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CE SHOP FINAL EXAM QUESTIONS AND ANSWERS
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CE SHOP FINAL EXAM QUESTIONS AND ANSWERS
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CE SHOP FINAL EXAM QUESTIONS AND ANSWERSWhich of the following is the price a lender believes the property will bring at a
foreclosure sale? - mortgage value
Burt terminated his exclusive right-to-sell listing agreement with scott, his listing broker.
Burt may legally do this as long as he's ________ - willing to pay scott's commission
anyway
What must a homeowner in dc disclose about a property built before 1978 if they have
never tested it for lead paint? - that the home is presumed to have lead-based paint
Fred is buying gary's property, which is listed with sara. Who are the parties to the listing
agreement? - gary and sara
Which of the following factors would play a role in an irs determination as to whether a
licensee should be classified as an employee or an independent contractor? - whether
the licensee receives benefits from the brokerage firm
Under the statute of _____, if legal remedy is sought against a person, the pursuer must
bring a court action within a specified period of time - limitations
Chester is interested in becoming a real estate licensee in dc. After completing the
requirements for obtaining the license for a real estate salesperson, which agency will
administer chester's license? - dc real estate commission
A client terminates a listing agreement before its expiration date. What happens now? -
the client may owe a commission anyway
What's involuntary lien? - a lien created without a property owner's consent
Jim is a listing agent. What offers must he present to his client and when? - he must
present all offers as soon as practicable
Wallace is beside himself he spent the last five months raising enough money to
purchase the property that he has an opinion on, and now, a month before the end of
his option period, the seller refuses to sell him the property. The seller's actions are
____________. - a breach of contract
The mishandling of escrow funds can result in_______________. - disciplinary action
and fines for the real estate licensee
How many feet are in a mile? - 5,280
Under which types of agency agreement may a buyer and agent operate? - open,
exclusive right to represent, and exclusive agency
, With an option contract, which of the following constitutes a breach of contract? - the
optionor sells the property without the option contract to someone other than the
optionee
What would be an altruistic reason for a municipality to accept a land dedication? - to
use the land for public benefit
Rhonda and jade both consider themselves african-american, although rhonda has
much darker skin and hair than jade. When rhonda went to the valley falls apartment
manager's office to request a rental application, she was told there were no vacancies.
Jade went in a day later and received an application. This may be discrimination based
on__________ - color
Among other things, a listing in the mls should always include ____________. - at least
one photo
Joint tenancy requires unities of time, interest, and___________. - possession
Obviously, you can't lawfully convey something unless the parties agree on what's being
conveyed. How is that determined? - legal description
Whose role is it to develop the comprehensive master plan? - planning board members
A trust involves a special relationship called a fiduciary relationship. Which of the
following statements is true regarding trusts? - any asset may be held in a trust
When is property partitioned? - when two or more people hold ownership of a property
and one wants to sell his/her portion
If a community isn't growing in an orderly fashion, which local land use group would
most likely be at fault? - planning board
Larry, an associate broker, received an earnest money check from his buyer client.
Which of the following actions is appropriate and would be in compliance with real
estate law? - larry turns the check over to his broker for deposit into the firm's escrow
account
An appraiser used the cost approach to estimate a property's value at $220,000. The
site value was $50,000 and the total depreciation estimate was $4,000. What was the
estimated cost of improvements? - $174,000
Which term is defined as the addition of one possessor's years of use to another's
continuous use of the same property in an adverse possession claim? - tacking
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