Name: Score:
234 Multiple choice questions
Term 1 of 234
Asbestos is considered to be most dangerous when it is:
In it's friable state.
In writing.
Defects found in public records
Recording gives constructive notice to the world of rights and interest in a parcel of real
estate.
Term 2 of 234
A licensee is showing a property to a buyer and observes what may be a material adverse fact.
The seller did not mention the problem in the sellers real estate condition report. What should the
licensee do?
Wait for the seller to disclose it.
Inform the seller verbally only.
Disclose in writing to ALL parties.
Keep the information to yourself.
Term 3 of 234
What section in the WB-1 Residential Listing Contract requires licencees to disclose commission
offered to cooperating firms?
Down Zoning
Compensation to Others
Commission
Marketing
,Term 4 of 234
Which form transfers the personal property interest of one person in a real estate transaction?
Wb-24 Personal Property Disclosure
WB-25 Bill of Sale
Wb-23 Asset Transfer Document
Wb-26 Property Transfer Agreement
Term 5 of 234
Which type of deed offers the most comprehensive guarantee of title?
Equitable Title
Quit Claim Deed
Satisfaction Of Mortgage
Warranty Deed
Term 6 of 234
What rights are in the bundle of legal rights?
Right to Refuse any Maintenance or Repairs on the Property.
Right to Share the Property with Anyone Without Restrictions.
Right to Dispose of It, Right to Encumber It, Right to Exclude, Right of Possession, Right of
Quiet Enjoyment, Right of Control.
Right to Exclusively Use the Property for Commercial Purposes Only.
,Term 7 of 234
Which party is obligated under the WB-24 Option to Purchase?
Customer
Lender
Seller
Mortgagee
Term 8 of 234
What form will the parties use to mutually agree to cancel and release each other from an
agreement?
WB-45 Cancellation Mutual Agreement Release
Wb-43 Release Of Liability
Wb-44 Termination Of Agreement
Wb-42 Amendment To Agreement
Term 9 of 234
How are the listing contract and the buyer agency agreement similar?
It does NOT. It notes them if there is a history.
B. Back taxes that the seller will be paying off at closing - any encumbrance that will be
REMOVED upon closing does not need to be disclosed.
They satisfy the minimum requirements to create a lawful agency relationship and ensure
that the firm has the right to enforce its commission with a court.
If it qualifies as housing for older people (senior housing), can refuse to rent/sell if the
applicant is younger than required age.
, Term 10 of 234
How is transfer fee calculated?
Transfer fee is based on the square footage of the property.
Transfer fee is calculated as 1% of the total sale price.
Transfer fee is .30 cents for each $100 of value. Round purchase price up to nearest 100.
Transfer fee is a flat rate of $300 for any property.
Term 11 of 234
An owner of property receives a proprietary lease under what form of ownership?
Substitution
Cooperative
Partnership
Corporation
Term 12 of 234
Personal property is ONLY INCLUDED if it is...
Verbally Agreed Upon during Negotiations.
Automatically Included with the Property Regardless of Documentation.
Written in the OFFER TO PURCHASE
Only Included if the Buyer Pays an Additional Fee.
234 Multiple choice questions
Term 1 of 234
Asbestos is considered to be most dangerous when it is:
In it's friable state.
In writing.
Defects found in public records
Recording gives constructive notice to the world of rights and interest in a parcel of real
estate.
Term 2 of 234
A licensee is showing a property to a buyer and observes what may be a material adverse fact.
The seller did not mention the problem in the sellers real estate condition report. What should the
licensee do?
Wait for the seller to disclose it.
Inform the seller verbally only.
Disclose in writing to ALL parties.
Keep the information to yourself.
Term 3 of 234
What section in the WB-1 Residential Listing Contract requires licencees to disclose commission
offered to cooperating firms?
Down Zoning
Compensation to Others
Commission
Marketing
,Term 4 of 234
Which form transfers the personal property interest of one person in a real estate transaction?
Wb-24 Personal Property Disclosure
WB-25 Bill of Sale
Wb-23 Asset Transfer Document
Wb-26 Property Transfer Agreement
Term 5 of 234
Which type of deed offers the most comprehensive guarantee of title?
Equitable Title
Quit Claim Deed
Satisfaction Of Mortgage
Warranty Deed
Term 6 of 234
What rights are in the bundle of legal rights?
Right to Refuse any Maintenance or Repairs on the Property.
Right to Share the Property with Anyone Without Restrictions.
Right to Dispose of It, Right to Encumber It, Right to Exclude, Right of Possession, Right of
Quiet Enjoyment, Right of Control.
Right to Exclusively Use the Property for Commercial Purposes Only.
,Term 7 of 234
Which party is obligated under the WB-24 Option to Purchase?
Customer
Lender
Seller
Mortgagee
Term 8 of 234
What form will the parties use to mutually agree to cancel and release each other from an
agreement?
WB-45 Cancellation Mutual Agreement Release
Wb-43 Release Of Liability
Wb-44 Termination Of Agreement
Wb-42 Amendment To Agreement
Term 9 of 234
How are the listing contract and the buyer agency agreement similar?
It does NOT. It notes them if there is a history.
B. Back taxes that the seller will be paying off at closing - any encumbrance that will be
REMOVED upon closing does not need to be disclosed.
They satisfy the minimum requirements to create a lawful agency relationship and ensure
that the firm has the right to enforce its commission with a court.
If it qualifies as housing for older people (senior housing), can refuse to rent/sell if the
applicant is younger than required age.
, Term 10 of 234
How is transfer fee calculated?
Transfer fee is based on the square footage of the property.
Transfer fee is calculated as 1% of the total sale price.
Transfer fee is .30 cents for each $100 of value. Round purchase price up to nearest 100.
Transfer fee is a flat rate of $300 for any property.
Term 11 of 234
An owner of property receives a proprietary lease under what form of ownership?
Substitution
Cooperative
Partnership
Corporation
Term 12 of 234
Personal property is ONLY INCLUDED if it is...
Verbally Agreed Upon during Negotiations.
Automatically Included with the Property Regardless of Documentation.
Written in the OFFER TO PURCHASE
Only Included if the Buyer Pays an Additional Fee.
