Practice and Disclosures

In order to be valid all exclusive listings must inlcude

A definite date of expiration

The owner of real property who leases it to another is called:

A lessor

When a lender makes a loan regulated by the real estate settlement procedures act, the loan applicant must be provided with which of the following: A. A loan estimate B. An application for private mortgage insurance C. A bill of sale D. forms for applying for the homeowner's exemption

A loan estimate

RESPA would apply to which of the following A. 1-4 family residential dwellings B. Homes and residential dwellings only C. Subdivisions D. commercial real estate only

A. 1-4 family residential dwelllings

A lease for an apartment in a residential apartment project is usually which type of lease? A. A gross lease B. A ground lease C. A net lease D. A percentage lease area

A. A gross lease

Which of the following is the best example of the practice known as "puffing"? A. A licensee exaggerates certain features or benefits of a property B. A licensee communicates his opinions about a property as material facts C. A licensee implies that he is well connected, and knows many influential people in the area D. A licensee misrepresents material facts concerning a property

A. A licensee exaggerates certain features or benefits of a property

The landlord of an apartment building neglected to repair the building's plumbing system. As a result, the apartments did not receive water, as provided by the leases. If a tenant's unit becomes uninhabitable, which of the following would MOST likely result? A. Claim of constructive eviction B. Suit for possession C. Tenancy at sufferance D. Suit for negligence

A. Claim of constructive eviction

Discrimination is prohibited in lending practices under which of these acts? A. Equal Credit opportunity Act (ECOA) B. Fannie Mae (FNMA) C. Truth in Lending Act (TILA) D. Real Estate Settlement Procedures Act (RESPA)

A. Equal Credit Opportunity Act (ECOA)

In a usual listing agreement, the broker is authorized to: A find a purchaser and accept a deposit B. Convey the real property listed C. Find a purchases and bind his client to a contract D. Promise the buyer that any offer on the listed terms will be accepted

A. Find a purchases and accept a deposit

A land developer offers a free prize to anyone who replies to his direct mail advertisement and visits the site of his subdivision. The sub-divider requires the prize winner to attend a sales presentation at the subdivision site prior to awarding the prize. The sales presentation requirement was not mentioned in the advertisement. This kind of promotion is: A. Illegal because it did not disclose the sales presentation attendance requirement B. Illegal because free prizes cannot be offered under any circumstances C. Legal if the prize is actually awarded D. Legal if the prize winner purchases the property

A. Illegal because it did not disclose the sales presentation attendance requirement

Equitable title is transferred to the buyer upon the execution of which of the following documents? A. Land sale contract B. Life estate C. Deed of reconveyance D. Lease-option contract

A. Land sale contract

Bill offered to buy Sarah's house. The same day an offer came in from Harry. Sarah consulted her neighbor about the offers, who promptly came over and informed Sarah that he would rather not live by Bill because he is a minority. Sarah's agent told her that she should not eat with a minority buyer and should deal with Harry because he is not a minority. Sarah accepted Harry's offer based upon the fact that he was not a minority. According to fair housing laws, which of the following parties is not guilty of discrimination? A. Sarah B. The agent C. The neighbor D. Harry

D. Harry

When can a landlord evict a blind or otherwise disabled tenant from the premises? A. If the tenant insists on a handicapped parking place B. If the tenant gets a service dog and the apartment policy does not allow pets C. If the tenant makes modifications to the unit at his own expense D. If the tenant has loud parties and makes too much noise

D. If the tenant has loud parties and makes too much noise

RESPA would prohibit which of the following acts? A. Redlining B. Blockbusting C. Steering D. Kickbacks

D. Kickbacks

In the practice of real estate, what is the common term used if a licensee brags that a property located near a large park is "in the best part of town"? A. Fraud B. Misrepresentation C. Exaggeration D. Puffing

D. Puffing

Blockbusting occurs when: A. A lending institution does not make loans in a certain part of the city B. One lending institution buys all the houses on a block C. A broker shows houses to prospective buyers only in certain areas D. The broker uses racial fears to prompt people in a changing neighborhood to sell their homes

