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CE Shop Final Exam Study
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KCE SHOP FINAL EXAM STUDYQUESTIONS WITH VERIFIED ANSWERS
BY EXPERTS
The Housing and Community Development Act of 1974 added which protected class to federal fair
housing law? - Sex
When is a cease and desist order effective? - Immediately upon issuance
What's another name for an escrow account? - trust account
Which act was the first to prohibit any exceptions for discrimination based on race or color? - Civil Rights
Act of 1866
What's the best definition of real property? - Real estate, plus all of the interests, benefits, and rights
included in ownership
What is considered special land types? -
Who must approve a short sale? - the seller and the sellers lender
The two real estate firms in one small town, Vineyard Realty and Homestead Homes, agree to charge the
same commission rate to avoid the possibility of clients selecting a firm based simply on price. What
specific federal legislation prohibits this - The Sherman Anitrust Act of 1890
Alice owned a double lot on the waterfront. She sold the lot to Ronesha and included a deed restriction
prohibiting construction of any building taller than one story. Ronesha wants a three-story house. What
should she do? - Conform to the deed restriction
What is the overarching theme addressed by statutory duties in most states? - Licensees may not take ay
action that might be detrimental to the client's legal interest
What's one of the most fundamental of all fiduciary duties, and is the one that underlies all other
duties? - Loyalty
Whose role is it to develop the comprehensive master plan? - Planning board members
Which economic principle states that the value of property today is impacted by the current value of the
total expected future benefits? - Anticipation
You've just signed a listing with a new seller client. What's true about electronic delivery of written
notice or contract forms to your seller? - It's allowed if the seller consented to it in the listing contract
In what way is a townhome similar to a condominium? - They both typically have HOA dues
What does a balloon payment represent at the end of a loan term? - It means that some principal
remains at the end of the loan term
, In states where full disclosure isn't required, whose responsibility is it to disclose any items required by
law and respond honestly to any questions about the property's condition? - Seller
What factors does the underwriter consider in reviewing a mortgage loan application? - Credit, capacity,
and collateral
Your seller clients have received an offer, and the buyer has included a pre-approval letter. Your clients
are a little confused and think a pre-qualification letter is necessary. What's true regarding pre-approval
and pre-qualification? - A pre- approved letter comes with lender verification of buyer- provided data
and provides more assurance to the seller
What is a defeasance clause? - The clause that states that when the debt is paid, the lien must be
removed.
When appraisers look past how a property is being used to determine a more optimal function, what are
they determining? - Highest and best use
What is true about contingencies? - The inclusion of numerous contingencies makes it less likely that the
buyer's offer will be accepted
The UETA makes it legal and binding for contracts to be ______. - signed electronically
Why is it important for a buyer to know if any easements or encroachments exist on a property? - Both
easements and encroachments affect the property's lot size, enjoyment, and use which can affect a
property's value
Quad City National Bank has several REO properties on its books. Why does the bank own these
properties? - The properties went through the foreclosure process and didn't sell at auction
Why is it important to publicly record a deed? - Title representatives and attorneys who perform title
searches look for documents that are publicly recorded
According to the Virginia Residential Landlord and Tenant Act, which of these is a tenant's basic duty? -
Maintain the property in a good, clean and safe condition
Condominium _______ set forth the rules and regulations for the condominium owners associations.
They govern how the associations manage and spend cash reserves, for example. - Bylaws
Which of the following statements regarding POA responsibilities and duties is true? - POAs can place
liens on properties if owners don't pay their dues
Molly is going over her disclosure responsibilities with her agent, Tim. "You know, I think I might be in a
military aircraft noise zone," she tells him. "But I don't know. How can I find out?" What should Tim say?
- "We can find this information in this area's official zoning map"
Which of these is NOT one of the steps of the fair housing complaint process in Virginia? - A complaint is
submitted via email
Which of these is a quality that differentiates escrow accounts from other accounts? - Escrow accounts
can't be touched if the brokerage goes bankrupt
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