GRI EXAM QUESTIONS WITH ALL CORRECT ANSWERS
When the financing contingency is the existing loan being to be assumed. - Answer-(F61) Loan Assumption Exhibit should be attached.
Loan Assumption: Property completing the third paragraph in either exhibit (F61) Price Control (F62) Cash to control...
When the financing contingency is the existing loan being to be assumed. - Answer-
(F61) Loan Assumption Exhibit should be attached.
Loan Assumption: Property completing the third paragraph in either exhibit (F61) Price
Control (F62) Cash to control ensures - Answer-the method of financing is described in
sufficient detail.
Loan number and servicing company: Original principal amount and amount due:
Amount of principal and interest payment and, the payment including escrows: term of
loan, interest rate and type of loan - Answer-Loan Assumptions
Closing Attorney Select - Answer-Buyer has the right to select, Lender has final
approval
Unless a financing contingency is attached to the P&S Agreement, the only right for the
buyer to terminate the agreement due to failure to obtain financing would be under -
Answer-Due Diligence
When a buyer agrees to pay all cash at closing, the buyer may still attempt to obtain a
loan, but would be in default if - Answer-Buyer lacked sufficient funds because the loan
was unobtainable.
To prove buyer has the ability to obtain a loan under a financing contingency. - Answer-
Buyer must cause a loan commitment to be delivered to seller- BUT ONLY IF ASKED
TO DO SO BY SELLER.
Duties to clients include - Answer-Loyalty, Obedience and accounting
An agent working with a customer is praticing - Answer-Transaction brokerage
anything which affects the use or value of property is - Answer-Material Fact
Broker approve - Answer-commission reductions
Impending foreclosure is a Material fact and - Answer-should be disclosed
, The listing Broker, by agreement with the seller, is responsible for - Answer-sharing
commission with other brokers
The listing broker should present all - Answer-multiple offers, regardless of their terms
Agents who do not disclose their real estate license in personal transactions are -
Answer-violating license law
All material facts known by a licensee must be disclosed, even if - Answer-such
knowledge comes after a contract is written.
Why do foreign investor buy property in the US? Who are they, and what and where do
they buy? - Answer-opportunity for stable returns at lower risk, the size of US market
and availability of property, Political and economic stability, Market liquidity
What are some difference between working with foreign buyers and working with local
clients and customers? - Answer-Compare foreign and immigrant customers
withdomestic buyer. Avoid business practice that could "turn off" a foreign or immigrant
customer.
What should a real estate professional do to be successful in today's global market? -
Answer-Prepare for working in today's diverse market.
Apply practice to succeed in the international real estate business.
Why is it important to have knowledge about the international real estate market. -
Answer-Impact of current and predicted population and new household creation trends.
How much property in the U S do foreign homeowners and investors own and what is
the impact of the global market on the local real estate market. - Answer-Economic
benefits of foreign investment
The Do Not Call Act Prohibits Calls to -- - Answer-residential and cell phone numbers
registered with Federal Trade Commission.
Do Not Call Act Exception include: - Answer-Call may be placed for up to 18 months
after the last transaction to a consumer with an established business relationship.
A consumer who made an inquiry may be called for up to 3 months from the initial
inquiry.
A consumer who has given written permission
CAN-SPAM set--- - Answer-rules for all sending commercial email.
CAN SPAM requires all commercial email to contain: - Answer-An opt out Mechanism
which is to remain active for at least 30 days after the message transmission.
A clear and conspicuous notice that the message is an advertisement.
A legitimate return email address
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