1. A broker found a ready, willing, and able buyer to purchase seller Bond's house at the listing terms.
Before agreeing to the sale, seller Bond introduced a new restriction stating that the sale could only be
completed if the buyer agreed not to build a tennis court on the property. The buyer refused and
withdrew from the negotiations. Is the broker entitled to a commission? - (a) Yes, because the broker
had fulfilled the listing contract and must be paid.
2. A sporting goods store had a lease agreement to pay 1.75% on all income over $56,000 a month gross
in addition to the base rent they paid of $2,000. Last year they paid $56,500 in rent. What was their total
gross income? - (a) $2,529,143
3. M and N own a property together as tenants by the entirety. Which of the following is true about
their ownership? - (b) Neither M nor N can mortgage the property without the consent of the other.
(Husband and wife)
4. The listing agent advertises his/her listing on the Multiple Listing Service as instructed by the seller at
the agreed list price of $300,000. A buyer offers $300,000 in writing with an earnest money deposit of
$3,000. Which of the following statements are true? - (d) The seller can either accept, reject or counter
the offer.
5. Which broker action is an example of blockbusting? - (c) Soliciting listings based on a fear of racial
change in an area
6. The phrase "the primary evidence of a loan" best describes: - (c) The promissory note
7. The main purpose of Title III of the Americans with Disabilities Act is to: - (d) provide equal access to
goods and services.
8. What term best describes a situation where the lessor collects rents from the tenants and pays
expenses out of those rents? - (d) Gross lease
, 9. The two largest participants in the secondary market, referred to as government sponsored
enterprises, that purchase mortgages are known as: - Freddie Mac and Fannie Mae
10. T would like to purchase property from F. T sits with his agent and fills out a proper REPC. Which of
the following COULD NOT be used as an earnest money deposit? - (a) A handshake and a verbal
agreement to cut a check later.
11. On the Closing Disclosure for a property closing on March 16th of the year, the proration of property
taxes would appear as: - (a) Debit seller, credit buyer
12. K was hired to manage a large apartment building. He would be functioning as which type of agent? -
(a) General
13. When an apartment building is sold, how should the renters' security deposits be handled on the
HUD 1 statement? - (d) They will be a debit to the seller and a notation in the buyer's credit section.
14. The Federal Housing Administration is a mortgage lender allowing home ownership with little down
payment. - False
15. A lessee had two years to go on a five-year lease. Which would release the tenant from further
obligation to pay rent after they voluntarily moved out? - (a) Constructive eviction
16. Each of the following statements are true about a deed EXCEPT: - (d) The deed does not need to be
in writing.
17. The Z family purchased their first home for $160,500. They got an 85% loan and paid two discount
points. They had additional closing costs of $3,250. How much cash did they have to bring to
settlement? - (d) $30,053.50
18. A large benefit of using a credit report to process an application is: - 18. A large benefit of using a
credit report to process an application is:
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