RELE 1238 - FINAL EXAM (ELE 1238 – FINAL EXAM (Covering Ch.13-25)) 100% correct

RELE 1238 – FINAL EXAM (Covering Ch.13-25) 1. Real estate appraising a. requires good negotiating and sales skills. b. requires advanced training and credential designations to ensure an adequate level of competence. c. is a fairly easy field to enter as a new associate. d. in the mortgage banking industry does not require a real estate license. 2. Which of the following is NOT an example of government's exercise of its police powers? a. rent controls b. building codes c. zoning laws d. restrictive covenants 3. Typically, physical possession of the property is given to the buyer: a. upon signing of the sales contract. b. before close of escrow (settlement). c. the day of close of escrow (settlement). d. 30 days following close of escrow (settlement). 4. The phrase "time is of the essence" in a sales contract means that: a. the time limits set by the contract must by faithfully observed or the contract is voidable. b. the parties are prohibited from giving each other an extension. c. the contract is void. d. the contract is a counteroffer. 5. When property is sold by means of an installment contract: a. the seller delivers deed at closing. b. the buyer is NOT given the right to occupy the property until the contract terms have been fulfilled. c. the seller retains title. d. time is of the essence. 6. A purchaser's right to acquire legal title to real property under the terms of a valid agreement is known as: a. naked title. b. equitable title. c. specific performance. d. contract title. 7. Tax-deferred real estate exchanges are possible only when: a. all properties are of equal value. b. no more than two properties are involved. c. properties are "like-kind". d. there are no mortgages. 8. Which of the following prohibits discrimination by lenders? a. Fair Housing Act b. Equal Credit Opportunity Act c. Real Estate Settlement Procedures Act d. Texas Real Estate License Act