Study Guide

A contract in which a licensee is employed by an owner to find a buyer for a 20-unit apartment building is most likely An option contract A listing contract A property management contract A contract of sale

A listing contract

A couple bought their first home, qualifying for a 30-year loan. The lender required regular, equal payments of sufficient size and number to pay all interest due on the loan and reduce the amount owed to zero by the loan's maturity date. This is most likely A partially amortized loan An ARM A fully amortized loan A straight loan

A partially amortized loan

a contract is terminated if A) The recipient dies B) The grantor dies C) The property is sold to another party D) economic conditions dictate that the tenant must vacate

it is impossible for one of the parties to perform

Which of the following statements about airborne radon is TRUE? A) it has an easily detectable odor B) it is only found in older wood frame structures C) it is inexpensively detected and mitigated D) It is not harmful to adults who do not smoke

it is inexpensively detected and mitigated

In order to form the basis for a contract an offer must satisfy what condition? a. it musst be in writing b.it must contain a request c.it must contain all essential terms it must state when the offer will expire

it must contain all essential terms

A complaint must be filed with HUD within what period of time after a fair housing violation has occurred? a. 1 month b. 1 year c 2 years d 2 months

1 year

Sally is purchasing a $400,000 home and the lender has approved her for a $320,000 mortgage with a 6% interest rate, ammortized over 30 years. What will Sallys yearly principal and interest payment total (round up)? a) $23,248 b) $29,060 c) $29,867 d) $34,874

$23,248

A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender charges 2 points. How much money does the buyer need up front to make the purchase? 1. $2,720 2. $24,000 3. $24,408 4. $26,720

$26,720

The IRS allows a married couple who sell their long-time home to take a tax-free capital gain of up to $125,000 $250,000 $500,000 Any amount

$500,000

An apartment complex generating $70,000 annually is net income is purchase based upon a 5% cap rate. w\What would the owner's equity gain be if the net income increases to $100,00 per year? A. $200,000 B. $400,000 C. $500,000 D. $600,000

$600,000

A licensee is emailing information regarding an open house for one of her listings. In addition to complying with state-specific requirements for advertising, which of the following must be included in the email? A) opt-out provision B) how the recipient's name was obtained C) complete property address D) listing sale price

) opt-out provision

A tax assessor has determined that the fair market value of a property is $140,000. If the assessed value is 50% of fair market value and the tax levy is 42 mills, what are the annual taxes? a. 667 b. 1,176 c. 1,667 d. 2,940

. 2,940

Upon termination of a salesperson, The broker is required to give written accounting of monies owed to that salesperson within a maximum of how many days? a)7 b)30 c)60 d)90

30

A home was bought 4 years ago. The purchase price was $92,000 and the buyer made a down payment of $11,000. The current loan balance is $79,000. The house was recently appraised for $116,000. What is the equity? a)13,000 b)24,000 c)35,000 d)37,000

37,000

buyers write an offer for $325,000 with 20% down payment , which is accepted . they must pay 1 1/2 discount points to obtain financing. what amount will the owe for points?

3900

. The insurance premium on a commercial property is $9,000. It is due on January 1 and was paid in advance. The sale of the property closed on July 16 Assuming a 360-day year and the buyer paying for the day of closing, what is the buyers prorated share of the premium at closing? a. 4,125 b. 4,150 c. 4,850 d. 4,875

4,125

The purchased price for a new home was $230,000. The buyer put down 20%, and balance was a mortgage for 80%of the purchase price. The appraised value at the time of closing assessed value was $220,000. What will the buyer pat for one year's property taxes, if her rate is 0.2%?

440

The purchase price for a new home was 230000 the buyer put down 20% and balance was a mortgage for 80% of the purchase price time of closing was 250000 and the assessed value was 220000. What wil the buyer pay for one years property taxes. Property is located in nj 1-440 2-500 3-3680 4-4600

4600

A home is being purchased for $275,000. The buyer agrees to an 80% loan with the seller paying $5,000 of the buyer's closing costs. What amount will the buyer have to meet his down payment: A) 45,000 B) 50,000 C) 55,000 D) 60,000

55,000

A seller sold his property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000 and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items house much will the seller receive at closing? 71,700 72,400 73,600 74,000

74000

Donald purchases a $310,000 home. The lender requires 2% down on the first $100,000 loan with 4% on the balance of yhe purchase price. The lender is charging 3 discount points. calculate the discount points due at closing: a) 312 b) 8,988 c) 9,300 d) 319,300

