A buyer purchases a rental home that is fully furnished. The b. bill of sale
document used to transfer title to the furniture is:
a. quitclaim deed Deeds transfer title to real estate, a bill of sale is generally needed to transfer title to personal
b. bill of sale property.
c. special warranty deed
d. general warranty deed
Ben receives a life estate in a property, with his nephew Will A. Fee Simple Estate
designated as the remainderman. When Ben dies, what kind of
interest does Will receive? The interest that passes to a designated person upon the death of a life tenant (or other
A. Fee Simple Estate measuring life) is a fee simple estate. Will has a remainder interest only up until the moment
B. Life Estate Ben dies. Once Ben is dead, Will's interest immediately becomes a fee simple interest.
C. Remainder Interest
D. Reversionary Interest
A buyer accepts a general warranty deed from a seller, believing D. Yes, there is a covenant providing marketable title
that the seller is the sole owner of the property. The buyer later
finds out that the seller is only a co-owner. Has a covenant in the The general warranty deed contains a covenant of the right to convey, meaning that the grantor
general warranty deed been violated? either has title to the interest or is an agent of the owner with the authority to transfer the
A. No, the only covenant in a general warranty deed promises that interest.
the previous owner didn't encumber the property
B. No, the principle of caveat emptor controls matters concerning
a deed
C. Yes, there is a covenant providing equitable title
D. Yes, there is a covenant providing marketable title
A plaintiff files a lawsuit involving a property and also files a D. Lis Pendens
separate document intended to provide notice of the lawsuit. This
recorded notice of a pending legal action is called a/ an: A Lis Pendens is a recorded notice stating that there is a lawsuit pending that may affect title to
A. Abstract of judgement the defendant's real estate and that could bind the purchaser of the property.
B. Petition for alienation
C. Writ of execution
D. Lis Pendens
A movie theater was built ten years ago. If the neighborhood is D. Will be allowed to continue since it was built before the new zoning law went into effect
now zoned entirely residential, the movie theater:
A. will have to be torn down The movie theater is an example of a nonconforming use, which predated a zoning change.
B. must be remodeled to better conform to the neighborhood's Nonconforming uses are generally allowed to continue, although they may not be enlarged, or
intended use resumed if they are stopped.
C. will be allowed to continue if the owner obtains a conditional
use permit
D. will be allowed to continue since it was built before the new
zoning law went into effect
In a bilateral contract: C. two parties have exchanged promises, and both parties are obligated to perform
A. a duty wil be performed by only one party
B. one party can restrict the performance of another party In a bilateral contract, two parties have exchanged promises and both parties are obligated to
C. two parties have exchanged promises, and both parties are perform. (Bi=two way)
obligated to perform
D. all parties have fully performed their duties
Gerald engages a licensee to list his property and find a buyer for D. Special Agent
it. In this context, the licensee is acting as a:
A. General agent When a licensee represents a seller in a single transaction, and is authorized to perform typical
B. power of attorney duties associated with listing a property, she acts as a special agent.
C. property manager
D. special agent
A licensee located what seems like a ready, willing, and able B. No, because there was no ready, willing, and able buyer
buyer. However, the deal falls through at closing because the
buyer cant obtain necessary financing. At the same time, though, a The most important rule of determining whether a seller is obligated to pay a commission is
seller turns out to be unable to provide marketable title. Does the whether a ready, willing, and able buyer was found during the listing period. This would take
seller still owe a commission to the listing agent in this case? precedence over the seller's failure to provide marketable title. A buyer who does not have
A. No, because the sale didn't close financial ability to complete the purchase does not qualify as "able."
B. No, because there was no ready, willing, and able buyer
C. Yes, because the licensee saw the transaction through the
closing date
D. Yes, because the seller has an absolute duty to provide
marketable title at closing
Legally, how much earnest money must be submitted with a valid D. No earnest money is required
purchase and sale agreement?
