Exam (elaborations) THE CE SHOP PRACTICE TEST SC REAL ESTATE EXAM QUESTIONS WITH CORRECT ANSWERS Exam (elaborations) The CE Shop Principles of Real Estate Exam Questions with 100% Correct Answers Exam (elaborations) The CE Shop Principles of Real Estate I Exam Review Questions and Answers Ex...
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Which of the following is true about mortgage brokers? -They don't service the loan beyond placement -They originate their own loans -They've paid through fees from originating and servicing loans -They service the loan for it's entire lifecycle - Answer-They don't service the loan beyond pl...
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Add to cartWhich of the following is true about mortgage brokers? -They don't service the loan beyond placement -They originate their own loans -They've paid through fees from originating and servicing loans -They service the loan for it's entire lifecycle - Answer-They don't service the loan beyond pl...
Asset held In a land trust - Answer-Real Estate Level of government where building codes are enforced - Answer-Local Fixtures - Answer-items of personal property that are attached or annexed to real property Fair Housing Act of 1968 - Answer-Prohibited discrimination concerning the sale, re...
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Add to cartAsset held In a land trust - Answer-Real Estate Level of government where building codes are enforced - Answer-Local Fixtures - Answer-items of personal property that are attached or annexed to real property Fair Housing Act of 1968 - Answer-Prohibited discrimination concerning the sale, re...
An appraiser will identify the general and specific data needed for an appraisal. What will determine the type of additional data needed? - Answer-The type of property Which of the following is a true statement regarding new construction properties? - Answer-Both home inspections and title insura...
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Add to cartAn appraiser will identify the general and specific data needed for an appraisal. What will determine the type of additional data needed? - Answer-The type of property Which of the following is a true statement regarding new construction properties? - Answer-Both home inspections and title insura...
Your Aunt Peggy works in another county and is thinking of buying a townhome. She's working with the seller's agent but isn't under an agency agreement. What should you tell her about this situation? A. "Make certain you don't have to pay the seller's commission." B. "Make sure you under...
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Add to cartYour Aunt Peggy works in another county and is thinking of buying a townhome. She's working with the seller's agent but isn't under an agency agreement. What should you tell her about this situation? A. "Make certain you don't have to pay the seller's commission." B. "Make sure you under...
Loans made to high-risk borrowers, at higher interest rates and with higher fees, are ______. -Highly qualified loans -Prime loans -Secondary loans -Subprime loans - Answer-Subprime loans Real estate licensees should counsel their buyers who are purchasing a recently remodeled or newly buil...
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Add to cartLoans made to high-risk borrowers, at higher interest rates and with higher fees, are ______. -Highly qualified loans -Prime loans -Secondary loans -Subprime loans - Answer-Subprime loans Real estate licensees should counsel their buyers who are purchasing a recently remodeled or newly buil...
Under which of the following circumstances would the client and agent most likely mutually agree to terminate a listing? - Answer-The agent and client don't agree on the best way to price, maintain, and market the property. If a taxpayer who has a business in their home or who uses a portion of ...
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Add to cartUnder which of the following circumstances would the client and agent most likely mutually agree to terminate a listing? - Answer-The agent and client don't agree on the best way to price, maintain, and market the property. If a taxpayer who has a business in their home or who uses a portion of ...
Personal property - Answer-All property not classified as real property Real property - Answer-Land and everything permanently attached to it, can you be removed without causing damage? Land - Answer-The earths surface extending downward to the center of the earth and upward to infinity, inclu...
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Add to cartPersonal property - Answer-All property not classified as real property Real property - Answer-Land and everything permanently attached to it, can you be removed without causing damage? Land - Answer-The earths surface extending downward to the center of the earth and upward to infinity, inclu...
Jayne was tired of waiting for her subcontractor to get his part of the deal done. The agreed-upon deadlines came and went, and Jayne lost money waiting for the subcontractor to come through. She decided that if the subcontractor weren't going to honor his commitments, neither was she, so Jayne c...
