National Exam Practice

Stu's seller client, Gabi, wants to figure out how much equity she has in the home she's selling. Gabi paid $200,000 eight years ago and made several great renovations over the years. She still owes $125,000. Stu calculates that comparable home values in her area have risen about 15% since Gabi bought. Assuming Stu pulled appropriate comps, about how much equity does she have? $105,000 $155,000 $205,000 $230,000

$105,000

Michael paid $385,000 for his home, which now has an assessed value of $392,000. His tax rate is 0.51%. How much will his monthly taxes be? $163.62 $166.60 $186.52 $297.50

$166.60

A buyer with a $250,000 loan has a monthly principal and interest payment of $2,042.71. If $1,145.83 is interest, what is the new principal balance after the first payment is applied? $247,957.29 $248,854.17 $249,103.12 $250,000.10

$249,103.12

Your buyer client, Max, just signed a purchase agreement for a $520,000 home. He has a 60% LTV ratio, and his lender's charging a 1.5% loan origination fee. What loan origination fee can Max expect to pay at closing? $2,200 $3,120 $4,200 $4,680

$4,680

Whitney and Justin are about to close on their refinance, and their loan amount is $362,000. They are paying a 1.5% origination fee. How much will their origination fee be? $1,500 $5,100 $5,430 $6,200

$5,430

Roland's farm land is assessed at 1.5 million dollars and the improvements for $500,000. At a tax rate of 4 mills, how much are Rolan's monthly taxes? $6,667.00 $667.00 $8,000.00 $80,000.00

$667.00 Assessed value + improvements = total value of $2,000,000. Multiply 2 million by 4 (mills/millage rate) then divide by 1000 = $8,000 in annual taxes . Divide $8,000 by 12 to give you the monthly tax amount ($8,000 ÷ 12 = $667.00).

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

$8,137.50

Yasmin listed a house at a 6% commission rate, and it just sold for $463,500. Her brokerage and the buyer's agent's brokerage split the commission equally between them. Then Yasmin, who has a 60/40 commission split with her broker (Yasmin gets the higher split), took her check to the bank. How much did Yasmin earn from this transaction? $5,562 $6,909 $8,343 $9,200

$8,343

John and Amy purchased a builder's home warranty when they bought their home. They have found structural damage that could be a detriment to their home. On average, how many years does a home warranty cover structural damage? 10 years Five years One year Three years

10 years

A buyer is purchasing a home for $400,000 and is financing $300,000. What is the loan-to-value ratio? 72% 75% 82% 96%

75%

Margie needs to know the square footage for the first floor of the condo her client is interested in buying. The kitchen is 10 feet by 15 feet, the living/dining combo is 20 feet by 25 feet, and the office and bedroom are each 10 feet by 10 feet. What's the total square footage? 2,200 square feet 3,000 square feet 750 square feet 850 square feet

850 square feet

In which of these situations would a listing be most likely to terminate due to listing agreement expiration? A market with high inventory and low demand A market with low inventory and high demand A moderately-priced home in a neighborhood slated for renewal A moderately priced home sold as-is in a market full of investors

A market with high inventory and low demand

Which one of the following examples describe a prepayment penalty? A fee the government charges the lender if the borrower pays off a loan before its intended time A fee the lender charges for servicing a loan A loan origination fee charged to the borrower A monetary penalty imposed on a borrower for paying off a loan before its intended time

A monetary penalty imposed on a borrower for paying off a loan before its intended time

Which of these is an encroachment? A neighbor installed a sidewalk next to their driveway, six inches outside of their property. A path providing neighborhood access to a pond cuts through part of one person's property. The city seized a formerly private parcel of land for public use. The state took ownership of a person's property when no heirs could be located following their death.

A neighbor installed a sidewalk next to their driveway, six inches outside of their property.