A. 1% of the purchase price While almost all buyers will include an earnest money deposit along with the purchase and sale
B. 3% of the purchase price agreement, that is because of tradition. There is no contractual or legal requirement of a
C. 5% of the purchase price, but the amount over 3% cannot be particular amount, or any earnest money at all.
retained as liquidated damages
D. No earnest money is required
A mortgage often includes a clause requiring the lender's consent D. Alienation clause (due-on-sale clause)
before another borrower may assume the mortgage. This clause is
called a/ an: an Alienation clause prevents assumption without the lender's consent by stipulating that the
A. power of sale clause loan balance is due and payable in full if the property is sold.
B. subordination clause
C. defeasance clause
D. alienation clause (due-on-sale clause)
,A buyer is unfamiliar with the concept of discount points and asks A. No, discount points are used to increase the yield for lenders who will sell the loans on the
a licensee to explain. The licensee responds " Discount points are secondary market.
used to replace funds that are being held by the Federal Reserve,
so that more funds are available to lend." Is that description Discount points are paid to a lender in order to increase the lender's upfront yield on a loan.
correct? Typically, the lender will compensate for this by charging a below-market interest rate.
A. No, discount points are used to increase yield for lenders who
will sell the loans on the secondary market
B. No, discount points are used to pay brokers' commissions
C. Yes, banks hold discount points in escrow until sufficient funds
have been accumulated to make more loans
D. Yes, discount points lower interest rates, which make loans
more affordable for everyone
A small house is situated n a larger lot in a mixed-use B. It will increase, in anticipation of the changing uses.
neighborhood. The city decides that the area will, in the future, be
zoned commercial. What will most likely happen to the property's Under the principle of anticipation, a property's value is based on expectations of what will
value? happen to the property in the future. Generally commercial land is worth more than residential
A. It will increase, because of the fears of new businesses built land. A small house on a large lot would be viewed as a tear down.
nearby
B. It will increase in anticipation of the changing uses
C. No effect, since the house is a nonconforming use
D. No effect, until the change actually occurs
The Real Estate Settlement Procedure Act ( RESPA) applies to: D. residential first mortgages
A. contracts for deed
B. seller-financed transactions RESPA applies to mortgages secured by a dwelling with up to four units. It does not apply to
C. commercial and residential mortgages commercial transactions or seller financing. (A contract for deed, which is the same thing as a
D. residential first mortgages land contract, can only be used in a seller-financed transaction.)
A homeowner bought his home for $150,000. Ten years later, he C. Interest on loans such as this one for the purchase or refinance of a principal residence is
refinanced his mortgage and borrowed $100,000. Which of the deductible
following is true for this type of property?
A. Interest on the difference between the original loan amount and For a principal residence, interest on a purchase or refinance loan is fully deductible. Interest
the refinanced amount is not deductible on a home equity loan of up to $100,000 is also deductible, regardless of the size of the
B. Interest on only half of the difference between the original purchase loan, and regardless of the taxpayer's income.
amount and refinanced amount is deductible
C. Interest on loans such as this one for the purchase or refinance
of a principal residence is deductible
D. Interest deductibility will depend on the borrower's tax bracket
Under Title VIII of the Civil RIghts act of 1968, certain C. An unlisted hoe that is for sale by woenr, where the only advertising is a sign in front of the
transactions are exempt. Which one of the situations below would property that simply reads "For Sale" and the owner owns only one other home
be exempted and not a violation of the act?]
A. A church-owned apartment complex where the language in the The Federal Fair Housing Act ( Title VIII of the Civil Rights Act of 1968) does not apply to the
lease restrict tenancy to memers of a specific national orgin sale or rental of a single-family home by its owner, provided that the owner doesn't own more
B. Members of a certain ethnic group are denied lodging in than three such homes, no real estate agent is used, and no discriminatory advertising is used.
facilities operated by a private club for commercial purposes
C. An unlisted home that is for sale by owner, where the only
advertising is a sign in front of the property that simply reads " For
Sale" and the owner owns only one other home
D. An Absentee owner who rents units in a four-plex without the
help of a real estate agent
As a property manager, you may: D. offer inducements to prospective tenants
A. advertise that units are available, even when their not
B. use diferent application forms for minority applicants Property managers may offer inducements to attract tenants; waiving the first month's rent. A
C. require credit checks for some applicants, but not others property manager should perform credit checks on all prospective tenants.
