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Real Estate Final Exam #1 (150 Questions &
Ans) 2024-2025.
A real estate licensee has a buyer agency agreement. What is the seller in this
situation? - Answer: A customer.
An optionor and an optionee make a contract for an option on a commercial piece
of property. If the optionee decides to exercise his option, when must he
perform? - Answer: He must exercise his option under the terms of the option
contract.
Page 1 of 28
,When can a landlord evict a disabled blind or disabled tenant from the premises?
- Answer: If the tenant has loud parties, makes too much noise, and is constantly
disturbing other tenants
4. Broker Carr, with ABC Real Estate Company, listed the property with a seller.
Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that
he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of
the property. What, if any, is the relationship between the buyer's broker, the
seller and the listing broker? - Answer: There is not a relationship between the
parties. Broker Carr represents the Seller and Broker Smith represents the Buyer.
A buyer bought a property without telling the seller of his intended purpose for
the property. The contract contains no contingency clauses and it is a properly
executed contract. After the closing, the buyer is unable to obtain the zoning he
needs for his commercial project. What is the contract at this stage? - Answer:
Enforceable
6. The seller and the buyer finally agreed to a purchase price of $203,500 with the
closing to occur on June 15. The taxes for the year in the amount of $2,500 have
not been paid by the seller. (Taxes are paid in arrears). How much would the tax
proration amount to, and how would it appear on a full settlement statement?
Base your answer on a 365 day year, and the buyer is responsible for the day of
settlement. - Answer: $1,130.14 debit the seller and credit the buyer
Page 2 of 28
, A seller listed his home for six months on February 26. On April 29, a buyer made
an offer on the property. The listing broker presented the offer to the seller on
April 30. The seller accepted the offer on May 1, with the closing to occur on June
15. Assuming the closing took place on June 15, when did the listing expire? -
Answer: 6/15
The sellers listed their property for six months on February 26 for $522,500. They
agreed to pay the listing broker a 7% commission at closing on the agreed upon
sale price. A buyer made an offer on the property on March 29 for $510,000. The
seller countered the offer on April 1 at $517,500, and the buyer accepted the
counter offer with the closing to occur on June 15. How much commission did the
seller owe the listing broker, and how would it appear on the settlement
statement? - Answer: $36,225. Debit the seller.
The seller and the buyer agreed to a purchase price of $270,000 with the closing
to occur on June 15. The seller's loan balance after the June 1 payment was
$170,000. with an interest rate of 6%.The monthly payment was $1,800 principal
and interest. What was the loan balance the day of closing, and how much
interest did the seller owe the bank? - Answer: Loan balance $170,000; interest
due $425
The buyer and seller agreed to a purchase price of $310,500. The buyer received
an 80% loan. How much was the buyer's loan and how did it appear on the
settlement statement? - Answer: $ 248,400. Credit the buyer only.
Page 3 of 28
Real Estate Final Exam #1 (150 Questions &
Ans) 2024-2025.
A real estate licensee has a buyer agency agreement. What is the seller in this
situation? - Answer: A customer.
An optionor and an optionee make a contract for an option on a commercial piece
of property. If the optionee decides to exercise his option, when must he
perform? - Answer: He must exercise his option under the terms of the option
contract.
Page 1 of 28
,When can a landlord evict a disabled blind or disabled tenant from the premises?
- Answer: If the tenant has loud parties, makes too much noise, and is constantly
disturbing other tenants
4. Broker Carr, with ABC Real Estate Company, listed the property with a seller.
Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that
he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of
the property. What, if any, is the relationship between the buyer's broker, the
seller and the listing broker? - Answer: There is not a relationship between the
parties. Broker Carr represents the Seller and Broker Smith represents the Buyer.
A buyer bought a property without telling the seller of his intended purpose for
the property. The contract contains no contingency clauses and it is a properly
executed contract. After the closing, the buyer is unable to obtain the zoning he
needs for his commercial project. What is the contract at this stage? - Answer:
Enforceable
6. The seller and the buyer finally agreed to a purchase price of $203,500 with the
closing to occur on June 15. The taxes for the year in the amount of $2,500 have
not been paid by the seller. (Taxes are paid in arrears). How much would the tax
proration amount to, and how would it appear on a full settlement statement?
Base your answer on a 365 day year, and the buyer is responsible for the day of
settlement. - Answer: $1,130.14 debit the seller and credit the buyer
Page 2 of 28
, A seller listed his home for six months on February 26. On April 29, a buyer made
an offer on the property. The listing broker presented the offer to the seller on
April 30. The seller accepted the offer on May 1, with the closing to occur on June
15. Assuming the closing took place on June 15, when did the listing expire? -
Answer: 6/15
The sellers listed their property for six months on February 26 for $522,500. They
agreed to pay the listing broker a 7% commission at closing on the agreed upon
sale price. A buyer made an offer on the property on March 29 for $510,000. The
seller countered the offer on April 1 at $517,500, and the buyer accepted the
counter offer with the closing to occur on June 15. How much commission did the
seller owe the listing broker, and how would it appear on the settlement
statement? - Answer: $36,225. Debit the seller.
The seller and the buyer agreed to a purchase price of $270,000 with the closing
to occur on June 15. The seller's loan balance after the June 1 payment was
$170,000. with an interest rate of 6%.The monthly payment was $1,800 principal
and interest. What was the loan balance the day of closing, and how much
interest did the seller owe the bank? - Answer: Loan balance $170,000; interest
due $425
The buyer and seller agreed to a purchase price of $310,500. The buyer received
an 80% loan. How much was the buyer's loan and how did it appear on the
settlement statement? - Answer: $ 248,400. Credit the buyer only.
Page 3 of 28
