Name: Score:
60 Multiple choice questions
Term 1 of 60
The Real Estate Commission may revoke or suspend a license for which of the following:
I. Acting for both the buyer and seller in a real estate transaction and collecting commissions from
both, after obtaining their oral consents to do so.
II. Where a salesperson attempts to represent a real estate Broker other than his employer.
I
II
I & II
Neither I nor II
Term 2 of 60
Escrow calls the agent and says they can close early and are ready. In preparation to close:
The seller and the buyer must sell a date
The lessor must give permission (if it is lease land)
Escrow and mortgage documents must be ready for signature
All of the above
,Term 3 of 60
Sales agent decides to change Real Estate firms. The Change Form-Real estate must be
forwarded to the Professional Vocational License division for the change to be effective. Who will
be required to sign the Change Form-Real Estate?
Sales agent only
Sales agent and present Broker only
Sales agent and future Broker only
Sales agent and both the present Broker and future Broker
Term 4 of 60
Which of the following is true regarding rights of rescission:
Truth in Lending law allows consumers to have 5 days right of rescission
Time Share purchasers have 10 days right of rescission
Purchasers of registered subdivided land has 7 days right of rescission
Buyers of new condominium projects have 21 days right of rescission
Term 5 of 60
The clause in a mortgage document that allows the mortgagee to demand the unpaid balance in
full on default is:
An escalation clause
A default clause
A foreclosure clause
An acceleration clause
, Term 6 of 60
A licensee has paid the renewal fee by Nov. 30 of an even year but did not take the 20 hours of
CD classes. Which of the following is true:
License is forfeited
License is inactive
License is active
License is suspended
Term 7 of 60
Which of the following an an unlicensed person do in a real estate office?
Show properties to clients
Prepare open house fliers, input data into the MLS for the salesperson, take pictures, put up
open house signs.
Negotiate terms of the contract with the other agent
Receive a finder's fee for a real estate transaction
Term 8 of 60
Which of the following statements is true regarding the priority of liens in a condo project:
Mortgages of record have priority over all other liens
The association's lien may take priority over a mortgage of record
The interest of a buyer in a foreclosure sale is subject to an existing lien by the Association
A municipal improvement district assessment for roan widening has priority over recorded
mortgages and association liens
60 Multiple choice questions
Term 1 of 60
The Real Estate Commission may revoke or suspend a license for which of the following:
I. Acting for both the buyer and seller in a real estate transaction and collecting commissions from
both, after obtaining their oral consents to do so.
II. Where a salesperson attempts to represent a real estate Broker other than his employer.
I
II
I & II
Neither I nor II
Term 2 of 60
Escrow calls the agent and says they can close early and are ready. In preparation to close:
The seller and the buyer must sell a date
The lessor must give permission (if it is lease land)
Escrow and mortgage documents must be ready for signature
All of the above
,Term 3 of 60
Sales agent decides to change Real Estate firms. The Change Form-Real estate must be
forwarded to the Professional Vocational License division for the change to be effective. Who will
be required to sign the Change Form-Real Estate?
Sales agent only
Sales agent and present Broker only
Sales agent and future Broker only
Sales agent and both the present Broker and future Broker
Term 4 of 60
Which of the following is true regarding rights of rescission:
Truth in Lending law allows consumers to have 5 days right of rescission
Time Share purchasers have 10 days right of rescission
Purchasers of registered subdivided land has 7 days right of rescission
Buyers of new condominium projects have 21 days right of rescission
Term 5 of 60
The clause in a mortgage document that allows the mortgagee to demand the unpaid balance in
full on default is:
An escalation clause
A default clause
A foreclosure clause
An acceleration clause
, Term 6 of 60
A licensee has paid the renewal fee by Nov. 30 of an even year but did not take the 20 hours of
CD classes. Which of the following is true:
License is forfeited
License is inactive
License is active
License is suspended
Term 7 of 60
Which of the following an an unlicensed person do in a real estate office?
Show properties to clients
Prepare open house fliers, input data into the MLS for the salesperson, take pictures, put up
open house signs.
Negotiate terms of the contract with the other agent
Receive a finder's fee for a real estate transaction
Term 8 of 60
Which of the following statements is true regarding the priority of liens in a condo project:
Mortgages of record have priority over all other liens
The association's lien may take priority over a mortgage of record
The interest of a buyer in a foreclosure sale is subject to an existing lien by the Association
A municipal improvement district assessment for roan widening has priority over recorded
mortgages and association liens
