Aceable Final Exam
What, if known, could cause a buyer or seller of real estate to take a different course of action or make a
different decision regarding the property purchase? - Answer-Material facts
The Fair Housing Act is enforced by: - Answer-RESPA
What two types of agency have to do with when a third party is led to mistakenly believe that agency
exists between a principal and an agent? - Answer-Ostensible agency and agnecy by estoppel
Which of the groups of descriptors below BEST describes an exclusive right-to-sell listing agreement? -
Answer-Broker guaranteed compenstaion no matter how property is sold
Three origination points and 2 discount points on a $250,000 mortgage would cost a borrower: -
Answer-12,500
What type of contract is a real estate sales contract? - Answer-biilateral contract
Which of the following is an important aspect of transaction coordinators? - Answer-Transaction
coordinators DO NOT owe any fiduciary duties to anyone
What is a formal or witnessed will? - Answer-A will typically created by and attorney as well as witnessed
and signed by at least two witnesses
A condo owner owns the: - Answer-interior of thier unit
, What is a building permit? - Answer-legal documetn from a local authority that authorizes a contruction
or remodeling project
A property manager collected a security deposit from a tenant. He then placed it in the owner's personal
account. Is this action legal? - Answer-No, this is commingling, and is illegal
A building sold for $500,000 and has a net operating income of $25,000. What was the cap rate of the
sale?
Hint: "Ask IRV." - Answer-5%
When lenders want to measure whether or not a property can adequately cover the debt, they find its
debt service coverage ratio (DSCR). How is debt service coverage ratio calculated? - Answer-By dividing
the net operating income by total debt service
Which of these is FALSE regarding license reciprocity in Virginia? - Answer-The applicant must pass both
the state and national portions of the exam
Which of these parties can legally act as closing agent in Virginia? - Answer-Buyer, Lender's Attorney,
and Buyer's Broker
The Truth-in-Lending Act, the Equal Credit Opportunity Act, the Community Reinvestment Act, and the
Real Estate Settlement Procedures Act all serve the purpose of regulating the: - Answer-Lending
practices of mortgage lenders
On the advice of a real estate broker, Harold calls up Lender Lisa to get a ballpark figure as to how big of
a mortgage loan he could afford. Lender Lisa asks Harold about his income and, based on what Harold
tells her, states a general range for which Harold could probably get financing. What step of the loan
approval process is Harold in at this point? - Answer-pre-qualification
How many hours of pre-license education are salesperson applicants required to successfully complete?
- Answer-60
What, if known, could cause a buyer or seller of real estate to take a different course of action or make a
different decision regarding the property purchase? - Answer-Material facts
The Fair Housing Act is enforced by: - Answer-RESPA
What two types of agency have to do with when a third party is led to mistakenly believe that agency
exists between a principal and an agent? - Answer-Ostensible agency and agnecy by estoppel
Which of the groups of descriptors below BEST describes an exclusive right-to-sell listing agreement? -
Answer-Broker guaranteed compenstaion no matter how property is sold
Three origination points and 2 discount points on a $250,000 mortgage would cost a borrower: -
Answer-12,500
What type of contract is a real estate sales contract? - Answer-biilateral contract
Which of the following is an important aspect of transaction coordinators? - Answer-Transaction
coordinators DO NOT owe any fiduciary duties to anyone
What is a formal or witnessed will? - Answer-A will typically created by and attorney as well as witnessed
and signed by at least two witnesses
A condo owner owns the: - Answer-interior of thier unit
, What is a building permit? - Answer-legal documetn from a local authority that authorizes a contruction
or remodeling project
A property manager collected a security deposit from a tenant. He then placed it in the owner's personal
account. Is this action legal? - Answer-No, this is commingling, and is illegal
A building sold for $500,000 and has a net operating income of $25,000. What was the cap rate of the
sale?
Hint: "Ask IRV." - Answer-5%
When lenders want to measure whether or not a property can adequately cover the debt, they find its
debt service coverage ratio (DSCR). How is debt service coverage ratio calculated? - Answer-By dividing
the net operating income by total debt service
Which of these is FALSE regarding license reciprocity in Virginia? - Answer-The applicant must pass both
the state and national portions of the exam
Which of these parties can legally act as closing agent in Virginia? - Answer-Buyer, Lender's Attorney,
and Buyer's Broker
The Truth-in-Lending Act, the Equal Credit Opportunity Act, the Community Reinvestment Act, and the
Real Estate Settlement Procedures Act all serve the purpose of regulating the: - Answer-Lending
practices of mortgage lenders
On the advice of a real estate broker, Harold calls up Lender Lisa to get a ballpark figure as to how big of
a mortgage loan he could afford. Lender Lisa asks Harold about his income and, based on what Harold
tells her, states a general range for which Harold could probably get financing. What step of the loan
approval process is Harold in at this point? - Answer-pre-qualification
How many hours of pre-license education are salesperson applicants required to successfully complete?
- Answer-60
