HOSMERIT
REAL ESTATE 30 HOUR FINAL
QUESTIONS AND CORRECT ANSWERS |
LATEST UPDATE | ALREADY GRADED A+
Pete is a sole proprietor broker and has six salespeople who he employs. On June
9th,Pete is killed in a car accident. Tom is one of the salespeople and his listing is
set to close on June 20th. What will happen to the proposed closing?
A. Nothing will happen. Business will go on as usual with the salespeople in charge
until a new broker is found.
B. The estate will notify the Commission within 15 days of death and tell the
Commission that a new termination broker has been found. The closing will
continue.
C). The seller will have to cancel the listing and lose the sale since the broker died.
,D). The buyer will have to wait for closing until a new listing of the property
happenswhen a new broker is found and the seller signs a new listing with the new
broker.
➹➹➹: B
What type of discipline can the Commission use for an unlicensed person acting as
areal estate licensee?
A. A suspension from real estate of six months.
B. Fines up to $2,000 to $5,000.
C). Revocation of the transaction
D). Nothing, the Complaint's office must handle these individuals
➹➹➹: B
The bank where Broker Bill has his escrow account calls for Bill to be the trustee
and sends him monthly reports so that he can reconcile the books. The bank
requires a 48 hour notice for withdrawal of funds and no service charge. Is this
bank acceptable to theCommission?
,A. Yes, because there is no service charge, the broker will not have to worry about
commingling of funds.
B. Yes, Bill is the trustee which is a requirement of the Commission for bank
depositories.
C. No, the Commission requires that Bill reconcile his books more often than once
amonth.
D. No, the broker must have a bank which allows for withdrawal of funds without
previous notice.
➹➹➹: D
Jack has committed several violations of the Act and has been found guilty. His
licensehas been suspended. What must Jack do?
A). Jack must pay a fine to the Real Estate Recovery Fund.
B). Jack must tell his salespeople of his actions.
C. Jack must return his license to the SREC.
D. Jack must wait 6 months before he can practice real estate again.
➹➹➹: C
, The purpose of a comparative market analysis is?
A. To provide the bank a value on which to give a loan.
B. To provide the insurance company a value for a homeowner's policy
C). To provide the probable range of price to list the house
D). To provide the tax assessor with sale information
➹➹➹: C
Internet advertisement is an important part of the real estate business in the 21st
century. The broker must do all of the following to do internet advertising EXCEPT:
A. The advertisement must contain the name of the firm.
B. The advertisement must contain the city, state and country where the firm's
mainoffice is located.
C. The advertisement must state the jurisdiction where the licensee is located.
D). The advertisement must contain the phone number including area code.
➹➹➹: D
REAL ESTATE 30 HOUR FINAL
QUESTIONS AND CORRECT ANSWERS |
LATEST UPDATE | ALREADY GRADED A+
Pete is a sole proprietor broker and has six salespeople who he employs. On June
9th,Pete is killed in a car accident. Tom is one of the salespeople and his listing is
set to close on June 20th. What will happen to the proposed closing?
A. Nothing will happen. Business will go on as usual with the salespeople in charge
until a new broker is found.
B. The estate will notify the Commission within 15 days of death and tell the
Commission that a new termination broker has been found. The closing will
continue.
C). The seller will have to cancel the listing and lose the sale since the broker died.
,D). The buyer will have to wait for closing until a new listing of the property
happenswhen a new broker is found and the seller signs a new listing with the new
broker.
➹➹➹: B
What type of discipline can the Commission use for an unlicensed person acting as
areal estate licensee?
A. A suspension from real estate of six months.
B. Fines up to $2,000 to $5,000.
C). Revocation of the transaction
D). Nothing, the Complaint's office must handle these individuals
➹➹➹: B
The bank where Broker Bill has his escrow account calls for Bill to be the trustee
and sends him monthly reports so that he can reconcile the books. The bank
requires a 48 hour notice for withdrawal of funds and no service charge. Is this
bank acceptable to theCommission?
,A. Yes, because there is no service charge, the broker will not have to worry about
commingling of funds.
B. Yes, Bill is the trustee which is a requirement of the Commission for bank
depositories.
C. No, the Commission requires that Bill reconcile his books more often than once
amonth.
D. No, the broker must have a bank which allows for withdrawal of funds without
previous notice.
➹➹➹: D
Jack has committed several violations of the Act and has been found guilty. His
licensehas been suspended. What must Jack do?
A). Jack must pay a fine to the Real Estate Recovery Fund.
B). Jack must tell his salespeople of his actions.
C. Jack must return his license to the SREC.
D. Jack must wait 6 months before he can practice real estate again.
➹➹➹: C
, The purpose of a comparative market analysis is?
A. To provide the bank a value on which to give a loan.
B. To provide the insurance company a value for a homeowner's policy
C). To provide the probable range of price to list the house
D). To provide the tax assessor with sale information
➹➹➹: C
Internet advertisement is an important part of the real estate business in the 21st
century. The broker must do all of the following to do internet advertising EXCEPT:
A. The advertisement must contain the name of the firm.
B. The advertisement must contain the city, state and country where the firm's
mainoffice is located.
C. The advertisement must state the jurisdiction where the licensee is located.
D). The advertisement must contain the phone number including area code.
➹➹➹: D