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Add to cartJayne was tired of waiting for her subcontractor to get his part of the deal done. The agreed-upon deadlines came and went, and Jayne lost money waiting for the subcontractor to come through. She decided that if the subcontractor weren't going to honor his commitments, neither was she, so Jayne c...
What do riparian rights give landowners the ability to do? - Answer-Use a river running through the property. A cabin has 120 feet of lake frontage. The cabin owner's ability to access the lake is based on ______. - Answer-Littoral rights What are improvements with regard to property? - Answe...
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Add to cartWhat do riparian rights give landowners the ability to do? - Answer-Use a river running through the property. A cabin has 120 feet of lake frontage. The cabin owner's ability to access the lake is based on ______. - Answer-Littoral rights What are improvements with regard to property? - Answe...
Gordon is busy preparing transactional paperwork for the property his client is selling. What activities accompany this duty? - Answer-Obtain signatures and provide copies to the parties. Sophie has been working hard since she started as a real estate licensee, but the market is slow, and she has...
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Add to cartGordon is busy preparing transactional paperwork for the property his client is selling. What activities accompany this duty? - Answer-Obtain signatures and provide copies to the parties. Sophie has been working hard since she started as a real estate licensee, but the market is slow, and she has...
Statute of Frauds - Answer-requires real estate contracts to be in writing to be enforceable 5 elements of a valid contract - Answer-offer, acceptance, consideration, capacity, lawful purpose. Capacity - competent and of age Severability - Answer-clause providing that, in the event that one o...
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Add to cartStatute of Frauds - Answer-requires real estate contracts to be in writing to be enforceable 5 elements of a valid contract - Answer-offer, acceptance, consideration, capacity, lawful purpose. Capacity - competent and of age Severability - Answer-clause providing that, in the event that one o...
Julie has received notice that the house she is renting was sold in foreclosure. She has a month-to-month lease, so how long does she have until her lease may be terminated? - Answer-90 days Amy acts like a salesperson and is supervised by a broker, but she holds her broker's license. What is he...
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Add to cartJulie has received notice that the house she is renting was sold in foreclosure. She has a month-to-month lease, so how long does she have until her lease may be terminated? - Answer-90 days Amy acts like a salesperson and is supervised by a broker, but she holds her broker's license. What is he...
CalBRE - Answer-A government entity which oversees, regulates, administers and enforces California real estate law as practiced by licensees. CALDRE - Answer-California Department of Real Estate Real Estate Commissioner - Answer-Chief Executive Officer of CALDRE Real Estate Advisory Commiss...
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Add to cartCalBRE - Answer-A government entity which oversees, regulates, administers and enforces California real estate law as practiced by licensees. CALDRE - Answer-California Department of Real Estate Real Estate Commissioner - Answer-Chief Executive Officer of CALDRE Real Estate Advisory Commiss...
The north-south line that runs through the initial point of RGSS - Answer-True meridian, or principal meridian The east-west line that runs through the initial point of RGSS - Answer-Base line. This is where all initial measurements originate Range Lines - Answer-North south line that don't r...
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Add to cartThe north-south line that runs through the initial point of RGSS - Answer-True meridian, or principal meridian The east-west line that runs through the initial point of RGSS - Answer-Base line. This is where all initial measurements originate Range Lines - Answer-North south line that don't r...
As a licensee, you won't be flying solo; you'll be supervised by - Answer-your broker What are the steps of real estate - Answer-Planning Construction Buying/Selling Moving Living Planning - Answer-In this process a vacant lot, seen with an eye for development. Engineers, architects, sur...
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Add to cartAs a licensee, you won't be flying solo; you'll be supervised by - Answer-your broker What are the steps of real estate - Answer-Planning Construction Buying/Selling Moving Living Planning - Answer-In this process a vacant lot, seen with an eye for development. Engineers, architects, sur...
Real estate activities have an impact on the economy. TF - Answer-True The health of the overall economy may rely heavily on construction of new properties. TF - Answer-True Which of these phases have an effect on the economy? - Answer-Planning, building, buying/selling, moving and living E...
