Real Estate Final Exam (150 Questions) #1 /
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Answers / Terms in this set (157) 4. Broker Carr,
with ABC Real Estate Company, listed the
property with a seller. Broker Smith, with XYZ
Real Estate Company, c
Octogenarians Gertie and Frank met in Sunset Living, a skilled nursing center
for people with advanced Alzheimer's disease, where they're both residents.
They fell in love and get hitched, signing a marriage certificate. This is an
example of a(n) ______ contract.
a. Executory
b. Implied
c. Invalid
d. Valid - answer-c. Invalid
When a prospective homebuyer isn't represented, what doesn't she have?
,a. An agency agreement
b. A seller's agreement
c. Responsibility to pay the seller's commission
d. The legal right to purchase - answer-a. An agency agreement
When does the licensee's duty of confidentiality to the client end?
a. Never
b. When the brokerage agreement terminates
c. When the client becomes incapacitated or dies
d. When the representation agreement expires - answer-a. Never
In the conveyance of real property after death, what trumps any terms
specified in the deceased person's will?
a. Heirs' wishes
b. Intestate
c. Nothing
d. Operation of law - answer-d. Operation of law
In Illinois, when must licensees obtain consent for dual agency representation?
a. As the situation arises
,b. Before entering into a dual agency transaction.
c. In the first face-to-face meeting with a potential client
d. Prior to entering into a contract for a specific transaction - answer-b. Before
entering into a dual agency transaction.
Which agency duties survive termination of an agreement?
a. Accounting and loyalty
b. Confidentiality and accounting
c. Confidentiality, loyalty, and accounting
d. Reasonable skill and care, confidentiality, and loyalty - answer-b.
Confidentiality and accounting
With regard to contingencies, what responsibility does licensee Wanda have
when representing buyers?
a. She should avoid contingencies altogether because they tend to put sellers
off.
b. She should maximize the number of contingencies used to avoid being sued.
c. She should use a standard set of contingencies with each buyer.
d. She should use contingencies judiciously to protect her clients and the deal.
- answer-d. She should use contingencies judiciously to protect her clients and
the deal.
With which approach to value does the appraiser analyze a property's ability to
earn future income?
, a. Cost approach
b. Income approach
c. Sales comparison approach
d. Taxable revenue approach - answer-b. Income approach
Which federal lending act was introduced to combat lending discrimination in
low- and moderate-income neighborhoods?
a. Community Reinvestment Act
b. Consumer Credit Protection Act
c. Equal Credit Opportunity Act
d. Home Mortgage Disclosure Act - answer-a. Community Reinvestment Act
How large is an acre?
a. 10,000 square meters
b. 43,560 feet
c. 43,560 square feet
d. 5,480 square feet - answer-c. 43,560 square feet
Federal fair housing laws prohibit ______.
Complete Accurate Quizzes with Verified
Answers / Terms in this set (157) 4. Broker Carr,
with ABC Real Estate Company, listed the
property with a seller. Broker Smith, with XYZ
Real Estate Company, c
Octogenarians Gertie and Frank met in Sunset Living, a skilled nursing center
for people with advanced Alzheimer's disease, where they're both residents.
They fell in love and get hitched, signing a marriage certificate. This is an
example of a(n) ______ contract.
a. Executory
b. Implied
c. Invalid
d. Valid - answer-c. Invalid
When a prospective homebuyer isn't represented, what doesn't she have?
,a. An agency agreement
b. A seller's agreement
c. Responsibility to pay the seller's commission
d. The legal right to purchase - answer-a. An agency agreement
When does the licensee's duty of confidentiality to the client end?
a. Never
b. When the brokerage agreement terminates
c. When the client becomes incapacitated or dies
d. When the representation agreement expires - answer-a. Never
In the conveyance of real property after death, what trumps any terms
specified in the deceased person's will?
a. Heirs' wishes
b. Intestate
c. Nothing
d. Operation of law - answer-d. Operation of law
In Illinois, when must licensees obtain consent for dual agency representation?
a. As the situation arises
,b. Before entering into a dual agency transaction.
c. In the first face-to-face meeting with a potential client
d. Prior to entering into a contract for a specific transaction - answer-b. Before
entering into a dual agency transaction.
Which agency duties survive termination of an agreement?
a. Accounting and loyalty
b. Confidentiality and accounting
c. Confidentiality, loyalty, and accounting
d. Reasonable skill and care, confidentiality, and loyalty - answer-b.
Confidentiality and accounting
With regard to contingencies, what responsibility does licensee Wanda have
when representing buyers?
a. She should avoid contingencies altogether because they tend to put sellers
off.
b. She should maximize the number of contingencies used to avoid being sued.
c. She should use a standard set of contingencies with each buyer.
d. She should use contingencies judiciously to protect her clients and the deal.
- answer-d. She should use contingencies judiciously to protect her clients and
the deal.
With which approach to value does the appraiser analyze a property's ability to
earn future income?
, a. Cost approach
b. Income approach
c. Sales comparison approach
d. Taxable revenue approach - answer-b. Income approach
Which federal lending act was introduced to combat lending discrimination in
low- and moderate-income neighborhoods?
a. Community Reinvestment Act
b. Consumer Credit Protection Act
c. Equal Credit Opportunity Act
d. Home Mortgage Disclosure Act - answer-a. Community Reinvestment Act
How large is an acre?
a. 10,000 square meters
b. 43,560 feet
c. 43,560 square feet
d. 5,480 square feet - answer-c. 43,560 square feet
Federal fair housing laws prohibit ______.
