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CE FINAL EXAM RE, THE CE SHOP TEST, REAL ESTATE FINAL EXAM
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CE FINAL EXAM RE, THE CE SHOP TEST, REAL ESTATE FINAL EXAM
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CE FINAL EXAM RE, THE CE SHOP TEST, REALESTATE FINAL EXAM
______ is a process in which an appraiser determines a probable range of values for a
property by comparing a group of comparable sales to the subject. The appraiser
attempts to include both superior and inferior units of comparison, such as age,
transaction price, etc.
Bracketing
Bridging
Substituting
Surrounding - Answers- Bracketing
The number of properties available describes this factor that influences value.
Demand
Scarcity
Transferability
Utility - Answers- Scarcity
Related to demand, and reflects the supply of property, or lack thereof.
Which of the following statements about agents and the duty of obedience is true?
An agent can ignore a client's instructions if they negatively affect the agent's
commission.
An agent should carry out the client's instructions as long as they are within the law.
An agent should never question a client's instructions.
The duty of obedience extends beyond the termination of the agency agreement. -
Answers- An agent should carry out the client's instructions as long as they are within
the law.
Carson is purchasing a $600,000 property by obtaining an 80/20 loan. How much is
Carson financing?
$120,000
$420,000
$480,000
$600,000 - Answers- $480,000
Which entity ensures that contractors perform their work according to code by
inspecting their job sites?
City hall
,The attorney general
The building department
The secretary of state - Answers- The building department
Randi is a licensee who would like to update her advertising. What must she be sure to
include on any advertising listed with her or any other brokerage?
Brokerage name
Fax number
Franchise logo
Personal photo - Answers- Brokerage name
Seller Randy signed a listing agreement with Barbara, who worked very hard to find him
a buyer. Randy's cousin decided to purchase the house during the listing period. Is
Barbara owed a commission?
No, because sellers don't have to pay a commission if a relative purchases the property.
Yes, because Randy is not a licensee.
Yes, because she worked hard for Randy.
Yes, if she has an exclusive right-to-sell agreement. - Answers- Yes, if she has an
exclusive right-to-sell agreement.
Mario doesn't want to include a religious preference in his listing ad, so which of the
following phrases should he use?
Apartment available for members of attached temple
Close to Catholic cathedral
Jewish community
Within walking distance to a mosque - Answers- Apartment available for members of
attached temple
Homeowners can take several actions related to pest infestations, but which of the
following actions should be left to licensed pest management professionals?
Applying pesticides
Installing a vapor barrier
Looking for sings of an infestation
Removing moisture from the home - Answers- Applying pesticides
Appraiser Niles uses ______ to determine a range of values based on comparing a
subject property to comparable sales. He makes sure to use some comparables that
lack features of his subject property, and others that have even more desirable features,
to balance out the comparison.
Bracketing
Competition
,Correlation
Substituting - Answers- Bracketing
What does REO stand for?
Real estate office
Real estate owned
Rental equality ownership
Rental equal opportunity - Answers- Real estate owned
What does the rectangular government survey system use as the basis for legal
descriptions?
Principal meridians, base lines, and sections
Reference to a subdivision plat
Reference to degrees latitude and longitude
The beginning point of a boundary line as identified by a surveyor - Answers- Principal
meridians, base lines, and sections
When banks have lots of funds available for lending, what tends to happen to interest
rates?
Rates decrease
Rates fluctuate, both up and down.
Rates increase
Rates stay the same. - Answers- Rates decrease
Which of these transactions would require the Missouri licensee to provide written
disclosure of his or her interest?
Henry is the listing agent for a vacant property in the condo complex where he lives.
John is the listing agent for his neighbor's house.
Sally is the buyer's agent for a couple that was referred to her by her previous client.
Step is her father's buyer's agent. - Answers- Step is her father's buyer's agent.
Missouri license law requires that licensees provide written disclosure of any ownership
interest they have or will have in a property. "Interest" also includes being the spouse,
parent, or child of a party to a real estate transaction.
How many feet are in three yards?
12
Nine
Six
Three - Answers- Nine
, Stanley is having second thoughts about taking his neighbor to court over a written
agreement they have concerning who pays the rent on a storage unit that they share,
because it's used to store stolen merchandise. Stanley doesn't think the contract will
stand up in court. What type of contract does Stanley have?
Executed
Valid
Void
Voidable - Answers- Void
The informational form that explains the different types of agency representation and
transaction services available to real estate consumers in Missouri is known as the
__________.
Agency Disclosure Form
Brokerage Relationship Disclosure Form
Listing Agreement Disclosure Form
Missouri Broker Disclosure Form - Answers- Missouri Broker Disclosure Form
Which of the following is true about an attorney's opinion of title?
It protects buyers from material defects.
It's no longer required anywhere.
It's the document that notes the cloud on the title.
It uses public records to validate property transfers. - Answers- It uses public records to
validate property transfers.
An attorney's opinion of title provides a legally valid opinion of a property's ownership
history. The attorney's scope of information is still limited to what's available in the public
records.
Which term involving trespassing is used when someone other than the owner claims
title to real property?
Adverse possession
Dedication by deed
Judgment lien
Lien holder - Answers- Adverse possession
What's designed to protect buyers from financial loss if the title to the property they buy
has defects?
Abstract of title
Chain of title
Title insurance
Title search - Answers- Title insurance
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