After the closing, Donna ensures that her client has keys to the property and copies of all the transaction paperwork. Which fiduciary duty is Donna performing? Accounting Confidentiality Disclosure Loyalty

Accounting

What does the Federal Trade Commission regulate? Advertising Commission disbursements Federal real estate transactions Listing trades

Advertising

Shane's buyers learned during the inspection that there was water damage around the fireplace and that the chimney needed new flashing and to be repointed. To whom must Shane disclose that information? Any party to the transaction Only the listing agent Only the sellers Only the sellers and the lender

Any party to the transaction

Shannon doesn't understand why her agent wants her to add a contingency to her purchase offer. Her agent, Scott, explains that the property is in a transitional neighborhood, and it might be overpriced. What type of contingency is Scott recommending? Appraisal Financing Home sale Inspection

Appraisal

Samuel and Yoshi have worked at the same firm for a few months and get along well. Samuel mentions he has a credit score in the low 800s. Yoshi, who's just starting out, persuades Samuel to sign for a loan to help Yoshi buy a property, since his credit isn't good enough. Yoshi promises to make the mortgage payments, but two months after the deal closes, Yoshi moves across the country. Samuel's now stuck with a $400,000 mortgage. What type of scheme is this? Equity skimming Inflated appraisal Silent second Straw buyer

Straw buyer

Which economic principle says that a property's value is determined by what it would cost to purchase a similar property? Anticipation Competition Contribution Substitution

Substitution

Kenneth plans to shop around for his mortgage loan to be sure he's getting the best interest rate and terms. What lender-provided document outlines loan rates and fees so he can make comparisons? Kenneth's settlement statement details all closing costs, so he can use it to compare lender loan products. The buyer's net sheet provides all the figures necessary for comparing loan products. The Closing Disclosure discloses all loan costs, so he can compare costs between lenders. The Loan Estimate permits Kenneth to comparison shop.

The Loan Estimate permits Kenneth to comparison shop.

What's the minimum number of business days prior to closing that lenders have to provide borrowers with the Closing Disclosure form? Five Four Three Two

Three

How many parties does a deed of trust involve? Five: borrower, lender, trustee, trustor, and beneficiary Four: borrower, lender, trustee, and trustor Three: borrower, lender, and trustee Two: borrower and lender

Three: borrower, lender, and trustee

In which of these situations would the property most likely be conveyed with a trustee's deed? Karla is the executor of her father's estate and is selling his farm. Marvin and Tricia are selling their house. Tim's property will be sold at auction in a foreclosure action. TLC Lending is selling an REO property.

Tim's property will be sold at auction in a foreclosure action.

Natalie is a single mother of twins and receives government assistance to help make ends meet. She's been living with her mother for the last few years but really wants to buy her own home to gain some independence. She's got a little in savings and has good credit, but when a lender turns her away because she receives public assistance she worries that she'll never be able to get a loan. What act prevents automatic discriminatory practices by lenders and protects individuals like Natalie? Community Reinvestment Act Consumer Credit Protection Act Equal Credit Opportunity Act Home Mortgage Disclosure Act

Equal Credit Opportunity Act

Which of the following agreements gives you the sole right to represent a buyer? Exclusive listing agreement Exclusive right-to-list agreement Exclusive right-to-represent agreement Exclusive right-to-sell agreement

Exclusive right-to-represent agreement

A seller and a buyer have entered into a sales contract. They're about three weeks into the transaction, with several terms of the agreement yet to be met. What type of contract do the parties have? Executed Executory Option Unilateral

Executory

Your clients, the Harpers, live in Area B that's adjacent to Area C; Area C was recently downzoned. If the Harpers believe the rezoning has harmed their property values, what can they do? File a claim of inverse condemnation. Move to Area C and file a claim. Nothing, because they don't live in the rezoned area. They must sell to prove a loss of value.

File a claim of inverse condemnation.

Tracy is looking in the MLS and sees a listing marked "REO." Which of these statements regarding REOs is correct? An REO property is one that the lender is trying to help the owner sell before beginning foreclosure proceedings. Banks acquire REOs through failed foreclosure sales or deed in lieu of foreclosure actions. REOs are properties that the lender has given permission to sell for less than the loan amount. REOs refer to investment properties a bank owns.

Banks acquire REOs through failed foreclosure sales or deed in lieu of foreclosure actions.