8,988

What is the interst rate on an interest only loan of $120,000 if quarterly interest payments are $2,700? a) 2.25% b)4.50% c)6.75% d)9.00%

9.00%

Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction? A certified appraiser A licensed real estate broker Any real estate licensee, in each state in which she is licensed A Certified Public Accountant

A certified appraiser

Which of the following best defines a material fact in the real estate context? A property deficiency that must be recorded at the time of sale A representation made on a licensee's marketing sheet that has been verified by the licensee A fact significant enough to influence an individual's decision about whether or not to purchase a latent deficiency of a property that may be disclosed to a prospective buyer only if an offer is made

A fact significant enough to influence an individual's decision about whether or not to purchase

A complete historical summary of all recorded documents affecting the title of a property is known as A - an abstract of title. B - a title report. C - a certificate of title. D - a title binder.

Abstract of title

What type of mortgage loan is likely to be tied to a publicly available index that is mutually acceptable to the lender and the borrower? Renegotiable rate mortgage Graduated payment mortgage Adjustable rate mortgage Freddie mac

Adjustable rate mortgage

A lender requested that the entire loan balance be paid immediately because the property on which the loan was made had been sold. What clause in the mortagage loan allows this? a) Alienation clause b) prepayment clause c) condemnation clause d) defeasance clause

Alienation clause

The clause designed to ensure that a broker will receive a commission if negotiation with a ready, willing, and able buyer are completed after the listing has expired is called An acceleration clause An allenation clause A coinsurance clause An extension or "tall" clause

An extension or "tall" clause

Which of the following listings would allow more than one brokerage firm to work simultaneously to sell the owner's property and claim the full commission? An exclusive listing A written listing An open listing An exclusive right-to-sell listing

An open listing

Mary knew that her marriage was on shaky ground when she bought a house in her own name. She was hoping to save the relationship, so she wrote a quitclaim deed conveying the property from herself to herself and her husband as joint tenants, NOT as tenants in common with full rights to survivorship. She told her husband she had done this, but the deed was NOT recorded. When Mary and her husband finally divorced, the deed disappeared. In a state, which is NOT a community property or curtesy state, does the ex have a claim to the property? No, however, had the deed been recorded, it would have served constructive notice and such would be defensible Yes, she told him it existed and the courts always accept oral argument when it relates to real property As they were legally married at the time of the conveyance he automatically owns a one-half interest As he did not sign the original conveyance as grantee, it was not a legal deed

As they were legally married at the time of the conveyance he automatically owns a one-half interest

A broker-in-charge believes that providing a handbook of company policies constitutes adequate training, as every associated licensee has had the required prelicense education in real estate, and all are operating as independent contractors. An associated licensee commits a fraud, but claims he did not understand the situation due to lack of training, and blames the broker-in-charge. The broker-in-charge argues that it was the associate's responsibility to ask for the broker's help if he was unsure about correct procedure. In this case, the Agent and the broker are both subject to discipline Broker alone is subject to discipline for his failure to train his agents Broker will avoid disciplinary action, as training of independent contractors is not required Associate alone is subject to discipline, as the fraud was a result of his failure to seek counsel.

Associate alone is subject to discipline, as the fraud was a result of his failure to seek counsel.

In many states, usury laws Determine the possible legal us of land Provide a right to use property belonging to another Impose a tax on a purchaser of personal property for resale or use Establish a maximum rate of interest allowed for loans

Establish a maximum rate of interest allowed for loans

Latino families were beginning to move into a neighborhood that had previously been all white. A local broker passes out flyers to homeowners that said, "Sell now before its too late! We have beautiful new homes with attractive financing and good schools." These flyers would likely be viewed by the courts as A) good marketing B) blockbusting C) redlining D) steering

Blockbusting

The listing broker may be due a commission, even when no sale occurred, if the Potential buyer was unable to obtain financing Seller decided he no longer wished to sell Seller refused a buyer's reasonable offer Broker located a buyer who made an offer that met all of the seller's terms

Broker located a buyer who made an offer that met all of the seller's terms

Which of the following analyses must be prepared by a certified appraiser? A. A CMA B. A price opinion for a lender involved with a short sale transaction C. An analysis to determine a projects estimate market capture and cap rate D. A property valuation report supporting a federally-related loan application

CMA

The broker received a birthday check from one of his clients. The broker decided to put it in the escrow account because it was from a client. This is Conversion Commingling Acceptable if the check was written on the client's business account Acceptable if the client has had a transaction within the last 18 months

