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GREC Post License Course – Questions With Solutions
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GREC Post License Course – Questions With Solutions
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GREC Post License Course – Questions With SolutionsThe consequences of an undisclosed dual agency could include:
a. Disciplinary actions by the state regulatory agency that could include
suspension or revocation of the license.
b. Either the buyer or the seller could rescind the transaction.
c. A suit for damages by either or both of the clients.
d. All of the above. Right Ans - d. All of the above.
When showing several properties to some potential buyers, how does the
printed review sheet with the list of homes shown benefit the buyers?
a. It helps them remember the key features of each house.
b. It allows them to make notes on the review sheet.
c. Both of the above.
d. None of the above. Right Ans - C. Both of the above
A buyer has made an offer on a seller's house. The offer gives the buyer 10
days to have a licensed home inspection of the property and to cancel the offer
if the inspection reveals significant necessary repairs unknown to the buyer.
This is an example of a/an?
a. Contingency clause
b. Addendum clause
c. Assumption clause
d. Habendum clause Right Ans - A. Contingency Clause
What is the best strategy for dealing with advantages and disadvantages of a
particular home?
a. Always disclose both advantages and disadvantages prior to showing the
house.
b. Always disclose the advantages, but not the disadvantages, prior to showing
the house.
c. Always disclose the disadvantages, but not the advantages, prior to showing
the house.
,d. Never disclose either the advantages nor the disadvantages prior to
showing the house. Right Ans - C. Always disclose the disadvantages, but
not the advantages, prior to showing the house.
When showing houses to a buyer, it is good practice to use each of the
following strategies, EXCEPT:
a. Act as more of a consultant than a salesperson
b. To give the buyers your opinion about the houses
c. To encourage the buyers to say what they don't like as much as what they
like?
d. Spend more time listening to the buyers than talking to the buyers. Right
Ans - B. To give the buyers your opinion about the houses
When using the Purchase and Sale Agreement form prepared by the GAR, the
licensee may:
a. Fill in the blanks in the contract
b. Make significant modifications to the contract by crossing out paragraphs
c. Both of the above
d. None of the above Right Ans - a. Fill in the blanks in the contract
What is a typical indication that a potential buyer has a fear of making a
decision?
a. The objections the buyer gives are very vague
b. The objections the buyer gives are quite specific
c. The buyer is more talkative than usual
,d. The buyer is less talkative than usual. Right Ans - A. The objections the
buyer gives are very vague
Which of the following statements regarding the commission to the broker in
an Exclusive Buyer Brokerage Agreement is correct?
a. The broker is entitled to a commission if the buyer purchases a property
after the listing expires but was shown that property during the term of the
listing
b. Commissions paid by a FSBO owner to the broker would reduce any
commission owed to the broker by the buyer
c. If the buyer defaults on a purchase of a home initiated during the term of
the listing, the broker has earned the commission
d. All of the above. Right Ans - D. All of the above
The legal description of the subject property must appear in which of the
following contracts
a. Exclusive Seller Listing Agreement
b. Purchase and Sale Agreement
c. Both of the above
d. None of the above Right Ans - C. Both of the above
Which of the following types of sales of a personal residence would require a
third-party approval before the sale could be closed?
a. A bankruptcy only;
b. A bankruptcy or a divorce;
c. A sale of a home with an existing mortgage;
d. A bankruptcy, a divorce or a short sale. Right Ans - D. A bankruptcy,
divorce, or short sale.
Which of the following choices are included in the list of preparation for
showing homes to a prospective buyer?
a. Plan your route
, b. Make an information packet
c. Preview the homes
d. All of the above. Right Ans - D. All of the above
What is a way to take steps to prevent buyer's remorse from happening?
a. Tell them in advance that buyer's remorse is common in any large purchase
and it doesn't mean they made a mistake;
b. Throughout the process, make sure they understand the costs and monthly
payments they will incur;
c. Both of the above;
d. None of the above. Right Ans - C. Both of the above
When using a checklist of questions to determine a buyer's wants and needs,
why is it a good idea to ask questions about why the buyers answered a
question the way they did?
a. So you can let them know where you disagree;
b. So you can learn more about what they want or don't want;
c. So you can inform them that you know of no homes in the area that meets
that requirement;
d. So you can better determine a price range. Right Ans - b. So you can learn
more about what they want or don't want
In determining whether or not to issue a preapproval letter, the lender would
consider:
Select one:
a. Interest payments only;
b. Principal payments only;
c. Principal and interest payments only.
d. Principal, interest, property taxes and insurance. Right Ans - D. Principal,
interest, property taxes and insurance
The period of time that a buyer has during which the buyer can terminate the
Purchase and Sale Agreement is called the:
Select one:
a. Rescission period;
b. Due diligence period;
c. Termination period;
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