CE SHOP EXAM PREP (COURSE 1) QUESTIONS
gh gh gh gh gh gh
WITH CORRECT ANSWERS 2025
gh gh gh gh
Your ghclient ghis ghfinancing gha ghnew ghhome. ghThey ghsubmitted ghtheir ghloan ghapplication ghon ghMonday,
ghAugust
3. ghThey ghare ghset ghto ghclose ghon ghThursday, ghSeptember gh21. ghBy ghwhat ghdate ghmust ghher ghlender
ghprovide ghthe ghClosing ghDisclosure? gh- ghCORRECT ghANSWER gh-
Lenders ghmust ghprovide ghthe ghClosing ghDisclosure ghthree ghdays ghbefore ghclosing gh(September gh18).
Associate ghBroker gh- ghCORRECT ghANSWER gh-A ghbroker ghwho ghchooses ghto ghwork ghfor ghanother ghbroker
Brokerage gh(or gh"business ghentity") gh- ghCORRECT ghANSWER gh-
Any ghbusiness ghstructure, ghsuch ghas gha ghcorporation ghor ghlimited ghliability ghcompany, ghthat ghholds gha
ghreal ghesta ghte ghbroker ghlicense
Buyer's ghBroker gh- ghCORRECT ghANSWER gh-
A ghlicensee ghwho ghrepresents gha ghbuyer ghunder gha ghsigned ghbuyer's ghbroker ghagreement, ghand
ghowes ghto ghthe ghbuyer ghfiduciary ghduties
Closing ghagent gh- ghCORRECT ghANSWER gh-
A ghperson ghwho ghprovides ghclosing ghservices ghincident ghto ghthe ghsale, ghtrade, ghlease, ghor ghloan ghof
ghresidential ghreal ghestate, ghincluding ghdrawing ghor ghassisting ghin ghdrawing ghpapers ghincident ghto ghthe
ghsale, ghtrade, ghlease, gho ghr ghloan, ghor gha ghperson ghwho ghadvertises ghor ghclaims ghto ghbe ghengaged ghin
ghthese ghactivities.
Commissioner gh- ghCORRECT ghANSWER gh-The ghcommissioner ghof ghcommerce ghor gha ghdesignee
Licensee gh- ghCORRECT ghANSWER gh-A ghperson ghduly ghlicensed ghunder ghchapter gh82
Limited ghbroker gh- ghCORRECT ghANSWER gh-
A ghbroker ghauthorized ghto ghconduct ghreal ghestate ghtransactions ghas ghprincipal ghonly. ghMay ghnot
ghmanage ghor ghs ghell ghproperty ghon ghbehalf ghof ghothers, ghemploy ghsalespersons ghor ghagents, ghor
ghconduct ghmortgage ghactivities
.
,Loan ghbroker gh- ghCORRECT ghANSWER gh-
A ghperson ghwho, ghfor gha ghfee, ghdirectly ghor ghindirectly, ghnegotiates ghor ghoffers ghor ghattempts ghto
ghnegotiate gha ghlo ghan ghsecured ghor ghto ghbe ghsecured ghby gha ghmortgage ghor ghother ghencumbrance ghon
ghreal ghestate
Primary ghbroker gh- ghCORRECT ghANSWER gh-
The ghbroker ghon ghwhose ghbehalf ghsalespersons ghare ghlicensed. ghIn ghthe ghcase ghof gha ghcorporation
ghlicensed ghas g h a ghbroker gh"primary ghbrokers" ghmeans gheach ghofficer ghof ghthe ghcorporation ghwho
ghis ghindividually ghlicensed ght g h o ghact ghas gha ghbroker ghfor ghthe ghcorporation. ghIn ghthe ghcase ghof gha
ghpartnership, gh"primary ghbroker" ghmeans gheac g h h ghpartner ghlicensed ghto ghact ghas gha ghbroker ghfor
ghthe ghpartnership. ghIn ghthe ghcase ghof gha ghlimited ghliability ghcompa ghny ghlicensed ghas gha ghbroker,
gh"primary ghbroker" ghmeans gheach ghofficer ghof ghthe ghcompany ghwho ghis ghindividuall g h y ghlicensed ghto
ghact ghas gha ghbroker ghfor ghthe ghcompany.
