Real Estate National Exam correctly
answered already passed
What are considered trigger terms? - correct answer ✔✔Interest rate, payment amount, down
payment #of payments, term of the loan, cost to close.. any financial term except APR
A borrower who was making payment on a loan was required to make a balloon payment at
the end of the loan. This was most likely a? - correct answer ✔✔Partially Amortized Loan
The buyer receives a seller's property condition disclose in which the buyers agent believes the
seller has misrepresented the condition of the property. The buyers agent should? - correct
answer ✔✔Suggest an Inspection
An agreement between brokers to change a specific commission rate: - correct answer
✔✔Illegally inhibits competition/Antitrust laws
Which of the following is not a good reason to reconnect the seller provide a home warranty? -
correct answer ✔✔The fine home warranty company pays will increase the cash flow to the
brokerage
A buyer and seller signed a contract with buyer's financing contingency. The lender reject the
loan to the buyer. What happens to the earnest deposit money? - correct answer ✔✔Buyer can
get back the earnest deposit money because the contract is void
Under a recession agreement? - correct answer ✔✔All parties returned to their original
position and all monies must be returned
,The seller has a beautiful dining room ceiling fixture that matches his entire dining room set. If
he sales contract does not specifically state whether the fixture is included in the sale or
excluded from it the buyers agent can tell the buyer to expect that the dining room fixture will
be? - correct answer ✔✔FIXTURE, IT STAYS UNLESS SPECIFIED OTHERWISE IN THE CONTRACT
( include in the sale because it is attached to the ceiling)
A first year licensee without either a degree in finance or a strong background in re-investment
should generally refrain from? - correct answer ✔✔Refrain from giving financial
advise/commercial property
What is NOT a necessary part of the process for changing zoning regulations? - correct answer
✔✔Voting
A developer intends to subdivide a large parcel of land and is in process of land planning. He has
determined the geographic boundaries of the individual lots and how the street in the
development will be designed to give access to each lot. When can he begin to list for sale? -
correct answer ✔✔Immediately
A condominium complex is exempt from fair housing requirements regarding housing for
families with children if it is? - correct answer ✔✔65+ or THE 80/20 RULE... 80% of occuppied
units must be occupied by at least one person 55 or older
A salesperson just attended a class an using social media to further questions for real estate
sales career. She was so excited about the class that she immediately came home and signed up
for Fb, twitter, LinkedIn. She has chosen a listing to market via social networking a residence
recently built to resemble an antebellum mansion. Which words or phrase may she lawfully
include in her advertising. - correct answer ✔✔ANTEBELLUM STYLE MANSION
Jane a licensee/salesperson purchasing land for her brothers John. Should she reveal her
licensee status to the seller? - correct answer ✔✔YES & SHE SHOULD BE NOTIFIED IN WRITING
Zoning is regulated by? - correct answer ✔✔Federal Government
, When a seller makes changes to the previous counteroffer can you? - correct answer
✔✔Counteroffer terminates and makes a new one
What's the letter of intent for? - correct answer ✔✔Binding parties together
If an owner who owns a 20unit complex and employs you to find a buyer, you are a? - correct
answer ✔✔Broker
For a title to be executed, what needs to happen? - correct answer ✔✔Needs to be Signed
To recover your home from foreclosure and was sold and you have money to pay back the
money owed? - correct answer ✔✔Statutory Redemption (right of redemption is the action you
take BEFORE the home foreclosure and statutory is after the foreclosure)
When showing a home with a buyer and there is only cold water running what should you do? -
correct answer ✔✔Tell the buyer the issue/ Questions the seller about the water heater
Which of the following statement would not likely be considered mere PUFFING? - correct
answer ✔✔Transportation is less than a block away.