D. The broker uses racial fears to prompt people in a changing neighborhood to sell their homes

When planning a subdivision, a developer should determine the kinds of land uses to be involved and the amounts of land t one allocated to each use by considering: A. the customs of the area and what other developers have already done B. What he considers an ideal development C. Which are the most profitable types of buildings to construct D. The comprehensive plan of the local government

D. The comprehensive plan of the local government

Under the Federal Truth-in-Lending Act, two of the most critical facts which must e disclosed to borrowers are: A. The carrying charge and advertising expense B. The installment payments and cancellation rights C. The duration of the contract and discount rate D. The finance charge and annual percentage rate

D. The finance charge and annual percentage rate

A lease agreement is signed by a lessee who is sixteen ears of age. Which of the following is true? A. A sixteen-year-old person cannot sign a lease B. The lease agreement is void C. The lease agreement is valid provided the security deposit is increased D. The lease agreement is voidable

D. The lease agreement is voidable

A listing broker had a signed sales contract on a house. The broker then noticed a crumbling wall in the basement. The broker should inform A. the seller only B. Both the buyer and the seller C. The buyer, seller and mortgage company D. The buyer only

B both the buyer and the seller

A licensee showed an owner-occupied property that had window screens, custom Venetian blinds, and a wall bed to a buyer. The owner accepted the buyer's offer with no exclusions. What may the seller remove before closing? A. Only the wall bed, because it is real property B. None of these identified items C. Only the Venetian blinds, as personal property D. All of the identified items, because they are trade fixtures

B none of these identified itemss

Which of the following activities is a isolation of the Federal Fair Housing Act? A. The owner of a single-family residence who is selling his/her own home (without a broker) and gives preference to a buyer based on his/her sex B. A nonprofit church that denies access to its retirement home to any person because of race C. Discrimination in the sale of a warehouse based on the prospective purchaser's gender D. Nonprofit private club that gives preference in renting units to its members at lower rate

B. A nonprofit church that denies access to its retirement home to nay person because of race

The owners of a house sign a listing agreement and later tells the salesperson that the garage roof leaks. If they tell the salesperson not to reveal the roof's condition to any prospective buyers, the salesperson MUST: A. Refers all prospective buyers who have questions about the roof's condition to the sellers B. Advise the sellers that they must disclose the condition of the roof to prospective buyers C. Advise only those prospective buyers who ask about the roof's condition D. Abide by the owners' request

B. Advise the sellers that they must disclose the condition of the roof to prospective buyers

Discrimination in the sale or rental of residential housing accommodations based on sex, color, religion, race or national origin of the prospective tenant or buyer, is: A. Contrary to public policy B. All of the options are correct C. Illegal D. Unenforceable

B. All of the options are correrct

Which act requires that "reasonable accommodation" be made in public? A. Equal Opportunity Act B. Americans with Disabilities Act C. Fair Housing Act D. Civil Rights Act

B. Americans with Disabilities Act

A successful property manager would NOT A. Study rental rates in the area B. Appease their tenants by repairing tenant-owned equipment C. Screen the tenants' ability to pay D. Consider the type of business the tenant has

B. Appease their tenants by repairing tenant-owned equipment

If an office building lease does not prohibit assignment or subletting, under what conditions may the tenant assign the space? A. Only to an associated corporation B. At the tenant's discretion C. Only with any rent increase being split with the owner D. After hiring legal counsel to obtain full rights to the lease

B. At the tenant's discretion

Responsibilities of the seller at closing usually include paying the: A. Title examination B. broker's commission C. Ender's title insurance D. Loan origination fee

B. Broker's commission

Which of the following is true regarding a real estate conservation area? A. Trees larger than six inches in diameter may not be removed without approval from the conservation committee B. Certain real estate activities are prohibited in order to maintain the stability of an area C. Conservation buffer zones have been developed D. In order to conserve green space and natural settings, development is limited

B. Certain real estate activities are prohibited in order to maintain the stability of an area

Arthur, a property manager, was $1000 short when needing to pay his office rent. He wrote a check to himself from his client's trust account to cover the cost. Arthur's action is an example of: A. Fraud B. conversion C. Misrepresentation D. Commingling

