Sales General Exam - Stringham Real Estate School Questions With 100% Verified Answers.
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Course
Stringham Real Estate
Institution
Stringham Real Estate
Sales General Exam - Stringham Real Estate
School Questions With 100% Verified
Answers.
A particular parcel was zoned residential, single family and was surrounded by others zoned the
same. That parcel was rezoned commercial so a convenience store could be built. This is an
example of:
a) Leg...
Sales General Exam - Stringham Real Estate
School Questions With 100% Verified
Answers.
A particular parcel was zoned residential, single family and was surrounded by others zoned the
same. That parcel was rezoned commercial so a convenience store could be built. This is an
example of:
a) Legal non-conforming use
b) Defeasible fee estate
c) Spot Zoning
d) Variance - answer✔c) Spot Zoning
Z listed the property. When the buyers expressed interest in seeing it, Z disclosed they would
have no representation and the buyers agreed in writing. When writing the offer, the buyers
asked Z what they should offer. Z responded, "Oh 93% of the listed price would be good."
Which most applies?
a) This would be a good suggestion for the agent to make.
b) This is ostensible agency between Z and the buyers
c) Z is properly representing the seller and obtaining an offer.
d) This is limited agency and legal. - answer✔b) This is ostensible agency between Z and the
buyers.
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) property cannot be sold and title transferred to a new owner when a lease is in effect
b) it must be negotiated between gray and Mr Green the leasee
c)the lease remains in effect with Mr gray and Mr green
d) it terminates - answer✔c) The lease remains in effect with Mr. Gray and Mr. Green
At the beginning of each month the lessee gives, and the lessor takes the rent. This best
describes:
a) Tenancy by the entirety
b) Periodic Tenancy
c) Joint Tenancy
d) Tenancy at will - answer✔b) Periodic Tenancy
What is the amount of pre-paid interest to the borrower if her $205,000 loan at 5.5% annual
interest rate closes on November 15?
a) $258.33
b) $939.58
c) $469.79
d) $370.00 - answer✔c) $469.79
What term best describes a situation where the lessor collects rents from the tenants and pays
expenses out of those rents?
a) Net Lease
b) Participation Lease
c) License Estate
d) Gross Lease - answer✔d) Gross Lease
L agreed to carry a 2nd in the sale of the home. It was for $20,000, 9% interest, 30 years,
payment of $160.92 per month. However, it had a five year call when the buyer would pay off
the balance of $19,176. How would you describe this loan arrangement?
a) Fully amortized
b) Discounted
c) Wraparound
d) Partially amortized - answer✔d) Partially Amortized
An assessor is trying to determine the square footage of a property. He measures:
a) the outside dimensions.
b) the inside rooms including the closets.
c) inside, usable area.
d) the home, excluding hallways. - answer✔a) the outside dimensions
An agent contacted an owner to see if they might want to sell the property. The agent said, "I
think I can get you $250,000," which surprised the owner. The owner said, "Ok, and anything
over that can be your commission." This is:
a) A really good deal for the agent and the agent should jump on it!
b) Only legal if the agent ran comps and can justify the $250,000 number.
c) A perfectly good way for agents to market themselves and get listings.
d) Is a net listing and could be grounds for disciplinary action against the agent. - answer✔d) Is
a net listing and could be grounds for disciplinary action against the agent.
If the interest rate on a straight loan is 8% and the monthly interest payment is $650, what is the
amount of the loan?
a) $75,682
b) $103,250
c) $88,750
d) $97,500 - answer✔d) $97,500
Which of the following is NOT part of an appraisal?
a) The date of the appraisal report
b) Appraiser's best estimate value
c) A description of the neighborhood surrounding the property
d) The signature of the appraiser - answer✔
The owner wants to net $40,000 upon selling the property. The commission is 7%, there will be
$2,500 in closing costs, plus a $450 fee to the attorney. What does the property need to sell for to
the the owner $40,000 net?
a) $215,716
b) $50,125.00
c) $200,555
d) $46,182.80 - answer✔d) $46,182.80
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