Exam (elaborations)
CE Shop Final Exam
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Exam of 7 pages for the course CE Shop at CE Shop (CE Shop Final Exam)
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CE SHOP FINAL EXAM QUESTIONSF
WITH COMPLETE SOLUTION
Depreciation - Real property ownersip has significant tax advantages. Which of the following is an
advantage?
The building department - Which entity ensures that contractors perform their work according to code
by inspecting their job sites?
Salesperson - Which type of real estate license requires a 60-hour licensing course as a condition of
taking the licensing exam?
Negligence - Uh-oh. You failed to present an offer on behalf of your client in a timely manner. As a result,
the seller accepted a lower offer from another buyer. You could be sued for ______.
The sale of a property at an amount less than is owed, not including closing costs - Edgar's in the process
of selling his home as a short sale. What's a short sale?
Yes, Mary can use the standard forms that her brokerage uses (assuming these forms were originally
created or approved by an attorney). - Mary is preparing a purchase offer for her buyer client. It's a
pretty standard offer: a little less than list price, with the seller paying a little toward the buyer's closing
costs. Mary fills in the blanks on a standard form used in her brokerage firm based on the current
situation. Is this okay?
Asbestos - Soundproofing and decorative material, shingles, and siding may contain what hazardous
material?
That tenants may peaceably and quietly enter the leased premises at the beginning of the lease - Which
of the following are landlords required by law to ensure?
Honesty and fair dealing - Not wanting to cause the sellers or mortgage lenders unnecessary concern,
Gwen, the buyer's agent, wasn't exactly forthcoming about a slight change in her client's financial status
that her client had shared with her in confidence. Which fiduciary duty to the customer is Gwen
violating?
Primary market - Robert purchased a new home and obtained financing through First Lending Bank, a
regional bank located in his city. First Lending originated the loan, but before Robert's first mortgage
payment was due, it sold the loan to CitiMortgage. As a loan originator, what market is First Lending
operating in?
Permission without possession, interest, or ownership - In terms of encumbrances, what's a license?
Reserve fund - Lenders will require which type of fund for taxes and insurance?
Severalty - If Mega Corporation owns real property, chances are it owns it in ______.
, Gross income - What's income received before any operating expenses are deducted?
Movie theater - Sam the appraiser is most likely to use the cost approach for which of the following
properties?
Chemical compounds used in cooling and insulating, mainly in electrical transformers - What are PCBs?
A person who drafts a valid will - What is the definition of a testator?
Land - James creates a trust to hold a piece of real estate he owns. He directs a corporate fiduciary to
hold title to the real estate and provides instructions for the management, control, and disposition of the
real estate upon his death. Given that the trust only holds real estate, James likely set up a ________
trust.
It can attract the attention of thieves. - It's not a good idea to post photos of your clients' expensive
belongings. Why is that?
Townhome - Which of the following is a residential dwelling with attached walls, where the owner also
typically owns the land on which the home sits?
Suspicious - Ways to minimize computer risks include avoiding public networks, unsecure sites, and
______ sites.
Comprehensive Environmental Response Compensation and Liability Act - What regulation or regulatory
authority identifies sites that have hazardous substances, and requires the responsible parties to clean
them up?
The seller transfers title with the lien in place. - Which of the following describes a sale subject to a
mortgage?
Prepaids - Which of the following items go into the seller's credit column and the buyer's debit column?
Federal Trade Commission Act - Which act encourages fair, truthful, non-deceptive, and evidence-
supported claims in advertising?
Lead - Homes built before 1978 may have what environmental hazard in their paint?
Implied agency - What type of agency exists because of the actions and behavior of the parties?
Unsecure - Risks to computer systems can be reduced by avoiding public networks, ______ sites, and
suspicious sites.
Sheila and May - Kip is a sub-agent working with a buyer customer, Charlie, for Sheila's listing of May's
property. To whom does Kip owe his loyalty?
So the buyer can determine if permits were pulled - Why would a buyer want to know whether any
additions or alterations were made to a property?
Title insurance - What protects the buyer before the sale and can reimburse the buyer after the sale if a
title issue arises?
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