WRONG NATIONAL OCT 3

Kurt bought a vacant lot in a development that was 85% completed. When he started working with the builder to lay out where the house and driveway would be, they found he would need an easement because his driveway would spill over onto the adjacent lot by a few feet. Kurt owns the _______ estate or tenement. Dominant Gross Prescriptive Servient

Dominant

Which of the following is the most common type of buyer representation agreement? Exclusive right-to-lease agreement Exclusive right-to-list agreement Exclusive right-to-represent agreement Exclusive right-to-sell agreement

Exclusive right-to-represent agreement

Clint is interested in making an offer on a house with hardwood floors that will need to be replaced. The hallway is 18 feet by 6 feet. The kitchen is 20 feet by 30 feet. The living room is 25 feet by 45 feet. There are two bedrooms, which measure 12 feet by 16 feet each, plus a master bedroom that is 14 feet by 20 feet. If the cost of the flooring is $5.48 per square foot, and the cost of installation is $1.49 per square foot, how much can Clint plan to spend to replace the floors? $13,683.56 $16,065.85 $16,309.80 $17,404.09

$17,404.09

A buyer is purchasing a property for $500,000. He has a down payment of $50,000 and is financing the rest. What's the amount of the loan origination fee if the lender charges one-and-a-half points? $5,000 $6,750 $750 $7,500

$6,750

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.

The Housing and Community Development Act of 1974 added which protected class to federal fair housing law? Color Disability Religion Sex

Sex

Jerry and Simon signed a contract giving Jerry the option to purchase all of Simon's restaurant equipment for a set price after Simon closes his restaurant next month. The contract contains a provision that states Jerry has one year from the purchase date to file a suit relative to the purchase. After the year is up, Jerry forfeits the right. What kind of contract clause is this? Specific time Statute of limitations Time is of the essence Time of performance

Statute of limitations

Kelly is closing on the house she's purchasing on Wednesday. Which of these statements is true? Kelly must receive the Loan Estimate at least four days before closing. The closing officer must deliver the Closing Disclosure at closing. The lender must provide the Closing Disclosure by Friday of the week before closing. The Loan Estimate amounts must be within 1/4 of a percent of the final settlement costs.

The lender must provide the Closing Disclosure by Friday of the week before closing.

The Richards family farm is located on a 10-acre parcel of land, which is very rare in their area. However, the house is rundown and in need of many repairs. Most buyers in the area are looking for a move-in-ready home, which means they would need to either look elsewhere or wait several months for the home to be renovated. Which factor is most negatively impacting the value of the Richards' property? Demand Scarcity Transferability Utility

Utility

What's the capitalization formula used in the income approach? Value = cap rate - income Value = income × cap rate Value = income + cap rate Value = net operating income ÷ cap rate

Value = net operating income ÷ cap rate

Kevin and Regina sold their property to Vickey using a general warranty deed. Which one of these statements is true? Either Regina or Kevin can convey the property. Kevin and Regina are the grantees. Vickey is the grantee. Vickey is the grantor.

Vickey is the grantee.

As part of the sales contract, Garth, the seller, was supposed to provide a copy of the seller's disclosure to the buyer, Melanie, but he failed to do so. What type of contract is this? Implied Incomplete Valid Voidable

Voidable

Hope's mortgage created a lien against the property she purchased with the mortgage. What kind of lien is this? General Special assessment Vendor's Voluntary

Voluntary

Jared has a 70/30 split with his brokerage firm, and his firm has a 50/50 split with cooperating brokerages. Last month, he was paid $12,239.50 in commissions from his home sales, which totaled $538,000. Assuming every transaction for the month was shared with a cooperating brokerage, what is Jared's brokerage's commission rate? 2.3% 3.8% 6.5% 7.6%

6.5%

Recently retired Admiral Bongo and his wife, Lucy, contact you. They want you to help them purchase their dream house now that he's retired, but one that has the necessary accommodations for the admiral's disability. They also confide in you that they don't have a lot of money saved up for a down payment. Which type of financing may work best for them? A conventional loan combined with a seller carry back. A conventional loan using the admiral's retirement money as a down payment. An FHA 203(k) loan to fix their new home up. A VA loan, which requires no down payment.

A VA loan, which requires no down payment.