Real ghEstate ghBroker gh- ghCORRECT ghANSWER gh-
A ghperson ghwho, ghfor ghanother ghand ghfor gha ghfee, ghor ghwith ghthe ghintention ghor ghexpectation ghof
ghreceiving ghcom ghpensation, ghlists, ghsells, ghexchanges, ghbuys ghor ghrents, ghmanages, ghor ghoffers ghor
ghattempts ghto ghnegotiate gha ghs ghale, ghoption, ghexchange, ghpurchase ghor ghrental ghof ghan ghinterest ghor
ghestate ghin ghreal ghestate, ghor ghclaims ghto ghbe ghengaged ghin ghthese ghactivities
Note gh- ghCORRECT ghANSWER gh-
Anyone ghthat ghworks ghas gha ghprinciple ghin ghfive ghor ghmore ghtransactions ghwithin gha gh12 ghmonth
ghperiod ghis ghsaid ght gho ghbe ghofficially ghengaged ghin ghreal ghestate, ghunless ghthat ghpersons ghemploys gha
ghreal ghestate ghbroker ghor ghsalesp gherson
Real ghestate ghsales ghperson gh- ghCORRECT ghANSWER gh-One ghwho ghacts ghon ghbehalf ghof gha
ghreal- ghestate ghbroker ghin ghpreforming ghany ghact ghauthorized ghby ghchapter gh82
Seller's ghBroker gh- ghCORRECT ghANSWER gh-
A ghlicensee ghwho ghrepresents gha ghseller ghunder gha ghsigned ghseller's ghbroker ghagreement, ghand ghowes
ghto ghthe ghs gheller ghfiduciary ghduties
Sponsor gh- ghCORRECT ghANSWER gh-A ghperson ghoffering ghor ghproviding ghreal ghestate gheducation
,Trust ghAccount gh- ghCORRECT ghANSWER gh-
A ghsavings ghaccount, ghnegotiable ghorder ghof ghwithdrawal ghaccount, ghdemand ghdeposit ghor
ghchecking ghaccou ghnt ghmaintained ghfor ghthe ghpurpose ghof ghsegregating ghtrust ghfunds ghfrom ghother
ghfunds. ghA ghtrust ghaccount ghmu ghst ghbe ghan ghinterest-
bearing ghaccount ghpaying ghthe ghhighest ghcurrent ghpassbook ghsavings ghaccount ghrate ghof ghinterest
ghand ghmust ghnot ghallow ghthe ghfinancial ghinstitution gha ghright ghof ghset ghoff ghagainst ghmoney ghowed ghit
ghby ghthe ghlicensee.
Trust ghfunds gh- ghCORRECT ghANSWER gh-
Funds ghreceived ghby gha ghbroker, ghsalesperson, ghor ghclosing ghagent ghin gha ghfiduciary ghcapacity ghas gha
ghpart ghof gha ghr gheal ghestate ghor ghbusiness ghopportunity ghtransaction, ghpending ghthe ghconsummation
ghor ghtermination ghof gha ghtransaction, ghand ghincludes ghall ghdown ghpayments, ghearnest ghmoney
ghdeposits, ghrents ghfor ghclients, ghtax ghand ghinsurance ghescrow ghpayments, ghdamage ghdeposits, ghand
ghany ghfunds ghreceived ghon ghbehalf ghof ghany ghperson
.