Commingling

What should buyer insert into their purchase offer to make sure they would not have to go through the purchase if they cannot obtain the necessary financing? A.) Escape clause B.) Provision for liquidated damages C.) Contingency D.) Walkthrough agreement

Contingency

According to the new jersey real estate licensing law, what method of payment may NOT be accepted as an earnest money deposit on a sale transaction? A.) Cash B.) Debit card C.) Credit card D.) Check or money order

Credit card

A real estate licensee representing a buyer may do all of the following except Disclose the seller's motivation for selling Identify latent property defects Prepare a Competitive Market Analysis (CMA) Disclose the highest price the buyer is willing to pay

Disclose the highest price the buyer is willing to pay

Which of the following actions is NOT prohibited by the New Jersey Real Estate Commission rules? A. Holding a deposit for thirty days before depositing it in a trust account. B. Firing a new salesperson who did not achieve specific sales goals. C. Routinely destroying agency records every four years. D. Hilding a drawing for a television among persons attending an open house.

Firing a new salesperson who did not achieve specific sales goals.

Insurance value differs from market value in that? A.) The value is only attributed to the replacement value of the structure B.) Includes the land and structure values C.) Fair market value is not insurable D.) It includes only the land value

Includes the land and structure values

In a jurisdiction where a seller's property condition disclosure is required, the disclosure is to be completed by the Seller Inspector who inspects the property Listing agent, and amended by the seller to ensure accuracy Seller and amended by the listing agent to ensure completeness

Listing agent, and amended by the seller to ensure accuracy

Which of the following would prevent a seller from providing marketable title? Leaky roof Mechanic's lien Fair housing violation Murder on the property

Mechanic's lien

A manager rents a unit to a tenant who later has a car accident and is confined to a wheelchair. The tenant now wants the manager to lower all the light switches and install grab bars. Does the manager have to make these modifications? A) No, the tenant can modify the unit and deduct the cost from the rent B) No, the tenant can modify the unit at his expense and will be responsible for restoring the unit C) Yes, because the landlord is responsible for keeping the units in a habitable condition. D) Yes, but only if the term of the lease is for more than one year

No, the tenant can modify the unit at his expense and will be responsible for restoring the unit

Prospective buyers for a house want to operate a recycling center in their back yard. Local zoning laws do not allow that. What do they need to do first? Obtain a building permit Obtain a modification to the local master plan Obtain a variance or special exception File an appeal with the local court

Obtain a variance or special exception

Which of the following differentiates a bilateral contract from a unilateral contract? Number of parties involved Performance obligations of the parties Relative value of the object of the contract Type of property specified in the contract

Performance obligations of the parties

An owner has a freestanding cabinet that was custom-built to fit an alcove of the living room. When the owner sells the home, the cabinet will be best described as Real property personal property a fixture an appurtenance

Personal Property

A residential developer/builder is interviewing real estate brokers to sell the houses in a new development. The development is the type in which all of the houses have very similar design, amenities and land sizes. The houses range from 2000 square feet to 2200 square feet in living area size. All have double garages. If you are one of the brokers being interviewed, on what basis would you recommend pricing the houses? A - All should be the same price because they are so similar. B - Determine the price the developer/builder must get to make a reasonable profit. C - Price according to square footage of living area and comparable sales. D - Price according to comparative value of decorating and landscaping elements, since the homes themselves are so similar.

Price according to comparative value of decorating and landscaping elements, since the homes themselves are so similar.

An agent relationship is established between the broker and Another broker The principal A multiple listing service A customer

Principal

What would most lenders require if the buyer is putting less than 20% down That the buyer has one year's worth of reserves in a certificate of deposit A certificate of reasonable value A FICO score of at least 745 Private mortgage insurance

Private mortgage insurance

The lead paint addendum that must be presented with the purchase and sale contract for certain older homes will... Require the removal of all lead paint prior to the closing Provide the buyer with the opportunity to waive the right to a lead paint inspection Mandate that sellers remove any lead paint only on the interior walls Make the sellers liable for any of the buyer's lead-related medical problems

Provide the buyer with the opportunity to waive the right to a lead paint inspection

Which of the following Statemnet is true of the American with Diabilities Act? Recovering substance abusers are considered disabled User of illegal drugs are considered disabled Addiction to alcohol is not considered a disability Those addicted to legal pres drugs are not considered diabcled

Recovering substance abuser are zonsidered ddisabled

The most reliable approach for determining the value of a sing-family residence is the