D. offer inducements to prospective tenants
Price fixing is prohibited by the: C. Sherman Antitrust Act and state antitrust laws
A. state usuary act
B. federal Regulation Z The Sherman Antitrust Act and state antitrust laws prohibits price fixing, group boycotts,
C. Sherman Antitrust Act and state antitrust laws market allocation, and tie-in arrangements.
D. federal Real Estate Settlement Procedures Act
A metes and bounds description reads as follows: "started at the C. 50
intersection of Route 120 and Wells Lane. Proceed due south
1,815 feet, then due east 1,200 feet. Proceed due north 1,815 feet, Sketch as described. Area = Length x Width. Multiple 1,815 x 1,200 = 2,178,000 sq. ft. convert
then return west to point of beginning." How many acres is this to acreage by dividing by 43,560, which equals 50. (43,560 equals square feet in one acre.)
property?
A. 5
B. 20
C. 50
D. 100
A survey has been completed, and stakes have been placed A. construct fences and driveways
marking off the property. The survey can be used to:
A. construct fences and driveways survery is used to determine where exactly a property's boundary lines fall.
B. measure soil stability
C. determine freehold interests
D. verify known liens
Erin entered into a lease that begins February 1, and is to end on A. estate for years
January 31 three years later. This leasehold is a/an:
A. estate for years An estate for years begins on a certain date an ends ona certain date.
B. tenancy at sufferance
C. periodic tenancy
D. estate from year to year
, Which of the following is true about survey's? D. They reveal encroachments not of public record
A. they determine placement of improvements on a property
B. They identify setback lines from property boundaries A survey may reveal matters that are not part of the public record that would only be
C. The protect against easements by prescription discovered through a personal inspection, such as encroachments. Why they are performed as
D. They reveal encroachments not of public record part of obtaining extended coverage title insurance policy.
Allen begins providing construction services on May 2 and D. Tax Lien
records a construction lien on May 5. Bart begins providing
services on May 3 and records a construction lien on May 4. On Property tax liens take priority over other liens, including construction liens. Allen's lien still
May 10, a judgment lien against the property is recorded. The takes priority over Bart's. As a construction lien takes priority based on the date of the start of
property's owner also receives on May 10 that he is in arrears on construction, but the tax lien takes priority over both.
his property tax payments. Which lien has lien priority?
A. Allen's Lien
B. Bart's Lien
C. Judgement Lien
D. Tax Lien
Which of the following is true about building designated a B. It may not be willfully destroyed without a permit,
historical landmark?
A. All lead paint must be removed immediately Historical preservation ordinances may protect exsiting buildings of historical value, and
B. It ay not be willfully destroyed without a permit cannot be destroyed or modified without approval from an appropriate local authority.
C. It may only be sold to family members
D. It must comply with all local ordinances
W, age 17, enters into an installment contract to purchase a five- B. voidable by W only
year-old-car fro S, an adult. From a legal point of view, the
contract is: The contract is voidabole by minor, but not by other party.
A. void
B. voidable by W only
C. voidable by S only
D. voidable by either S or W
A real estate agent shows a listing to two different buyers. One B. Present both offers to the seller at the same time
buyer decided in the early morning to make an offer on the
property for less than the listed price. The agent writes up an offer A real estate agent has the duty to present all written communications to and from all parties in
and plans to meet with the seller later in the day. The other buyer a timely manner. Failing to inform a party of any offer would be a breach of this duty. This is
the contacts the agent and says she would like to make a full price the law no matter who the agent is representing.
offer. What should the agent do?