B. Conversion

Which of the following actions by a salesperson would be grounds for the real estate commission to revoke his or her salesperson's license? A. Attempting to represent a buyer B. Depositing a buyer's earnest money into a personal bank account C. Entering into an exclusive-listing contract with a seller D. Showing a property listed with a broker with whom the salesperson has no affiliation

B. Depositing a buyer's earnest money into a personal bank account

The form of listing agreement that provides the most benefit and protection to a broker is the: A. Exclusive agency listing B. Exclusive right to sell listing C. Open listing D. Multiple listing

B. Exclusive right to sell listing

In a standard sales contract, several words were crossed out or inserted by the parties. To eliminate future controversy as to whether the changes were made before or after the contract was signed, the usual procedure is to: A. Redraw the entire contract B. Have both parties initial or sign in the margin near each change C. Write a letter to each party listing the changes D. have each party write a letter to the other approving the changes

B. Have both parties initial or sign in the margin near each change

When a buyer gives the agent a post dated check, it: A, may not be accepted by the agent B. May be retained but must be disclosed to the seller C. Must be cased immediately D. Must be delivered to the seller within one day

B. May be retained but must be disclosed to the seller

The Civil Rights Act of 1866, rediscovered by the Supreme Court in 1968, permits discrimination in housing based on race: A. when the person refrains from discriminatory advertising B. Never C. When the person does not own more than three houses D. When the person does not use a broker

B. Never

A developer built a six-story structure. Several years later, an ordinance was passed in that area banning any building six stories or higher. This building is a: A. Conditional use B. Nonconforming use C. Violation of the zoning laws D. Situation in which the structure would have to be demolished

B. Nonconforming use

The Civil Rights Act of 1866 prohibits discrimination in real estate based on: A. Race and gender B. Race C. Gender and religion D. Handicap and country of origin

B. Race

Under the Equal Credit Opportunity Act, lenders are prohibited from doing which of the following A. Refusing credit due to the condition of the property B. Refusing credit due to the gender of an applicant C. Refusing credit due to down payment requirements D. Refusing credit due to the applicants FICO score

B. Refusing credit due to the gender of an applicant

A second offer made on a property prior to the seller's decision on the first offer should be: A. Rejected by the broker B. Submitted to the seller immediately C. Held pending a decision on the first offer D. Returned to the offeror if it does not provide better terms than the first offer

B. Submitted to the seller immediately

Steering, which is prohibited by fair housing laws, is the practice of: A. Denying membership in a brokers' organization because of the applicant's race or other protected class B. Subtly guiding buyers to areas that match their race or religion C. Refusing to make loans in certain inner city areas D. Inducing panic-selling because a neighborhood is changing

B. Subtly guiding buyers to areas that match their race or religion

Which of the situation violates the Federal Fair Housing Act of 1968? A. A widowed woman's insistence on renting her spare bedroom only to another widowed woman B. The intentional neglect of a broker to show a minority family any property listings in non-minority neighborhoods C. The general policy of a loan company to grant home improvement loans to qualified individuals living in transitional neighborhoods D. The refusal of a property manager to rent an apartment to a Catholic couple who is not otherwise qualified.

B. The intentional neglect of a broker to show a minority family any property listings in non-minority neighborhoods

A real estate broker, acting as agent for a landlord, has the following instructions: 1. Collet a larger deposit from single men than from signed women; and 2. Advertise only by encouraging existing, predominantly white tenants to solicit prospective tenants from among their friends. Which of these instructions is prohibited by the Federal Fair Housing Act? A. Instruction 2 only B. neither C. Both D. Instruction 1 only

C. Both

Listing a home at an inflated price requiring minority prospects to pay that price, but accepting a lower price from other prospects: A. Is illegal only if an FHA or VA loan is being used to purchase the property B. is a violation of fair housing laws by the seller only C. Could cause the listing salesperson and broker to be liable for money damages in a fair housing suit D. Is not a violation of fair housing law because the property is still available to minority prospects

C. Could cause the listing salesperson and broker to be liable for money damages in a fair housing suit

If a deed has a restrictive covenant which prohibits the sale of the property to persons of a particular race, that covenant will: A. Invalidate the conveyance B. roiled the grantor the power to enforce the covenant C. Have no effect on the conveyance, and the covenant will be unenforceable D. Provide the grantee the power to void the conveyance