Commingling gh- ghCORRECT ghANSWER gh-Mixing ghthe ghclients ghmoney ghwith ghyour ghown
Conversion gh- ghCORRECT ghANSWER gh-Using ghescrow ghfunds ghfor ghyour ghown ghuse
Automated ghValuation ghModel gh(AVM) gh- ghCORRECT ghANSWER gh-
Statue: ghA ghcomputerized ghmodel ghused ghby ghmortgage ghoriginators ghand ghsecondary ghmarket
ghissues ghto ghd ghetermine ghthe ghcollateral ghworth ghof gha ghmortgage ghsecured ghor ghto ghbe ghsecured ghby
gha ghconsumers ghprincipal ghdwelling
AmVs ghare ghessentially ghcomputer ghprograms ghthat ghcalculate gha ghproperty's ghapproximate ghvalue
ghusing ghp ghublic ghrecords ghdata ghand ghcomparable ghproperty ghdata. ghThey ghdon't ghcarry ghthe
ghpersonal ghtouch ghor ghinsigh ght ghthat gha ghcma ghor ghappraisal ghdoes
Broker ghPrice ghOpinion gh(BPO) gh- ghCORRECT ghANSWER gh-
Statue: ghAs ghestimate ghprepared ghby gha ghreal ghestate ghbroke, ghreal ghestate ghsalesperson, ghor
ghlicensed ghreal ghes ghtate ghappraiser ghthat ghdetails ghthe ghprobable ghselling ghprice ghof gha ghparticular
ghparcel ghof ghreal ghproperty ghand
, provides gha ghvarying ghlevel ghof ghdetail ghabout ghthe ghproperty's ghcondition, ghmarket, ghand
ghneighborhood, ghan ghd ghinformation ghon ghcomparable ghsales, ghbut ghdoes ghnot ghinclude ghan
ghautomated ghvaluation ghmodel
BPOS ghare ghopinions ghof gha ghproperty's ghvalue ghthat ghare ghtypically ghless ghdetailed ghthan gha
ghcompatible ghmark ghet ghanalysis ghor ghappraisal. ghLenders ghwill ghoften ghorder ghthem ghwhen ghvaluing
ghforeclosed ghproperties
Business ghof ghfinancial ghplanning gh- ghCORRECT ghANSWER gh-
Providing ghor ghoffering ghfinancial ghadvice, ghcounseling, ghor ghplanning ghservices ghto ghothers.
ghIndividuals ghper ghforming ghor ghadvertising ghthese ghservices ghmay ghuse ghany ghof ghthe ghfollowing
ghtitles: ghfinancial ghplanner, ghfina ghncial ghcounselor, ghfinancial ghadviser, ghinvestment ghcounselor,
ghestate ghplanner, ghinvestment ghadviser, ghfina ghncial ghconsultant, ghor ghsimilar ghreal-estate
Dual ghAgency gh- ghCORRECT ghANSWER gh-
A ghsituation ghin ghwhich gha ghlicensee ghowes gha ghduty ghto ghmore ghthan ghone ghparty ghto ghthe ghtransaction
Dual ghagency ghrequires ghoccurs ghwhen gheither ghone ghlicensee ghrepresents ghboth ghtransactions
ghparties ghor ghwhen ghtwo ghlicensee ghfrom ghthe ghsame ghbrokerage gheach ghrepresent ghone ghparty ghto
gha ghtransaction
Electronic ghagent gh- ghCORRECT ghANSWER gh-
A ghcomputer ghprogram ghor ghan ghelectronic ghor ghother ghautomated ghmeans ghused ghindependently
ghto ghinitiat g h e ghan ghaction ghor ghrespond ghto ghelectronic ghrecords ghor ghperformances ghin ghwhole ghor
ghin ghpart, ghwithout ghrevie ghw ghor ghaction ghby ghan ghindividual.
