Name: Score:
80 Multiple choice questions
Term 1 of 80
The federal act that provides funds for waste management and solutions for cleanup is the:
Clean water act (cwa)
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
Resource conservation and recovery act (rcra)
Agreement between the seller and the buyer
Term 2 of 80
If a licensee is paid a salary of $600 per month plus half of the office's 6% fee on all sales, what
MUST the licensee's monthly sales be in order for the licensee to receive a total monthly income
of $2,220?
$54,000
$72,000
$36,000
$48,000
Term 3 of 80
When a buyer purchases a property subject to a seller's existing mortgage, which of the following
statements is CORRECT?
The buyer assumes all responsibilities of the mortgage immediately.
The seller's obligations under the existing mortgage remain unchanged.
The buyer can negotiate new terms for the existing mortgage.
The seller must pay off the mortgage before selling the property.
,Term 4 of 80
The presence of government-regulated wetlands on a building lot:
adds to the value of the lot
principles of a transaction
lowers property taxes
is a material fact
Term 5 of 80
The owners of a house sign a listing agreement and later tell the licensee that the garage roof
leaks. If the owners tell the licensee not to reveal the roof's condition to any prospective buyers,
the licensee MUST:
disclose the condition of the roof to prospective buyers
ignore the roof's condition entirely
advise the owners to repair the roof before selling
tell buyers that the roof is in perfect condition
Term 6 of 80
The difference between reproduction cost and the present value of a property is:
redemption
amortization
depreciation
operating expenses
, Term 7 of 80
A minority couple asks a licensee to show them a listed house. The licensee suggests that they
look at houses in areas with larger minority populations than that of the listed house. What is the
licensee guilty of?
Redlining
Puffing
Commingling
Steering
Term 8 of 80
In a condominium apartment project, the BEST term to describe swimming pools and laundry
rooms for the use of unit owners is:
common elements
redlining
tenancy in common
association property
Term 9 of 80
On Tuesday, buyers make an offer to purchase a house for $250,000 and include a provision to
buy the dining room furniture. The offer expires at 5:00 pm on Sunday. On Thursday, the sellers
reply in writing that they will accept the offer of $250,000, but they will not include the dining
room furniture. While the buyers are considering the counteroffer on Friday, the sellers change
their minds and decide to accept the original offer, including dining room furniture, in writing.
What is the current obligation of the buyers?
They are legally obligated to withdraw their offer.
The seller's obligations under the existing mortgage remain unchanged.
They are not legally obligated to purchase the house.
The tenant owns the crops.
80 Multiple choice questions
Term 1 of 80
The federal act that provides funds for waste management and solutions for cleanup is the:
Clean water act (cwa)
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
Resource conservation and recovery act (rcra)
Agreement between the seller and the buyer
Term 2 of 80
If a licensee is paid a salary of $600 per month plus half of the office's 6% fee on all sales, what
MUST the licensee's monthly sales be in order for the licensee to receive a total monthly income
of $2,220?
$54,000
$72,000
$36,000
$48,000
Term 3 of 80
When a buyer purchases a property subject to a seller's existing mortgage, which of the following
statements is CORRECT?
The buyer assumes all responsibilities of the mortgage immediately.
The seller's obligations under the existing mortgage remain unchanged.
The buyer can negotiate new terms for the existing mortgage.
The seller must pay off the mortgage before selling the property.
,Term 4 of 80
The presence of government-regulated wetlands on a building lot:
adds to the value of the lot
principles of a transaction
lowers property taxes
is a material fact
Term 5 of 80
The owners of a house sign a listing agreement and later tell the licensee that the garage roof
leaks. If the owners tell the licensee not to reveal the roof's condition to any prospective buyers,
the licensee MUST:
disclose the condition of the roof to prospective buyers
ignore the roof's condition entirely
advise the owners to repair the roof before selling
tell buyers that the roof is in perfect condition
Term 6 of 80
The difference between reproduction cost and the present value of a property is:
redemption
amortization
depreciation
operating expenses
, Term 7 of 80
A minority couple asks a licensee to show them a listed house. The licensee suggests that they
look at houses in areas with larger minority populations than that of the listed house. What is the
licensee guilty of?
Redlining
Puffing
Commingling
Steering
Term 8 of 80
In a condominium apartment project, the BEST term to describe swimming pools and laundry
rooms for the use of unit owners is:
common elements
redlining
tenancy in common
association property
Term 9 of 80
On Tuesday, buyers make an offer to purchase a house for $250,000 and include a provision to
buy the dining room furniture. The offer expires at 5:00 pm on Sunday. On Thursday, the sellers
reply in writing that they will accept the offer of $250,000, but they will not include the dining
room furniture. While the buyers are considering the counteroffer on Friday, the sellers change
their minds and decide to accept the original offer, including dining room furniture, in writing.
What is the current obligation of the buyers?
They are legally obligated to withdraw their offer.
The seller's obligations under the existing mortgage remain unchanged.
They are not legally obligated to purchase the house.
The tenant owns the crops.
