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AREC Final exam Study Set Questions and Answers (100% Pass)
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AREC Final exam Study Set Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Monday, July 29, 2024 12:15 PMAREC Final exam Study Set Questions and
Answers (100% Pass)
When preparing the sales contract, when is it acceptable for a licensee who is not an
attorney to offer legal advice to the client? - ✔️✔️Never
A set of guidelines for the ethical conduct of real estate licensees is called a - ✔️✔️Code
of ethics
Which of the following is the best definition of a covenant between a lessor and lessee?
- ✔️✔️An agreement or promise made between the parties
Which party's closing costs might include mortgage insurance? - ✔️✔️Buyer
The Real Estate Settlement Procedures Act is a consumer protection statute that -
✔️✔️Requires lenders to provide the consumer with certain disclosures for residential
real estate transactions and prohibits kickbacks among settlement service providers
Licensee Kyle has had a few casual meetings with a potential client, Mary. Mary told
Kyle the type of home and area she's interested in, and Kyle mentioned a few homes he
thinks Mary might be interested in. Although Kyle hasn't said he will continue to look for
homes for Mary, Mary believes he'll do just that. Which of the following statements
about this situation is correct? - ✔️✔️Kyle's actions may have created an implied agency
agreement with Mary.
Which of the following is designed to protect buyers from financial loss if the title to the
property they buy has defects? - ✔️✔️Title insurance
The Knolls are purchasing a property and are concerned about the title, so they want to
have a title search performed. Who can perform a title search? - ✔️✔️A title insurance
company
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Monday, July 29, 2024 12:15 PM
Jim is acting as a limited services representative to Sheree, who has decided to waive
his duty to negotiate on her behalf. Jim must provide Sheree with ______. - ✔️✔️A waiver
of duties statement
Which term refers to the ordinances/regulations that protect the community and control
property development within subdivisions? - ✔️✔️Subdivision regulations
Which of the following statements describes laws and ethics? - ✔️✔️Laws are made by
the government, and ethics are dependent on conscience and values.
If you were a member of a local planning board, your responsibilities could
include________. - ✔️✔️Determining zones within the municipality
While reviewing her purchase contract, Jeanette's client asked, "What does this
inspection contingency do?" How should Jeanette frame her response? - ✔️✔️"The
inspection contingency is designed to protect you in case the home inspector finds
something wrong with the property that can't be fixed or that makes you uncomfortable."
You just helped Marcy find her dream home—a condominium that will be her full-time
residence. She loves that it's in a self-contained community with leisure activities,
shops, restaurants, and security. This type of development is sometimes called a
planned unit development (PUD). Which type of multi-family housing is Marcy buying? -
✔️✔️Master-planned community
Jamal is a real estate licensee. What's his responsibility regarding household lead
hazards? - ✔️✔️He must remind the sellers to disclose the possible presence of lead-
based paint to a buyer if the home was built prior to 1978.
When is a title search conducted? - ✔️✔️Before a property is sold in order to determine if
there are any defects on the title
What do buyers provide to the seller as an indication that they are serious and intend to
go through with the purchase? - ✔️✔️Earnest money
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