A. Meet with the seller a but present the first offer, and then
present the second offer only if the first offer is rejected
B. Present both offers to the seller at the same time
C. Tell the second buyer that her offer is invalid because there is
already an offer on the property
D. Tell the second buyer that he can only present the first offer to
the seller, then he'll present her offer if the first one is rejected
To be valid, a listing agreement may be signed by: A. the attorney in fact
A. an attorney in fact
B. the buyer a listing agreement needs to be signed both by the listing agent, on the listing firm's behalf, and
C. the designated broker only, with the owner's authorization via by the seller. An attorney in fact, someone the seller has appointed in a power of attonrney and
telephone granted the authority to convey the property may sign the listing agreement on the seller's
D. the licensee only behalf.
An apartment building was built in 1960. An apartment is being D. The tenant should sign the lead-based paint disclosure and receive a pamphlet on lead-based
rented to a couple ith no children. Which of the following is true? paint
A. The rules on lead-based paint don't apply unless the tenant have
children A landlord must disclose the location of any known lead-based paint, provide a copy of any
B. The rules on lead-based paint don't apply to tenants, only report concerning lead-based paint if the property has been inspected, and give tenants a copy
purchasers of the lead-based paint pamphlet. Tenants do not receive ten-day period in which to have the
C. The tenants must receive a ten-day window in order to test for home tested for lead-based paint that buyers do.
lead-based paint
D. The tenant should sign the lead-based paint disclosure and
receive a pamphlet on lead-based paint
Once a contract for deed is signed by the parties, buyer C. equitable title
immediately receives:
A. a life estate A buyer recives equitable title to the property once th eland contracy has been signed. The
B. legal title seller retains legal title. The seller transfers legal title once the buyer finishes paying off the
C. equitable title contract/purchase price.
D. the right to lease the property
A buyer's agent has reportedly seen sales collapse at the last C. Require prospects to be approved first
minute because the buyers weren't able to obtain financing. How
could he best limit this in the future? Getting preapproved for a loan before beginning the house hunting process is now standard
A. Qualify all prospects himself procedure.
B. Refer buyers to a specific lender
C.Require prospects to be apprioved first
D. Show lower-priced properties
document used to transfer title to the furniture is:
a. quitclaim deed Deeds transfer title to real estate, a bill of sale is generally needed to transfer title to personal
b. bill of sale property.
c. special warranty deed
d. general warranty deed
Ben receives a life estate in a property, with his nephew Will A. Fee Simple Estate
designated as the remainderman. When Ben dies, what kind of
interest does Will receive? The interest that passes to a designated person upon the death of a life tenant (or other
A. Fee Simple Estate measuring life) is a fee simple estate. Will has a remainder interest only up until the moment
B. Life Estate Ben dies. Once Ben is dead, Will's interest immediately becomes a fee simple interest.
C. Remainder Interest
D. Reversionary Interest
A buyer accepts a general warranty deed from a seller, believing D. Yes, there is a covenant providing marketable title
that the seller is the sole owner of the property. The buyer later
finds out that the seller is only a co-owner. Has a covenant in the The general warranty deed contains a covenant of the right to convey, meaning that the grantor
general warranty deed been violated? either has title to the interest or is an agent of the owner with the authority to transfer the
A. No, the only covenant in a general warranty deed promises that interest.
the previous owner didn't encumber the property
B. No, the principle of caveat emptor controls matters concerning
a deed
C. Yes, there is a covenant providing equitable title
D. Yes, there is a covenant providing marketable title
A plaintiff files a lawsuit involving a property and also files a D. Lis Pendens
separate document intended to provide notice of the lawsuit. This
recorded notice of a pending legal action is called a/ an: A Lis Pendens is a recorded notice stating that there is a lawsuit pending that may affect title to
A. Abstract of judgement the defendant's real estate and that could bind the purchaser of the property.
B. Petition for alienation
C. Writ of execution
D. Lis Pendens
A movie theater was built ten years ago. If the neighborhood is D. Will be allowed to continue since it was built before the new zoning law went into effect
now zoned entirely residential, the movie theater:
A. will have to be torn down The movie theater is an example of a nonconforming use, which predated a zoning change.
B. must be remodeled to better conform to the neighborhood's Nonconforming uses are generally allowed to continue, although they may not be enlarged, or
intended use resumed if they are stopped.
