A broker brings his seller an offer from a potential buyer. If the seller asks about the
buyer's race, the broker:
Selected d.
Answer:
may not disclose this information, because to do so would violate the
Rumford Act
Answers: a.
must disclose this information to the seller, to fulfill his fiduciary duties
b.
may disclose this information as long as he is confident that it will not
affect the seller's decision
c.
may disclose the information after obtaining permission from the buyer
d.
may not disclose this information, because to do so would violate the
Rumford Act
Question 2
1 out of 1 points
A broker received an offer with a deposit for one of his listings. The seller accepted the
offer. But before the transaction closed, the buyer and seller mutually agreed to cancel it.
The buyer requests the return of the deposit, and the seller has no objection. The broker:
Selected b.
Answer:
, must return all of the deposit, but may then sue the seller for his
commission
Answers: a.
may deduct only sales expenses from the deposit before returning it
b.
must return all of the deposit, but may then sue the seller for his
commission
c.
may deduct the full amount of his commission from the deposit before
returning it
d.
may deduct the full amount of his commission from the deposit, then sue
the seller for additional damages
Question 3
1 out of 1 points
A buyer obtains a 90% institutional loan for $270,000 toward the purchase of a $300,000
house. The buyer does not have the necessary $30,000 for the downpayment, so the seller
takes back a $15,000 ten-year mortgage and the buyer contributes the other $15,000 in
cash. This arrangement is known as a/an:
Selected Answer: b.
seller second
Answers: a.
buydown
b.
, seller second
c.
wraparound mortgage
d.
equity exchange
Question 4
0 out of 1 points
A contingent sale collapses because the buyer is unable to sell his own property. Which
form is it appropriate to use at this point?
Selected Answer: a.
Bump notice
Answers: a.
Bump notice
b.
Bump notice reply
c.
Second buyer addendum
d.
Cancellation agreement
Question 5
, 1 out of 1 points
A landlord has two apartments available for rent. Because he feels that married couples
and women tend to be better tenants, he decides to charge a higher security deposit for
single men. Additionally, he places a newspaper ad stating "Women and married couples
preferred." Which of the following is true?
Selected c.
Answer:
Both the higher security deposit and the newspaper ad violate the Fair
Housing Act
Answers: a.
The higher security deposit violates the Fair Housing Act
b.
The newspaper ad violates the Fair Housing Act
c.
Both the higher security deposit and the newspaper ad violate the Fair
Housing Act
d.
Neither the security deposit nor the ad violates the Fair Housing Act
Question 6
1 out of 1 points
A lender calculating a loan applicant's stable monthly income would be most likely to
count:
Selected c.
Answer:
income from self-employment consisting of a continuous series of short-
A broker brings his seller an offer from a potential buyer. If the seller asks about the
buyer's race, the broker:
Selected d.
Answer:
may not disclose this information, because to do so would violate the
Rumford Act
Answers: a.
must disclose this information to the seller, to fulfill his fiduciary duties
b.
may disclose this information as long as he is confident that it will not
affect the seller's decision
c.
may disclose the information after obtaining permission from the buyer
d.
may not disclose this information, because to do so would violate the
Rumford Act
Question 2
1 out of 1 points
A broker received an offer with a deposit for one of his listings. The seller accepted the
offer. But before the transaction closed, the buyer and seller mutually agreed to cancel it.
The buyer requests the return of the deposit, and the seller has no objection. The broker:
Selected b.
Answer:
, must return all of the deposit, but may then sue the seller for his
commission
Answers: a.
may deduct only sales expenses from the deposit before returning it
b.
must return all of the deposit, but may then sue the seller for his
commission
c.
may deduct the full amount of his commission from the deposit before
returning it
d.
may deduct the full amount of his commission from the deposit, then sue
the seller for additional damages
Question 3
1 out of 1 points
A buyer obtains a 90% institutional loan for $270,000 toward the purchase of a $300,000
house. The buyer does not have the necessary $30,000 for the downpayment, so the seller
takes back a $15,000 ten-year mortgage and the buyer contributes the other $15,000 in
cash. This arrangement is known as a/an:
Selected Answer: b.
seller second
Answers: a.
buydown
b.
, seller second
c.
wraparound mortgage
d.
equity exchange
Question 4
0 out of 1 points
A contingent sale collapses because the buyer is unable to sell his own property. Which
form is it appropriate to use at this point?
Selected Answer: a.
Bump notice
Answers: a.
Bump notice
b.
Bump notice reply
c.
Second buyer addendum
d.
Cancellation agreement
Question 5
, 1 out of 1 points
A landlord has two apartments available for rent. Because he feels that married couples
and women tend to be better tenants, he decides to charge a higher security deposit for
single men. Additionally, he places a newspaper ad stating "Women and married couples
preferred." Which of the following is true?
Selected c.
Answer:
Both the higher security deposit and the newspaper ad violate the Fair
Housing Act
Answers: a.
The higher security deposit violates the Fair Housing Act
b.
The newspaper ad violates the Fair Housing Act
c.
Both the higher security deposit and the newspaper ad violate the Fair
Housing Act
d.
Neither the security deposit nor the ad violates the Fair Housing Act
Question 6
1 out of 1 points
A lender calculating a loan applicant's stable monthly income would be most likely to
count:
Selected c.
Answer:
income from self-employment consisting of a continuous series of short-
