Real Estate Study guide

A real estate agent was found to have made 10 solicitation calls in violation of the do-not-call registry prohibitions. What is the maximum find that could be imposed?

$160,000

By initialing the dispute resolution clause, the parties agree to

A binding arbitration

A broker sold a property for the list price. Despite the fact that the broker had a valid listing, the broker was NOT entitled to a commission because the listing was

A net listing

A visually evident condition that should alert a reasonably diligent real estate agent as to a problem is commonly referred to as

A red flag

Agent inspection disclosure requirements apply to

Accessible property areas, 1 to 4 residential units, visial inspections (All of the above)

Handicapped protection under the fair housing act, as amended, includes protection for person who

Are mentally handicapped, Have aids (Both a and b)

Environmental hazards include

Asbestos, lead, radon (All of the Above)

The IRS will treat the real estate salesperson as an independent contractor if 3 criteria are met. These criteria include

Being licensed as a real estate agent, receiving reimbursement based on sales (not hours worked) and having a written contract that states they will be treated as an independent contractor for tax purposes (all of the above)

The Civil Rights Act that applied to race was only the

Civil right acts of 1866-Gave rights to former slaves

The act of congress that specifically Reaffirm the civil rights act of 1866 was the

Civil right acts of 1870-Passed after the 14th amendment

The MOST valuable portion of the competitive market analysis deals with

Comparable listings that have been recently sold

The agency or office responsible for handling violations of the Rumford Fair Housing Act is the

Department of fair employment and housing

As to ethical conduct, a good rule of the thumb is

Ethical and legal are not the same

Owners should be made aware that

Every home in an inventory can be effectively covered by a few ads covering price ranges and special features, buyers often purchase a different home than the ones who advertisement drew their initial response (both a and b)

Legal notices that can be a source for listings include

Evictions, code violations, tax deliquencies (all of the above)

Real estate professionals prefer to take

Exclusive right to sell listings

Familial status protection prevents discrimination against

Families with children, pregnant woman, persons in the process of obtaining custody of a minor (All of the above)

The reason MOST often cited by owners as to why they were unhappy with their listing agent is

Lack of communication

Which of the following agents need to provide an agency disclosure?

Listing agents selling their own listings, lisitng agents nit selling their own listings, selling agents working with the buyer (all of the above)

Most real estate agents are invovled primarily in the sale of

Residential property

Rehearsing presentations is a form of

Role-Playing

The 1968 federal fair housing act, as amended, prohibits discriminatory practices and provides protection as a discrimination based on.

Sex, Religion, national origin (All of the above)

Advertising a home for sale in a minority area exclusively in a paper aimed at that minority group would most likely be regarded as

Steering

Seller financing disclosure should include

Terms of the note, notice that the note is not fully amortized, will have a balloon payment. If buyer will receive cash at closing. (all of the above)

The real estate marketplace is a stratified marketplace. Stratified means that

The market place is not the same in different price ranges

Buyers have statutory rescission rights in sales involving

Time shares and undivided-interest subdivisions (both a and b)

An opt-out mechanisim is required

To be excluded from further unsolicited email advertisements

In choosing a broker, a new licensee should place primary consideration on

Training provided

The civil rights act that only applies to discrimination by a business is the

Unruh Act- Applies to discrimination by a business

A real estate person does NOT have to check the Do-Not-Call registry when making a solicitation call

to a commercial number if it is in response to an inquiry made within the last three months, or if there was an existing business relationship within 18 months. All are state exceptions to call provisions