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AMP Real Estate Salesperson Practice Exam |100 Questions| With Correct Solutions.
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AMP Real Estate Salesperson Practice Exam |100 Questions| With Correct Solutions.
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Name: Score:100 Multiple choice questions
Term 1 of 100
Ed Klein has a large lake on his property. He sells a permit to his friend Phil, allowing Phil to fish in
his lake at any time for one year. Phil's right to use Ed's property is known as
a subordination clause
a buyer broker agreement
an easement
a license
Term 2 of 100
Which of the following would terminate a listing agreement?
the retirement of the salesperson
the death of the broker
the receipt of an offer to purchase
a buyer broker agreement
Definition 3 of 100
has been declared incompetent
Which of the following is a requirement for a valid agency relationship?
Which of the following forms of ownership involves more than one owner?
Which of the following is used to assure a good title?
Capacity to enter into a contract is legally absent if a person
,Term 4 of 100
The penalty for a first violation of federal fair housing laws can be as much as
$5,000
$35,000
$10,000
$38.48
Term 5 of 100
The person who receives real property through a will is known as a
mortgagee
testator
devisee
grantee
Term 6 of 100
Which of the following is most likely to be used as a legal description to identify a parcel of real
estate in a deed?
A real estate licensee could be liable if he or she should have known about a condition,
even if the seller neglected to disclose it.
mutual consent
a license
personal permission that may be withdrawn is known as a license and gives the neighbor no
interest in the real estate
The recorded plat numbers
The plat is a surveyor or engineers map, with complete boundaries and numbers for each
block and lot that is entered in the public records.
(Real Property)
,Term 7 of 100
Which of the following would be included in a spot survey of a single lot?
the location of any improvements
the death of the broker
the zoning classifications of adjacent
properties
directions to shopping areas
Term 8 of 100
What happens if the agent has not located a buyer by the end of the listing period?
The broker can charge for advertising
Refuse the listing
violation of fair housing laws
The agency relationship terminates
An open listing
, Term 9 of 100
Property manager Debbie has completed the final move-out inspection for Jennifer. The property
management company is holding $5,000 in a deposit account. In closing out the account for
Jennifer, Debbie noted that there is $800 in agree-upon damages and $500 in late fees. How
much of the escrow will Jennifer receive after the appropriate adjustments?
$99,722
$100,000 × .075 = $7,500 (annual interest) divided by 12 = $625 (monthly interest). $625 of
the monthly payment of $902.77 leaves $277.77 in principal. $100,000 − 277.77 = $99,722 as
the balance after the first payment.
$8,375
the owens will pay at closing a total of $5,000 down payment ($100,000 × 5%) + $1,000
closing costs + $2,375 in mortgage insurance premiums (2.5% of $95,000 mortgage), which
adds up to $8,375.
$3,700
5,000-800-500=3700
(Accounts/Disbursements)
law of intestate succession
each state has a set of laws that define the distribution of real estate owned by someone
who dies without leaving written instruction. if no heirs are located, the property reverts to
the state.
(conveyance of real property)
Term 10 of 100
The obligation of protecting any deposits entrusted to an agent is an example of the fiduciary
duty of
responsibility
liability
accountability
obedience
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