Which one of these would NOT be an element of comparison an appraiser would use when applying the sales comparison approach to a property valuation? Financing terms and cash equivalency Income generated Market conditions at time of sale Physical characteristics of the property

Income generated

As interest rates fall, what is the number of buyers in the market likely to do? Act independently from interest rate changes Decrease Increase Remain steady

Increase

Which clause in a contract states that one or more parties won't be held liable if there are losses or expenses related to the contract? Choice of law clause Indemnification clause Severability clause Time of performance clause

Indemnification clause

What happens to an initial offer from the buyer after a seller counters? It becomes the back-up offer. It's accepted by the seller until the buyer accepts the counter. It's no longer in play. Sellers cannot counter a buyer's initial offer.

It's no longer in play.

Which type of agent is an escrow officer? General agent Limited agent Single agent Universal agent

Limited agent

Which type of antitrust violation occurs when real estate firms agree to divide their market so they don't compete with one another? Group boycotting Market allocation Price fixing Tie-in arrangements

Market allocation

The Bransons have a conventional loan for which they were required to obtain private mortgage insurance. Their local real estate market has been going like gangbusters, and their house is now appraised at twice their loan balance! Will their PMI be cancelled? Maybe, but they'll have to petition their lender No, because PMI lasts for the life of the loan Yes, because their equity is over 20% Yes, because their equity position is at least 50%

Maybe, but they'll have to petition their lender

Frank is representing Jonathan in the sale of his home. A buyer approaches Frank at Jonathan's open house, and Frank agrees to represent her in purchasing Jonathan's house. What must Frank do to avoid an illegal dual agency situation? Inform the buyer that he represents the seller. Obtain dual agency consent from all parties. Obtain dual agency consent from the buyer. Obtain dual agency consent from the seller.

Obtain dual agency consent from all parties.

Alice listed a three-bedroom home for her client, but before she finds a buyer, the home burns to the ground. What happens to the agency agreement that Alice has with her client? The agency agreement continues as created unless Alice and her client can mutually agree to terminate it. The agency agreement is terminated if the property is destroyed. The agency agreement must be extended until the home is rebuilt, or for six months, whichever is longer. The agreement must continue, but it can be modified due to the changed value of the property.

The agency agreement is terminated if the property is destroyed.

What is a negative aspect of 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.

Walt and Ginger were informed by their landlord that their option to purchase the bungalow they're renting has just been terminated. Which of the following things that can occur is likely to terminate an option to purchase? Ginger put up new curtains. They sublet the bungalow for a month without permission. They went on vacation and left the house empty for 12 days. Walt lost his job.

They sublet the bungalow for a month without permission.

What type of estate involves a piece of real estate that's owned by multiple unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one- to two-week intervals during the year? Apartment Leasehold Lifetime Timeshare

Timeshare

Avery is about to close on his first home. What will protect him from financial loss if his ownership later comes into question? Abstract of title Chain of title Title insurance Title search

Title insurance

Your buyer is worried that after she closes on her property, she'll find out someone else has a claim to its ownership. What can reassure her? Abstract of title Chain of title Title insurance Title search

Title insurance

What's the purpose of a buyer representation agreement? To disclose brokerage relationship options to consumers To establish an exclusive agent/buyer relationship To limit the duties a licensee may perform for a consumer To register an agency as a real estate brokerage firm

To establish an exclusive agent/buyer relationship

Which of these is an example of illegal market allocation? A brokerage firm decides to focus on listings in the $350,000 to $475,000 price range. Three licensees in the same firm agree to focus on the specific neighborhoods in which they live so they're more knowledgeable about listings in those areas. Two brokerage firms have an agreement to focus exclusively on suburban, rather than rural, homes. Two real estate firms each discuss with their licensees where the most lucrative deals can be found.

Two brokerage firms have an agreement to focus exclusively on suburban, rather than rural, homes.

Which of these was enacted to give electronic signatures, records, and contracts legal recognition equal to that of paper records and signatures? Federal Real Estate License Act Statute of frauds Statute of limitations Uniform Electronic Transactions Act

Uniform Electronic Transactions Act

What's the penalty for violating federal do not call rules? A fine of more than $40,000 for each day violations took place A fine of more than $40,000 for each violation Restrictions on all business telephone use Suspension of the violator's business license

A fine of more than $40,000 for each violation

Which of the following is an example of an escalator offer? Buyer offers $650,000. Seller accepts. Buyer offers $650,000. Seller counters at $675,000. Buyer accepts. Buyer offers $650,000. Seller counters at $675,000. Buyer counters back at $665,000. Buyer offers $650,000 with clause that buyer will beat all competing offers by $3,000 up to $675,000.

