Exam (elaborations)
Pearson VUE practice test Question and answers already passed 2023
- Module
- PEARSON
- Institution
- PEARSON (PEARSON)
Pearson VUE practice test Question and answers already passed 2023
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Pearson VUE practice testWhich of the following actions BEST describes proper supervision of a licensee by their
broker? - correct answer Reviewing all documents and transaction files prior to closing
Which of the following phrases is considered discriminatory advertising by HUD? -
correct answer "Exclusive neighborhood"
A plaintiff files a lawsuit against a licensee for a property that was later determined to
have termite damage. The licensee was unaware of any damage at the time of the
property sale. The type of insurance that protects the licensee in the situation is: -
correct answer errors and omissions
In addition to real property, pledging a freestanding stove and refrigerator as security for
a loan is an example of which of the following mortgages? - correct answer package
With the exception court-ordered sales, the amount of earnest money to be deposited
by a prospective buyer determined by the: - correct answer agreement between the
seller and the buyer
On Tuesday, buyers make an offer to purchase a house for $250,000 and include a
provision to buy the dining room furniture. The offer expires at 5:00 PM on Sunday. On
Thursday, the sellers reply in writing that they will accept the offer of $250,000 but they
will not include the dining room furniture. While the buyers are considering the
counteroffer on Friday, the sellers change their minds and decide to accept the offer,
including the dining room furniture, in writing. What is the current obligation of the
buyers? - correct answer They are not legally obligated to purchase the house
The owners of a shopping center want a major department store's lease to provide
rental payments that reflect the store's sales. They are most likely to use which type of
lease? - correct answer Percentage
A property has an appraised value of $50,000. A loan is granted on the property for
75% of its appraised value. The loan is spread over 25 years at an interest rate of 3/4%
per month. If the amount paid toward the principal is to remain constant throughout the
life of the loan, what is the FIRST monthly payment? - correct answer $406
Buyers make an earnest money deposit on a property and sign a contract that is
contingent on specific financing terms. Though a bank commits to the financing, the
buyers end up changing their minds. The buyers proceed to notify the seller, in writing,
that they do not intend to buy the property. Which of the following statements is
CORRECT? - correct answer The seller may sue the buyers for breach of contract
The difference between the value of a property and the total amount of liens against it is
known as: - correct answer equity
, The owner of a farm has found a buyer for the property, which is leased to a tenant
farmer. With regard to any growing crops that were planted by the tenant, which of the
following statements is TRUE? - correct answer The tenant owns the crops
The federal act that provides funds for waste management and solutions for clean up is
the: - correct answer Comprehensive environmental response, compensation, and
liability act(CERCLA)
An agreement that restricts the use and occupancy of real estate, is part of a
conveyance, and is binding on all subsequent buyers is called a: - correct answer
Covenant
A buyer purchased a house for $80,000 and obtained a $60,000 mortgage. If 3 discount
points were charged to originate the loan, the total cost of the origination fee is: - correct
answer $1,800
When a contract states "time is of the essence", the contract MUST be delivered and
presented; - correct answer as soon as possible
the presence of the government-regulated wetlands on a building lot; - correct answer
is a material fact
A net lease affords the lessee the; - correct answer deduction for real estate taxes
when a buyer purchases a property subject to a sellers existing mortgage, which of the
following statements is CORRECT? - correct answer The seller's obligations under
the existing mortgage remain unchanged
When a prospective buyer asks about a property's location in regard to a flood zone, the
licensee SHOULD direct the buyer to; - correct answer obtain an up-to-date flood map
from FEMA
A seller rejects an offer of $84,000 on a property that is listed for $85,000. One week
later, another prospective buyer asks the salesperson to submit an offer of $82,000 for
the property. In this situation, the salesperson SHOULD. - correct answer present the
offer to the seller
A buyer makes a down payment of $27,000 on a house selling for $75,000 and secures
a new mortgage for the difference at $288 per month for 25 years. How much does the
buyer pay in interest over the life of the mortgage? - correct answer $38,400
According to the federal fair housing act, which of the following individuals is permitted
to reside in housing with a familial status exemption? - correct answer A 63-year-old
employed postal worker
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