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1. What is the highest and best of real estate? - ANSWER The greatest
return on future use of the land and improvements
2. How is stamp tax on the deed calculated?
A. $0.35 per $100 of the sales price plus $0.35 for any fractional parts of
the sales price
B. $0.35 per $100 of the sales price only
C. $0.70 per $100 of the sales price only
D. $0.70 per $100 of the sales price plus $0.70 for any fractional parts of
the sales price - ANSWER D. $0.70 per $100 of the sales price plus
$0.70 for any fractional parts of the sales price
3. What must any office that a broker conducts real estate business out of
other than a temporary shelter be registered as?
A. No registry is required
B. Main office
C. Branch office
D. Principal Office - ANSWER C. Branch office
4. What offers must sales associates present? - ANSWER All offers
, 5. What do contracts with contingency subject to the appraisal protect?
A. The seller's binder deposit
B. The buyer's escrow if the property does not appraise
C. The mortgagee's loan amount
D. Fraud committed by an agent - ANSWER B. The buyer's escrow if
the property does not appraise
6. Can sales associates advertise on their own website? - ANSWER Yes, but
they must include the name of their brokerage
7. What is the most probable price the property will bring in an open and
competitive market? - ANSWER Market value
8. Do material defects have to be disclosed in an as-is provision? - ANSWER
Yes
9. What clause specifies to the grantee the estate or tenancy being conveyed?
A. Release
B. Possession
C. Habendum
D. Warranties - ANSWER C. Habendum
10.Sellers can be sued for what? - ANSWER Specific performance