NCSO ACSA EXAM PREP: LATEST KEY QUESTIONS AND
ANSWERS FOR AN A+
the statute of frauds requires which of the following contracts to be in writing?
a. an employment contract to represent the seller of a business opportunity
b. a contract selling a business opportunity
c. a contract which is not to be performed within one year of its making
d. a nine month lease
c. A contract which is not to be performed within one year of its making must be in
writing in order to be enforceable under the Statute of Frauds
To have a binding contract between a buyer and seller, it must
a. have been offered and accepted
b. be recorded
c. contain acknowledgement
d. all of the above
a. all contracts must have been offered and accepted in order to be binding
an agent who acts exclusively as the agent for the buyer may
a. present offers acts exclusively as the agent for the buyer may
b. present offers to the seller and /or seller s agent
c. present offers to the seller's agent only
d. is acting illegally
d. the broker may not seek specific performance from the principal, the broker 's remedy
is to sue for damages
When a buyer gives an agent a postdated check to accompany an offer, it
a, may not be accepted by the agent
b . must be cashed immediately
c. must be delivered to the seller
d. may be retained but must be discloses to the seller
b an agent who is the exclusive agent for the buyer may present offers to the seller
and /or the sellers agent
,A license who misrepresents property to a buyer while acting as an agent of a
seller is subject to
a, discipline
b. civil lawsuits
c. criminal penalties
d. all of the above
c. the agent may accept a postdated check from a buyer as deposit, but he must
disclose this to the seller when representing the offer
d. licensees who make misrepresentations are subject to discipline, civil lawsuit and or
criminal
The developer of a large time -share subdivision sent advertising offering prices
to over 100,000 potential buyers, but did not disclose that they were required to
attend a sales presentation to be eligible to receive the prizes. which of the
following is true
a. this is legal so long as the offer is made to all interested parties
b. this is illegal because a developer can give prices if he wants to without
limitation
c. this is illegal because the developer failed to disclose the requirement that
buyers must attend a sales presentation in order to receive a prize
d. this is illegal because in addition to prize, buyers were also awarded a partial
ownership in the property.
c. the developer must disclose that attendance at a sales presentation is required
Alienable title means that the title
a. encumbered
b. can be conveyed
c. cannot be conveyed
d. cannot be legally encumbered
b. alienable title describes title that can be transferred
N gent who pays part of the commission to the buyer
a. must inform the seller
b. is subject to criminal prosecution
, c. is subject to discipline by the real estate commissioner
d. is subject to a civil lawsuit by the seller, even if they disclosed
a must informs the seller
When a licensee places an ad in the newspaper without the broker 's name that
reads in total '3br 2ba, den & spa giant lot $160,000-555-121 ' this is
a. violation of the truth in lending law
b. misleading advertising
c. false advertising
d. a blind ad
d. a blind ad is an ad that does not identify the broker
. in usual percentage lease, rent is calculates as a percentage of
a. the assets of the lessees business
b. the net sales of the leases business
c. the gross sales of the lessees business
d the nest taxable income of the lessees business
c. a percentage lease is based on the percentage of the gross receipts of he tenants
business
97.Who may brokers open trust fund accounts
a. to commingle funds
b. to avoid regulation
c. to separate clients money from the brokers money
d. to get free toasters the bank gives
c
As used in real estate practices, the land of a riparian owner borders on
a. river
b. stream
c. watercourse
d. any of the above
d. a riparian owner owns land bordering on moving water, such as river, stream and /or
watercourse
ANSWERS FOR AN A+
the statute of frauds requires which of the following contracts to be in writing?
a. an employment contract to represent the seller of a business opportunity
b. a contract selling a business opportunity
c. a contract which is not to be performed within one year of its making
d. a nine month lease
c. A contract which is not to be performed within one year of its making must be in
writing in order to be enforceable under the Statute of Frauds
To have a binding contract between a buyer and seller, it must
a. have been offered and accepted
b. be recorded
c. contain acknowledgement
d. all of the above
a. all contracts must have been offered and accepted in order to be binding
an agent who acts exclusively as the agent for the buyer may
a. present offers acts exclusively as the agent for the buyer may
b. present offers to the seller and /or seller s agent
c. present offers to the seller's agent only
d. is acting illegally
d. the broker may not seek specific performance from the principal, the broker 's remedy
is to sue for damages
When a buyer gives an agent a postdated check to accompany an offer, it
a, may not be accepted by the agent
b . must be cashed immediately
c. must be delivered to the seller
d. may be retained but must be discloses to the seller
b an agent who is the exclusive agent for the buyer may present offers to the seller
and /or the sellers agent
,A license who misrepresents property to a buyer while acting as an agent of a
seller is subject to
a, discipline
b. civil lawsuits
c. criminal penalties
d. all of the above
c. the agent may accept a postdated check from a buyer as deposit, but he must
disclose this to the seller when representing the offer
d. licensees who make misrepresentations are subject to discipline, civil lawsuit and or
criminal
The developer of a large time -share subdivision sent advertising offering prices
to over 100,000 potential buyers, but did not disclose that they were required to
attend a sales presentation to be eligible to receive the prizes. which of the
following is true
a. this is legal so long as the offer is made to all interested parties
b. this is illegal because a developer can give prices if he wants to without
limitation
c. this is illegal because the developer failed to disclose the requirement that
buyers must attend a sales presentation in order to receive a prize
d. this is illegal because in addition to prize, buyers were also awarded a partial
ownership in the property.
c. the developer must disclose that attendance at a sales presentation is required
Alienable title means that the title
a. encumbered
b. can be conveyed
c. cannot be conveyed
d. cannot be legally encumbered
b. alienable title describes title that can be transferred
N gent who pays part of the commission to the buyer
a. must inform the seller
b. is subject to criminal prosecution
, c. is subject to discipline by the real estate commissioner
d. is subject to a civil lawsuit by the seller, even if they disclosed
a must informs the seller
When a licensee places an ad in the newspaper without the broker 's name that
reads in total '3br 2ba, den & spa giant lot $160,000-555-121 ' this is
a. violation of the truth in lending law
b. misleading advertising
c. false advertising
d. a blind ad
d. a blind ad is an ad that does not identify the broker
. in usual percentage lease, rent is calculates as a percentage of
a. the assets of the lessees business
b. the net sales of the leases business
c. the gross sales of the lessees business
d the nest taxable income of the lessees business
c. a percentage lease is based on the percentage of the gross receipts of he tenants
business
97.Who may brokers open trust fund accounts
a. to commingle funds
b. to avoid regulation
c. to separate clients money from the brokers money
d. to get free toasters the bank gives
c
As used in real estate practices, the land of a riparian owner borders on
a. river
b. stream
c. watercourse
d. any of the above
d. a riparian owner owns land bordering on moving water, such as river, stream and /or
watercourse
