Questions & Expertly Verified
Quiz_________________?
A broker and the buyers he represents are anxiously awaiting the closing on their new
home. The closing is scheduled in 4 days. The buyers inform the broker that they just
received revised Loan Estimate and Closing Disclosure forms from the lender, indicating the
Annual Percentage Rate on their loan has increased by 0.3%. Based on the TILA-RESPA
Integrated Disclosure rule, what action should the broker take in this situation?
A. Assist the buyers in calculating the new loan payments and ask them if they want to
proceed with the closing as scheduled.
B. Advise the buyers to file a legal action against the lender for violation of predatory
lending practices under the Real Estate Settlement Procedures Act.
C. Call the lender and inform them that they are in violation of the seven-day waiting period
and cannot change the terms of the loan this close to the closing.
D. Confirm with the seller's broker, the lender and the -
Answer✅
D. Confirm with the seller's broker, the lender and the closing entity that the closing must
be delayed to allow for a new seven-day waiting period because of the interest rate revision.
Quiz_________________?
A broker has signed a listing contract for the sale of a home. Which of the following could
make this contract voidable?
1
, A. The seller cannot write and sign with an "X".
B. The listing contract specifies that no other broker may show the house.
C. The seller is heavily under the influence of alcohol at the time of signing.
D. The listing contract specifies that a commission will be paid only if the house is sold
within 3 weeks. -
Answer✅
C. The seller is heavily under the influence of alcohol at the time of signing.
Quiz_________________?
A broker represents a group of investors who purchase single family residences when they
can be found at very low prices. Their offers are typically made with $500 deposits and cash
closings within 7 days of acceptance of the offers. When the last property closed, the
investors suggested the broker keep the deposit money to be used for their next purchase,
as yet not identified. What must the broker do with these deposit funds?
A. Return them to the purchasers.
B. Deposit them in his escrow account.
C. Deposit them in his rental trust account.
D. Hold them in his personal account until needed. -
Answer✅
A. Return them to the purchasers.
Quiz_________________?
A broker supplies the financing for a project to build condominiums with the stipulation that
he has the exclusive right to sell the completed condos. Which of the following BEST
describes this relationship?
A. Agency coupled with an interest.
B. Specific agency.
2
, C. General agency.
D. Exclusive agency. -
Answer✅
A. Agency coupled with an interest.
Quiz_________________?
A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender
charges 2 points. How much money does the buyer need up front to make the purchase?
A. $2,720
B. $24,000
C. $24,408
D. $26,720 -
Answer✅
D. $26,720
Quiz_________________?
A charge of violation of Federal Fair Housing laws can be heard by an administrative law
judge within the Department of Housing and Urban Development (HUD) or by a Federal
district court judge in Federal court. The advantage of a Federal court hearing to the
complaining party is that __________?
A. The case will be more thoroughly reviewed.
B. There is no dollar limit on damages paid.
C. Only a district court judge can order that the property be sold to the complaining party.
D. Only a district court judge can order jail time for the guilty party. -
Answer✅
B. There is no dollar limit on damages paid.
3
, Quiz_________________?
A company agrees to lease a property to be used as a gambling casino. State laws prohibit
gambling. This particular contract would be legally defined as __________?
A. Void.
B. Voidable.
C. Valid.
D. Unenforceable. -
Answer✅
A. Void.
Quiz_________________?
A competitive market analysis takes into consideration _________?
A. Square footage of the subject property.
B. Neighborhood nuisances.
C. Unemployment levels in the community.
D. Age of the sellers. -
Answer✅
A. Square footage of the subject property.
Quiz_________________?
A contract for the sale of a home has been signed by both parties. This contract will remain
executory until _____________?
4
Quiz_________________?
A broker and the buyers he represents are anxiously awaiting the closing on their new
home. The closing is scheduled in 4 days. The buyers inform the broker that they just
received revised Loan Estimate and Closing Disclosure forms from the lender, indicating the
Annual Percentage Rate on their loan has increased by 0.3%. Based on the TILA-RESPA
Integrated Disclosure rule, what action should the broker take in this situation?
A. Assist the buyers in calculating the new loan payments and ask them if they want to
proceed with the closing as scheduled.
B. Advise the buyers to file a legal action against the lender for violation of predatory
lending practices under the Real Estate Settlement Procedures Act.
C. Call the lender and inform them that they are in violation of the seven-day waiting period
and cannot change the terms of the loan this close to the closing.
D. Confirm with the seller's broker, the lender and the -
Answer✅
D. Confirm with the seller's broker, the lender and the closing entity that the closing must
be delayed to allow for a new seven-day waiting period because of the interest rate revision.
Quiz_________________?
A broker has signed a listing contract for the sale of a home. Which of the following could
make this contract voidable?
1
, A. The seller cannot write and sign with an "X".
B. The listing contract specifies that no other broker may show the house.
C. The seller is heavily under the influence of alcohol at the time of signing.
D. The listing contract specifies that a commission will be paid only if the house is sold
within 3 weeks. -
Answer✅
C. The seller is heavily under the influence of alcohol at the time of signing.
Quiz_________________?
A broker represents a group of investors who purchase single family residences when they
can be found at very low prices. Their offers are typically made with $500 deposits and cash
closings within 7 days of acceptance of the offers. When the last property closed, the
investors suggested the broker keep the deposit money to be used for their next purchase,
as yet not identified. What must the broker do with these deposit funds?
A. Return them to the purchasers.
B. Deposit them in his escrow account.
C. Deposit them in his rental trust account.
D. Hold them in his personal account until needed. -
Answer✅
A. Return them to the purchasers.
Quiz_________________?
A broker supplies the financing for a project to build condominiums with the stipulation that
he has the exclusive right to sell the completed condos. Which of the following BEST
describes this relationship?
A. Agency coupled with an interest.
B. Specific agency.
2
, C. General agency.
D. Exclusive agency. -
Answer✅
A. Agency coupled with an interest.
Quiz_________________?
A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender
charges 2 points. How much money does the buyer need up front to make the purchase?
A. $2,720
B. $24,000
C. $24,408
D. $26,720 -
Answer✅
D. $26,720
Quiz_________________?
A charge of violation of Federal Fair Housing laws can be heard by an administrative law
judge within the Department of Housing and Urban Development (HUD) or by a Federal
district court judge in Federal court. The advantage of a Federal court hearing to the
complaining party is that __________?
A. The case will be more thoroughly reviewed.
B. There is no dollar limit on damages paid.
C. Only a district court judge can order that the property be sold to the complaining party.
D. Only a district court judge can order jail time for the guilty party. -
Answer✅
B. There is no dollar limit on damages paid.
3
, Quiz_________________?
A company agrees to lease a property to be used as a gambling casino. State laws prohibit
gambling. This particular contract would be legally defined as __________?
A. Void.
B. Voidable.
C. Valid.
D. Unenforceable. -
Answer✅
A. Void.
Quiz_________________?
A competitive market analysis takes into consideration _________?
A. Square footage of the subject property.
B. Neighborhood nuisances.
C. Unemployment levels in the community.
D. Age of the sellers. -
Answer✅
A. Square footage of the subject property.
Quiz_________________?
A contract for the sale of a home has been signed by both parties. This contract will remain
executory until _____________?
4
