CRE: Final Focus Questions Exam

A landlord can evict a delinquent tenant by: -Giving him three days notice -Giving him thirty days notice -Calling the sheriff -Bringing court action

Bringing court action

John Bargas of Buywell Realty wants to place a listing in the phone book. At a minimum he must list: -John Bargas, Buywell Realty -John Bargas -Buywell Realty - John Bargas, Buywell Realty, Each Branch Independently Owned and Operated

Buywell Realty

How are court costs and legal fees handled if a dispute over the Residential Contract to Buy and Sell goes to court? -They are split evenly between the parties. -They are awarded to the winning party. -They are awarded to the broker. -They are awarded to the losing party.

They are awarded to the winning party.

The buyer notifies the seller in writing of a termination of the contract under the Loan Objection Deadline. What happens to the earnest money? -The broker splits the money with the seller -The broker must immediately return the money to the buyer -The broker holds the money until there is mutual agreement to return the money to the buyer -The buyer and the seller will mediate any disagreement about the earnest money

The broker must immediately return the money to the buyer

A buyer is assuming a loan and the loan balance has turned out to be less than the assumption balance provided by the seller. How would this be handled according to the Residential Contract to Buy and Sell ? -The seller must reduce the price of the property to compensate for the difference. -The buyer may terminate the contract by written notice if the difference causes the buyer's cash at closing to increase by a stated amount. -The contract is automatically terminated by the seller's misrepresentation. -Depending on how the form is completed, either the buyer may terminate the contract or the seller could reduce the price to make up for the difference.

The buyer may terminate the contract by written notice if the difference causes the buyer's cash at closing to increase by a stated amount.

Which is not true regarding the Counterproposal form: -The purchase contract should not be signed by the person creating the counterproposal -The date and deadlines table can be omitted if not used -If a date or deadline is left blank it means "no change" -The only changes allowed are purchase price and earnest money

The only changes allowed are purchase price and earnest money

Which of the following is required in the event of a dispute between the parties relating to the Contract to Buy and Sell? -The parties must accept the solution presented by the qualified mediator chosen by the parties. -The parties must submit the dispute to arbitration if mediation is unsuccessful. -The parties may immediately decide to mediate or seek arbitration or litigation. -The parties must mediate in good faith to seek a settlement for up to 30 days.

The parties must mediate in good faith to seek a settlement for up to 30 days.

The illegal practice of inducing homeowners to sell their properties by making representations about the prospective entry of persons of a certain race/national origin into the neighborhood is also called: -redlining -blockbusting -commingling -steering

blockbusting

Who can not prepare an addendum to the Contract to Buy and Sell Real Estate? -buyer or seller -employing broker's attorney -attorney for buyer -buyer''s broker

buyer''s broker

An unlicensed personal assistant would be permitted to do which of the following? -host an open house while the licensed associate is showing another listing and try to negotiate an offer -complete contract forms after the licensed associate has captured the important things like price and closing date -show a property to a potential buyer when the licensed associate is busy and negotiate price and terms for their offer. -complete a comparative market analysis for presentation by the licensed associate

complete a comparative market analysis for presentation by the licensed associate

The information a broker must keep about a deposit into an escrow account does not include: -address of affected parties -address of affected property -confirmation of electronic transfer -amount of deposit

confirmation of electronic transfer

A type of value estimate approach, in which value equals the estimated land value plus reproduction costs of any improvements, after the depreciation costs have been subtracted, is called the: -market approach -cost approach -substitution approach - income approach

cost approach

Recording Fee of Warranty Deed most typically would appear on the settlement statement as: -debit buyer -debit seller -debit broker -debit 1/2 seller and 1/2 buyer

debit buyer

A buyer and seller have written two contracts for one property: a higher contract to submit for a larger loan request and another with a lower actual purchase price because they know the seller is anxious to sell quickly. Which correctly describes this arrangement? - risky but acceptable because the lender will have the right to appraise and inspect the property -good business since the parties agree and the loan can only be made if the property appraises at the higher value -fraudulent dual contracting -acceptable for conventional loans, but not for VA or FHA loans

fraudulent dual contracting

June is a listing broker in Colorado. When and how must she disclose to a potential buyer that she has a working relationship with the seller? -in writing, before any conversation or discussion -in writing, at the time the contract to buy and sell is signed -in writing, before providing specific real estate services -orally, before writing the contract and in writing before closing

in writing, before providing specific real estate services orally, before writing the contract and in writing before

A security is a financial instrument backed by assets. They give the holder an interest or right in something else. Regulation under state or federal securities laws may apply to which of the following? -speculative purchase of raw land by a doctor as part of a retirement plan -condominium project that includes both residential and retail uses within one structure -resort condominium project in which owners enter their units in a common rental pool to enhance their income

resort condominium project in which owners enter their units in a common rental pool to enhance their income

Which of the following is required before an owner of a 35-parcel of undeveloped land may drill a well for water only? -nothing is required; a 35-acre site is entitled to an exempt well -the owner must purchase water rights -the owner must obtain a well permit from the state engineer - if there is a stream on the property it must be diverted

the owner must obtain a well permit from the state engineer

A designated broker's responsibilities are delegated by: -written statement by Managing Broker -office manager -legislative statute -negotiated by buyer and seller

written statement by Managing Broker