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What is the purpose of the closing statement? (a) To summarize the financial aspects of a real estate transaction (b) To determine the purchase price of the property (c) To determine which party pays the brokerage commission (d) To report income to the Internal Revenue Service(a) To summarize th...

Which of the following statements is true regarding a mortgage loan originator (MLO)? (a) A mortgage loan originator is the same as a mortgage broker. (b) A mortgage loan originator must have a separate license. (c) A mortgage loan originator makes loans. (d) A mortgage loan originator must have...

General Manager (GM)The traditional title used to identity the individual at a hotel property who is responsible for final decision making regarding property-specific operating policies and procedures; also the leader of the hotel's management team Investor relations (owner relations)All communi...

Prior to deregulation of the banking industry in the 1980s, which institutions were dominant in providing funds for the purchase of single-family residences? (a) Commercial banks (b) Saving associations (c) The FHA (d) Mortgage loan originators(b) Saving associations All of the following are c...

Which of the following is an example of a unilateral contract? (a) Purchase and sale contract (b) Contract for deed (c) Open listing contract (d) Oral contract (c) Open listing contract In which circumstance is a broker's commission subject to forfeiture? (a) The broker has an oral listing co...

What type of value does an appraiser most commonly estimate? (a) Book (b) Market (c) Insurable (d) Condemnation(b) Market How is investment value best defined? (a) The value to an individual (b) The highest price a property would sell for in an open market (c) The value based on the use of t...

A sales associate licensed with a real estate brokerage corporation can be which of the following? (a) An officer (b) A stockholder (c) A director (d) An officer and a director(b) A stockholder Six individuals decide to form a real estate brokerage partnership. All six individuals are plannin...