FULL QUESTIONS AND ANSWERS
◉ Property owners who want to list their property tell their
licensee, "We want to sell only to a member of a minority group." In
this situation, the licensee should advise the owners that they
cannot legally discriminate against non-minority group members
and:
A.
explain that it has to be an open listing
B.
explain the consequences of violations of the Federal Fair Housing
Act
C.
report the owners to the local Board of REALTORS®
D.
remind the owners of their fiduciary responsibilities. Answer: B
,◉ In stating a seller's price and terms to a prospective buyer, the
seller's broker is required by the law of agency to state only those
terms that are:
A.
included in the listing agreement
B.
based on the broker's evaluation of prevailing prices and terms
C.
favorable for the seller, as determined by the broker
D.
attractive to buyers, as determined by the broker. Answer: A
◉ Under an exclusive right-to-sell listing, a licensee has the
authority to take which of the following actions on behalf of a seller?
A.
Accept any bona fide offer.
,B.
Present only those offers that meet the seller's list price.
C.
Order any needed repairs to the property
D.
Advertise the property for sale.. Answer: D
◉ Buyers have made an offer to purchase a house for $250,000
including the dining room furniture. The offer will expire at 5:00
p.m. on Sunday. On Thursday, the sellers reply in writing that they
will accept the offer of $250,000, but they will not include the dining
room furniture. While the buyers are considering the counteroffer
on Friday, the sellers change their minds and decide to accept the
original offer, dining room furniture to be included, and they state so
in writing. What is the current obligation of the buyers?
A.
Personal property cannot be included in the Purchase and Sale
Agreement.
B.
An amendment to the contract is required to make it enforceable.
, C.
They are legally obligated to withdraw their offer.
D.
They are not legallly obligated to purchase the house.. Answer: D
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Main Content
The Environmental Protection Agency requires that any buyer of a
house built before 1978 must be alerted in writing to the possible
presence of:
A.
mold
B.
lead
C.