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CE Shop Final Exam|159 Questions and Answers|100% Verified!
CE Shop Final Exam|159 Questions and Answers|100% Verified!
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CE Shop Final Exam|159 Questions andAnswers|100% Verified!
which 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
-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
-which one of the following statements describes informed consent as it
relates to dual agency? - -both the buyer and the seller understand what
dual agency is and agree in writing to allow the agent to represent both
parties
-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
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