C. Have no effect on the conveyance, and the covenant will be unenforcable

Usury MOST nearly means: A. Lending money at fluctuating interest rates B. Being capable of multiple usage C. Illegal interest D. Making loans without the benefit of co-signors

C. Illegal interest

Broker Al, who is not a member of any trade organization, has been using a new advertising slogan: "A new breed of realtor." Concerning this practice: A. IT is a isolation of Fair Housing Laws B. It is permissible C. It is grounds for revocation or suspension of his real estate license D. It is acceptable as long as he is not licensed in more than one state

C. It is grounds for revocation or suspension of his real estate license

Broker Kiki took a listing on a 10 unit apartment house and wrote up a financial analysis showing a 12 percent yield on the investment. In the analysis, Kiki did not low for a vacant factor, maintenance expenses, or reserves for replacement of furniture and equipment. Kiki showed this analysis to Bubba who bought the property. Which of the following describes the above as a possible violation of Real Estate law? A. Acting for more than one party in a transaction without consent of all parties B. False statement regarding a real property security C. Misrepresentation D. False Promise

C. Misrepresentation

The Civil Rights Act of 1866 prohibits discrimination regarding real property and provides A. Exceptions for certain apartment buildings B. Some exceptions for the conveyance of real property only C. No exceptions D. Exceptions for some owner-occupied housig

C. No exceptions

A broker is listing her neighbors' home. The commission should be determined by which of the following? A. The size of the broker's firm B. Rates approved by the Real Estate Commissioner C. Rates negotiated with her neighbor D. Rates approved by the local Board of Realtors

C. Rates negotiated with her neighbor

Which of the following acts requires that public accommodations be made accessible to all people? A. The Fair Housing Accommodations Act B. The Labor Standards Act C. The Americans with Disabilities Act D. The Federal Depositors Insurance Act

C. The American with Disabilities Act

The lender is required, under TRID, to provide a detailed Loan Estimate at the time of loan application or within three business days to: A. The seller B. Neither the buyer nor the seller C. The buyer D. The buyer and seller

C. The buyer

What is redlining A. When a lending institution refuses a loan solely on sound economic grounds B. When a lending institution does not place a branch office in a neighborhood for reasons other than economic impact C. The practice of lining out portions of mortgage documents so that the document becomes invalid D. The practice of refusing to make mortgage loans or issue insurance policies in specific areas for reasons other than the economic qualifications of the applicants

D. The practice of refusing to make mortgage loans or issue insurance policies in specific areas for reasons other than the economic qualifications of the applicants

Alicia is a licensee with Foul Real Estate Inc. She place the following ad in a newspaper: "Big bedroom, sun deck and fireplace - $500,000. 273-1321". Which of the following would describe this ad? A. This violates RESPA B. This is misleading advertising C. This is false advertising D. This is blind advertising

D. This is blind advertising

An agent working as a sub agent of the seller would suggest that the buyer hire an inspector from an outside service in all of the following cases EXCEPT: A. When there is a slow drain in the toilet B. When they smell gas in the basement C. When there is sawdust in the kitchen cabinets D. When a hinge is off the door

D. When a hinge is off the door

In which of the following situations may a real estate licensee lawfully refuse to show a home to a minority prospect who has requested to see it? A. When the licensee sincerely believes that showing the property to minorities would cause panic in the neighborhood B. When the owner is exempt under the 1968 Fair Housing law and has stated that his single-family home is not available to minority persons C. The agent may not refuse to show any home to a minority person at any time D. When the owner is out of town and has instructed the licensee that no showing may be made in his absence

D. When the owner is out of town and has instructed the licensee that no showing may be made in his absence

A broker was found guilty of steering. What did the broker do A. Before showing properties, she asked the buyers in what areas they wanted to see properties B. She insisted on driving the buyers to each property shown C. She told the buyers what price to offer D. Without asking, she showed properties in a predominately minority community because the buyers were of the same race

D. Without asking, she showed properties in a predominately minority community because the buyers were of the same race

An owner advertised "beautiful acreage; only $5,000 down; owner will personally finance down payment." Would this be in violation of the Truth in Lending Act?