C. will be allowed to continue if the owner obtains a conditional
use permit
D. will be allowed to continue since it was built before the new
zoning law went into effect
In a bilateral contract: C. two parties have exchanged promises, and both parties are obligated to perform
A. a duty wil be performed by only one party
B. one party can restrict the performance of another party In a bilateral contract, two parties have exchanged promises and both parties are obligated to
C. two parties have exchanged promises, and both parties are perform. (Bi=two way)
obligated to perform
D. all parties have fully performed their duties
Gerald engages a licensee to list his property and find a buyer for D. Special Agent
it. In this context, the licensee is acting as a:
A. General agent When a licensee represents a seller in a single transaction, and is authorized to perform typical
B. power of attorney duties associated with listing a property, she acts as a special agent.
C. property manager
D. special agent
A licensee located what seems like a ready, willing, and able B. No, because there was no ready, willing, and able buyer
buyer. However, the deal falls through at closing because the
buyer cant obtain necessary financing. At the same time, though, a The most important rule of determining whether a seller is obligated to pay a commission is
seller turns out to be unable to provide marketable title. Does the whether a ready, willing, and able buyer was found during the listing period. This would take
seller still owe a commission to the listing agent in this case? precedence over the seller's failure to provide marketable title. A buyer who does not have
A. No, because the sale didn't close financial ability to complete the purchase does not qualify as "able."
B. No, because there was no ready, willing, and able buyer
C. Yes, because the licensee saw the transaction through the
closing date
D. Yes, because the seller has an absolute duty to provide
marketable title at closing
Legally, how much earnest money must be submitted with a valid D. No earnest money is required
purchase and sale agreement?
A. 1% of the purchase price While almost all buyers will include an earnest money deposit along with the purchase and sale
B. 3% of the purchase price agreement, that is because of tradition. There is no contractual or legal requirement of a
C. 5% of the purchase price, but the amount over 3% cannot be particular amount, or any earnest money at all.
retained as liquidated damages
D. No earnest money is required
A mortgage often includes a clause requiring the lender's consent D. Alienation clause (due-on-sale clause)
before another borrower may assume the mortgage. This clause is
called a/ an: an Alienation clause prevents assumption without the lender's consent by stipulating that the
A. power of sale clause loan balance is due and payable in full if the property is sold.
B. subordination clause
C. defeasance clause
D. alienation clause (due-on-sale clause)
,A buyer is unfamiliar with the concept of discount points and asks A. No, discount points are used to increase the yield for lenders who will sell the loans on the
a licensee to explain. The licensee responds " Discount points are secondary market.
used to replace funds that are being held by the Federal Reserve,
so that more funds are available to lend." Is that description Discount points are paid to a lender in order to increase the lender's upfront yield on a loan.
correct? Typically, the lender will compensate for this by charging a below-market interest rate.
A. No, discount points are used to increase yield for lenders who
will sell the loans on the secondary market
B. No, discount points are used to pay brokers' commissions
C. Yes, banks hold discount points in escrow until sufficient funds
have been accumulated to make more loans
D. Yes, discount points lower interest rates, which make loans
more affordable for everyone
A small house is situated n a larger lot in a mixed-use B. It will increase, in anticipation of the changing uses.
neighborhood. The city decides that the area will, in the future, be
zoned commercial. What will most likely happen to the property's Under the principle of anticipation, a property's value is based on expectations of what will
value? happen to the property in the future. Generally commercial land is worth more than residential
A. It will increase, because of the fears of new businesses built land. A small house on a large lot would be viewed as a tear down.
nearby
B. It will increase in anticipation of the changing uses
C. No effect, since the house is a nonconforming use
D. No effect, until the change actually occurs
The Real Estate Settlement Procedure Act ( RESPA) applies to: D. residential first mortgages
A. contracts for deed
B. seller-financed transactions RESPA applies to mortgages secured by a dwelling with up to four units. It does not apply to
C. commercial and residential mortgages commercial transactions or seller financing. (A contract for deed, which is the same thing as a
D. residential first mortgages land contract, can only be used in a seller-financed transaction.)
A homeowner bought his home for $150,000. Ten years later, he C. Interest on loans such as this one for the purchase or refinance of a principal residence is
refinanced his mortgage and borrowed $100,000. Which of the deductible
following is true for this type of property?
