FINAL EXAM (Bob Brooks) 2024 Actual Questions and Correct Answers Solved 100%.
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FINAL EXAM (Bob Brooks) 2024 Actual Questions and Correct Answers Solved 100%.
When must earnest money and/or deposits accepted by the broker be put into the escrow account?
a. Earnest money does not have to be put into an escrow account.
b. By the close of business of the next banking day
...
FINAL EXAM (Bob Brooks) 2024 Actual Questions and
Correct Answers Solved 100%.
When must earnest money and/or deposits accepted by the broker be put into the
escrow account?
a. Earnest money does not have to be put into an escrow account.
b. By the close of business of the next banking day
c. Within 24 hours
d. Within 48 hours
b. By the close of business of the next banking day
In order to record a deed, it MUST be in writing and:
a. signed by grantee
b. recite the actual purchase price
c. acknowledged
d. be free of all liens
c. acknowledged
An exclusive agency listing:
a. Allows the owner to sell through his own efforts without obligation to pay a
commission
b. Need not contain a definite termination date
c. Means the seller pays the agency regardless of who sells the property
d. None of the above
a. Allows the owner to sell through his own efforts without obligation to pay a
commission
A lease that requires a lessor to pay operating expenses of the property is called:
a. Gross lease
b. Net lease Incorrect
c. Graduated lease
d. Participation lease
a. Gross lease
The idea that a property's value is safer when surrounded by similar properties is
the principle of:
a. Substitution
b. Progression
c. Regression
d. Conformity
d. Conformity
An abstract of title shows:
a. Devises
,b. Foreclosures
c. Liens
d. All of the above.
d. All of the above.
The chain of title is broken between a previous owner and the present owner. To
convey the title, the following will probably be required:
a. title inspection
b. quiet title suit
c. contrct for deed
d. bill of sale
b. quiet title suit
A real estate agent may give an opinion as to the sales price of real estate for the
purpose of a prospective listing or sale, as long as:
a. It is not referred to as an appraisal.
b. The seller promises to list their property for no less than the price opinion.
c. The seller promises to accept no less than the price opinion, regardless of the
appraisal price.
d. The price opinion is equal to the appraisal price.
a. It is not referred to as an appraisal.
A closing which is handled by one agent being responsible for collecting all
signatures, money and documents WOULD be called:
a. Act of sale closing.
b. Escrow closing.
c. Settlement meeting.
d. Consideration.
b. Escrow closing.
RESPA was enacted in 1974 for the following purpose:
a. To assure proper disclosure is always given to the buyer concerning interest
rate on a new note.
b. To effect specific changes in the settlement process resulting in more effective
advance disclosure of settlement costs to home buyer and sellers.
c. To assure full disclosure is always made in regard to financing on FHA and VA
loans.
d. To allow lending institutions to charge discount points and have all this fully
disclosed at the time of closing of the sale.
b. To effect specific changes in the settlement process resulting in more effective
advance disclosure of settlement costs to home buyer and sellers.
A principal would be which of the following?
a. Either the seller or the buyer
b. Either the broker or the agent
, c. The MREC
d. Either agents or clients
a. Either the seller or the buyer
Concerning fiduciary responsibilities, the following statement, "The agent MUST
put the interest of the principal above the interest of the agent or any third party",
refers to:
a. Confidentiality
b. Obedience
c. Loyalty
d. Full accounting
c. Loyalty
The borrower has the right to redeem the property after it has been sold to
another at the sheriff's sale. This is called the:
a. Redemption period.
b. Equitable Redemption.
c. Statutory Redemption.
d. Equity Redemption.
c. Statutory Redemption.
Substitution of a new contract for a former one is called:
a. Fiduciary replacement
b. Novation
c. Compensatory substitution
d. Satisfaction of contract.
b. Novation
A licensee applying for a Mississippi non-resident license must have an active
license in their home state and the home state must have:
a. A business relationship with the MREC
b. The exact same licensing requirements
c. A reciprocal agreement
d. At least one other broker from that state licensed in Mississippi
c. A reciprocal agreement
The borrower of money or the person who gave the mortgage to the lender is:
a. Mortgagor
b. Mortgagee
c. Borrower
d. Borrowee
a. Mortgagor
The party who receives an offer to purchase is the:
a. Offeree
b. Offeror
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