National Real Estate Salesperson PRACTICE Exam 80 questions

National Real Estate Salesperson PRACTICE Exam (80 questions) Flashcards

• A salesperson qualified a minority couple with two

children and defined their price range as between $110,000 and $120,000 for the three-bedroom house they wanted.They asked to look at two listings in a nonminority neighborhood. The salesperson did not show them the properties because they were priced under $90,000 and had only two small bedrooms. Did the salesperson act appropriately and why or why not?No, because it is appropriate to show any property for which the buyer is qualified.

• A licensee has an agency representation agreement

with a buyer. When showing another company's listing, what obligation does the licensee have to the seller and the listing broker at the other company?Disclose the agency relationship when arranging the showing and disclose material information about the buyer if presenting an offer.

• When a listing broker is preparing an Offer to Purchase

for a buyer customer, contingencies involving inspections or approval by a third party should have short deadlines.

• When preparing a market data estimate of value, which

of the following categories of adjustment is NOT essential?The original cost of the building.

• A homeowner is willing to let his neighbor park an RV in

his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor?A license.

• A minority couple come to a salesperson looking for a

house. The salesperson has some properties for which the couple qualify but avoids showing or mentioning these listings. Instead, the salesperson shows only properties in low-priced and integrated neighborhoods. This practice is known as steering

• A broker, acting as agent for the seller, presents an

offer to buy from the broker's former college roommate.The broker knows that the buyer will increase the amount of the offer if the seller turns down the offer. When presenting the offer, the broker should

• tell the seller that the buyer will pay more.
• Legal descriptions using the government survey system

are NOT generally used in the original 13 states

• Although states make specific laws governing water

rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are

controlled by the state under the doctrine of prior appropriation.

• A buyer was negotiating the purchase of a house for

himself. During a conversation with the seller, the seller agreed to include all kitchen appliances in the sale, and this fact was included in the sales contract. In this situation, if the seller takes the appliances with him, what recourse

does the buyer have?The buyer may sue the seller for specific performance.

• A realty firm has just entered into an agreement to

represent a home builder in the sale of a new subdivision.The firm has located several potential buyers and five homes have been sold to purchasers that the firm's agents

have contacted. The realty firm has an agency relationship with the builder

• The buyer wants to make the purchase offer contingent

on a complex mortgage arrangement. The buyer's agent who is drawing up the contract should suggest the buyer ask a lawyer to furnish the wording.