Sales General Exam (Stringham) Questions With 100% Verified Answers.
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Course
Stringham Real Estate
Institution
Stringham Real Estate
Sales General Exam (Stringham) Questions
With 100% Verified Answers.
Under the law of emblements, which of the following situations is true?
(a) The seller deeds the property to the buyer but has rights to the crop.
(b) The buyer gets the land, the seller gets the farm house.
(c) The buyer get...
Sales General Exam (Stringham) Questions
With 100% Verified Answers.
Under the law of emblements, which of the following situations is true?
(a) The seller deeds the property to the buyer but has rights to the crop.
(b) The buyer gets the land, the seller gets the farm house.
(c) The buyer gets everything, and after harvesting the crop, gets the profits from it.
(d) Everything goes to the buyer and the seller has no further rights to anything on the property.
- answer✔The seller deeds the property to the buyer but has rights to the crop.
When a listing is taken how does the agent confirm the amounts owed on the mortgages?
(a) The listing agent should personally contact all lien holders and verify balances.
(b) Order an Estoppel Certificate.
(c) Have the title company verify balances.
(d) The seller must list all lien amounts on the Seller's Proceeds Sheet. - answer✔Order an
Estoppel Certificate.
(Explanation: Estoppel Certificate is a formal term describing the document that the lender
provides accounting for the total amounts owed. Agents should not be personally gathering this
information. Agents should advise their clients to personally verify the amounts on the Estoppel
Certificate.)
Truth in Lending or Reg. Z includes all the following requirements EXCEPT:
(a) Use of APR
(b) Settlement Costs & You
(c) Disclosure of costs
(d) Advertising restrictions - answer✔Settlement Costs & You
(Explanation: "Settlement Costs & You" is a booklet required to be given to prospective
borrowers under the Real Estate Settlement Procedures Act [RESPA], not Truth in Lending.)
Tim gets a 80% loan on a $100,000 property and is charged a 1 point origination fee. He is also
charged a $35 credit report fee and a $450 appraisal. How much must Tim come to settlement
with to then close the deal?
(a) $21, 285
(b) $1,285
(c) $100,485
(d) $1,485 - answer✔$21, 285
For the purpose of property taxes, an appraisal is done and the value is determined by the:
(a) County Tax Appraiser's Office
(b) Board of Equalization
(c) County Tax Assessor
(d) State Appraisal Board - answer✔County Tax Assessor
A lien on real property, documented by a signed mortgage contract gives the lender the right to:
(a) Go to court and/or sell the property if the owner defaults any of the provisions of the
mortgage
(b) Collect a particular interest rate on the loan.
(c) Sell the servicing rights to the loan to another investor.
(d) Collect monthly payments for insurance and taxes and place them in an escrow account. -
answer✔Go to court and/or sell the property if the owner defaults any of the provisions of the
mortgage
The buyers insisted they were not interested in a property that was less than 1.75 acres in size. A
house on a property that was 465 feet by 643 looked great. How many acres does it have?
(a) 5.75
(b) 6.86
(c) 7.25
(d) 4.5 - answer✔6.86
The commission structure for the brokerage was 5% on the first $1,000,000 and 8% on the rest.
The property sold for $1,345,000. How much was the commission?
(a) $97,250
(b) $67,250
(c) $77,600
(d) $174,850 - answer✔$77,600
(Explanation: One million x 5% = part of the commission - $50,000. "The rest," or $345,000 x
8% = $27,600. Add the two parts together for the correct answer.)
A deed filed in the public records provides which of the following:
(a) Escheat
(b) Constructive notice
(c) Statute of limitations
(d) Actual delivery - answer✔Constructive notice
(Explanation: [Deeds & Transfer] Actual delivery is giving the deed to the grantee. Escheat
pertains to dying without a will, and statute of limitations relates to contract law.)
The borrower used a document which gave the trustee power of sale as the security for the loan
to buy the home. What document would contain that power:
(a) Trustee's Deed
(b) Uniform Real Estate Contract
(c) Mortgage
(d) Deed of Trust - answer✔Deed of Trust
George Smith, who owns his property fee simple, grants a three-year lease to Tom Green. During
the second year of the lease, George sells the property to Ned Gray. What happens to the lease
when the sale closes?
(a) The lease remains in effect with Mr. Gray and Mr. Green.
(b) It must be negotiated between Gray and Mr. Green, the leasee.
(c) Property cannot be sold and title transferred to a new owner when a lease is in effect.
(d) It terminates. - answer✔The lease remains in effect with Mr. Gray and Mr. Green.
Automated underwriting systems offer the following benefits EXCEPT:
(a) Immediate feedback for correcting deficiencies
(b) Speed and low operating cost
(c) Objective-free of discrimination
(d) Reduced closing cost to borrower - answer✔Reduced closing cost to borrower
Which statement best describes the purpose of a mortgage document?
(a) It places a lien on the property allowing the mortgagee to seize the property if the mortgagor
fails to honor all obligations spelled out in the mortgage.
(b) It provides legal proof of the various property rights of the borrower.
(c) It allows the mortgagor to seize the personal assets of all mortgagees who sign the document.
(d) It spells out the interest rate and all other terms of the loan. - answer✔It places a lien on the
property allowing the mortgagee to seize the property if the mortgagor fails to honor all
obligations spelled out in the mortgage.
(Explanation: [Mortgage Law] The Mortgage contract is detailed and complex. Its primary
purpose is to allow the lender to take back the property in the event of the property owners
failing to honor all the obligations spelled out in the Mortgage.)
Agent G was going to leave XYZ Real Estate and go to ABC Realty. G's great-aunt had listed
her house and wanted G to still be her agent. Which of the following answers would accomplish
this in accordance with the law?
(a) The broker of XYZ agrees to cancel the listing.
(b) The listing is assigned from XYZ to ABC
(c) The listing has to stay with XYZ and the aunt will be term-16assigned a new agent.
(d) Everything stays the same and G continues to service her aunt's listing. - answer✔The broker
of XYZ agrees to cancel the listing.
M starts a small business teaching people how to do unique types of quilting and stitchery and
hires one person to help her. She finds an old house to rent cheaply. It only has one very small
1/2 bath, and five steps to get in the front door. In this case, ADA requirements:
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