No, because owners are not covered by Regulation Z

The effort that brings about the desired result in a real estate sale is known as:

Procuring cause

Statements by a real estate licensee that somewhat exaggerate the intangibles of a property without committing fraud are called:

Puffing

The Fair Housing Act of 1968 prohibits discrimination based on:

Race

The illegal process of a banker refusing to approve loans for a neighborhood based on the racial composition of the area is:

Redlining

Ms. Lee received a loan application from her lender asking her to specific her marital status and ethnic background. Legally, she can

Refuse to fill out that portion of the loan application

Federal regulations on unsolicited email:

Require commercial emails to include a physical address for the sender

The illegal practice of directing minority buyers to areas populated by the same race or religion is called:

Steering

A lessee assigns or sells and transfers total interest in the leasehold to a third party. The third party becomes a:

Tenant

A prospective minority purchaser asks to be shown homes, but does not specify whether he wants to live in a comminuted where there are other minorities or not. How should a licensee decide what properties to show him?

The licensee may select homes for showing as he would for any other prospect

The states in which the lender holds title to mortgaged real estate are called:

Title-theory states

Blockbusting is best described as an attempt:

To panic a neighborhood into thinking property values will decline due to unwanted person(s) moving in

Real estate agents are licensed by: A. The United States Attorney General's office B. Their local Association fo Realtors C. Their state governing body D. The Federal Trade Commission

c. Their state governing body

The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to:

provide consumers with enough information to enable them to shop for settlement services

Mili wanted to buy a house. The seller said that in order to purchase the property, Mili must use the seller's brother who is a fully qualified lender. The broker in the transaction told the seller that the only way Mili would buy the house is if she uses the brokerage's lender. Mili voiced her opinion and said, "I am using my lender and that is final." Under these circumstances, which of the following is true? A. Mili can requires her lender because she is the buyer B. Nobody can require any lender because it is a term to be negotiated C. The broker can require his lender because he is the licensed party D. The seller can require her lender because it is her property

A. Mili can require her lender because she is the buyer

What actions are required of agents regarding "material facts?" A. Must always be disclosed B. They are deemed confidential between the agent and client and should be protected C. They should generally be disclosed to the public although in some instances they may be considered minor or confidential and need not be disclosed D. Should be disclosed to serious buyers

A. Must always be disclosed

In order for a property manager to determine net operations income on a property, which of the following fees is subtracted from the effective gross income? A. Operating expenses B. Reserve for replacements C. Debt service D. Advances to owners

A. Operating expenses

Several brokerage firms were accused of violating antitrust laws. Of the following, they were MOST likely accused of: A. Price-fixing B. Undisclosed dual agencies C. Not having an equal housing opportunity sign in an office window D. Dealing in unlicensed exchange services

A. Price-fixing

The Federal Fail housing law is a United States policy which: A. Prohibits discrimination in housing for all persons through the United States B. Builds housing units designed primarily for minority groups through the United States C. Eliminates prejudice wherever it exists in the United States D. Guarantees separate but equal housing units for all people in all of the states

A. Prohibits discrimination in housing for all person through the United States

A seller engages a broker to find a buyer ready, willing and able to purchase a seller's parcel of real property. The seller executes and delivers to the broker an exclusive right-to—sell employment contract. A few weeks prior to the expiration date of the listing, the seller decides to revoke the contract before any sale occurred and prior to the broker finding a buyer ready, willing and able to buy the property. Which of the following statements is most likely to apply in this situation: A. The owner can revoke his contract but old be liable for damages B. The owner can revoke his contract and will not e liable for damages to the broker C. The owner would have to sell the real property at the listed price if the broker found a buyer ready, willing and able to buy at this price D. The owner could bot revoke his contract because it is irrevocable

A. The owner can revoke his contract but old be liable for damages

Title VIII of the Civil Rights Act of 1968, also known as the Federal Fair Housing Act, prohibit discrimination in which of the following? A. The sales and leasing and lending of residential properties B. The leasing of commercial and industrial properties C. The sales and leasing and lending of commercial and industrial properties D. The sales and lending of residential properties

