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Bob Brooks National Practice Of Real Estate Exam Questions With Complete Solution
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An escrow account is maintained by a broker for the purpose of: Select one: a. Earning interest for the broker. b. Earning interest for the broker's client. c. Disposition of money to the buyer. d. Impartial protection of both parties. - ANSWER_d. Impartial protection of both parties. A sel...

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  • March 26, 2024
  • 6
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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Bob Brooks National Practice Of Real
Estate Exam Questions With Complete
Solution

An escrow account is maintained by a broker for the purpose of:
Select one:
a. Earning interest for the broker.
b. Earning interest for the broker's client.
c. Disposition of money to the buyer.
d. Impartial protection of both parties. - ANSWER_d. Impartial protection of both
parties.

A seller's agent receives two offers to purchase his clients property. One of the offers
is below the asking price. The seller's agent:
Select one:
a. Must only give the seller the offer above the asking price.
b. Must give the seller both offers.
c. Does not have to give the seller either of the offers.
d. Must only give the seller the offer below asking price. - ANSWER_b. Must give the
seller both offers.

What is allowed under Fair Housing?
Select one:
a. Owner occupant of 3 family house.
b. A house listed with a broker does not allow showings to Catholics.
c. Rental house that advertises "No pets. No kids."
d. Owner of a ten unit apartment complex renting to women only. - ANSWER_a.
Owner occupant of 3 family house.

A property comprised of residents for which at least 80% or 55 or older does not
violate which protected class?
Select one:
a. Familial Status
b. Handicap
c. National Origin
d. Race - ANSWER_a. Familial Status

Which is not relevant in Fair Housing investigation?
Select one:
a. Investigators report
b. Copies of all listing sheets
c. The agent thought it was in best interest of the client.
d. The tester's notes - ANSWER_c. The agent thought it was in best interest of the
client.

, What is an example of puffing?
Select one:
a. "This property is expected to increase by 25% over the next 10 years."
b. "This house has the best view of the lake."
c. "The children in this neighborhood have the highest SAT scores in the city."
d. "There is no crime in this neighborhood." - ANSWER_b. "This house has the best
view of the lake."

A key advantage to investing in income-producing property is:
Select one:
a. High immediate return.
b. Positive cash flow.
c. Tax deduction from depreciation.
d. Illiquid - ANSWER_c. Tax deduction from depreciation.

A home warranty would cover
Select one:
a. Title defects
b. Property destroyed by fire
c. Theft of items in the property
d. Pipes burst causing flooding - ANSWER_d. Pipes burst causing flooding

What Fair Housing protected classes were added in 1988?
Select one:
a. Familial status and handicap
b. Race
c. Religion
d. Sex - ANSWER_a. Familial status and handicap

A seller sells a $100,000 piece of property to Buyer #1 at an amount substantially
below its fair value. Six months later, Buyer #1 sells to Buyer #2 and realizes a
substantial profit. What recourse, if any, does the seller have against Buyer #2?
Select one:
a. Seller has no recourse against Buyer #2 as he is a good-faith buyer.
b. Seller can rescind the sale.
c. Seller has recourse against Buyer #2.
d. None of the above. - ANSWER_a. Seller has no recourse against Buyer #2 as he
is a good-faith buyer.

An agent tells a buyer that this area is NOT desirable because it has a high
concentration of a particular ethnic group. This would be:
Select one:
a. Steering
b. Panic peddling
c. Block busting
d. Red lining - ANSWER_a. Steering

When scouting locations for a client who is interested in opening a coffee shop what
do you look for?

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