Buyer offers $650,000 with clause that buyer will beat all competing offers by $3,000 up to $675,000.

You're showing a house when you notice piles of what looks like sawdust outside near the basement windows. This may be evidence of which pest? Carpenter ants Fire ants Ladybugs Powder post beetles

Carpenter ants

Johannes must obtain a permit for a construction project that is located right next to a wetlands. Which federal law or regulation requires him to get the permit? Army Corps Construction Regulations Clean Water Act Coastal Zone Management Act Rivers and Harbors Act

Clean Water Act

Which of these helps a licensee determine an appropriate listing price range? Appraisal Comparative market analysis Creative market analysis Proforma

Comparative market analysis

Mariah was appointed to a two-year term on Garden City's planning board. She's looking forward to meeting her fellow board members and working collaboratively on issues that affect their town. She's been told that the first order of business is a revision of the document that outlines the community's long-term needs and provides guidance on capital budgeting for those needs. What is this document called? Comprehensive master plan Environmental impact study Special use permit Zoning ordinance

Comprehensive master plan

A person's property has been seized by the government, but they were given fair market value for it. What action has the government agency performed with this person's property? Condemnation Confiscation Conversion Inverse condemnation

Condemnation

Which economic principle says that value is created and maintained when the characteristics of a property fit in with its surroundings? Anticipation Conformity Contribution Substitution

Conformity

Dean and Michael have an oral contract. Dean said he would sell Michael his bike in return for Michael's vinyl album collection. What does the record collection represent? An executed contract A valid contract Consideration Michael's legal competence

Consideration

What type of loan is neither guaranteed nor insured by government agencies? Conventional Federal Housing Administration (FHA) U.S. Department of Agriculture (USDA) U.S. Department of Veterans Affairs (VA)

Conventional

Dual agency is the opposite of single agency. With single agency, a firm represents ______. Always the seller Both the seller and buyer Either the buyer or the seller Neither party

Either the buyer or the seller

Which one of these is an example of the doctrine of estoppel? Corrie shows Marvin several properties and prepares CMAs for each. She assists him in making an offer on one. He becomes difficult to work with, and she then says she's not his agent because they don't have a signed agency agreement. Josie represents Carmine in his search for a rural property. Josie shows Carmine a property that's perfect, but she never hears from Carmine again. She then discovers that Carmine bought the property directly from the seller. Roark tells all his buddies at coffee that he's getting $600 a month rent out of his old barn. His best friend just shakes his head, knowing that Roark is only getting half that amount. Tonya tells Kinsey that she's a licensed agent and proceeds to represent Kinsey as a buyer's agent. Kinsey later discovers that Tonya isn't licensed.

Corrie shows Marvin several properties and prepares CMAs for each. She assists him in making an offer on one. He becomes difficult to work with, and she then says she's not his agent because they don't have a signed agency agreement.

A real estate transaction has a closing date of May 20. The seller, who's responsible for closing costs up to but not including the day of closing, has already paid annual property taxes of $1,949. How will the closing statement reflect the proration for the seller? Use a calendar year proration, and round to the nearest dollar. Credited $1,207 Credited $742 Debited $1,207 Debited $742

Credited $1,207

Which of the following is a true statement about building code regulations? If there's no state or local building code to cover a situation, the national code applies. States have the authority to change national building code requirements. The building code provides the maximum standards for buildings. When state and federal building codes conflict, the less strict code prevails.

If there's no state or local building code to cover a situation, the national code applies.

