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CE Shop Final Exam with correct Answers (Graded A)
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CE Shop Final Exam with correct Answers
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CE Shop Final Exam with correctAnswers
Jasmine has signed a lease that details what she can and can't do on the property. If
she wants to refer back to her lease, where would she look for this information? -
Answer -The rules and regulations
Which of the following statements about the secondary mortgage market is true? -
Answer -It makes loaning in the primary market possible by giving primary lenders a
place to sell their loans.
Which of the following can reimburse the buyer after the sale if a title issue arises? -
Answer -Buyer title insurance
Which document given before closing provides an estimate of the costs a buyer is likely
to pay at settlement? - Answer -Loan Estimate
Gia is acting as a seller agent. Which of these is a duty she must perform? - Answer -
Market and sell the property.
A buyer can submit the earnest money deposit in the form of __________. - Answer -A
personal check
What duties does a buyer agent have to the seller? - Answer -To disclose the agent's
relationship with the buyer
Home to Hearth Brokerage has an in-house transaction situation and has appointed one
of its licensees to represent the buyer client and one to represent the seller client. The
two licensees are acting as what type of agents? - Answer -Both are acting as
designated agents.
In real estate contracts, which are required: legal descriptions or street addresses, and
why? - Answer -Legal descriptions are required because they provide less ambiguous
and more complete descriptions of properties than street addresses.
What's the purpose of the Tennessee Residential Property Disclosure Act? - Answer -
To put buyers on notice of seller's knowledge of material defects
, A negotiable instrument must contain an order to pay or a ________. - Answer -Promise
to pay
The cost approach to finding an appraised value measures ______. - Answer -The cost
to acquire land and construct a reproduction
What do buyers provide to the seller as an indication that they are serious and intend to
go through with the purchase? - Answer -Earnest money deposit
What types of monies received from income-producing properties should be deposited
into an escrow account? - Answer -Prepaid rent and security deposits
Marissa, a buyer, asks you what she can do to prepare to buy. What should you tell
her? - Answer -She should get pre-qualified.
Your clients, the Jamesons, are selling their lakefront property. They receive an offer,
and the buyer has included a pre-approval letter. The Jamesons balk, saying, "We want
a pre-qualification letter, or we're not selling." What do you tell them? - Answer -"A pre-
approval letter is better than a pre-qualification letter."
Which of the following is considered an act of discrimination under federal fair housing
laws? - Answer -Renting only to Catholics
A landlord discovers that his married tenants are expecting their first child. He wouldn't
have rented to the couple had he known they were going to have children, so he serves
them with an eviction notice and tells them they must be out in 30 days. The landlord is
guilty of ______. - Answer -Familial status discrimination
Which entity ensures that contractors perform their work according to code by
inspecting their job sites? - Answer -The building department
A homeowner decided to make some improvements to her house, so she went to the
lender she used for her first mortgage and got a home equity loan. The new loan
agreement includes a cross-default clause. What does that mean? - Answer -If the
borrower defaults on the home equity loan, it will act as default on the first mortgage as
well.
Land, plus all things permanently attached to it naturally or artificially, is ______. -
Answer -Real estate
How does the building department ensure that a builder who has obtained a permit
builds according to code? - Answer -The building department sends inspectors to
inspect the work.
A home sells for $225,000. Per the listing agreement, the total commission is 7% of the
sales price. The listing brokerage will split the full commission with the buyer's broker
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