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The CE Shop Final Exam Proctor
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The CE Shop Final Exam ProctorWhat type of agency exists because of the actions and behavior of the
parties?
Action agency
Behavioral agency
Express agency
Implied agency - -Implied agency
-Which entity ensures that contractors perform their work according to code
by inspecting their job sites?
City hall
The attorney general
The building department
The secretary of state - -The building department
-The secondary mortgage market is comprised of _________________________.
FNMA, GNMA, FHLMC, & lending institutions that buy loans from other
lenders
Lending institutions that lend directly to consumers
Savings and loans, thrifts, and credit unions
The VA and the FHA - -FNMA, GNMA, FHLMC, and lending institutions that
buy loans from other lenders
The secondary market is where loans are resold.
-What is the highest penalty an unlicensed individual practicing real estate
may be fined for more than two offenses?
$10,000 per violation
$1,000 per violation
$25,000 per violation
$2,500 per violation - -$25,000 per violation
-Which document is provided to borrowers no fewer than three days prior to
closing and provides disclosures about the costs of the transaction?
Closing Disclosure
Escrow Closing notice
Loan Estimate
The Mortgage Servicing Transfer disclosure - -Closing Disclosure
,-Which of the following is an example of a development cost?
Crime rates
Increased demand on infrastructure
Lower unemployment
School ratings - -Increased demand on infrastructure
-Which option best describes a delivery and acceptance of a deed as
required?
Grantor has acknowledged and voluntarily signed the deed in front of a
public notary and delivered it in person to the grantee or an agent of the
grantee
Grantor has handed the grantee the deed and the grantee has signed it in
front of a public notary voluntarily accepting it.
Grantor has mailed the deed to the county clerk's office for recording.
Grantor has signed the deed and left it on the grantees patio. - -Grantor has
acknowledged and voluntarily signed the deed in front of a public notary and
delivered it in person to the grantee or an agent of the grantee
-Which document given before closing provides an estimate of the costs a
buyer is likely to pay at settlement?
Abstract of title
Closing Disclosure
Loan Estimate
The Mortgage Servicing Transfer disclosure - -Loan Estimate
The Loan Estimate provides the buyer with the costs they are likely to pay at
settlement and discloses the mortgage loan specifics, such as its key
features, costs, and risks.
-In the sales comparison approach, the appropriateness of the various
comparable sales in relationship to the subject is considered in a process
known as ______, where certain factors may be given more weight.
Averaging
Bracketing
Conformity
Correlation - -Correlation
-A licensee says, "This is a dream home with the best views in town." This is
an example of ______.
, A lie
Intentional misrepresentation
Positive misrepresentation
Puffery - -Puffery
-What's the term for an addition to a sales agreement form that can be
added before it is signed without changing any of the other terms that have
already been agreed upon?
Addendum
Amendment
Annexation
Appurtenance - -Addendum
-In accordance with the Maryland Property Condition Disclosure Law, when
is the seller required to provide the Maryland Residential Property Disclosure
and Disclaimer Statement to the buyer?
No more than 24 hours after both parties have signed the agreement.
Only before entering into a contract of sale with the buyer.
Only if the buyer asks for it.
On or before entering into a contract of sale with the buyer. - -On or before
entering into a contract of sale with the buyer.
-You have found the perfect home for Lucy and she is ready to make an
offer. The home was built in 1938. Who is responsible for scheduling paying
for the home's lead inspection?
The buyer
The listing agent
The mortgage company
The seller - -The buyer
-If a lead-based paint risk assessment or inspection reveals hazards on the
property and the seller refuses to fix the problem, what options does the
buyer have?
The buyer can declare the contract null and void or remove the contingency
and continue with the purchase of the property.
The buyer can report the seller to the EPA and force the seller to make the
repairs or serve jail time.
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