Sales comparison approach

Sally is a broker whose very good friend Jane is a broker with a competing company. They are having coffee and comparing the amount of commission they should each require from their clients. Which of the following antitrust laws might a person from an adjoining table suspect they have violated if the conversation is overheard? They could assume that the two are planning a group boycott It sounds like the two ladies are discussing a tie-in agreement Sally and her friend appear to be discussing illegal price fixing Sally and jane are simply having coffee and have not violated any antitrust laws

Sally and her friend appear to be discussing illegal price fixing

A seller discovers that the property he owns is worth less than the outstanding mortgage balance. He may be able to sell the property if this lender agrees to a Short sale Deed in lieu Balloon payment Reverse mortgage

Short sale

Which of the following elements is NOT necessary in a valid lease? Consideration Capacity to contract Offer and acceptance Statute of Frauds disclaimer

Statute of Frauds disclaimer

Which of the following elements is NOT necessary in a valid lease?ConsiderationCapacity contract Offer and acceptance Statute of Frauds disclaimer

Statute of Frauds disclaimer

Which of the following items could never constitute a fixture? Tree Shrub Swimming pool Land

Swimming pool

A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be true? Because it is voluntary, it will not be adverse item on the buyer's credit The lender will take the title subject to any junior liens The lender will usually retain his rights under mortgage insurance or VA guarantee The loan will still be assumable

The lender will usually retain his rights under mortgage insurance or VA guarantee

Two persons own a property as tenants in common, if one dies, what happens to the ownership of the property? The survivor becomes sole owner The survivor becomes a tenant in common with the heirs of the deceased The survivor becomes a joint tenant with the heirs of the deceased The property must be sold and the proceeds distributed

The survivor becomes a tenant in common with the heirs of the deceased

a landlords lease prohibits tenants from altering the property in any way. a woman who uses a wheelchair cannot maneuver over the doorstep into the apartment by herself. in addition she cannot access the bathroom facilities in her wheelchair. Which of the following is true? A- The Landlord is responsible for making all apartments accessible to people with disabilities. B- The tenant cannot remedy these conditions because of the term of the lease. C- The landlord should not have rented this apartment to the tenant. D- The tenant is entitled to make the alterations necessary for apartment accessibillity.

The tenant is entitled to make the alterations necessary for apartment accessibillity.

A couple is buying their first home and they are unsure as to the integrity of construction. How should their buyer's agent advise them? The agent should thoroughly inspect the property to determine if there are any defects which could be material The agent should suggest FHA financing as they will get an inspection when the appraiser values the property Their offer should be written contingent upon a satisfactory inspection by a professionally trained home inspector The buyer should ask a friend or relative to look over the property, thereby foregoing the expense of an inspection

Their offer should be written contingent upon a satisfactory inspection by a professionally trained home inspector

Which of the following statements would most likely be considered mere "puffing"? A) This area is expected to increase in value by 25% within the next year B) This lot has the most beautiful view of the lake C) Children from this neighborhood have the highest SAT scores D) The utility costs in this home are lower than any other home in the neighborhood

This area is expected to increase in value by 25% within the next year

A buyer who is purchasing a property intends to build a chain link fence in the backyard. There is a 12-year-old deed restriction that prohibits chain link fences. The licensee finds out that there are no city codes prohibiting chain link fences. Which of the following statement regarding this situation is true? City code always takes priority over deed restrictions. This city code takes priority because deed restrictions expire 10 years after a subdivision is developed Deed restrictions always take priority over city codes This deed restriction is more restrictive and will, therefore, take precedence

This deed restriction is more restrictive and will, therefore, take precedence

An offer was presented but the seller did not accept the offer, instead he suggested different terms that would be more acceptable. Which of the following is FALSE? This is a rejection of the original offer This is a counter offer on the original offer This is a negotiation that keeps the original offer alive This kills the original offer, which can no longer be accepted

This is a negotiation that keeps the original offer alive

The seller has required that the buyer must use his title insurance company. The seller has been told that if the buyer uses the title company, they will pay part of his real estate commissions, increasing his net proceeds from the sale, Is this a legally permissible agreement? A. This is illegal according to RESPA B. This illegal according to Regulation Z C. This is permissible if the buyer was receiving a VA loan D. This is permissible if no fee is paid directly to the seller

This is illegal according to RESPA

Mr. Jones owns a multi-tenant office building and leases individual spaces. The monthly fixed rent payment includes all operating expenses. This form of lease is called a Graduated lease Triple net lease Gross lease Index lease