Examples ghof ghelectronic ghagents ghinclude: ghsearch ghengines, ghelectronic ghmoney ghtransfers ghor ghe
ghsignatur ghe ghprograms ghlike ghdocusign
Electronic ghRecord gh- ghCORRECT ghANSWER gh-
A ghrecord ghthat ghis ghcreated, ghgenerated, ghsent, ghcommunicated, ghreceived, ghor ghstored ghby
ghelectronic ghmea ghns.
gh gh gh gh gh gh
WITH CORRECT ANSWERS 2025
gh gh gh gh
Your ghclient ghis ghfinancing gha ghnew ghhome. ghThey ghsubmitted ghtheir ghloan ghapplication ghon ghMonday,
ghAugust
3. ghThey ghare ghset ghto ghclose ghon ghThursday, ghSeptember gh21. ghBy ghwhat ghdate ghmust ghher ghlender
ghprovide ghthe ghClosing ghDisclosure? gh- ghCORRECT ghANSWER gh-
Lenders ghmust ghprovide ghthe ghClosing ghDisclosure ghthree ghdays ghbefore ghclosing gh(September gh18).
Associate ghBroker gh- ghCORRECT ghANSWER gh-A ghbroker ghwho ghchooses ghto ghwork ghfor ghanother ghbroker
Brokerage gh(or gh"business ghentity") gh- ghCORRECT ghANSWER gh-
Any ghbusiness ghstructure, ghsuch ghas gha ghcorporation ghor ghlimited ghliability ghcompany, ghthat ghholds gha
ghreal ghesta ghte ghbroker ghlicense
Buyer's ghBroker gh- ghCORRECT ghANSWER gh-
A ghlicensee ghwho ghrepresents gha ghbuyer ghunder gha ghsigned ghbuyer's ghbroker ghagreement, ghand
ghowes ghto ghthe ghbuyer ghfiduciary ghduties
Closing ghagent gh- ghCORRECT ghANSWER gh-
A ghperson ghwho ghprovides ghclosing ghservices ghincident ghto ghthe ghsale, ghtrade, ghlease, ghor ghloan ghof
ghresidential ghreal ghestate, ghincluding ghdrawing ghor ghassisting ghin ghdrawing ghpapers ghincident ghto ghthe
ghsale, ghtrade, ghlease, gho ghr ghloan, ghor gha ghperson ghwho ghadvertises ghor ghclaims ghto ghbe ghengaged ghin
ghthese ghactivities.
Commissioner gh- ghCORRECT ghANSWER gh-The ghcommissioner ghof ghcommerce ghor gha ghdesignee
Licensee gh- ghCORRECT ghANSWER gh-A ghperson ghduly ghlicensed ghunder ghchapter gh82
Limited ghbroker gh- ghCORRECT ghANSWER gh-
A ghbroker ghauthorized ghto ghconduct ghreal ghestate ghtransactions ghas ghprincipal ghonly. ghMay ghnot
ghmanage ghor ghs ghell ghproperty ghon ghbehalf ghof ghothers, ghemploy ghsalespersons ghor ghagents, ghor
ghconduct ghmortgage ghactivities
.
,Loan ghbroker gh- ghCORRECT ghANSWER gh-
A ghperson ghwho, ghfor gha ghfee, ghdirectly ghor ghindirectly, ghnegotiates ghor ghoffers ghor ghattempts ghto
ghnegotiate gha ghlo ghan ghsecured ghor ghto ghbe ghsecured ghby gha ghmortgage ghor ghother ghencumbrance ghon
ghreal ghestate
Primary ghbroker gh- ghCORRECT ghANSWER gh-
The ghbroker ghon ghwhose ghbehalf ghsalespersons ghare ghlicensed. ghIn ghthe ghcase ghof gha ghcorporation
ghlicensed ghas g h a ghbroker gh"primary ghbrokers" ghmeans gheach ghofficer ghof ghthe ghcorporation ghwho
ghis ghindividually ghlicensed ght g h o ghact ghas gha ghbroker ghfor ghthe ghcorporation. ghIn ghthe ghcase ghof gha
ghpartnership, gh"primary ghbroker" ghmeans gheac g h h ghpartner ghlicensed ghto ghact ghas gha ghbroker ghfor
ghthe ghpartnership. ghIn ghthe ghcase ghof gha ghlimited ghliability ghcompa ghny ghlicensed ghas gha ghbroker,
gh"primary ghbroker" ghmeans gheach ghofficer ghof ghthe ghcompany ghwho ghis ghindividuall g h y ghlicensed ghto
ghact ghas gha ghbroker ghfor ghthe ghcompany.