What's the role of the mortgage contingency in a sales contract? Describes seller financing options if the buyer isn't pre-qualified for a mortgage. Describes the lender and interest rates the buyer will use when purchasing the property. Documents the seller's credit rating and pre-approved purchase price. Documents the type of and timeline for financing, and outlines what to do if financing falls through

Documents the type of and timeline for financing, and outlines what to do if financing falls through

Fewer buyers in a higher price range would create what kind of pressure on housing prices? Downward Steady Strong Upward

Downward

Which one of the following could indicate a problem with the chimney flue or ventilation? Damage around the fascia Doors that won't open Drafts near the fireplace Holes in the soffit

Drafts near the fireplace

When it comes to earnest money, which one of the following statements is true? Earnest money is rarely the subject of lawsuits against real estate licensees. Earnest money must be placed in a trust account. The amount of earnest money is non-negotiable between the buyer and seller. The seller dictates the amount of earnest money in the MLS listing.

Earnest money must be placed in a trust account.

While working with a buyer client, the licensee filled in the blanks on the purchase agreement, drafted an early occupancy addendum, and assured his buyer that she was "fully protected" and would get her earnest money back if the sale didn't close. He encouraged her to hire an attorney to review the contract and addendum, and then invoiced her for a nominal $15 fee to prepare transaction documents. Which of the following tasks was the licensee legally permitted to do? Charge a fee for preparing legal documents Draft the early occupancy addendum Fill in the contract blanks Interpret the contract provisions regarding the buyer's full protection and getting her earnest money returned

Fill in the contract blanks

Which element is applied first when using the sales comparison approach to value? Conditions of sale Financing terms and cash equivalency Market conditions Physical characteristics

Financing terms and cash equivalency

Katy's home that was listed for sale was destroyed by fire. Under which of these methods will her listing agreement terminate? Completion Expiration Force of law Mutual agreement

Force of law

A landlord has an available unit but refuses to show it to several applicants. These applicants are all single women with children. The applicants who are shown the apartment are all individuals or couples without children. In what way is the landlord violating fair housing law? He is advertising the unit in a restrictive way that discriminates against those with children. He is discriminating against people based on familial status by refusing to show available housing. He is discriminating by offering special terms for rental based on a protected class status. He is sexually harassing potential tenants.

He is discriminating against people based on familial status by refusing to show available housing.

Max has a written agency agreement with Rufus in which Max will receive all of the listings in the subdivision that Rufus purchased (with Max's representation) and is developing. One day when Rufus is visiting the site of the subdivision, a work truck accidentally runs him over and he's seriously injured. Rufus can no longer run the development of the subdivision. What happens to Max's agency coupled with interest? It's still in place because it doesn't terminate on the death or incompetence of the principal. Max has no recourse; the agency relationship is terminated and he receives no compensation. Max now owns the subdivision as a result of the principal's death or incapacity. Rufus must now pay Max the commission that he didn't get from the original listing, and the agency relationship is terminated.

It's still in place because it doesn't terminate on the death or incompetence of the principal.

Which of these is an example of severability? Jules and Katrina are under contract for the purchase of Katrina's house. A dispute arises over some contract terms, and they end up in court. The court rules one of the terms invalid but leaves the remainder of the contract in force. Mark's contract with Reuben states that either party may sever the contract if any contract term is only partially performed. Misty's lease agreement with Thomas contains a provision that permits her to sever the lease if Thomas doesn't remodel the apartment as promised. Ricardo and Timothy are under contract in the sale of Ricardo's office building. Ricardo's tenant leases gives him the option to sever the lease agreements upon sale of the building.

Jules and Katrina are under contract for the purchase of Katrina's house. A dispute arises over some contract terms, and they end up in court. The court rules one of the terms invalid but leaves the remainder of the contract in force.

Your buyers love the 1891 Victorian they have under contract, but they want to get both the water and the paint tested as soon as possible. What are they testing for in both water and paint? Asbestos Lead Mold Radon

Lead

Which legal description method uses compass headings and directions? Block and grid Lot and block Metes and bounds Rectangular government survey

Metes and bounds

Which of the following is an example of commingling? Mixing earnest money with personal funds Mixing two earnest money deposits Paying licensee bonuses from forfeited escrow deposits Using escrow funds to pay business expenses

Mixing earnest money with personal funds

Home inspector Maura was walking Thad through a property inspection. The frame house, on a slab foundation, had mulch piled up about 18 inches next to the house. Why was Maura noting this as a concern? Mulch is a flammable substance. Mulch isn't a sustainable material. Mulch next to wood siding may lead to wood rot. That amount of mulch might kill the plants it's meant to protect.

