Real Estate Final Exam (150 Questions) With
Answers. Verified And Updated.
A real estate licensee has a buyer agency agreement. What is the seller in this situation? -
answer✔✔A customer.
An optionor and an optionee make a contract for an option on a commercial piece of property. If
the optionee decides to exercise his option, when must he perform? - answer✔✔He must
exercise his option under the terms of the option contract.
When can a landlord evict a disabled blind or disabled tenant from the premises? - answer✔✔If
the tenant has loud parties, makes too much noise, and is constantly disturbing other tenants
4. Broker Carr, with ABC Real Estate Company, listed the property with a seller. Broker Smith,
with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent.
Broker Smith wrote a contract with a buyer for the sale of the property. What, if any, is the
relationship between the buyer's broker, the seller and the listing broker? - answer✔✔There is
not a relationship between the parties. Broker Carr represents the Seller and Broker Smith
represents the Buyer.
A buyer bought a property without telling the seller of his intended purpose for the property. The
contract contains no contingency clauses and it is a properly executed contract. After the closing,
the buyer is unable to obtain the zoning he needs for his commercial project. What is the contract
at this stage? - answer✔✔Enforceable
6. The seller and the buyer finally agreed to a purchase price of $203,500 with the closing to
occur on June 15. The taxes for the year in the amount of $2,500 have not been paid by the
seller. (Taxes are paid in arrears). How much would the tax proration amount to, and how would
it appear on a full settlement statement? Base your answer on a 365 day year, and the buyer is
responsible for the day of settlement. - answer✔✔$1,130.14 debit the seller and credit the buyer
A seller listed his home for six months on February 26. On April 29, a buyer made an offer on
the property. The listing broker presented the offer to the seller on April 30. The seller accepted
the offer on May 1, with the closing to occur on June 15. Assuming the closing took place on
June 15, when did the listing expire? - answer✔✔6/15
The sellers listed their property for six months on February 26 for $522,500. They agreed to pay
the listing broker a 7% commission at closing on the agreed upon sale price. A buyer made an
offer on the property on March 29 for $510,000. The seller countered the offer on April 1 at
$517,500, and the buyer accepted the counter offer with the closing to occur on June 15. How
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
, much commission did the seller owe the listing broker, and how would it appear on the
settlement statement? - answer✔✔$36,225. Debit the seller.
The seller and the buyer agreed to a purchase price of $270,000 with the closing to occur on June
15. The seller's loan balance after the June 1 payment was $170,000. with an interest rate of
6%.The monthly payment was $1,800 principal and interest. What was the loan balance the day
of closing, and how much interest did the seller owe the bank? - answer✔✔Loan balance
$170,000; interest due $425
The buyer and seller agreed to a purchase price of $310,500. The buyer received an 80% loan.
How much was the buyer's loan and how did it appear on the settlement statement? -
answer✔✔$ 248,400. Credit the buyer only.
A home improvement company was negotiating with a homeowner to add on two rooms to a
home. The company agreed to take a second mortgage as long as the homeowner also included
the rest of the property in the loan. The company and the homeowner agreed to a price and the
company provided the necessary disclosure form on Monday and the homeowner signed the
agreement at noon the following day. Assuming that the week had five business days, until what
time could the homeowner rescind the loan? - answer✔✔Friday, midnight (Three business day
period)
The seller under a land contract is called - answer✔✔The vendor
On an 8% straight term loan of $6,071, the borrower paid total interest of $1,700. How long did
he have the loan? - answer✔✔42 months
Are recording fees and title insurance premiums part of the Truth in Lending statement? -
answer✔✔No, These are considered legal, not financing fees and therefore are not part of the
Truth in Lending statement.
A mortgage broker - answer✔✔arranges loans between borrowers and investors.
The Smiths' purchased a residence for $750,000. They made a down payment of $150,000 and
agreed to assume the seller's existing mortgage, which had a current balance of $230,000. The
Smiths' financed the remaining $370,000 of the purchase price by executing a second mortgage
whereby the seller became a mortgagee. This type of loan is called a - answer✔✔part purchase
mortgage
On a $500,000 loan the borrower is required to pay two points. How much does the borrower
have to pay the lender? - answer✔✔$510,000.00
The discount points charged by a lender on a federal VA or FHA loan are a percentage of the -
answer✔✔loan amount.
An increase in the availability of money would lead to which effect? - answer✔✔Interest rates
would go down.
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