What is Market Price? - correct answer ✔✔Sold
what advantage does a partial amortized and balloon payment loan have? - correct answer
✔✔The monthly payments are small/ Pay Lump sum at the end of the loan due to insufficient
funds
A builder build a garage 16ft tall and the zoning permits no more than 15ft, which is true? Can
the neighbors take action? - correct answer ✔✔Yes, Because it surpasses the limit
answered already passed
What are considered trigger terms? - correct answer ✔✔Interest rate, payment amount, down
payment #of payments, term of the loan, cost to close.. any financial term except APR
A borrower who was making payment on a loan was required to make a balloon payment at
the end of the loan. This was most likely a? - correct answer ✔✔Partially Amortized Loan
The buyer receives a seller's property condition disclose in which the buyers agent believes the
seller has misrepresented the condition of the property. The buyers agent should? - correct
answer ✔✔Suggest an Inspection
An agreement between brokers to change a specific commission rate: - correct answer
✔✔Illegally inhibits competition/Antitrust laws
Which of the following is not a good reason to reconnect the seller provide a home warranty? -
correct answer ✔✔The fine home warranty company pays will increase the cash flow to the
brokerage
A buyer and seller signed a contract with buyer's financing contingency. The lender reject the
loan to the buyer. What happens to the earnest deposit money? - correct answer ✔✔Buyer can
get back the earnest deposit money because the contract is void
Under a recession agreement? - correct answer ✔✔All parties returned to their original
position and all monies must be returned
,The seller has a beautiful dining room ceiling fixture that matches his entire dining room set. If
he sales contract does not specifically state whether the fixture is included in the sale or
excluded from it the buyers agent can tell the buyer to expect that the dining room fixture will
be? - correct answer ✔✔FIXTURE, IT STAYS UNLESS SPECIFIED OTHERWISE IN THE CONTRACT
( include in the sale because it is attached to the ceiling)
A first year licensee without either a degree in finance or a strong background in re-investment
should generally refrain from? - correct answer ✔✔Refrain from giving financial
advise/commercial property
What is NOT a necessary part of the process for changing zoning regulations? - correct answer
✔✔Voting
A developer intends to subdivide a large parcel of land and is in process of land planning. He has
determined the geographic boundaries of the individual lots and how the street in the
development will be designed to give access to each lot. When can he begin to list for sale? -
correct answer ✔✔Immediately
A condominium complex is exempt from fair housing requirements regarding housing for
families with children if it is? - correct answer ✔✔65+ or THE 80/20 RULE... 80% of occuppied
units must be occupied by at least one person 55 or older
A salesperson just attended a class an using social media to further questions for real estate
sales career. She was so excited about the class that she immediately came home and signed up
for Fb, twitter, LinkedIn. She has chosen a listing to market via social networking a residence
recently built to resemble an antebellum mansion. Which words or phrase may she lawfully
include in her advertising. - correct answer ✔✔ANTEBELLUM STYLE MANSION
Jane a licensee/salesperson purchasing land for her brothers John. Should she reveal her
licensee status to the seller? - correct answer ✔✔YES & SHE SHOULD BE NOTIFIED IN WRITING
Zoning is regulated by? - correct answer ✔✔Federal Government
, When a seller makes changes to the previous counteroffer can you? - correct answer
✔✔Counteroffer terminates and makes a new one
What's the letter of intent for? - correct answer ✔✔Binding parties together
If an owner who owns a 20unit complex and employs you to find a buyer, you are a? - correct
answer ✔✔Broker
For a title to be executed, what needs to happen? - correct answer ✔✔Needs to be Signed
To recover your home from foreclosure and was sold and you have money to pay back the
money owed? - correct answer ✔✔Statutory Redemption (right of redemption is the action you
take BEFORE the home foreclosure and statutory is after the foreclosure)
When showing a home with a buyer and there is only cold water running what should you do? -
correct answer ✔✔Tell the buyer the issue/ Questions the seller about the water heater
Which of the following statement would not likely be considered mere PUFFING? - correct
answer ✔✔Transportation is less than a block away.
What is Market Price? - correct answer ✔✔Sold
what advantage does a partial amortized and balloon payment loan have? - correct answer
✔✔The monthly payments are small/ Pay Lump sum at the end of the loan due to insufficient
funds
A builder build a garage 16ft tall and the zoning permits no more than 15ft, which is true? Can
the neighbors take action? - correct answer ✔✔Yes, Because it surpasses the limit