Mulch next to wood siding may lead to wood rot.

Elaine owns a home on a flag lot behind James. Her easement for a common driveway runs through James's property. What kind of ownership rights does Elaine have of the driveway that runs through James's property? Absolute Non-possessory Possessory Temporary

Non-possessory

Which one of the following is an example of group boycotting? Jamie purchases billboards in Peyton Heights and Crestview, but not in Sandlot Valley. One Plus Brokerage offers to beat any competitor's commission rate by 1%. Three competing brokers agree to stop doing business with One Plus Brokerage; no matter how low One Plus's rate is, no one will want to list with them if the listings don't get showings. Penny Printing produces business cards. Unhappy with the quality it received, Beta Brokerage has decided to no longer purchase its business cards from Penny Printing. Tara isn't happy with the service she received when placing ads in a local publication. She decides to no longer advertise with it.

One Plus Brokerage offers to beat any competitor's commission rate by 1%. Three competing brokers agree to stop doing business with One Plus Brokerage; no matter how low One Plus's rate is, no one will want to list with them if the listings don't get showings.

Under which types of agency agreement may a buyer and agent operate? Exclusive agency only Exclusive right to represent only Open, exclusive right to represent, and exclusive agency Open or exclusive agency only

Open, exclusive right to represent, and exclusive agency

Which of the following statements is true about conventional loans? Originators usually package and sell the loans on the secondary market. They're guaranteed by the U.S. Department of Veterans Affairs. They're insured by the Federal Housing Administration. They're provided by the U.S. Department of Agriculture.

Originators usually package and sell the loans on the secondary market.

What has occurred when two adjacent properties are worth more when they're combined into one property? Contribution Eminent domain Plottage Zonin

Plottage

A property manager is preparing a quarterly report pursuant to the terms of a property management agreement. This report shows the property owner whether this property operated at a surplus or deficit during the reporting period. What report is being prepared? Budget comparison statement Cash flow report Operating budget Profit and loss statement

Profit and loss statement

Property managers must recognize the federally protected classes under the federal Fair Housing Act. Which list most accurately lists these classes? Race, color, religion, national origin, familial status, or disability Race, color, religion, national origin, sex, familial status, age, marital status, or disability Race, color, religion, national origin, sex, familial status, or disability Race, color, religion, national origin, sex, marital status, or disability

Race, color, religion, national origin, sex, familial status, or disability

The duty of reasonable skill and care assumes that agents can provide expert advice to their clients in which area? Home construction Mortgages Property tax assessments Real estate

Real estate

Drew and Hank were camping at Hank's riverfront cabin. Hank told Drew that he rarely used the cabin and was thinking of selling it. Drew said that he'd buy it from Hank for $80,000, which Hank agreed was a fair price. It's two months later, and Hank is upset that Drew now says he won't buy it. Why isn't this contract enforceable? Drew didn't have the financial resources to make the offer. Real estate contracts must be in writing. There was no offer and acceptance. This wasn't a legal purpose.

Real estate contracts must be in writing.

Agricultural fixtures, even if they are installed by a tenant, are _______. Chattel Personal property Real property Theoretical property

Real property

Regina purchases a farm with 80 acres and owns her property in severalty. What does this mean for the company that purchased the mineral rights from the previous owner? Regina and the company that purchased the mineral rights are automatically tenants in common, since they share ownership of the property. Regina didn't purchase the mineral rights, which have been severed from the property by the previous owner. Regina included the mineral rights in her purchase agreement, since she could not otherwise own the property in severalty. Regina is the sole owner, and the company must accept a fractional portion of the sales price in return for forfeiting the mineral rights.

Regina didn't purchase the mineral rights, which have been severed from the property by the previous owner.

Which of these is an example of practicing within your area of competence? Informing your clients that the odd odor in the property is from an ongoing black mold issue. Recommending that your married clients take title to their new property as joint tenants. Researching the property tax amount that a client will pay on the home he's purchasing. Telling your client that the wood shavings outside the basement window means there are termites in the home.

Researching the property tax amount that a client will pay on the home he's purchasing.

