer cost analysis - Answers
:false
At least one full year of the buyer's new homeowners insurance policy is collected at
closing - Answers :true
We should make certain that the buyer is offered an owner's title policy - Answers :true
, The term "POC" on the closing statement means that the item has been "paid on behalf
of the consumer" by someone other than the buyer - Answers :false
Ad valorem tax proration always results in a credit to the seller - Answers :false
A copy of the buyers cost sheet signed by the buyer must be in the market center's file -
Answers :true
It is often necessary to prepare several net to seller forms in the same transaction -
Answers :true
Abstracting is paid by the seller - Answers :true
In a VA transaction the veteran is required to pay for his own termite certificate -
Answers :false
It is required that you complete all fields in the mls listing form with an "*" on them -
Answers :true
Figures from the court house and an appraisal are acceptable sources of information on
the property's square footage - Answers :true
A seller's disclosure form regarding lead base paint is required on all property built
before 1978 - Answers :true
Funds used to close a transaction can be in the form of a cashier's check or be wired to
the closing entity - Answers :true
Listor show means that the property is vacant with a key box - Answers :false
The listing agreement obligates the seller to pay a closing fee - Answers :true
You can ask the buyer about their financial qualifications but must keep this information
confidential - Answers :true
Documentary stamps are a federal tax and are paid by the lender - Answers :false
The seller's interest on their existing mortgage is paid in arrears - Answers :true
Seller's often are required to pay "miscellaneous fees" on behalf on the buyer - Answers
:true
Calling MLS is the best way to verify the ad valorem tax amounts - Answers :false
Sellers are responsible for paying the title or closing company for closing on their behalf
and are also required to pay some of the buyer's closing fee on FHA - Answers :true
QUESTIONS & ANSWERS
The associate can fill out the information on the residential property disclosure form for
the seller's signature - Answers :false
A date of termination is required to make a listing agreement legal - Answers :true
A listing agreement without a sales price is acceptable - Answers :false
The listing agreement addresses the management of vacant property - Answers :true
When you think it is in the best interest you can "steer" the buyer - Answers :false
A MLS rule allows you to accompany the listing associate to present the buyer's offer -
Answers :true
It is permissible for you to get the buyer's signature on an offer to purchase property
before you have given them an estimate of their buyer's costs and payments - Answers
:false
If a buyer wants to submit a ridiculously low offer you are required to write it up for them
- Answers :true
Delivery of the HUD-1 (closing statement) must be made to the buyer the selling broker
and the listing broker's escrow officer 24 hours prior to closing - Answers :true
The lender's "good faith estimate" is a good substitute for the cost to buyer form -
Answers :false
Many items on the closing statement will change when the closing date is changed -
Answers :true
After closing the transaction the original copy of the deed will be delivered to the buyer -
Answers :true
We are required by the MLS & OKCMAR to prepare the buyer cost analysis - Answers
:false
At least one full year of the buyer's new homeowners insurance policy is collected at
closing - Answers :true
We should make certain that the buyer is offered an owner's title policy - Answers :true
, The term "POC" on the closing statement means that the item has been "paid on behalf
of the consumer" by someone other than the buyer - Answers :false
Ad valorem tax proration always results in a credit to the seller - Answers :false
A copy of the buyers cost sheet signed by the buyer must be in the market center's file -
Answers :true
It is often necessary to prepare several net to seller forms in the same transaction -
Answers :true
Abstracting is paid by the seller - Answers :true
In a VA transaction the veteran is required to pay for his own termite certificate -
Answers :false
It is required that you complete all fields in the mls listing form with an "*" on them -
Answers :true
Figures from the court house and an appraisal are acceptable sources of information on
the property's square footage - Answers :true
A seller's disclosure form regarding lead base paint is required on all property built
before 1978 - Answers :true
Funds used to close a transaction can be in the form of a cashier's check or be wired to
the closing entity - Answers :true
Listor show means that the property is vacant with a key box - Answers :false
The listing agreement obligates the seller to pay a closing fee - Answers :true
You can ask the buyer about their financial qualifications but must keep this information
confidential - Answers :true
Documentary stamps are a federal tax and are paid by the lender - Answers :false
The seller's interest on their existing mortgage is paid in arrears - Answers :true
Seller's often are required to pay "miscellaneous fees" on behalf on the buyer - Answers
:true
Calling MLS is the best way to verify the ad valorem tax amounts - Answers :false
Sellers are responsible for paying the title or closing company for closing on their behalf
and are also required to pay some of the buyer's closing fee on FHA - Answers :true
