National Real Estate Exam Flashcards

National Real Estate Exam Flashcards Contrary to federal fair housing laws, the state where Katrina lives includes age as a protected class. Which of these statements about this conflict is true?Katrina can follow either the federal or the state law as long as she is consistent.Katrina is permitted to follow whichever law is least restrictive.Katrina must follow federal law for any federally related transaction.Katrina must follow the more restrictive of federal or state law.Katrina must follow the more restrictive of federal or state law.Katrina must follow the more restrictive of the federal or the state law.Alison and Brent are financing their house purchase of $232,500 with an FHA loan. Their credit score qualifies them for the minimum down payment. What do they need to put down?$10,462.50$11,625$6,975$8,137.50 $8,137.50The minimum down payment for an FHA loan is 3.5%, so Alison and Brent's down payment needs to be $8,137.50 ($232,500 x 0.035).An example of this type of leasehold estate is a month-to-month lease.Estate at sufferanceEstate at willEstate for monthsPeriodic estateA periodic estate automatically renews at the end of its lease term, such as at the end of a given month.Periodic estateA periodic estate automatically renews at the end of its lease term, such as at the end of a given month.Kendra made an offer on Sam's property. Sam rejected Kendra's offer, but made a counter-offer. Kendra is now considering the counter. What role does Kendra currently have in this scenario?ExaminerExecutorOffereeOfferor OffereeThe seller considering a buyer's offer is an offeree, but if that seller makes a counter-offer, then the seller becomes the offeror and the buyer becomes an offeree.In states where full disclosure isn't required, whose responsibility is it to disclose any items required by law and respond honestly to any questions about the property's condition?SellerIn non-full-disclosure states, the seller must fully disclose any items required by law and honestly respond to property condition questions.Rogers has been given power-of-attorney over his sister's affairs while she's out of the country in case someone needs to take care of personal or business affairs and she's out of contact. What kind of POA does Rogers likely have?BroadGeneralRestrictedSpecial GeneralRogers likely has general POA so he can deal with anything that comes up in his sister's absence.Kenneth entered into a contract to sell his home to Valerie, who put down a $5,000 earnest money deposit. At the last minute, Valerie backed out of the deal and Kenneth kept the earnest deposit. This is an example of ______.Accepting liquidated damagesAccepting partial performanceSuing for damagesSuing for specific performance Accepting liquidated damagesAll of the answer options are actual remedies to breach of contract, but in this scenario, Kenneth kept the earnest money, which is known as accepting liquidated damages.Which of these is NOT an example of a group boycott?Acme Realty offers discounted services. Berringer Realty and Hawthorne Real Estate Group decide not to show any of Acme's listings and to prohibit showings to

Acme buyers so they can drive Acme out of business.Deb, a licensee, is unhappy with the marketing materials a local company produced. She shares her concerns with Irving, a colleague, and they agree to avoid doing business with this company-and to share the news with other colleagues.Sean and the associated brokers in his firm agree to purchase their marketing materials from a single supplier so they get a quantity discount.Several brokerages in a certain area agree to stop running advertisements in a local publication.Sean and the associated brokers in his firm agree to purchase their marketing materials from a single supplier so they get a quantity discount.A brokerage firm can elect to do all of its business for supplies, advertising, etc., with a

single vendor. This isn't a group boycott because the firm isn't agreeing to not do business with any other specific business.Which of the following scenarios accurately describes the similarities between an open listing and an exclusive agency listing?In both types of listings, sellers are required to pay a commission to all of the brokers who list the home.In both types of listings, the broker owes the commission regardless of who sells the property.In both types of listings, the seller may work with multiple brokers to sell the property.In both types of listings, the seller who finds the buyer won't owe a commission.In both types of listings, the seller who finds the buyer won't owe a commission.In both open listings and exclusive agency listings, the seller doesn't have to pay a listing agent commission if the seller finds a buyer.What does the metes and bounds system use to develop a property's legal description?Compass headings and directionsPlat referencesPrincipal meridians and base linesTownships and sections Compass headings and directionsThe metes and bounds system uses compass headings and directions.Nico is buying a home for $625,000. His earnest money deposit is 8%. He wants to avoid private mortgage insurance (PMI) on his conventional loan, and he owes 5% of the purchase price in closing costs. How much money should he bring to closing?$106,250$156,250$31,250$81,250 $106,250Conventional loans often require 20% down to avoid PMI ($125,000), and Nico has paid a $50,000 deposit ($625,000 x .08). Closing costs are $31,250 ($625,000 x .05). He needs $106,250 to close ([$125,000 - $50,000] +

$31,250).

Nelson manages a building with a strict "no pets" policy.Shanna, who is disabled and uses an assistance animal, wants to rent a unit in the building. What action can Nelson legally take?Nelson can allow Shanna to rent the unit and can charge a pet deposit.Nelson can allow Shanna to rent the unit, but at a higher rate.Nelson can allow Shanna to rent the unit but can't charge a pet deposit or any extra fees.Nelson can deny Shanna's application because pets aren't allowed in the building.Nelson can allow Shanna to rent the unit but can't charge a pet deposit or any extra fees.Assistance animals are not considered pets, and landlords may not charge a pet deposit or additional rent due to the presence of an assistance animal.Which of the following is true about net listings?The listing agent is guaranteed at least some commission.They don't include compensation for the buyer's agent.They often involve a conflict of interest.They're legal in all 50 states.They often involve a conflict of interest.Net listings are prohibited in several states, and there's no guarantee of commission. The conflict could occur if the listing agent didn't present offers that left little for a commission, even though the offers met the seller's needs.A buyer with a $350,000 loan has a monthly principal and interest payment of $2,102.36. If $1,801.23 is interest,

what's the new principal balance after the first payment is applied?$349,698.87If $1,801.23 of the $2,102.36 is interest, that leaves $301.13 for principal. Subtract $301.13 from