Ramon and Bill are victims of fair housing discrimination. They were refused an apartment because they're gay. Sexual orientation is not a specifically protected class under the Fair Housing Act. Which protected class extends protections to Ramon and Bill from discrimination in housing based on their sexual orientation? Familial Status. Marital Status. Religion. Sex.

Sex.

Which of the following is an example of a fixture that is real property? Above-ground pool and pool accessories Bathroom mirror hanging on a hook Photos and wall hangings Shelves attached to the wall with brackets

Shelves attached to the wall with brackets

Rhonda purchased an existing pet store in her neighborhood, and she's so excited! Her animal-loving aunt is thrilled for Rhonda but disappointed that she won't be able to visit the store in her wheelchair, as the aisles are narrow and there isn't enough room to move around. What is true about Rhonda's responsibilities to her aunt and other people with disabilities? At a minimum, Rhonda is required to add an accessible bathroom. At a minimum, Rhonda is required to add an accessible entrance to the building. Because Rhonda purchased a retail business, she must meet the same ADA requirements as new construction buildings. Since Rhonda purchased an existing building and business, the ADA requirements aren't as strict as with new construction and vary by building.

Since Rhonda purchased an existing building and business, the ADA requirements aren't as strict as with new construction and vary by building.

If a private individual owner owns fewer than three single-family homes at one time, which exemption from the Fair Housing Act could apply? Housing designated for senior use "Mrs. Murphy" exemption Owner-occupied buildings with no more than six units Single-family housing sold or rented without the use of a broker

Single-family housing sold or rented without the use of a broker

Which of the following is a potential disadvantage for a buyer who enters into a lease with an option to buy contract? The buyer/lessee could lose any funds credited to the purchase price if he breaches the lease's terms. The buyer/lessee has to pay higher federal capital gains taxes if purchasing a property through a lease with an option to buy transaction. The buyer/lessee has to wait until the property owner is ready to sell the property before he can take possession of it. The buyer/lessee is unlikely to qualify for a regular mortgage if he decides to move or buy another property later.

The buyer/lessee could lose any funds credited to the purchase price if he breaches the lease's terms.

In a residential real estate sale involving a federally related loan, what entity is required to provide Real Estate Settlement Procedures Act disclosures to the consumer? The consumer's lender The consumer's mortgage broker The consumer's real estate broker The settlement officer for the transaction

The consumer's lender

Your 15-year-old son just signed a contract joining a health club, which costs $50 a month. Which of the following best describes this contract? The contract is missing a legal object. The contract is missing offer and acceptance. The contract is void. The contract is voidable.

The contract is voidable.

Select the statement that correctly exemplifies the covenant term. The covenant against encumbrances is the grantor's guarantee that he or she owns the property being conveyed. The covenant for further assurances assures the grantee that there are no undisclosed encumbrances on the property. The covenant of quiet enjoyment promises that the grantee won't be disturbed by a title defect the grantor passes on. The covenant of warranty promises that the grantor has the capacity to convey title.

The covenant of quiet enjoyment promises that the grantee won't be disturbed by a title defect the grantor passes on.

Katelyn wants to include an inspection contingency in her purchase offer. Her agent explains that the inspection contingency will document which of the following? How much money the sellers will spend on fixing inspection issues The date by which all inspection issues must be addressed The name of the inspector Katelyn will use Whether Katelyn will ignore some of the inspection issues

The date by which all inspection issues must be addressed

In which of the following scenarios can landlords enter a rental unit without notice? The landlord must perform routine maintenance. The lessee is not home. The tenant in the unit below reports water coming through the ceiling from the apartment. The tenant is a day late in paying rent.

The tenant in the unit below reports water coming through the ceiling from the apartment.

Which of the following is a planning and zoning issue that most prospective buyers might need to know? How many members are on the zoning board How to get a home occupation permit The zoning designation for the given property When the town comprehensive plan will be updated

The zoning designation for the given property

If a contract is for an illegal purpose, it's ______. Enforceable Legal Valid Void

Void

Sylvia, who's 15 years old, and her neighbor Marge, who's 24, sign an agreement that Sylvia will babysit Marge's toddler for the summer for $10 an hour. What type of contract is this? Enforceable Unilateral Valid Voidable

Voidable