Real ghEstate ghBroker gh- ghCORRECT ghANSWER gh-
A ghperson ghwho, ghfor ghanother ghand ghfor gha ghfee, ghor ghwith ghthe ghintention ghor ghexpectation ghof
ghreceiving ghcom ghpensation, ghlists, ghsells, ghexchanges, ghbuys ghor ghrents, ghmanages, ghor ghoffers ghor
ghattempts ghto ghnegotiate gha ghs ghale, ghoption, ghexchange, ghpurchase ghor ghrental ghof ghan ghinterest ghor
ghestate ghin ghreal ghestate, ghor ghclaims ghto ghbe ghengaged ghin ghthese ghactivities
Note gh- ghCORRECT ghANSWER gh-
Anyone ghthat ghworks ghas gha ghprinciple ghin ghfive ghor ghmore ghtransactions ghwithin gha gh12 ghmonth
ghperiod ghis ghsaid ght gho ghbe ghofficially ghengaged ghin ghreal ghestate, ghunless ghthat ghpersons ghemploys gha
ghreal ghestate ghbroker ghor ghsalesp gherson
Real ghestate ghsales ghperson gh- ghCORRECT ghANSWER gh-One ghwho ghacts ghon ghbehalf ghof gha
ghreal- ghestate ghbroker ghin ghpreforming ghany ghact ghauthorized ghby ghchapter gh82
Seller's ghBroker gh- ghCORRECT ghANSWER gh-
A ghlicensee ghwho ghrepresents gha ghseller ghunder gha ghsigned ghseller's ghbroker ghagreement, ghand ghowes
ghto ghthe ghs gheller ghfiduciary ghduties
Sponsor gh- ghCORRECT ghANSWER gh-A ghperson ghoffering ghor ghproviding ghreal ghestate gheducation
,Trust ghAccount gh- ghCORRECT ghANSWER gh-
A ghsavings ghaccount, ghnegotiable ghorder ghof ghwithdrawal ghaccount, ghdemand ghdeposit ghor
ghchecking ghaccou ghnt ghmaintained ghfor ghthe ghpurpose ghof ghsegregating ghtrust ghfunds ghfrom ghother
ghfunds. ghA ghtrust ghaccount ghmu ghst ghbe ghan ghinterest-
bearing ghaccount ghpaying ghthe ghhighest ghcurrent ghpassbook ghsavings ghaccount ghrate ghof ghinterest
ghand ghmust ghnot ghallow ghthe ghfinancial ghinstitution gha ghright ghof ghset ghoff ghagainst ghmoney ghowed ghit
ghby ghthe ghlicensee.
Trust ghfunds gh- ghCORRECT ghANSWER gh-
Funds ghreceived ghby gha ghbroker, ghsalesperson, ghor ghclosing ghagent ghin gha ghfiduciary ghcapacity ghas gha
ghpart ghof gha ghr gheal ghestate ghor ghbusiness ghopportunity ghtransaction, ghpending ghthe ghconsummation
ghor ghtermination ghof gha ghtransaction, ghand ghincludes ghall ghdown ghpayments, ghearnest ghmoney
ghdeposits, ghrents ghfor ghclients, ghtax ghand ghinsurance ghescrow ghpayments, ghdamage ghdeposits, ghand
ghany ghfunds ghreceived ghon ghbehalf ghof ghany ghperson
.
