PEARSON VUE UPDATED TEST PAPER QUESTIONS AND
SOLUTIONS RATED A+
✔✔The owners of a house sign a listing agreement and later tell the licensee that the
garage roof leaks. If they tell the licensee not to reveal the roof's condition to any
prospective buyers, the licensee MUST:
A.
abide by the owners' request
B.
advise the sellers that they must disclose the condition of the roof to prospective buyers
C.
advise only those prospective buyers who ask about the roof's condition
D.
refer all prospective buyers who have questions about the roof's condition to the sellers
- ✔✔B
✔✔A CORRECT statement about the Federal National Mortgage Association (FNMA) is
that it:
A.
purchases certain mortgages originated by lending institutions
B.
insures mortgages through insurance fees paid by borrowers
C.
provides guarantees to lenders on certain mortgages
D.
is the nation's central bank, designed to provide economic stability - ✔✔A
✔✔When private property is abandoned, the state may acquire title to that property
under the right of:
A.
escheat
B.
eminent domain
C.
police power
, D.
taxation - ✔✔A
✔✔The direct sales comparison (market data) approach would be MOST appropriate
for establishing the value of a:
A.
5-year-old single-family house
B.
10-unit apartment building
C.
25-year-old church
D.
retail commercial property - ✔✔A
✔✔A lease that provides for periodic increases of rent at regular intervals is called a:
A.
graduated lease
B.
percentage lease
C.
yearly lease
D.
long-term lease - ✔✔A
✔✔A CORRECT statement about the owners of a condominium unit and the owners of
a cooperative apartment is that they both:
A.
receive an annual real estate tax bill
B.
must pay assessments
C.
own shares of stock
D.
SOLUTIONS RATED A+
✔✔The owners of a house sign a listing agreement and later tell the licensee that the
garage roof leaks. If they tell the licensee not to reveal the roof's condition to any
prospective buyers, the licensee MUST:
A.
abide by the owners' request
B.
advise the sellers that they must disclose the condition of the roof to prospective buyers
C.
advise only those prospective buyers who ask about the roof's condition
D.
refer all prospective buyers who have questions about the roof's condition to the sellers
- ✔✔B
✔✔A CORRECT statement about the Federal National Mortgage Association (FNMA) is
that it:
A.
purchases certain mortgages originated by lending institutions
B.
insures mortgages through insurance fees paid by borrowers
C.
provides guarantees to lenders on certain mortgages
D.
is the nation's central bank, designed to provide economic stability - ✔✔A
✔✔When private property is abandoned, the state may acquire title to that property
under the right of:
A.
escheat
B.
eminent domain
C.
police power
, D.
taxation - ✔✔A
✔✔The direct sales comparison (market data) approach would be MOST appropriate
for establishing the value of a:
A.
5-year-old single-family house
B.
10-unit apartment building
C.
25-year-old church
D.
retail commercial property - ✔✔A
✔✔A lease that provides for periodic increases of rent at regular intervals is called a:
A.
graduated lease
B.
percentage lease
C.
yearly lease
D.
long-term lease - ✔✔A
✔✔A CORRECT statement about the owners of a condominium unit and the owners of
a cooperative apartment is that they both:
A.
receive an annual real estate tax bill
B.
must pay assessments
C.
own shares of stock
D.