Triple Net Lease

The heir to a large estate will be of legal age within 30 days. He lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are Fulfilled Executed Voidable Executory

Voidable

According to the New Jersey real estate license law which of the following statements is correct concerning that term of an employment agreement? A. a broker may not authorized for salesperson to act on the broker behalf until a written agreement is signed by the broker and the salesperson B. salesperson me not begin acting on behalf of a broker until the salesperson obtains error and omission insurance C. the employment contract must be for no more than a one year period D. the agreement must include a provision that the same person will be weird Commission on the sales person listing that sell after termination.

a broker may not authorized for salesperson to act on the broker behalf until a written agreement is signed by the broker and the salesperson

In the advertisements, a New Jersey real estate company may NOT: . list the salespersons' names in the advertisement B. include the term "agency" in a description of the company C. include the home phone number of a licensee if it is identified as such D. abbreviate its regular business name.

abbreviate its regular business name.

a buyer mailed an offer to purchase a property at the full price and terms of a listing agreement. which of the following essential elements is missing to form a valid contract? a) consideration b) acceptance c) earnest money d) legal purpose

acceptance

what type of mortgage loan is likely to be tied to a publicly available index that is mutually acceptable to the lender and the borrower? a) renegotiable rate mortgage b) graduated payment mortgage c) adjustable rate mortgage d) freddie mac

adjustable rate mortgage

An order for payment from the real estate guarantee fund issued as a result of conduct by a licensee with result in an ? A. minimum five year revocation of licensing B. automatic revocation of licensee with no eligibility for reinstatement until the funds is reimbursed C. minimum $5000 fine D. automatic suspension of licensee for a minimum of one year with no eligibility for restatement until the fund is reimbursed

automatic revocation of licensee with no eligibility for reinstatement until the funds is reimbursed

An appraisal made by a certified appraiser is REQUIRED A) before real property can transfer from one owner to another B) when heirs receive property C) when the buyer is using an FHA loan to purchase D) before any property settlement in a divorce

before real property can transfer from one owner to another

A broker who charges or collects an advance fee in excess for $25 for services to be rendered MUST: a) deduct the amount collected from the commission or settlememt b) give the lrincipal reciepts for all expendtures c) furnish within 90 days of its collection of how the money was used d) retain the difference between the amount of money collected and the amount spent

c) furnish within 90 days of its collection of how the money was used

a seller is interested in providing financing to the buyer of her home, but she wants to retain title until the loan balance is paid off. which of the following would be the best loan option? assest intergrated mortgage wrap around mortgage contract for deed subordination of deed

contract for deed

A motel is the subject of an appraisal and it is determined that a rerouting of a county highway has limited customer access to the motel. This is an example of A) economic obsolescence B) regression C) functional obsolescence D) landlocked property

economic obsolescence

A city has rules requiring that a 4 unit apartment building must be on a lot of at 15,000 square feet and provide a minimum of two off street parking spaces per unit. These rules are example of the right of: a) police power b) eminent domain c) taxation d) escheat

eminent domain

A Real Estate salesperson legally represents the party who has: a) paid a commission to the licensees broker b) entered into an agency agreement with the licensees broker c) entered into a exclusive agreement directly with the individual salesperson d) made personal contract woth the licensee

entered into a exclusive agreement directly with the individual salesperson

what term is used when a seller is in default and is allowed to pay off a mortgage before the foreclosure sales? A. equitable right of redemption B. equitable right of recall C. foreclosure avoidance D. judicial foreclosure

equitable right of redemption

A Major difference between freehold and nonfreehold states is that nonfreehold estate have an ownership interest terminate upon the death of the person on whose life they are based an estate of inheritance are estate are fixed term

fixed term

The major advantage of ownership in severalty is? a) flexiblity on making decisions b) sharing the risk with others c) joint decision making d) the risks are high

flexiblity on making decisions

A homebuyer received a conventional loan with a down payment of 8% of the purchase price. In the future, her mortgage payment (PITI) will be reduced automatically without refinancing when which of the folloA) her income increases B) her equity reaches 22% C) She adopts a child so that she has a dependent D) A neighboring home sells for 15% over the list pricewing occurs?

her equity reaches 22%

A homebuyer received a conventional loan with a down payment of 8% of the purchase price. In the future, her mortgage payment (PITI) will be reduced automatically without refinancing when which of the following occurs? A) her income increases B) her equity reaches 22% C) She adopts a child so that she has a dependent D) A neighboring home sells for 15% over the list price

her equity reaches 22%

A land contract is sometimes known as an A) installment contract B) option contract C) implied contract D) express contract

installment contract

wo days after closlng. the seller gives a $500 bonus check to the selling agent The agent should A. immediately deposit the check In his account. B. instruct the seller to issue the check to the agent's broker. C. c-ash the check and give the broiler his share of the bonus. D. Instruct seller that bonuses are Illegal.

instruct the seller to issue the check to the agent's broker.