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Add to cartReal estate activities have an impact on the economy. TF - Answer-True The health of the overall economy may rely heavily on construction of new properties. TF - Answer-True Which of these phases have an effect on the economy? - Answer-Planning, building, buying/selling, moving and living E...
The Simpsons are buying a five-acre tract that has always been part of a larger parcel. When the owners of the large acreage decided to subdivide it, they needed to have a legal description created for the five-acre lot. What was used as the starting point for creating that legal description? - Answ...
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Add to cartThe Simpsons are buying a five-acre tract that has always been part of a larger parcel. When the owners of the large acreage decided to subdivide it, they needed to have a legal description created for the five-acre lot. What was used as the starting point for creating that legal description? - Answ...
Seller is the client buyer is the customer in this type of single agent relationship - Answer-As a seller's agent, you have a relationship with both the seller and the buyer, but in what capacity? General - Answer-Which type of partner shares full personal liability for the partnership's de...
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Add to cartSeller is the client buyer is the customer in this type of single agent relationship - Answer-As a seller's agent, you have a relationship with both the seller and the buyer, but in what capacity? General - Answer-Which type of partner shares full personal liability for the partnership's de...
In order to be enforceable, what does the Statute of Frauds require a real estate contract to be? - Answer-a) In writing Which of the following items is something a lender is prohibited from doing if the lender wants to write qualified mortgages? - Answer-Payback terms longer than 30 years Jan...
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Add to cartIn order to be enforceable, what does the Statute of Frauds require a real estate contract to be? - Answer-a) In writing Which of the following items is something a lender is prohibited from doing if the lender wants to write qualified mortgages? - Answer-Payback terms longer than 30 years Jan...
Olivia took out a 15-year loan secured with a deed of trust. She worked two jobs in order to pay the loan back and finally made her last payment this month. What happens now? - Answer-Because the property deed was held by a third-party trustee instead of the lender, the trustee grants a reconveyance...
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Add to cartOlivia took out a 15-year loan secured with a deed of trust. She worked two jobs in order to pay the loan back and finally made her last payment this month. What happens now? - Answer-Because the property deed was held by a third-party trustee instead of the lender, the trustee grants a reconveyance...
Licensee who acts on behalf of client? Principal Agent Fiduciary Non-agent Customer Client - Answer-Agent Someone who has agency representation with the real estate salesperson or broker Fiduciary Principal Non-agent Client Customer Agent - Answer-Client Someone who is working with...
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Add to cartLicensee who acts on behalf of client? Principal Agent Fiduciary Non-agent Customer Client - Answer-Agent Someone who has agency representation with the real estate salesperson or broker Fiduciary Principal Non-agent Client Customer Agent - Answer-Client Someone who is working with...
When done for others and for compensation, which of the following may be done by someone who does NOT hold a real estate license in Massachusetts? - Answer-Researching school districts and crime statistics for various neighborhoods. Negotiating, selling, or offering to sell real estate all requi...
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Add to cartWhen done for others and for compensation, which of the following may be done by someone who does NOT hold a real estate license in Massachusetts? - Answer-Researching school districts and crime statistics for various neighborhoods. Negotiating, selling, or offering to sell real estate all requi...
Which entity creates regulations governing real estate activities in Washington? - Answer-Real Estate Commission Brokers must deliver transactional documents and contracts to their managing or designated brokers within how many business days? - Answer-Two Firm financial management is a designa...
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Add to cartWhich entity creates regulations governing real estate activities in Washington? - Answer-Real Estate Commission Brokers must deliver transactional documents and contracts to their managing or designated brokers within how many business days? - Answer-Two Firm financial management is a designa...
What is Agency? - Answer-The relationship between a buyer or seller and a real estate licensee Agent - Answer-Someone who acts on someone else's behalf Fiduciary - Answer-What does a real estate agent become after agreeing to work with a client? Principal - Answer--A Client represented by ...
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Add to cartWhat is Agency? - Answer-The relationship between a buyer or seller and a real estate licensee Agent - Answer-Someone who acts on someone else's behalf Fiduciary - Answer-What does a real estate agent become after agreeing to work with a client? Principal - Answer--A Client represented by ...
