Kansas Real Estate Test Flashcards

Kansas Real Estate Test Flashcards a buyer gives a salesperson earnest money regarding an offer to purchase contract. the salesperson places the

earnest money in the brokerage's business account. this is:

commingling A licensee is selling her own property to a buyer. which of the following statements is true?she would have to disclose of the license in writing in the sales contract What duty does a listing agent owe to a prospective buyer (customer)?honesty and fairness, accurate Which of the following statements is true of a salesperson?A salesperson is an agent for the broker A licensee, in advertising property, is using an exaggeration in describing the property. This would best be

described as:

puffing when a property is taken through condemnation, it was a

result of:

the government exercising the right of eminent domain

every written listing agreement must contain: terms for compensation

In deciding on whether to make a residential home loan, a lender would normally consider the borrower's debt to income ratio An agent lists a seller's property for sale. The listing expires with the seller hiring a new brokerage company. The original agent, however, now has a buyer client interested in making an offer on that property. Which of the following agency duties would extent past the initial expiring of the listing agreement with the seller?keeping confidential information received confidential forever A buyer is inquiring as to what the principal and interest payment will be on a property that is being purchased.Where would be the best place for the buyer to obtain this information?Look on the Closing Disclosure (CD) A buyer was making an offer with earnest money on a listed property. Prior to the listing agent presenting the offer to the seller, the buyer called the listing agent asking to

withdraw the offer. The listing agent should:

return the offer and earnest money immediately to the buyer a holdover tenant would be a situation where the tenant:stays past a lease expiration without leaving which of the following best describes the characteristic of land being indestructible?a property that is destroyed by a flood but the land remains An agent does not show a minority couple homes in a

predominantly white area. This is an example of:

Steering a buyer is in the process of purchasing a home. the buyer is obtaining a federally insured loan and the home is in a high-risk flood zone. which of the following would be true regarding flood insurance?it is always required if the loan is federally insured and FEMA determines that the property is in a high-risk flood zone.Which of the following might lead to contamination of ground water where a property contained an underground

storage tank?Overfills and spills

Under the 1986 Amendment Act under CERCLA, who is responsible for an environmental violation?The current property owner In order to auction real estate in kansas and receive a fee,

one must:

obtain a real estate license in kansas A real estate team in a brokerage office was advertising a listed property for sale. Regarding the advertising, which of the following would be required?whatever the supervising broker deems necessary non-homogenous, indestructible, and immovable all relate

to the:

physical characteristics of land

An original poor floor plan indicates:incurable functional obsolescence

which of the following is true regarding flood insurance?it can be purchased through private insurance companies Under HUD guidelines, when can a lender obtain a credit report regarding a borrower applying for a home loan?If it is part of a standardized loan application form a property with a list price of $110,000 sold for $105,000. A cooperating broker found the buyer. The listing broker charged 6% commission with a 50% split with any cooperating broker. The listing broker also shared 40% of their share of the commission with the salesperson who listed the property. What commission amount would be listed on the closing statement?

$6,300

Which of the following would a salesperson NOT be allowed to do?pay an unlicensed person for referrals From whom can a broker receive commission money from on a real estate transaction?A commercial tenant Which of the following would NOT be considered a ministerial act?suggesting a fair offering price to a buyer customer A property sold for $200,000 with an 80% loan to value ratio. The lender charged 1 discount point in connection with the loan. What was the amount for the discount points?

$1,600

A prospective buyer wanted to have the right to purchase a home at a set price within the next 90 days but did not want to be obligated to purchase it. Which of the following documents would allow the buyer to do this?Option Which of the following would be true under fair housing laws regarding the fair housing poster?If a residential broker failed to display the poster, it would constitute prima facie evidence of discrimination which of the following would NOT be a mitigating factor for a broker accused of failing to supervise licensees in the office?having a salesperson who is a team leader help with supervision in the primary office of real estate brokerage company, a

salesperson can be paid commission money by the:

supervising broker According to the 1988 Amendments to the Federal Fair Housing Act, which of the following persons would be protected or covered?A person who has HIV/AIDS

Which of the following would a branch broker be able to do?disclose in the offer to purchase contract that the earnest money is in a form other than cash every written listing agreement with a seller must contain:a legal description of the property CERCLA (the Comprehensive Environmental Response, Compensation and Liability Act) relates to which of the following entities?

EPA Salesperson F sells a house for $84,500. The listing broker receives 50% of the 6% commission. If Salesperson F is due 40% of the selling broker's commission, how much will F receive?

$1,014

Which best describes land as being non-homogenous?no two parcels of real estate are the same A property had gross annual income of $77,500 with annual vacancy and operating expenses of $25,000. The capitalization rate was 10%. What would be the value?

$525,000

Under fair housing laws, a handicap would best be

described as a person:

With a mental disability that impairs one of life's major functions Knowingly misrepresenting a material fact in a deliberate way so that someone else suffers a loss in an attempt to

make money is:

fraudulent misrepresentation when a lot measured is given, which of the following would be the front footage?the measurement of property frontage abutting the street line A seller and buyer agreed on a $100,000 purchase price for a property with closing to take place in 30 days. This

would be considered a(n):

Express agreement a neighbor in a subdivision was violating a deed restriction for that neighborhood. one of the other neighbors in the subdivision can force compliance with the deed restriction

by going to the:

courts A licensee is taking an offer to their seller client. When the licensee meets the seller, the seller's gait is unstable and the seller smells of alcohol. If the seller accepts the offer,

the could result in a:

voidable contract Which of the following could a transaction broker do?explain to a seller the terms and conditions regarding a contract What is the best way for a real estate brokerage to minimize liability regarding real estate transactions?Purchase errors and omissions insurance A licensee had a property listed for sale. The listing agent then discovered a latent defect on the property. In showing

this property to a buyer customer, the listing agent should:

disclose the latent defect to the buyer What information must a salesperson submit if the salesperson in under investigation for a possible law violation?any information or documents requested by the KREC A broker earns a real estate commission by: producing a ready, willing, and able buyer A seller and buyer agreed on the sale and purchase of a piece of real estate with closing to take place in 30 days.