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RE Q&A Exam Questions And Accurate Answers @ 2024
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RE Q&A Exam Questions And Accurate Answers @ 2024 Based on common law of agency, which one of the following would ALWAYS be an agent's duty? - Answer Place the interests of the principle above all others, includ ing agent's own interests Purpose of a reverse mortgage is to? - Answer Permit the mortgagor to borrow additional funds as the mortgage is paid down Three simultaneous offers on a property,all at the listing price. Which action tak en by the seller is UNACCEPTABLE - Answer Accept all three Applicant for a real estate salesperson's license must apply for the Issuance of the license within: - Answer A year from the date of completion of the prelice nsure education course The event a licensee is unable to attend a home inspection, an unlicensed assistan t may NOT: - Answer Be present at the home inspection in the absence of the li censee Seller wants to include a stipulation in a listing agreement stating that t he broker will not cooperate with other licensees. In this situation the broker ---- - Answer have t he seller sign a waiver of broker cooperation Sellers tell their agents they MUST sell this week or face foreclosure. The agent should - Answer Mention it to the buyers' agent to encourage offers Seller A entered into an option contract with Buyer B. The contract allowed for a p rice of $200,000 which Seller A will honor for a 12 month period. --- This would be an example of a - Answer Bilateral contract which both parties are obliged to perform within the ti me period Salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of $1,000 to be held in escrow. The salesperson -----ver t o issue a personal check in that amount payable to the salesperson. This action is - Answer Prohib ited, beca use the salesperson accepted a personal check Estimating the value of a property using the sales comparison approach, you would typically NOT factor in the - Answer Age of Building A contract of sale prepared by a licensee MUST include an attorney review clause if i t pertains to which of the following types of properties? - Answer Single family residential vacant lot A salesperson acting as a buyer's agents may accept a bonus from a seller ONLY if: - Answer The bonus is paid through the salesperson's broker A salesperson acquired a listing. The supervising broker approved the listing and it w as put in the MLS. The property was shown by several salespersons who brought an off er to be presented to the owner. If no agency agreement besides the listing agreement has been signed, which of the following --- - Answer The seller is the third party , and the buyer is the principal Which of the following BEST defines a material fact in the real estate co ntext? - Answer A fact significant enough to influence an individual's decision about whether or not to purchase An owner signed a contract to sell an apartment building. Just before closing , the owner informed the buyers that she had changed her about selling the property. A lawsuit fi led by the buyers would be for - Answer Quiet Title Action New Jersey Real Estate Commission regulations require a licensee to terminate membership in a real estate board or multiple listing service ---- - Answer adv ocates rules, practices, and/or standards with which the licensee does not agree The MOST reliable approach for determining the value of a single-family residence i s the -The benefits of buying summaries with Stuvia:
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