Core Exam Prep 3 Real Estate
1/150 Questions
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About This Quiz
This Core Exam Prep 3 Real Estate quiz assesses key knowledge areas essential for real estate professionals. Topics include
easements, property types, ownership rights, and legal transactions, providing a comprehensive understanding for licensing
exams.
Quiz Preview
An appraiser who is to appraise a commercial property with an
estimated value of $550,000 must hold which of the following
appraisal license?
o
, Trainee
o
Licensed
o
Certified residential
o
Certified general real estate appraiser
Correct Answer
A. Certified general real estate appraiser
Explanation
To appraise a commercial property with an estimated value of $550,000, the
appraiser must hold a Certified general real estate appraiser license. This
license allows the appraiser to assess properties of any type or value, including
commercial properties. The other options (Trainee, Licensed, Certified
residential) do not have the necessary qualifications to appraise commercial
properties.
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3.
Which of the following is acceptable response to sellers who have
indicated their home is not to be shown to sales of prospects who
are members of the ethnic minority group?
, o
I can show it to anyone I want
o
This conditions we will get a better price value and won’t drop
o
I cannot accept the listing on your property because it’s prohibited from
discrimination
o
With unacceptable terms they won’t be interested
Correct Answer
A. I cannot accept the listing on your property because it’s prohibited from
discrimination
Explanation
The correct answer is "I cannot accept the listing on your property because it’s
prohibited from discrimination." This response acknowledges the seller's
request but also states that it is against the law to discriminate based on ethnic
minority group membership.
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4.
The phrase used by brokers to the principal is:
, o
Fiduciary
o
Ethical
o
Legal
o
Disclosure
Correct Answer
A. Fiduciary
Explanation
The term "fiduciary" refers to a legal and ethical relationship where one party
(the broker) is entrusted to act in the best interest of another party (the
principal). In the context of brokers, they have a fiduciary duty to their clients,
meaning they must prioritize their clients' interests above their own. This
includes providing honest and transparent information, avoiding conflicts of
interest, and making decisions that benefit the client. Therefore, "fiduciary" is
the appropriate phrase used by brokers to the principal.
Rate this question:
5.
1/150 Questions
Start
About This Quiz
This Core Exam Prep 3 Real Estate quiz assesses key knowledge areas essential for real estate professionals. Topics include
easements, property types, ownership rights, and legal transactions, providing a comprehensive understanding for licensing
exams.
Quiz Preview
An appraiser who is to appraise a commercial property with an
estimated value of $550,000 must hold which of the following
appraisal license?
o
, Trainee
o
Licensed
o
Certified residential
o
Certified general real estate appraiser
Correct Answer
A. Certified general real estate appraiser
Explanation
To appraise a commercial property with an estimated value of $550,000, the
appraiser must hold a Certified general real estate appraiser license. This
license allows the appraiser to assess properties of any type or value, including
commercial properties. The other options (Trainee, Licensed, Certified
residential) do not have the necessary qualifications to appraise commercial
properties.
Rate this question:
3.
Which of the following is acceptable response to sellers who have
indicated their home is not to be shown to sales of prospects who
are members of the ethnic minority group?
, o
I can show it to anyone I want
o
This conditions we will get a better price value and won’t drop
o
I cannot accept the listing on your property because it’s prohibited from
discrimination
o
With unacceptable terms they won’t be interested
Correct Answer
A. I cannot accept the listing on your property because it’s prohibited from
discrimination
Explanation
The correct answer is "I cannot accept the listing on your property because it’s
prohibited from discrimination." This response acknowledges the seller's
request but also states that it is against the law to discriminate based on ethnic
minority group membership.
Rate this question:
4.
The phrase used by brokers to the principal is:
, o
Fiduciary
o
Ethical
o
Legal
o
Disclosure
Correct Answer
A. Fiduciary
Explanation
The term "fiduciary" refers to a legal and ethical relationship where one party
(the broker) is entrusted to act in the best interest of another party (the
principal). In the context of brokers, they have a fiduciary duty to their clients,
meaning they must prioritize their clients' interests above their own. This
includes providing honest and transparent information, avoiding conflicts of
interest, and making decisions that benefit the client. Therefore, "fiduciary" is
the appropriate phrase used by brokers to the principal.
Rate this question:
5.