A. The sales and leasing and lending of residential properties

Jackson leased his home to Sullivan with a verbal agreement to sell the property to Sullivan. Jackson knows that Sullivan has been making significant improvements to the property in reliance on that renal agreement. Jackson now declines to sell the property to Sullivan. Which of the following best describes the rights of the parties? A. The doctrine of estoppel will apply in this case and Jackson will most likely have to sell B. Jackson does not have to sell because of the statute of frauds C. Jackson made an ongoing ostensible agreement and must sell the property D. Jackson does not have to sell because verbal agreements are unenforceable

A. the doctrine of estoppel will apply in this case and Jackson will most likely have to sell

What is a person called who has been given the right to sign agreements or contracts on behalf of another

An attorney in fact

Stephen Douglas has been burning leaves on his front lawn. His neighbors have filed a lawsuit and have received a court order, ordering Mr. Douglas to stop burning the leaves. That court order would be called

An injuction

The buyer's earnest money deposit may only be

Anything of value

If an advertisement is placed in a newspaper advertising a house for sale and only the APR is stated: A. The amount of the down payment must be included B. Total finance charges must be included C. Additional disclosures are not required D. Number of payments must be included

C. Additional disclosures are not required

A real estate licensee only shows minority clients properties in several traditional minority neighborhoods. She bases this practice on the need to preserve the valuable cultural integrity of immigrant communities. Which of these statements is TRUE? A. Because the licensee is not attempting to restrict the rights of any single minority group, the proactive does not constitute steering B. The licensee's policy is steering and violates the fair housing laws regardless of her motivation C. The licensee's policy is steering, but it does not isolate the fair housing laws because she is motivated by cultural preservation, not by exclusion or discrimination D. The licensee's policy has the effect, but not the intent, of steering

B. The licensee's policy is steering and violates the fair housing laws regardless of her motivation

Salesperson Andrew receives an offer to purchase, which is accompanied by $2,000 earnest money deposit in the form of a personal note. Which is true in this case? A. The resulting contract will be voidable at the seller's option B. The offer should indicate that the deposit Is in the form of a note C. Andrew should return the note and ask the purchaser to give him a check for the same amount D. Andrew has breached his agent's duty to the seller

B. The offer should indicate that the deposit is in the form of a note

The Fair Housing laws are not applicable in EVERY real estate transaction. If an owner chooses to discriminate in housing, he or she must do which of the following? A. The owner must NOT use a real estate professional to conduct the transaction B. The owner must NOT use a real estate professional to conduct the transaction & the owner must NOT discriminate in advertising the property C. None of the other options are correct D. The owner must NOT discriminate in advertising the property

B. The owner must NOT use a real estate professional to conduct the transaction & the owner must NOT discriminate in advertising the proeprty

Broker Torres had an open listing on a property. He showed the property to a buyer who purchased it. Since this was an open listing agreement, what must broker Torres do to be assured he will receive his commission form the seller? A. Instructions should should be given to the escrow office to pay the commission directly to the broker B. The payment of commission would be handled the same as any other listing C. File a suit against the seller to demand the commission to be paid D. Since the listing was open, the seller should be instructed to pay the commission directly to the broker

B. The payment of commission would be handled the same as any other listing

Of the following, which is considered a violation of fair housing laws in regard to periodic tenancy? A. A landlord requiring that each and every tenant have a good credit rating and the assurance of a steady source of income B. The requirement of a landlord of a co-signer exclusively for tenants who are single C. The requirement of a landlord that all tenants furnish references from their previous landlord D. A landlord that requires all tenants pay first, second and last month's rent in advance A.