A. Interest on the difference between the original loan amount and For a principal residence, interest on a purchase or refinance loan is fully deductible. Interest
the refinanced amount is not deductible on a home equity loan of up to $100,000 is also deductible, regardless of the size of the
B. Interest on only half of the difference between the original purchase loan, and regardless of the taxpayer's income.
amount and refinanced amount is deductible
C. Interest on loans such as this one for the purchase or refinance
of a principal residence is deductible
D. Interest deductibility will depend on the borrower's tax bracket
Under Title VIII of the Civil RIghts act of 1968, certain C. An unlisted hoe that is for sale by woenr, where the only advertising is a sign in front of the
transactions are exempt. Which one of the situations below would property that simply reads "For Sale" and the owner owns only one other home
be exempted and not a violation of the act?]
A. A church-owned apartment complex where the language in the The Federal Fair Housing Act ( Title VIII of the Civil Rights Act of 1968) does not apply to the
lease restrict tenancy to memers of a specific national orgin sale or rental of a single-family home by its owner, provided that the owner doesn't own more
B. Members of a certain ethnic group are denied lodging in than three such homes, no real estate agent is used, and no discriminatory advertising is used.
facilities operated by a private club for commercial purposes
C. An unlisted home that is for sale by owner, where the only
advertising is a sign in front of the property that simply reads " For
Sale" and the owner owns only one other home
D. An Absentee owner who rents units in a four-plex without the
help of a real estate agent
As a property manager, you may: D. offer inducements to prospective tenants
A. advertise that units are available, even when their not
B. use diferent application forms for minority applicants Property managers may offer inducements to attract tenants; waiving the first month's rent. A
C. require credit checks for some applicants, but not others property manager should perform credit checks on all prospective tenants.
D. offer inducements to prospective tenants
Price fixing is prohibited by the: C. Sherman Antitrust Act and state antitrust laws
A. state usuary act
B. federal Regulation Z The Sherman Antitrust Act and state antitrust laws prohibits price fixing, group boycotts,
C. Sherman Antitrust Act and state antitrust laws market allocation, and tie-in arrangements.
D. federal Real Estate Settlement Procedures Act
A metes and bounds description reads as follows: "started at the C. 50
intersection of Route 120 and Wells Lane. Proceed due south
1,815 feet, then due east 1,200 feet. Proceed due north 1,815 feet, Sketch as described. Area = Length x Width. Multiple 1,815 x 1,200 = 2,178,000 sq. ft. convert
then return west to point of beginning." How many acres is this to acreage by dividing by 43,560, which equals 50. (43,560 equals square feet in one acre.)
property?
A. 5
B. 20
C. 50
D. 100
A survey has been completed, and stakes have been placed A. construct fences and driveways
marking off the property. The survey can be used to:
A. construct fences and driveways survery is used to determine where exactly a property's boundary lines fall.
B. measure soil stability
C. determine freehold interests
D. verify known liens
Erin entered into a lease that begins February 1, and is to end on A. estate for years
January 31 three years later. This leasehold is a/an:
A. estate for years An estate for years begins on a certain date an ends ona certain date.
B. tenancy at sufferance
C. periodic tenancy
D. estate from year to year
, Which of the following is true about survey's? D. They reveal encroachments not of public record
A. they determine placement of improvements on a property
B. They identify setback lines from property boundaries A survey may reveal matters that are not part of the public record that would only be
C. The protect against easements by prescription discovered through a personal inspection, such as encroachments. Why they are performed as
D. They reveal encroachments not of public record part of obtaining extended coverage title insurance policy.
Allen begins providing construction services on May 2 and D. Tax Lien
records a construction lien on May 5. Bart begins providing
services on May 3 and records a construction lien on May 4. On Property tax liens take priority over other liens, including construction liens. Allen's lien still
May 10, a judgment lien against the property is recorded. The takes priority over Bart's. As a construction lien takes priority based on the date of the start of
property's owner also receives on May 10 that he is in arrears on construction, but the tax lien takes priority over both.
his property tax payments. Which lien has lien priority?
