Page 1 of 85 1 CE SHOP FINAL EXAM ACTUAL EXAM COMPLETE 400 QUESTIONS AND CORRECT DETAILED ANSWERS ALREADY GRADED A+ CE SHOP FINAL EXAM A Jacob owns property in a rural part of the state. He was recently approached by a representative of a company that would like to drill for oil on a piece of Jacob's property. What type of lease is the representative likely discussing with Jacob? A. Ground lease B. Net leases C. Oil and gas lease D. Percentage lease - ANSWER -C. Oil and gas lease Oil and gas leases allow for the exploration by oil and gas companies on property that does not belong to them. Remembering the acronym PITI can help borrowers recall what makes up their ______. A. Annual property maintenance B. Annual property taxes C. Mortgage payment D. Required loan documentation - ANSWER -C. Mortgage payment Page 2 of 85 2 Rachel and Nick are selling their home. Before the property is sold, a title search is conducted to determine if there are any ______. A. Cash -flow issues B. Defects on the titl e C. Past issues with a crime being committed on the property D. Services on the property - ANSWER -B. Defects on the title Which term is defined as the transfer of property given to another without consideration? A. Adverse possession B. Dedication C. Deed of gift D. Foreclosure - ANSWER -C. Deed of gift A landlord discovers that his married tenants are expecting their first child. He wouldn't have rented to the couple had he known they were going to have children, so he serves them with an eviction notic e and tells them they must be out in 30 days. The landlord is guilty of ______. A. Familial status discrimination B. Racial discrimination Page 3 of 85 3 C. Religious discrimination D. Sex discrimination - ANSWER -A. Familial status discrimination Which of the following is a benefit of a policies and procedures manual as a way to reduce risk? A. It helps people to vary their processes. B. It reduces training time. C. It regulates peo ples' actions. D. It's good documentation in case of a lawsuit. - ANSWER -C. It regulates peoples' actions. A policies and procedures manual provides guidelines for employees and independent contractors that clarify direction, reduce confusion, and provide specific parameters for everyone to follow. Everybody knows what is expected. Based on the duty of reasonable skill and care, if clients ask agents for advice in areas outside of an agent's scope of expertise, what should agents do? A. Give the clients the best advice they can based on personal experience. B. Refer their clients to a competent professional in that field. C. Tell the clients they need to do a little research and that they will get back to them shortly. D. Wing it and then check later to m ake sure the answers are accurate. - ANSWER -B. Refer their clients to a competent professional in that field. Page 4 of 85 4 Keeping an area dry and keeping the air circulating can ______. A. Help prevent mold B. Increase mold C. Kill mold D. Remove mold - ANSWER -A. He lp prevent mold When Layla first began her real estate career, she focused on residential properties. As she gained more experience, she found that she really enjoyed helping investors find properties they could develop into shopping centers and malls. Of the six categories of real estate, what type of properties does Layla handle? A. Industrial B. Leisure C. Residential D. Retail - ANSWER -D. Retail After signing a purchase contract, buyer Pam and seller Waylon both realize that the address for Pam's newly -purchased home reads "344 Beverly Way" instead of the correct address: "334 Beverly Way." Which of the following is true about this situation? A. Pam has clear evidence that Waylon tried to trick her.
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