What is it called when all parties sign a contract, but before the seller's acceptance is delivered to the buyer? Acceptance Binding acceptance Contract closing Exercise an option

Acceptance

Which of the following is an example of the duty of reasonable skill and care? Advising clients to seek expert advice on matters outside of your expertise Carrying out a client's instructions without question Keeping a client's confidential information confidential Sending the client daily email updates on all that is happening with the transaction

Advising clients to seek expert advice on matters outside of your expertise

Anna manages an apartment complex for her landlord, Katherine. Anna's friend Kevin is looking for an apartment, and without asking Katherine's permission, Anna rents him a two-bedroom apartment that she's had trouble renting for the one-bedroom rate. Which of these statements is true? Anna has breached her fiduciary duties to Katherine. As the property manager, Anna's permitted to make decisions of this type. It's illegal and unethical for Anna to rent units to her friends. Since she'd had trouble renting the apartment, it was within Anna's authority to reduce the rental rate.

Anna has breached her fiduciary duties to Katherine.

Saul was unhappy after he and Janelle liquidated their business. Janelle sold some items for less than he'd initially agreed to, and he wanted the full price to be included in the profit split. He wanted to sue, but he was required to pursue other options. What contract clause kept Saul from being able to sue? Arbitration Choice of law Damages block Liquidated damages

Arbitration

Which of the following features is most likely to be the cause of an adjustment to a comparable when preparing a CMA? Busy street Color Demographics Interest rates

Busy street

Which of the following is an example of a universal agent? Buyer's agent Conservator Escrow officer Listing agent

Conservator

Which of the following is an instrument of conveyance? Deed Mortgage Promissory note Title insurance policy

Deed

Which of these is NOT one of the ways in which an agency relationship may be terminated without penalty for either the agent or the principal? Delaney signed a buyer's representation agreement with Martha. After Delaney made an offer on a house, she changed her mind and terminated the agency agreement. Martha listed Sonja's home for sale. Martha helped Sonja negotiate an offer and performed the other tasks required of her. The closing has taken place. Phyllis listed her home with Brad. Brad put the property on the MLS, but Phyllis hasn't heard from him in more than two months. Richard listed Ole's ski chalet for sale. Two weeks later, an avalanche destroyed the property.

Delaney signed a buyer's representation agreement with Martha. After Delaney made an offer on a house, she changed her mind and terminated the agency agreement.

Identifying the purpose of the appraisal leads the appraiser to do what next? Determine highest and best use. Estimate value of land. Identify data needed. Use three approaches to estimate value.

Identify data needed.

Which of the following is an example of sub-agency? Kayla is a licensee with ABC Realty and lists a property for seller Devon. Maurice is a salesperson with XYZ Realty Group and brings a buyer to the table, but owes fiduciary duties to the seller. Kermit is represented by Bert, an agent with Street Realty. Today they're seeing Oscar's house, which has been listed by Oscar's agent, Ernie, from Energy Realty. Rita is a licensee with Hawthorne Realty. She has a client, Dinah, who's selling her condo. Rita thinks Dinah's house will be perfect for Ruby, a customer. Tim and Tom are both licensees with Acme Realty. Tim is the listing agent on a home where Tom represents the buyer.

Kayla is a licensee with ABC Realty and lists a property for seller Devon. Maurice is a salesperson with XYZ Realty Group and brings a buyer to the table, but owes fiduciary duties to the seller.

Your buyer client, Percy, wants to start searching for his dream house and knows he needs to obtain financing to accomplish that. What's his first step? Complete a loan application. Obtain a pre-qualification letter. Sign a purchase agreement. Write an offer.

Obtain a pre-qualification letter.

Sandra and Dwight are neighbors who share a common driveway, but the driveway is on Dwight's property. What kind of ownership rights does Dwight have of the driveway? Absolute Non-possessory Possessory Temporary

Possessory

Trina is a licensee at Midtown Homes. Which of these factors indicates that she's classified as an employee? She's eligible to participate in the firms 401k retirement plan. She's required to belong to the National Association of REALTORS®. She works from both her home office and an office the firm provides. The brokerage firm supervises her.

She's eligible to participate in the firms 401k retirement plan.

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.

Real estate professionals handle many documents related to real estate transactions. Which one of the items listed below is one of the most important in detecting mortgage fraud? Agency disclosures Buyer representation agreement The original sales agreement and any addenda The title

The original sales agreement and any addenda