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Define Broker Correct answers Any person, partnership, association, or corporation who, for another, and for compensation of any kind, negotiates any form of real estate transaction. Responsibilities of a Broker Correct answers Supervision of and responsibility for activities of associate brokers and salespersons who work for the broker. Must serve the public with honesty and competency. Which can work independently? Broker, Associate Broker, or salesperson? Correct answers Only a Broker...

Which one of the following terms refers to the dimensions, physical features, and contours of the land? Correct answers Topography Justin decided to build a privacy fence around his yard. He thought the fence was along the property line, but it turns out he built it one foot inside his neighbor's property. What will an inspector document as existing on the neighboring property? Correct answers Encroachment The term "real estate" refers to which of the following under TRELA's ge...

Individuals are not allowed to perform real estate activities for another person for any kind of payment unless they have a real estate license. Correct answers True If individuals wish to sell their home on their own, they must obtain a real estate license first. Correct answers False Ralph is the executor of Donald's estate. Following Donald's passing, Ralph sells the condominium and two homes that Donald owned at the time of his death. Ralph is not a licensed real estate professio...

Depreciation Correct answers Real property ownersip has significant tax advantages. Which of the following is an advantage? The building department Correct answers Which entity ensures that contractors perform their work according to code by inspecting their job sites? Salesperson Correct answers Which type of real estate license requires a 60-hour licensing course as a condition of taking the licensing exam? Negligence Correct answers Uh-oh. You failed to present an offer on behalf of ...

In order to be enforceable, what does the Statute of Frauds require a real estate contract to be? Correct answers a) In writing Which of the following items is something a lender is prohibited from doing if the lender wants to write qualified mortgages? Correct answers Payback terms longer than 30 years Janice's life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice has made arrangements that the property will go to the School for the Gifted. What interest does...

Which of the following is more likely to act as a closing agent? Correct answers An attorney or title company representative is usually the closing agent. A closing agent's role is to coordinate all of the paperwork and funds to complete the transaction. TILA disclosure requirements Correct answers Loans for commercial purposes don't require TILA disclosure. Loans for personal purposes do, even when the collateral used is a business. title insurance representative Correct answers Ens...

What instruments are commonly used to secure the purchase of real property? Correct answers Mortgage and deed of trust Which of the following statements are true if a DC-Licensed broker company has branch offices? Correct answers Each Branch manager must be a licensed broker If you have a contract that can be canceled by one or more parties because its missing an essential element, what type of contract do you have? Correct answers Voidable A property appraised for 257,000 and the buyer...

Kris made an offer on Lincoln's townhouse. However, Kris offered no earnest money. If Lincoln accepted her offer, would it be binding? Correct answers Yes, because the offer to buy is the consideration. What score does an applicant need to pass the national and state exams for a real estate affiliate broker license in Tennessee? Correct answers 70% or greater What regulation or regulatory authority identifies sites that have hazardous substances, and requires the responsible parties to ...

Julie has received notice that the house she is renting was sold in foreclosure. She has a month-to-month lease, so how long does she have until her lease may be terminated? Correct answers 90 days Amy acts like a salesperson and is supervised by a broker, but she holds her broker's license. What is her job title? Correct answers Associate broker Which one of the following statements about investors and tax depreciation is true? Correct answers Investors can depreciate an appreciating a...

______ is a process in which an appraiser determines a probable range of values for a property by comparing a group of comparable sales to the subject. The appraiser attempts to include both superior and inferior units of comparison, such as age, transaction price, etc. Bracketing Bridging Substituting Surrounding Correct answers Bracketing The number of properties available describes this factor that influences value. Demand Scarcity Transferability Utility Correct answer...

buyer reagan wants to know what her closing costs cover. You explain that the money covers ______ Correct answers County recording fees which party's closing costs might include mortgage insurance? Correct answers buyer Uh-oh. You failed to present an offer on behalf of your client in a timely manner. As a result, the seller accepted a lower offer from another buyer. For which of the following could your buyer sue you? Correct answers negligence a 47 yr. old veteran owns a home in ea...

Jasmine has signed a lease that details what she can and can't do on the property. If she wants to refer back to her lease, where would she look for this information? Correct answers The rules and regulations Which of the following statements about the secondary mortgage market is true? Correct answers It makes loaning in the primary market possible by giving primary lenders a place to sell their loans. Which of the following can reimburse the buyer after the sale if a title issue arise...

Maryland Real Estate Commission (MREC) license law violation penalties Correct answers License law violators may incur penalties of $5,000 for the first violation, $15,000 for the second violation and up to $25,000 per violation after three or more violations. In order to qualify as one of the four appointed consumer members of the Maryland Real Estate Commission, how many years of experience must you have as a real estate licensee? Correct answers Zero - Consumer members of the MREC board ar...

Local real estate developments, such as a new subdivision, will likely impact ______ the most. Correct answers Aesthetics of a community Ross thinks he knows which neighborhoods his new clients belong in, so he tries to guide them away from the neighborhood they like. What prohibited practice is Ross engaging in? Correct answers Steering Which type of exclusive agency agreement in Kentucky allows a broker to solely represent a buyer client, but doesn't guarantee the broker will receive ...

Transfer fees can be assessed on real property sales at a rate of Correct answers $1.85 per $500 of the sales price and are typically paid by the seller. All advertisements must include Correct answers the full name of the licensee's real estate brokerage firm. If a licensee is part of a team, the team name needs to be included as well. The broker-in-charge must notify the real estate commission of changes to name or contact information within ___ days Correct answers 10 days Unlicen...

In most markets, in which month would a real estate downcycle typically start? Correct answers November You have a listing agreement with Sam, which makes him your ______. Correct answers Client Who has the ultimate responsibility for the sales agent's actions in Texas? Correct answers The sales agent, and the sales agent's broker Licensee Dionne pointed out to her buyer client the items in the house she was showing that would be considered real property. One of the key determinan...

Which entity creates regulations governing real estate activities in Washington? Correct answers Real Estate Commission Brokers must deliver transactional documents and contracts to their managing or designated brokers within how many business days? Correct answers Two Firm financial management is a designated broker responsibility in Washington, but financial oversight can be delegated to ______. Correct answers Managing brokers If a Washington real estate firm has a branch office, who...

To obtain financing to fund a cooperative purchase, a buyer will apply for? Correct answers Share loan One issue with guiding buyers toward or away from an area because of perceived school quality is that school quality is often used as a proxy for? Correct answers Race Which of the following was designed to monitor whether financial institutions were adequately serving the credit needs of their communities and not engaging in redlining? Correct answers HMDA Home buying programs for Lon...

Blaire apparently hasn't learned her lesson. She paid a $5,000 penalty when MREC found her guilty of misrepresentation, a $10,000 penalty when she was found guilty of placing a for sale sign in someone's yard without permission, and now she's committed three more violations by placing a series of discriminatory ads. What's the maximum penalty MREC can levy for these new violations? Correct answers 75,000 Which of these parties WOULD need a real estate license in Maryland? Correct ...

The components that make up a borrower's mortgage payment can best be remembered using which acronym? Correct answers PITI (principal, interest, taxes, and insurance) From a real estate professional's point of view, what's the purpose of qualifying buyers? Correct answers To determine the buyer's readiness to buy Activities that restrain trade and reduce competition and choices for consumers are considered to be what kind of violations? Correct answers Antitrust Which of the...