Exam (elaborations)
Real estate questions to review
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Real estate questions to review
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Real estate questions to reviewA licensee offers payment for a buyer's home inspection. What is this offer from
the licensee to the buyer called?
A: An incentive
B: Fee-splitting
C: A referral
D: Commission - CORRECT ANSWER-A
After entering into a sales contract a seller discovers a defect on the property,
the:
A: seller must update the real estate condition report and give a copy to the
buyer
B: seller must comply with the terms of the sales contract
C: contract becomes null and void at the buyer's discretion
D: buyer can direct the seller on how to repair the defect - CORRECT
ANSWER-B
Which of the following allows a property owner to use property in a way that was
once allowed but is no longer permitted under current zoning regulations?
A: Nonconforming use
B: Spot zoning
C: Variance
D: Conditional use - CORRECT ANSWER-A
Which of the following is the way that title appears on public records?
A: Record
B: Marketable
C: Merchantable
D: Reduction - CORRECT ANSWER-A
Which of the following services should NOT be performed for a buyer-customer?
A: Creating a market analysis of the property the buyer wishes to purchase
B: Disclose the disadvantages of the seller's counter-offer when presenting it to
the buyer
C: Refusing to provide legal advice regarding the validity of a contract
, D: Disclosing the fact that seller will not make the repairs called for in the offer by
the deadline specified in the offer - CORRECT ANSWER-A
Which of the following statements best describes the function of the VA
guarantee, FHA mortgage insurance, and conventional private mortgage
insurance?
A: If the homeowner gets into financial difficulty, this coverage will make the
monthly mortgage payment.
B: If the property declines in value, the buyer is guaranteed he will not suffer an
equity loss.
C: If the lender forecloses, the lender is protected to some degree against
potential loss.
D: If the homeowner dies, the remaining mortgage will be paid off. - CORRECT
ANSWER-C
Salespeople can use which of the following forms:
A: a Bar Land Contract
B: a residential offer to purchase prepared by the buyer's attorney
C: a form prepared and approved by the Department
D: a Uniform Commercial Code form - CORRECT ANSWER-C
A buyer's firm writing an offer as a cooperating firm is an example of:
A: coercion
B: multiple representation
C: an illegal action
D: single agency - CORRECT ANSWER-D
Where in the WB-1 Residential Listing Contract would a seller indicate the
seller's choice of multiple representation with designated agency?
A: Line 115
B: Line 287
C: Line 118
D: Line 113 - CORRECT ANSWER-D
Property taxes are to be prorated through:
A: the day prior to closing
B: the day of closing
, C: noon on the day of closing
D: the day after closing - CORRECT ANSWER-A
Acceptance occurs when all:
A: parties have signed the offer to purchase and it is delivered back to the buyer
B: buyers and sellers have signed an identical copy of the offer
C: buyers and seller have signed different copies of the offer
D: closing - CORRECT ANSWER-B
The WB-11 Residential Offer to Purchase states that title evidence shall be given
by the seller in the form of a/an:
A: deed
B: owner's policy of title insurance
C: abstract
D: promissory note - CORRECT ANSWER-B
A licensee is listing a 4-bedroom, two-story house. Which of the following would
be the most suitable comparable property?
A: A two-story mixed use property
B: A 4-bedroom, two-story house that was recently foreclosed on
C: A 4-bedroom, two-story house that is currently for sale in the neighboring
town
D: A 3-bedroom, two-story house that was recently sold in the same
neighborhood as the listed property - CORRECT ANSWER-D
Which of the following would NOT create a protected buyer under a listing
contract?
A: A buyer that negotiated directly with the seller
B: A buyer that stopped at an open house
C: A buyer that submitted an offer to purchase
D: A buyer that attended an individual showing - CORRECT ANSWER-B
The financing contingency would be removed if which of the following were to
occur?
A: The buyer receives a loan commitment from lender
B: The buyer's agent receives a loan commitment from the buyer's lender
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