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REAL ESTATE FINAL EXAM (150 QUESTIONS ) #1 QUESTIONS AND ANSWERS A GRADED
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REAL ESTATE FINAL EXAM (150 QUESTIONS ) #1 QUESTIONS AND ANSWERS A GRADED
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REAL ESTATE FINAL EXAM (150QUESTIONS ) #1 QUESTIONS AND
ANSWERS A GRADED
Aarealaestatealicenseeahasaaabuyeraagencyaagreement.aWhataisatheasellerainathisasituation?
a-aAacustomer.
Anaoptionoraandaanaoptioneeamakeaaacontractaforaanaoptionaonaaacommercialapieceaofaprop
erty.aIfatheaoptioneeadecidesatoaexerciseahisaoption,awhenamustaheaperform?a-
aHeamustaexerciseahisaoptionaunderatheatermsaofatheaoptionacontract.
Whenacanaaalandlordaevictaaadisabledablindaoradisabledatenantafromatheapremises?a-
aIfatheatenantahasaloudaparties,amakesatooamuchanoise,aandaisaconstantlyadisturbingaotherat
enants
4.aBrokeraCarr,awithaABCaRealaEstateaCompany,alistedatheapropertyawithaaaseller.aBrokeraS
mith,awithaXYZaRealaEstateaCompany,acalledaBrokeraCarr,aandadisclosedathataheawasaaaBu
yeraAgent.aBrokeraSmithawroteaaacontractawithaaabuyeraforatheasaleaofatheaproperty.aWhat,aif
aany,aisathearelationshipabetweenatheabuyer'sabroker,atheaselleraandathealistingabroker?a-
aThereaisanotaaarelationshipabetweenatheaparties.aBrokeraCarrarepresentsatheaSelleraandaBr
okeraSmitharepresentsatheaBuyer.
Aabuyeraboughtaaapropertyawithoutatellingatheaselleraofahisaintendedapurposeaforatheapropert
y.aTheacontractacontainsanoacontingencyaclausesaandaitaisaaaproperlyaexecutedacontract.aAf
teratheaclosing,atheabuyeraisaunableatoaobtainatheazoningaheaneedsaforahisacommercialaproje
ct.aWhataisatheacontractaatathisastage?a-aEnforceable
6.aTheaselleraandatheabuyerafinallyaagreedatoaaapurchaseapriceaofa$203,500awithatheaclosing
atoaoccuraonaJunea15.aTheataxesaforatheayearainatheaamountaofa$2,500ahaveanotabeenapaidab
yatheaseller.a(Taxesaareapaidainaarrears).aHowamuchawouldatheataxaprorationaamountato,aan
dahowawouldaitaappearaonaaafullasettlementastatement?
aBaseayouraansweraonaaa365adayayear,aandatheabuyeraisaresponsibleaforatheadayaofasettlem
ent.a-a$1,130.14adebitatheaselleraandacreditatheabuyer
, AaselleralistedahisahomeaforasixamonthsaonaFebruarya26.aOnaAprila29,aaabuyeramadeaanaoffer
aonatheaproperty.aThealistingabrokerapresentedatheaofferatoatheaselleraonaAprila30.aTheasellera
acceptedatheaofferaonaMaya1,awithatheaclosingatoaoccuraonaJunea15.aAssumingatheaclosingat
ookaplaceaonaJunea15,awhenadidathealistingaexpire?a-a6/15
TheasellersalistedatheirapropertyaforasixamonthsaonaFebruarya26afora$522,500.aTheyaagreeda
toapayathealistingabrokeraaa7%acommissionaataclosingaonatheaagreedauponasaleaprice.aAabuy
eramadeaanaofferaonatheapropertyaonaMarcha29afora$510,000.aTheaselleracounteredatheaoffer
aonaAprila1aata$517,500, aandatheabuyeraacceptedatheacounteraofferawithatheaclosingatoaoccur
aonaJunea15.aHowamuchacommissionadidatheaselleraoweathealistingabroker,aandahowawouldait
aappearaonatheasettlementastatement?a-a$36,225.aDebitatheaseller.
Theaselleraandatheabuyeraagreedatoaaapurchaseapriceaofa$270,000awithatheaclosingatoaoccur
aonaJunea15.aTheaseller'saloanabalanceaafteratheaJunea1apaymentawasa$170,000.awithaanaint
erestarateaofa6%.Theamonthlyapaymentawasa$1,800aprincipalaandainterest.aWhatawasathealo
anabalanceatheadayaofaclosing,aandahowamuchainterestadidatheaselleraoweatheabank?a-
aLoanabalancea$170,000; ainterestaduea$425
Theabuyeraandaselleraagreedatoaaapurchaseapriceaofa$310,500.aTheabuyerareceivedaana80%
aloan.aHowamuchawasatheabuyer'saloanaandahowadidaitaappearaonatheasettlementastatement
?a-a$a248,400.aCreditatheabuyeraonly.
Aahomeaimprovementacompanyawasanegotiatingawithaaahomeowneratoaaddaonatwoaroomsat
oaaahome.aTheacompanyaagreedatoatakeaaasecondamortgageaasalongaasatheahomeowneraal
soaincludedathearestaofatheapropertyainathealoan.aTheacompanyaandatheahomeowneraagreeda
toaaapriceaandatheacompanyaprovidedatheanecessaryadisclosureaformaonaMondayaandatheah
omeownerasignedatheaagreementaatanoonatheafollowingaday.aAssumingathatatheaweekahada
fiveabusinessadays,auntilawhatatimeacouldatheahomeownerarescindathealoan?a-
aFriday,amidnighta(Threeabusinessadayaperiod)
Theaselleraunderaaalandacontractaisacalleda-aTheavendor
Onaana8%astraightatermaloanaofa$6,071,atheaborrowerapaidatotalainterestaofa$1,700.aHowalon
gadidaheahaveathealoan?a-a42amonths
ArearecordingafeesaandatitleainsuranceapremiumsapartaofatheaTruthainaLendingastatement?a-
aNo,aTheseaareaconsideredalegal,anotafinancingafeesaandathereforeaareanotapartaofatheaTruth
ainaLendingastatement.
Aamortgageabrokera-aarrangesaloansabetweenaborrowersaandainvestors.
TheaSmiths'apurchasedaaaresidenceafora$750,000.aTheyamadeaaadownapaymentaofa$150,0
00aandaagreedatoaassumeatheaseller'saexistingamortgage,awhichahadaaacurrentabalanceaofa$
230,000.aTheaSmiths'afinancedathearemaininga$370,000aofatheapurchaseapriceabyaexecutin
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