B. The requirement of a landlord of a co-signer exclusively for tenants who are single

Which of the following best describes conversion? A. Adding personal funds into a business account B. using funds from a clients' trust account for personal use C. Using funds from a business account for personal use D. Accepting and depositions money into a clients' trust account

B. Using funds from a client's trust account for personal use

A broker who holds a valid listing on a property places a classified ad for the property containing only the followign information "For Sale -3 bedroom, 2 bath hoe with swimming pool. Asking price $165,000. Telepone 555-9276". This type of advertisement would be an example of a:

Bind ad

Which of the following is true regarding condominiums? A. If a unit owner does not pay the monthly maintenance fee, the entire community will be foreclosed B. The covenants and restrictions define the property taxes to be paid by the condo community C. A condominium unit may be mortgaged like any other parcel of real estate D. If one unit owner defaults on property taxes, those taxes will be owned by the remaining unity owners

C. A condominium unit may be mortgaged like any other parcel of real estate

Which of the following best describes an earnest money agreement? A. A legally enforceable contract requiring the seller's signature to be valid B. A legally enforceable contract binding the buyer and their heirs to the conditions of the contract C. A legally enforceable contract requiring the signatures of all parties to be valid D. A legally enforceable contract binding both the buyer and seller to all known and unknown facts attached to the property

C. A legally enforceable contract requiring the signatures of all parties to be valid

A broker wrote an offer for a buyer that contained a 10-day acceptance clause along with a $2000 deposit. On the fifth day, the buyer notified the broker he wanted to withdraw the offer and receive back his deposit check for $2000. Which of the following statements is true about this situation? A. The buyer must wait until the preliminary title report has been delivered, then terminate the offer and ask for the $2000 deposit to be returned B. The buyer must wait until the seller acknowledges the offer, then the buyer can terminate the offer with a counteroffer C. The buyer can revoke the offer immediately, provided the seller has not responded to the buyers offer D. The buyer must wait until the 10 day acceptance clause has ended before revoking the offer

C. The buyer can revoke the offer immediately, provided the seller has not responded to the buyers offer

Which of the following is a violation of fair housing laws? A. The landlord requires all tenants to furnish references from their previous landlords; B. The landlord requires every tenant have a good credit rating and a steady source of income C. The landlord requires a co-signer exclusively for tenants who are single D. A landlord that requires all tenants pay first, and lat month's rent in advance

C. The landlord requires a co-signer exclusively for tenants who are single

The sale of a leased property affects the tenant in which of the following ways? A. That tenant is protected only if the lease has been recorded in the recorder's office B. The tenant must move or renegotiate his lease within 30 days C. The tenant is protected by the lease, so the new owner must honor the current terms and conditions of the lease D. The tenant must be sure to obtain the return of his security deposit from the seller

C. The tenant is protected by the lease, so the new owner must honor the current terms and conditions of the lease

Charge or the preparation of a settlement statement under the Uniform Settlement Act is: A. $50 B. $100 C. $150 D. $0

D. $0

Which of the following statements regarding counteroffers is true? A. A counter offer is not binding if either party wants to return to the original offer B. Both the buyer and the seller are allowed to write two difference counter offers during negotiations or the entire transaction will become void C. If there is a slight change, such as a change in the closing date, it is not considered a counter offer D. A counter offer is a rejection of the first offer and becomes the new offer

D. A counteroffer is a rejection of the first offer and becomes the new offer

Which activity requires a real estate license? A. A resident manager who collects rent on behalf of a building owner B. An executor selling a decedent's building C. A homeowner selling their own home D. A service that, for a fee, matches individuals who want to buy and sell properties

D. A service that, for a fee, matches individuals who want to buy and sell properties

The maximum permissible "loan to value ratios" are: A. Fixed by law for conventional loans B. Not determined by federal statute in the case of FHA loans C. Based on the banker's competitive market analysis D. Based on sale price or appraised value, whichever is lower

D. Based on sale price or appraised value, whichever is lower

A developer, to avoid discrimination, instructed his sales staff: (1) Give special preference to women who want to purchase; and (2) set aside the same number of homes for each ethnic group. Which answer best describes these policies: A. The first policy is illegal B. The second policy is illegal C. Both policies are non-discriminatory D. Both policies are discriminatory and therefore illegal

D. Both policies are discriminatory and therefore illegal

Which of the these is legally required in a real estate brokerage? A. Displaying an explanation of dual agency in a brokerage B. Displaying the TILA APR Explanation poster in a brokerage C. Displaying the RESPA Lending Discrimination poster in a brokerage D. Displaying the Equal Housing Opportunity poster in a brokerage

D. Displaying the Equal Housing Opportunity poster in a brokerage