Commingling gh- ghCORRECT ghANSWER gh-Mixing ghthe ghclients ghmoney ghwith ghyour ghown
Conversion gh- ghCORRECT ghANSWER gh-Using ghescrow ghfunds ghfor ghyour ghown ghuse
Automated ghValuation ghModel gh(AVM) gh- ghCORRECT ghANSWER gh-
Statue: ghA ghcomputerized ghmodel ghused ghby ghmortgage ghoriginators ghand ghsecondary ghmarket
ghissues ghto ghd ghetermine ghthe ghcollateral ghworth ghof gha ghmortgage ghsecured ghor ghto ghbe ghsecured ghby
gha ghconsumers ghprincipal ghdwelling
AmVs ghare ghessentially ghcomputer ghprograms ghthat ghcalculate gha ghproperty's ghapproximate ghvalue
ghusing ghp ghublic ghrecords ghdata ghand ghcomparable ghproperty ghdata. ghThey ghdon't ghcarry ghthe
ghpersonal ghtouch ghor ghinsigh ght ghthat gha ghcma ghor ghappraisal ghdoes
Broker ghPrice ghOpinion gh(BPO) gh- ghCORRECT ghANSWER gh-
Statue: ghAs ghestimate ghprepared ghby gha ghreal ghestate ghbroke, ghreal ghestate ghsalesperson, ghor
ghlicensed ghreal ghes ghtate ghappraiser ghthat ghdetails ghthe ghprobable ghselling ghprice ghof gha ghparticular
ghparcel ghof ghreal ghproperty ghand
, provides gha ghvarying ghlevel ghof ghdetail ghabout ghthe ghproperty's ghcondition, ghmarket, ghand
ghneighborhood, ghan ghd ghinformation ghon ghcomparable ghsales, ghbut ghdoes ghnot ghinclude ghan
ghautomated ghvaluation ghmodel
BPOS ghare ghopinions ghof gha ghproperty's ghvalue ghthat ghare ghtypically ghless ghdetailed ghthan gha
ghcompatible ghmark ghet ghanalysis ghor ghappraisal. ghLenders ghwill ghoften ghorder ghthem ghwhen ghvaluing
ghforeclosed ghproperties
Business ghof ghfinancial ghplanning gh- ghCORRECT ghANSWER gh-
Providing ghor ghoffering ghfinancial ghadvice, ghcounseling, ghor ghplanning ghservices ghto ghothers.
ghIndividuals ghper ghforming ghor ghadvertising ghthese ghservices ghmay ghuse ghany ghof ghthe ghfollowing
ghtitles: ghfinancial ghplanner, ghfina ghncial ghcounselor, ghfinancial ghadviser, ghinvestment ghcounselor,
ghestate ghplanner, ghinvestment ghadviser, ghfina ghncial ghconsultant, ghor ghsimilar ghreal-estate
Dual ghAgency gh- ghCORRECT ghANSWER gh-
A ghsituation ghin ghwhich gha ghlicensee ghowes gha ghduty ghto ghmore ghthan ghone ghparty ghto ghthe ghtransaction
Dual ghagency ghrequires ghoccurs ghwhen gheither ghone ghlicensee ghrepresents ghboth ghtransactions
ghparties ghor ghwhen ghtwo ghlicensee ghfrom ghthe ghsame ghbrokerage gheach ghrepresent ghone ghparty ghto
gha ghtransaction
Electronic ghagent gh- ghCORRECT ghANSWER gh-
A ghcomputer ghprogram ghor ghan ghelectronic ghor ghother ghautomated ghmeans ghused ghindependently
ghto ghinitiat g h e ghan ghaction ghor ghrespond ghto ghelectronic ghrecords ghor ghperformances ghin ghwhole ghor
ghin ghpart, ghwithout ghrevie ghw ghor ghaction ghby ghan ghindividual.
Examples ghof ghelectronic ghagents ghinclude: ghsearch ghengines, ghelectronic ghmoney ghtransfers ghor ghe
ghsignatur ghe ghprograms ghlike ghdocusign
Electronic ghRecord gh- ghCORRECT ghANSWER gh-
A ghrecord ghthat ghis ghcreated, ghgenerated, ghsent, ghcommunicated, ghreceived, ghor ghstored ghby
ghelectronic ghmea ghns.
