PreLicensing Final Exam 100% Pass Guaranteed All Round Questions and Correct Answers
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Course
Excel Ohio pre licensing
Institution
Excel Ohio Pre Licensing
"Intestate succession" refers to the process whereby: - CORRECT ANSWER -An individual
dies without a testament, and a legal proceeding is commenced in order to recognize the heirs
and place them in possession of the decedent's estate.
A 3 bedroom house is being appraised and one comparable is...
PreLicensing Final Exam 100% Pass Guaranteed All
Round Questions and Correct Answers
"Intestate succession" refers to the process whereby: - CORRECT ANSWER ✔✔ -An individual
dies without a testament, and a legal proceeding is commenced in order to recognize the heirs
and place them in possession of the decedent's estate.
A 3 bedroom house is being appraised and one comparable is a 4 bedroom house. It is
determined the value of the 4th bedroom is $4,000. What does the appraiser do? - CORRECT
ANSWER ✔✔ -Deduct $4,000 from the comparable.
A broker could take part of the commission out of the escrow account prior to the act of sale: -
CORRECT ANSWER ✔✔ -With written consent of the buyer and seller.
A broker is entitled to collect commission from both buyer and seller when: - CORRECT
ANSWER ✔✔ -both parties give consent in writing to the transaction
A broker's place of business MUST be: - CORRECT ANSWER ✔✔ -On record with the LREC.
A broker's promise to pay a $300 bonus to any agent who gets three listings in a week, would be
an example of: - CORRECT ANSWER ✔✔ -unilateral contract
A buyer is considering adding a sun room addition to the side of the house. The agent should tell
the buyer and/or the agent to review: - CORRECT ANSWER ✔✔ -Building lines
A buyer who wants a property and has the money to buy it best defines: - CORRECT ANSWER
✔✔ -Demand
,A commercial property value decreases because a new bypass is created directing the traffic in a
different route, is an example of: - CORRECT ANSWER ✔✔ -Economic Obsolescence
A competitive market analysis: - CORRECT ANSWER ✔✔ -can help the seller price the
property
A contract based on misrepresentation of a material fact is: - CORRECT ANSWER ✔✔ -
Voidable by the party to whom the misrepresentation was made.
A cooperative ownership is best described by: - CORRECT ANSWER ✔✔ -owning stock in a
corporation whose primary asset is a building
A deed which gives the buyer the MOST protection is: - CORRECT ANSWER ✔✔ -General
Warranty Deed
A developer has a covenant in a subdivision he built that says that no one may hire anyone to
watch their children during the day. This would be an example of: - CORRECT ANSWER ✔✔ -
Deed restriction
A gas that is colorless, odorless and causes certain types of cancer is: - CORRECT ANSWER
✔✔ -Radon
A home is valued at $98,000. Property in the area is assessed at 40% of it's value. If the local tax
rate is $3.50 per hundred, what is the annual tax? - CORRECT ANSWER ✔✔ -$1372
A house sells with a commission paid to the broker of $9,600. If his/her salesperson received
$3,000 of the commission and the company charges a 7% commission rate, what did the house
sell for? - CORRECT ANSWER ✔✔ -$137,142
, A husband and wife owned property together. When he died she gained ownership of all the
property automatically. The form of tenancy they had was: - CORRECT ANSWER ✔✔ -Joint
tenancy
A husband dies and leaves his estate to his wife and a child. What type of tenancy do they have?
- CORRECT ANSWER ✔✔ -Tenancy in common.
A joint tenant who wishes to sell her interest in the property: - CORRECT ANSWER ✔✔ -May
sell to anyone who would then become a tenant-in-common.
A landlord has refused to renew a lease and the tenants are still imposing and NOT paying rent.
This is an example of: - CORRECT ANSWER ✔✔ -Tenants at sufferance
A large office building that CANNOT be air conditioned best defines: - CORRECT ANSWER
✔✔ -Functional obsolescence
A listing broker receives an offer that exactly matches the terms the seller wants. Before being
able to present the offer, the broker receives two more offers. One is for less money, but all cash.
The other is for more money but with the seller having to finance part of the price with a
purchase money mortgage. What should the broker do? - CORRECT ANSWER ✔✔ -Present all
the offers at the same time.
A listing taken by a salesperson belongs to: - CORRECT ANSWER ✔✔ -broker
A loan that provides for increases and decreases in the interest rate during its term is known as
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