An easement differs from a deed in that easement A. does not transfer title but gives a right to the grantee B. makes the title unmarketable and uninsurable C. can be cleared by payment or placing funds in escrow D. is considered a constructive notice

makes the title unmarketable and uninsurable

(11 bookmarks) A seller has listed a home with a broker for $112,000. The seller is leaving for a 45-day cruise midway through the listing period, and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash. The broker a. must forward the offer to the seller's attorney for consideration b. may not accept the offer until the seller returns c. may sign a deed of conveyance if the seller does not return on time. d. may accept the offer

may accept the offer

In order to qualify for payment from the Real Estate Guaranty Fund to replace trust funds misappropriatedby a licensee, A claimant must: a) obtain a civil judgement and file a criminal complaint against the offending licensee b) have an attorney file proof of claim woth the superior court c) file an application for recovery with attorney general d) submit proof of loss to Real Estate commission

obtain a civil judgement and file a criminal complaint against the offending licensee

In order to qualify for payment from the Real Estate Guaranty Fund to replace trust funds misappropriatedby a licensee, A claimant must: a) obtain a civil judgement and file a criminal complaint against the offending licensee b) have an attorney file proof of claim woth the superior court c) file an application for recovery with attorney general d) submit proof of loss to Real Estate commission Expert Answer

obtain a civil judgement and file a criminal complaint against the offending licensee

A salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of $1,000 to be held in escrow. The salesperson instructs the buyer to issue a personal check in that amount payable to the salesperson. The action is A) prohibited, because the salesperson accepted a personal check B) permissible, because the salesperson is acting as an agent for the broker. C) prohibited, because checks for deposits to be held in escrow may only be payable to the broker's escrow account D) permissible if the salesperson immediately writes a check for the deposit amount payable to their broker's escrow account

prohibited, because checks for deposits to be held in escrow may only be payable to the broker's escrow account

Which of the following types of deeds provides the grantee with the LEAST protection? a) quitclaim b) general warranty c) bargain and sale d) special warranty

quitclaim

When asked by a buyer client for the name of a home inspector, a licensee should A) identify the most cost effective inspector in the area B) suggest the broker's approved inspector. C) provide a list of home inspectors D) recommend a board-affiliated home inspector

recommend a board-affiliated home inspector

To be legally binding, a listing agreement can be signed for the owner by thE Broker, upon telephone instruction from the owner Trust beneficiary acting under a valid trust Owner's heirs apparent Attorney-in-fact

roker, upon telephone instruction from the owner

A salesperson preparing a written offer from a prospect may do so by filling in the blanks on a pre approved brokers contract form if the subject property is a: a) four acre vacant lot zoned as light commercial b) five acre unimproved lot zoned as single family residential c) fifteen acre unimproved lot that the prospect, a developer, will subdivide for the construction of single family homes d) small, fully occupied strip mall housing a delicatessan, a dry cleaner, and stationary store

small, fully occupied strip mall housing a delicatessan, a dry cleaner, and stationary store

In order to collect a commission, which of the following is a REQUIREMENT for a broker with an open listing? A) the broker must put the listing on MLS B) the listing must have a protection clause C) the broker or one of his licensees must be the procuring cause for the sale D) the broker must notify any other broker with an open listing on the property of the sale within 2 days after acceptance of an offe

the broker or one of his licensees must be the procuring cause for the sale

Which of the following statements is TRUE regarding an option agreement? A) the buyer must purchase the property at some future time B) the buyer is given the privilege of occupying the property c)the seller agrees to sell at a fixed price with a stipulated time D) any payments are refunded should the buyer fail to perform on the agreement

the seller agrees to sell at a fixed price with a stipulated time

Which of the following is true regarding encroachments? An encroachment is considered a trespass A fee appraisal will ascertain if an encroachment exists Title insurance will insure against an encroachment An encroachment is similar to an easement by necessity

title insurance will insure against an encroachment