EXAM TWO ACTUAL EXAMINATION 2026
QUESTIONS WITH ANSWERS GRADED A+
⩥ Newly constructed property that has not been previously inhabited.
Answer: What type of residential real property transfer would require a
property condition disclosure statement ?
⩥ They are suspended. Answer: What happens to the licenses of
salesperson if their sponsoring broker's license is revoked or suspended ?
⩥ Dual agency. Answer: A listing broker for the seller has a buyer-client
who ask to see the listing. This request could create which type of
agency ?
⩥ principal or client. Answer: A broker's compensation is determined in
an agreement between the broker and the ?
⩥ Reasonable Care. Answer: What fiduciary duty would be violated
when a client suffers a financial loss as a result of an agent's lack of
expertise in dealing with a particular type of property?
,⩥ Entitled to the originally agreed upon commission. Answer: If client
who sign an "exclusive right to sell " listing agreement with a broker
find a buyer for the property on their own, the broker is
⩥ Customer. Answer: At an open house, Quentin discloses to an
interested buyer that he has the right to his own representation but the
buyer refuses. The buyer's relationship to Quentin is an ?
⩥ Inform consumers of the agency relationship of themselves to a real
estate agent and available choices for representation. Answer: The Main
purpose of the agency disclosure form is to ?
⩥ An individual meeting with an agent and discussing the purchase of a
specific property. Answer: What scenario best illustrates the first
substantive contact with a prospective buyer ?
⩥ Special. Answer: What type of real estate agent is authorized to
represent a principal in one specific transaction?
⩥ Client. Answer: The broker's principal is always the ?
⩥ Fiduciary. Answer: Susie seller has choice broker Bovice to represent
her in the sale of her house. Broker Bovice will advance and protect
Suzie's interest during the sale. What word best describes their
relationship ?
,⩥ Riparian. Answer: Which legal right allows an owner of land
bordering a river or stream to use that water for recreational purposes?
⩥ Tenancy by the Entirety. Answer: Which form of ownership can only
be held by a married couple?
⩥ Fee simple absolute. Answer: Which types of estate is recognized by
law to be the fullest form of ownership?
⩥ Restrictive covenant. Answer: What deed provision would prohibit an
owner from installing an in ground pool ?
⩥ either a real property tax lien or any other lien filed first. Answer:
What lien has priority over all recorded liens ?
⩥ All grantors. Answer: Who must sign a deed ?
⩥ Title insurance policy. Answer: What do lenders require as protection
against title defects?
⩥ Metes and bounds. Answer: A type of legal description that includes a
point and place of beginning is ?
, ⩥ Proration. Answer: What is the name for dividing financial
responsibility for payment of rents,taxes and insurances between buyer
and seller on a closing statement?
⩥ Title. Answer: Which type of insurance policy would protect the
holder from defects in the evidence of real property ownership?
⩥ The tenant shares in the tenant's business profits. Answer: Why does a
landlord want a percentage lease with a retail tenant ?
⩥ There must be an offer and acceptance. Answer: What is a
requirement for a real estate contract to be valid ?
⩥ Purchaser. Answer: Which party to a real estate contract of sale
usually signs it first ?
⩥ TILA-RESPA integrated DIsclosure rule (trid). Answer: The
requirement to provide a loan estimate form for all closing costs to the
borrower for most residential mortgage loans is the ?
⩥ Federal regulations Z. Answer: What regulates real estate
advertisements that include financing terms ?