AREC Final Exam Study Set Questions and Answers Graded A+

AREC Final Exam Study Set Questions and Answers Graded A+ When preparing the sales contract, when is it acceptable for a licensee who is not an attorney to offer legal advice to the client? Never A set of guidelines for the ethical conduct of real estate licensees is called a Code of ethics Which of the following is the best definition of a covenant between a lessor and lessee? An agreement or promise made between the parties Which party's closing costs might include mortgage insurance? Buyer The Real Estate Settlement Procedures Act is a consumer protection statute that Requires lenders to provide the consumer with certain disclosures for residential real estate transactions and prohibits kickbacks among settlement service providers Licensee Kyle has had a few casual meetings with a potential client, Mary. Mary told Kyle the type of home and area she's interested in, and Kyle mentioned a few homes he thinks Mary might be interested in. Although Kyle hasn't said he will continue to look for homes for Mary, Mary believes he'll do just that. Which of the following statements about this situation is correct? Kyle's actions may have created an implied agency agreement with Mary.