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ABS Practice Test -1 (Supervisión of Fire Alarm System)Questions And Answers..
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10/7/24, 8:05 PMABS Practice Test #1
JEREMIAH
Terms in this set (64)
If a broker maintains a trust account in a bank that does not require a minimum
$0 balance and does not impose any service charges, how much of his or her own
funds may the broker leave in the account?
The value of real estate over and above any mortgages or other liens against it is
Equity
known as
The party or parties employing the broker To what party does the broker owe the fiduciary duty of care?
A borrower has defaulted on the mortgage. The mortgage contains an acceleration
Demand immediate payment of the note
clause. This permits the lender to
According to the Truth-in Lending Act, if any "trigger terms" are used in an ad, all of
Prepayment penalties and rebates
the following disclosures MUST appear in the ad EXCEPT the
All real estate activities of salespersons A managing broker can be held responsible for
A prospective buyer made an offer to purchase a property. The owner responded
The owner withdraws the counteroffer
with a counteroffer. While the buyer was reviewing the counteroffer, the owner
before it is accepted
received a better offer. The owner can accept the second offer if
In a timely manner, according to state laws Earnest money should be deposited into a trust account
Prospective buyers made an offer on a property. The seller did NOT accept, but
made a counteroffer. The prospective buyers signed the counteroffer and the real
Both contracts are valid estate agent delivered their acceptance to the seller. In the interim, the same buyers
had found another house that they liked better and made an offer on it, Which was
accepted. Which of the contracts are valid?
Land use change due to zoning ordinances Even with title insurance, the policyholder may still suffer losses arising from
Ordinances that specify construction Building codes are
standards
Cost of the building only Depreciation is calculated based on the
A real estate salesperson is representing only the buyer in a transaction. Which of the
Disclosing the highest price the buyer is
following actions would be a violation of the salesperson's agency duties to the
willing to pay
client?
When a principal authorizes an agent to perform a particular act or transaction, it is
Special agency
an example of a
When preparing a market data estimate of value, which of the following categories
The original cost of the building
of adjustment is NOT essential?
A couple bought a rental house for $195,000. It's assessed value was $180,000. If the
$225.00 tax rate is $1.50 per $100 of assessed value, what is the monthly contribution the
lender will REQUIRE for taxes? Round to the nearest cent.
A licensee is listing a property in a known flood plain. The seller flatly denies that the
Inform the seller of the legal obligation to
structure and the property have ever been flooded. What is the licensee required to
disclose facts regarding floodplains
do in this situation?
An appraiser MUST be licensed or certified to handle Federally related work on
$250,000
residential property valued at more than
1/4
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