A. Allen's Lien
B. Bart's Lien
C. Judgement Lien
D. Tax Lien
Which of the following is true about building designated a B. It may not be willfully destroyed without a permit,
historical landmark?
A. All lead paint must be removed immediately Historical preservation ordinances may protect exsiting buildings of historical value, and
B. It ay not be willfully destroyed without a permit cannot be destroyed or modified without approval from an appropriate local authority.
C. It may only be sold to family members
D. It must comply with all local ordinances
W, age 17, enters into an installment contract to purchase a five- B. voidable by W only
year-old-car fro S, an adult. From a legal point of view, the
contract is: The contract is voidabole by minor, but not by other party.
A. void
B. voidable by W only
C. voidable by S only
D. voidable by either S or W
A real estate agent shows a listing to two different buyers. One B. Present both offers to the seller at the same time
buyer decided in the early morning to make an offer on the
property for less than the listed price. The agent writes up an offer A real estate agent has the duty to present all written communications to and from all parties in
and plans to meet with the seller later in the day. The other buyer a timely manner. Failing to inform a party of any offer would be a breach of this duty. This is
the contacts the agent and says she would like to make a full price the law no matter who the agent is representing.
offer. What should the agent do?
A. Meet with the seller a but present the first offer, and then
present the second offer only if the first offer is rejected
B. Present both offers to the seller at the same time
C. Tell the second buyer that her offer is invalid because there is
already an offer on the property
D. Tell the second buyer that he can only present the first offer to
the seller, then he'll present her offer if the first one is rejected
To be valid, a listing agreement may be signed by: A. the attorney in fact
A. an attorney in fact
B. the buyer a listing agreement needs to be signed both by the listing agent, on the listing firm's behalf, and
C. the designated broker only, with the owner's authorization via by the seller. An attorney in fact, someone the seller has appointed in a power of attonrney and
telephone granted the authority to convey the property may sign the listing agreement on the seller's
D. the licensee only behalf.
An apartment building was built in 1960. An apartment is being D. The tenant should sign the lead-based paint disclosure and receive a pamphlet on lead-based
rented to a couple ith no children. Which of the following is true? paint
A. The rules on lead-based paint don't apply unless the tenant have
children A landlord must disclose the location of any known lead-based paint, provide a copy of any
B. The rules on lead-based paint don't apply to tenants, only report concerning lead-based paint if the property has been inspected, and give tenants a copy
purchasers of the lead-based paint pamphlet. Tenants do not receive ten-day period in which to have the
C. The tenants must receive a ten-day window in order to test for home tested for lead-based paint that buyers do.
lead-based paint
D. The tenant should sign the lead-based paint disclosure and
receive a pamphlet on lead-based paint
Once a contract for deed is signed by the parties, buyer C. equitable title
immediately receives:
A. a life estate A buyer recives equitable title to the property once th eland contracy has been signed. The
B. legal title seller retains legal title. The seller transfers legal title once the buyer finishes paying off the
C. equitable title contract/purchase price.
D. the right to lease the property
A buyer's agent has reportedly seen sales collapse at the last C. Require prospects to be approved first
minute because the buyers weren't able to obtain financing. How
could he best limit this in the future? Getting preapproved for a loan before beginning the house hunting process is now standard
A. Qualify all prospects himself procedure.
B. Refer buyers to a specific lender
C.Require prospects to be apprioved first
D. Show lower-priced properties
