OMVIC FINAL EXAM NEW VERSION 2024-2025
LATEST EXAM WITH CORRECT QUESTIONS
AND ANSWERS ALREADY GRADED A+
When would an owner not be held liable for an omission in the property condition
disclosure?
A. The owner received information from a public agency but failed to disclose it.
B. The owner did not have actual knowledge of the omitted fact.
C. The owner believed the omitted fact was insignificant.
D. The owner's agent advised the owner to omit the fact.
Which of the following is NOT a risk relating to the agency relationship?
A.Neglecting to give verbal disclosure at the right time.
B. Acting as a facilitator in the absence of an agency agreement.
C. Acting as an agent without a written agency agreement.
D. Forgetting to obtain a signed receipt of written disclosure
Which of the following would be considered trust funds a property manager has to
account for according to trust fund procedures?
A. Maintenance reserve funds
B. Operating funds
C. Payroll funds
D. Security deposits
,A sales contract becomes enforceable when
A. the buyer signs and the agent deliver the offer.
B. an offer is made and accepted.
C. the seller does not reject the offer before the expiration date.
D. the seller accepts the offer at any time.
Anyone who feels discriminated against on the basis of race in the selling or renting of
residential real estate may seek legal recourse as a result of
A. Executive Order 11090.
B. the Amendments Act of 1866.
C. HUD ruling 76.
D. the Jones v. Mayer Supreme Court ruling.
(Also known as the Civil Rights Act of 1866)
The sales comparison approach is based on the principle of
A. contribution.
B. substitution.
C. conformity.
D. anticipation.
In addition to being a contract between a licensee and a seller or buyer, a listing
agreement is
A.an independent contractor agreement.
B.an agency agreement.
C. a sales contract.
, D. a contract for deed.
Regarding relationships with other real estate professionals, it is a general standard to
A. praises all professionals.
B. share clients with other licensees.
C. helps other licensees find clients.
D. refrains from disparaging competitors.
Why is it sometimes necessary to include a bill of sale with a purchase contract?
A. The bill of sale confirms that the sale has been concluded.
B.A bill of sale confirms that all promised inclusions are in fact part of the conveyance.
C.A bill of sale provides a paper trail for lawyers in case there is a default by one of the
principals.
D.A bill of sale is necessary for an all-cash purchase to be legal.
In real estate agency duty, what does "reasonable care and skill" refer to?
A. Professional standards a reasonable person would find adequate.
B. Professional standards commonly maintained by other agents in an area.
C. The level of service required of a licensee in any profession.
D .The maximum level of competence a client can expect from an agent.
An option contract conveys
A. the right to purchase at a future time.
B. the right to exclusive possession and use for a period.
C. the right to encumber.
D. the right to sell.
How much is a discount point?
LATEST EXAM WITH CORRECT QUESTIONS
AND ANSWERS ALREADY GRADED A+
When would an owner not be held liable for an omission in the property condition
disclosure?
A. The owner received information from a public agency but failed to disclose it.
B. The owner did not have actual knowledge of the omitted fact.
C. The owner believed the omitted fact was insignificant.
D. The owner's agent advised the owner to omit the fact.
Which of the following is NOT a risk relating to the agency relationship?
A.Neglecting to give verbal disclosure at the right time.
B. Acting as a facilitator in the absence of an agency agreement.
C. Acting as an agent without a written agency agreement.
D. Forgetting to obtain a signed receipt of written disclosure
Which of the following would be considered trust funds a property manager has to
account for according to trust fund procedures?
A. Maintenance reserve funds
B. Operating funds
C. Payroll funds
D. Security deposits
,A sales contract becomes enforceable when
A. the buyer signs and the agent deliver the offer.
B. an offer is made and accepted.
C. the seller does not reject the offer before the expiration date.
D. the seller accepts the offer at any time.
Anyone who feels discriminated against on the basis of race in the selling or renting of
residential real estate may seek legal recourse as a result of
A. Executive Order 11090.
B. the Amendments Act of 1866.
C. HUD ruling 76.
D. the Jones v. Mayer Supreme Court ruling.
(Also known as the Civil Rights Act of 1866)
The sales comparison approach is based on the principle of
A. contribution.
B. substitution.
C. conformity.
D. anticipation.
In addition to being a contract between a licensee and a seller or buyer, a listing
agreement is
A.an independent contractor agreement.
B.an agency agreement.
C. a sales contract.
, D. a contract for deed.
Regarding relationships with other real estate professionals, it is a general standard to
A. praises all professionals.
B. share clients with other licensees.
C. helps other licensees find clients.
D. refrains from disparaging competitors.
Why is it sometimes necessary to include a bill of sale with a purchase contract?
A. The bill of sale confirms that the sale has been concluded.
B.A bill of sale confirms that all promised inclusions are in fact part of the conveyance.
C.A bill of sale provides a paper trail for lawyers in case there is a default by one of the
principals.
D.A bill of sale is necessary for an all-cash purchase to be legal.
In real estate agency duty, what does "reasonable care and skill" refer to?
A. Professional standards a reasonable person would find adequate.
B. Professional standards commonly maintained by other agents in an area.
C. The level of service required of a licensee in any profession.
D .The maximum level of competence a client can expect from an agent.
An option contract conveys
A. the right to purchase at a future time.
B. the right to exclusive possession and use for a period.
C. the right to encumber.
D. the right to sell.
How much is a discount point?
