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45 Hour Post License Real Estate Course Exam Questions and Complete Solutions Graded A+.
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45 Hour Post License Real Estate Course Exam Questions and Complete Solutions Graded A+.
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45 Hour Post License RealEstate Course Exam
Questions and Complete
Solutions Graded A+
agency - Answer: The relationship of agents and their principals
buyer brokerage agreement - Answer: An agreement between a buyer and a broker for the broker to
provide services to a buyer for compensation. The broker may be acting as a single agent, transaction
broker, or a nonrepesentative.
Community association - Answer: can be Condominiums, Cooperatives, Vacation and time-sharing,
mobil home park lots, which owners belong and are responsible for; i.e. assessments, documents, dues,
ect.
concurrency - Answer: A state law requiring that infrastructure such as roads, sewers, schools, etc., be in
place as development occurs
consent to Transition to Transaction Broker Notice - Answer: A disclousre form that allows a single agent
to become a transaction broker. The notice must be signed by the principal before the broker can make
the change
Customer - Answer: A person who works with a sales associate or a broker. While the person could be a
principal, the usual definition is that the broker is either a transaction broker or has no brokerage
relationsip with the person.
Designated sales associate - Answer: A sales associate who is appointed by a broker to be a single agent
for a buyer or seller in a nonresidential transaction when another sales associate in the firm has been
appointed to be the single agent for the other party in the transaction. Both buyer and seller must have
assets of at least $1 million and agree to the arrangement.
,Disclosure - Answer: The revelation of information important to a transaction
Dual agency - Answer: An illegal arrangement whereby the broker tries to represent both the buyer and
the seller in the same transaction
False or misleading statements - Answer: In real estate, a statement made by a licensee or party in a real
estate transaction that is not factual.
Fiduciary relationship - Answer: A relationship of trust and confidence between an agent and principal
Infrastructure - Answer: In developements: roads, water, sewer, electricity are in place prior to homes
being built.
Innocent purchaser status - Answer: An amendemnt to the Comprehensive Enviromental Response,
Compensation, and Liability Act (CERCLA) that exempts from liability landowners who made resonable
inquiries about hazardous substances before purchasing the property.
Material fact - Answer: An important fact that may affect a buyer's decision to buy or a seller's decision
to sell. Licensees must disclose facts that materially affect the value of residential property.
Misrepresentation - Answer: A false or misleading statement made intentionally or unintentionally, or
the failure to disclose a material fact.
No Brokerage Relationship Notice - Answer: A disclosure that must be given by a licensee who does not
represent a buyer or seller before entering into an agreement or showing a property
Principal - Answer: The person who enters into a fiduciary relationship with a single-agent licensee.
Property condition discloure - Answer: A form designed for disclosure to a buyer of any property
defects. The form is normally signed by the seller, and the buyer signs a receipt that the buyer has
received the disclosure.
, Radon gas - Answer: A colorless, odorless gas occurring from the natural breakdown of uranium in the
soil. Many experts believe radon gas to be the second leading cause of lung cancer.
Single Agent - Answer: A broker who represents either the seller or the buyer in a real estate
transaction, but not both.
Single Agent Notice - Answer: A disclosure form informing the principal of the duties of his single agent.
Transaction broker - Answer: A licensee who has limited representation to the buyer and/or the seller in
a transaction. Instead of being an advocate for the buyer or the seller, the licensee is working for the
contract.
Real estate license expires on the first of two dates after 18 months have elapsed following issue: -
Answer: March 31 or September 30
Sales assoicate must successfully complete what course before the first renewal date - Answer: 45- hour
sales associate post-licensing course
If the licensee does not succerssfully complete the post-license requirements - Answer: the license
becomes void
and if wants to practice real estate must take prelicensing course and state exam.
After 1st renewal license will expire when - Answer: same date every 2 years
failure to renew license after 1st renewal results - Answer: the license becomes involuntary active and
can not perform real estate services
A new broker must complete - Answer: 60-hour broker post license education before first renewal date.
The broker's license becomes what if failure complete the required 60 hour post-license course. -
Answer: void
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