To obtain financing to fund a cooperative purchase, a buyer will apply for? - Answer-Share loan One issue with guiding buyers toward or away from an area because of perceived school quality is that school quality is often used as a proxy for? - Answer-Race Which of the following was designed t...
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Add to cartTo obtain financing to fund a cooperative purchase, a buyer will apply for? - Answer-Share loan One issue with guiding buyers toward or away from an area because of perceived school quality is that school quality is often used as a proxy for? - Answer-Race Which of the following was designed t...
When performing a market analysis, given the adjusted sales prices of three comparable, which comparable would you weigh most heavily? -The one that had more upward adjustments than the others -The one that required less adjustment -The one with an adjusted sales price higher than the actual sale...
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Add to cartWhen performing a market analysis, given the adjusted sales prices of three comparable, which comparable would you weigh most heavily? -The one that had more upward adjustments than the others -The one that required less adjustment -The one with an adjusted sales price higher than the actual sale...
Property ownership for an indeterminable length of time is an example of what form of estate? - Answer-Freehold Vermont seller Sami lives in a city where the municipal tax period is from February 1 to January 30. What municipal taxes must she pay under Vermont law? - Answer-The municipal taxes be...
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Add to cartProperty ownership for an indeterminable length of time is an example of what form of estate? - Answer-Freehold Vermont seller Sami lives in a city where the municipal tax period is from February 1 to January 30. What municipal taxes must she pay under Vermont law? - Answer-The municipal taxes be...
Question 1 The Swan sons left the family property to their son, Jason, with the stipulation that he does not build on it. The type of estate Jason holds is ______. Fee simple absolute Fee simple defeasible Leasehold Qualified lease - Answer-Fee simple defeasible Under a fee simple defeasible...
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Add to cartQuestion 1 The Swan sons left the family property to their son, Jason, with the stipulation that he does not build on it. The type of estate Jason holds is ______. Fee simple absolute Fee simple defeasible Leasehold Qualified lease - Answer-Fee simple defeasible Under a fee simple defeasible...
Agency - Answer-The relationship between a client and a licensee Agent - Answer-Someone who acts on behalf of another person per that persons request Fiduciary - Answer-Someone who is in a position of trust and owes loyalty to another Principal - Answer-1. The client in an agency relationsh...
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Add to cartAgency - Answer-The relationship between a client and a licensee Agent - Answer-Someone who acts on behalf of another person per that persons request Fiduciary - Answer-Someone who is in a position of trust and owes loyalty to another Principal - Answer-1. The client in an agency relationsh...
5 Bundle of Rights - Answer-1) enjoyment 2) disposition 3) possession 4) control 5) exclusion Possession - Answer-right to occupy the property Control - Answer-right to determine interest in the property for others (The title holder can use the property in any way that is not illegal.) ...
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Add to cart5 Bundle of Rights - Answer-1) enjoyment 2) disposition 3) possession 4) control 5) exclusion Possession - Answer-right to occupy the property Control - Answer-right to determine interest in the property for others (The title holder can use the property in any way that is not illegal.) ...
Local real estate developments, such as a new subdivision, will likely impact ______ the most. - Answer-Aesthetics of a community Ross thinks he knows which neighborhoods his new clients belong in, so he tries to guide them away from the neighborhood they like. What prohibited practice is Ross en...
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Add to cartLocal real estate developments, such as a new subdivision, will likely impact ______ the most. - Answer-Aesthetics of a community Ross thinks he knows which neighborhoods his new clients belong in, so he tries to guide them away from the neighborhood they like. What prohibited practice is Ross en...
Ricardo has left a gift of real property in his will to his son, Juan. Ricardo is the ________________________ and Juan is the ______________. - Answer-Devisor , devisee Which factor influences property value and addresses questions such as, "What's the market like?" and "Are there more buyer...
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Add to cartRicardo has left a gift of real property in his will to his son, Juan. Ricardo is the ________________________ and Juan is the ______________. - Answer-Devisor , devisee Which factor influences property value and addresses questions such as, "What's the market like?" and "Are there more buyer...
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