A broker brings his seller an offer from a potential buyer. If the seller asks about the buyer's race, the broker: - answer-may not disclose this information, because to do so would violate the Rumford Act
A broker received an offer with a deposit for one of his listings. The seller accepted the...
REAL ESTATE PRACTICE FINAL EXAM
(CHAPTERS 1-12)
A broker brings his seller an offer from a potential buyer. If the seller asks about
the buyer's race, the broker: - answer-may not disclose this information, because
to do so would violate the Rumford Act
A broker received an offer with a deposit for one of his listings. The seller
accepted the offer. But before the transaction closed, the buyer and seller
mutually agreed to cancel it. The buyer requests the return of the deposit, and
the seller has no objection. The broker: - answer-must return all of the deposit,
but may then sue the seller for his commission
A buyer obtains a 90% institutional loan for $270,000 toward the purchase of a
$300,000 house. The buyer does not have the necessary $30,000 for the
downpayment, so the seller takes back a $15,000 ten-year mortgage and the
buyer contributes the other $15,000 in cash. This arrangement is known as a/an:
- answer-seller second
A contingent sale collapses because the buyer is unable to sell his own property.
Which form is it appropriate to use at this point? - answer-Cancellation
agreement
A landlord has two apartments available for rent. Because he feels that married
couples and women tend to be better tenants, he decides to charge a higher
security deposit for single men. Additionally, he places a newspaper ad stating
"Women and married couples preferred." Which of the following is true? -
answer-Both the higher security deposit and the newspaper ad violate the Fair
Housing Act
A lender calculating a loan applicant's stable monthly income would be most
likely to count: - answer-income from self-employment consisting of a continuous
series of short-term consulting positions for the last three years
A list of the rental rates assigned to the various types of units in a property is
called a: - answer-rental schedule
A listing agent receives three offers on a house almost simultaneously. The first
two offers are for $4,000 and $5,000 less than the listing price, while the third
offer is for $20,000 less than the listing price. The agent should: - answer-submit
all three offers to the seller as soon as possible
A listing agent: - answer-always represents the seller
A listing agreement would be enforceable if it were signed by any of the
following, except: - answer-a real estate broker on behalf of an out-of-state seller
A lower loan-to-value ratio corresponds to a higher: - answer-amount of equity in
the property
A property manager is likely to be concerned with all of the following, except: -
answer-going commission rates on real estate sales
, A property manager's budget for a client's property will typically include which of
the following as operating expenses? - answer-Management fees
A provision that is related to a financing contingency (and which may be included
as part of a financing contingency clause) is a/an: - answer-appraisal contingency
A purchase agreement should contain all of the following, except: - answer-
commission rate for listing broker
A real estate agent's advertisements for residential property should always
include: - answer-the Equal Housing Opportunity logo or slogan
A seller accepts a contingent backup offer from a second buyer and notifies the
first buyer under a release clause. The first buyer decides to remove the sale of
buyer's property contingency. What happens next? - answer-The seller and the
first buyer will complete the transaction, assuming the buyer can come up with
the downpayment
A seller offers to pay six discount points on behalf of the buyer. This will reduce
the buyer's interest rate from 9% to 8%. This is known as a: - answer-buydown
A seller's counteroffer: - answer-terminates the original offer
A standard homeowner's hazard insurance policy will not cover: - answer-
earthquake
A substantial good faith deposit: - answer-demonstrates the buyer's intention to
complete the purchase if the offer is accepted
A transaction is financed on terms that are standard in the community and that
did not affect the price paid for the property. Appraisers refer to this as: -
answer-cash equivalent financing
A transfer disclosure statement would not be required in the sale of a: - answer-
retail space in a commercial district
Agent Peter is working with a buyer who is interested in a "For Sale by Owner"
property she saw on her way to work. Peter would like to approach the owner to
see if he'll list his property with Peter. In this situation, Peter might have the
most success with a/an: - answer-one-party listing
All of the following are characteristic of an FHA-insured loan, except: - answer-no
downpayment
All of the following are exempt from escrow agent licensing requirements,
except: - answer-a broker providing escrow services for someone else's
transaction
All of the following are important components of an inspection report, except: -
answer-providing a preliminary value estimate for the property
All of the following would show up on a loan applicant's credit report as
derogatory credit information, except: - answer-unemployment
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