Real Estate Salesperson License Exam Questions Flashcards

Real Estate Salesperson License Exam Questions Flashcards Buyer's agent has helped her buyers find a property. The sellers have installed a fountain in the courtyard and the buyers have stressed tot heir agent that they want the fountain to be included in the purchase. What should the buyers' agent do to ensure that her clients get the fountain?The agent can include wording int he buyers' offer that indicates the fountain is included in the sale.An appraiser has been hired to appraise a commercial office building that is fully leased. What approach to appraisal will he use to determine his opinion of value?Income Approach Mary has leased office space for the past three years. The lease has expired and Mary has continued to occupy the space. She is paying rent, which is being accepted by the landlord. What kind of estate exists in this scenario?Holdover Tenancy Which of the following is an example of puffing? This house has the most beautiful decor of all of my client listings Which of the following will be the last party to sign a contract?The party accepting the final change What is the purpose of an Environmental Impact Statement?To determine the effect of a proposed project on the community In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value?Physical Deterioration Mary, a single woman, ha snow children. She owns real property and dies intestate. What happens to her real property?The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent.All of the following pledge property as security for a debt except?Note Who is responsible for providing a lead paint disclosure?The seller What does the term 'modular' refer to?Prefabricated Housing A Commercial property is sold for cash without inspections.After closing the buyer discovers environmental problems on the property. Who is liable for the cleanup?The buyers, the seller, the broker, and all in the chain of title who contributed to the problems A buyer with a signed contract who has not yet gone to closing is an example of?Equitable Title A seller's property is listed for $399,900. A buyer makes an offer for $398,000. The seller counteroffers for $392,000.The buyers responded to the counteroffer. The seller receives another offer for $395,000. They would like to accept the new offer. What is true?They can accept the new offer only if they withdraw the counteroffer.John has a loan with equal regular payments of principal and interest. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others.This is best described as Partial Amortization Loan

A broker has listed a seller's property. The seller travels extensively and would like the broker to have the authority to accept a full price offer if he receives one. The seller's layers prepares a limited power of attorney authorizing the broker to accept any offer for at least list price. Once the broker has the authority to accept a full price or better offer for the seller, what is his agency role with that seller?He is a General Agent At a recent social gathering several real estate brokers from the neighborhood were overhead discussing commission rates and attempting to come to an agreement on a way to communicate their rates to one another. What is true about this conversation and any resulting action on their part?The brokers are in violation of the Sherman Anti-Trust Act What is an example of involuntary, statutory, specific lien?Ad Valorem Tax Lien What is the advantage tot he borrower of a VA loan?Guarantee on a VA loan is free A property owner has installed a chain link fence on his property. He has received an official notice requiring the removal of this type of fence. This fence is most likely a violation of?Deed Restrictions or Deed Covenants Foreclosure under a 'power of sale' clause ends when the Trustee delivers a ...Trustee's Deed The local government needs your land to build a new high school. They have the right to take your land for the public good. What is this called?Eminent Domain A married couple purchases property and takes title as Tenants by the Entirety. What is not true about this?When the spouse dies their share will pass to their heirs including but not limited to the surviving spouse.You have recently purchased property in an area regulated by zoning. It has come to your attention that you have zoning violation on the property. What should you do?Request a variance from the zoning board A Broker owes customersHonesty and Fairness A landowner wants to sell his property. A title search uncovers a cloud on the title. There is no one available to sign a quit claim deed to clear up the cloud. What can the owner do?Pursue an action to quiet title in court Who could be considered an intermediary between the borrower and the lender?Mortgage Broker What law sets limits on tax and insurance escrow accounts?Real Estate Settlement Procedures Act A veteran received a certificate of eligibility for $40,000. He signed a contract to purchase a home for $155,000. The CRV on the property is $153,000. The bank wants a 75/25 ration. How much does the buyer need to purchase the property?

$2,000

When an investment property owner is depreciating his improvements on his income taxes what method of

depreciation will he use?Straight Line Method

Mary and John are married with grown children. Both are intestate. If John dies and Mary becomes the owner of the home, what type of ownership did they have?Tenancy by the Entirety Which of the following is the best example of puffing?I think this is the best floor plan available from this builder Main difference between Zoning and Master Planning?Zoning laws are implementation and Master Planning is a process.A single property is regulated by building codes, zoning, and deed restrictions. The rules are in conflict with one another. Which must the property owner obey?Whichever rules are the most strict or limiting.

When can a deed be recorded?8-4:30 Monday-Friday

A builder is very successful and active in a new subdivision. Homes in the subdivision are selling well, and the builder is making a good profile on the sale. The new builders arrive and begin to sell in the same subdivision. All experience a lower level of profit. Which principle of appraisal would this be?Principle of Competition M.A.I. refers to what professional group? Real Estate Appraisers A builder is using inferior siding and paint in an effort to construct affordable housing. This builder is an example of?Functional Obsolescence A property at 123 Main Street has been listed by Mary, a sales licensee at ABC Realty for several weeks. Last week, Mary died. What affect will Mary's death have on the Listing Agreement?The seller can claim abandonment and terminate the listing An appraiser is using the Market Data Approach to determine the value of a residential property. What would not be true?His comparable should not be more than one year old The main goal of the ADA is the removal of barriers. All of

the following are required under ADA except:

Automatic Doors What is the best example of a buffer zone? Garden apartments between single family homes and retail shops.When participating in interstate land sales a broker must provide a buyer with A property report Which of the following death on a property should never be disclosed?Death due to HIV/Aids An agent has acted without authority to do so. His principle has found out about the actions and accepted them. What kind of agency does this describe?Terms in the offer which are favorable to the seller Where can you expect to find PMI?On a high LTV conventional loan A buyer has signed an agreement to purchase a property from a seller. He has met all the terms and conditions of the listing. The listing broker has taken the agreement to the seller. The seller has changed his mind about selling and refuses to sign the agreement. What is true?The seller does not have to sell, but owes the listing broker a commission.