Real Estate Exam- MO & National Study
A seller owns two plots of land that, when combined, measure 950 feet in width and 1800 feet in depth.
The plots are separated by a creek. To determine the total acreage: - Draw a horizontal line to divide the rectangle. - Write 950 as the width and 1800 fe...
A seller owns two plots of land that, when combined, measure 950 feet in width and 1800 feet in depth.
The plots are separated by a creek. To determine the total acreage:
- Draw a horizontal line to divide the rectangle.
- Write 950 as the width and 1800 feet as the depth.
- Multiply: 950 x 1800 = 1,710,000.
- Convert to acreage: divide 1,710,000 by 43,560.
- The answer is approximately 39.25 acres when rounded.
A secretary in a real estate office who has passed the salesperson's exam but hasn't yet received a
license can:
- ✔️ Provide another salesperson in the office with the address of a listed property that the other
salesperson wishes to show.
If a homeowner builds a recreation room and a neighbor believes it violates city building setbacks:
- ✔️ Yes, the neighbor has the right to request an injunction under these circumstances.
When a broker receives an earnest money deposit from a buyer, but the seller does not accept the
offer:
- ✔️ The broker should immediately return the earnest money to the buyer.
To comply with the Statute of Frauds, a sales contract must:
- ✔️ Be in writing.
After signing a management agreement with a real estate firm, the owner of an apartment building has:
- ✔️ Formed an agency, as one party has delegating authority to act on behalf of the other.
If a property is listed for $129,000 and the seller receives an offer of $123,000, followed by a
counteroffer of $127,000:
,- ✔️ This offer is not binding until both parties reach an agreement.
A fixture can best be described as:
- ✔️ An item that was personal property at one time.
If a 16-year-old buys a property and the seller discovers the age and wants to void the agreement:
- ✔️ The seller cannot do this; only the minor (buyer) has the right to void the contract.
X and Y, both single, wish to take title with undivided interest where the surviving party inherits the
other’s share upon death:
- ✔️ The best way to take title would be as joint tenants with the right of survivorship.
In the case of an earnest money deposit dispute, the broker should:
- ✔️ Obtain a signed release or let the matter be resolved through the courts.
If a seller instructs the broker not to disclose significant structural damages:
- ✔️ The broker must inform the buyer of all known defects before a contract is signed.
To establish joint tenancy, four unities must exist:
- ✔️ P - Possession
- I - Interest
- T - Time
- T - Title
If a seller finds their own buyer during the listing period but refuses to pay the broker's commission:
- ✔️ This scenario represents an exclusive right to sell listing.
A property manager typically is responsible for various duties except:
, - ✔️ Repairing a tenant's fixtures.
In compliance with Federal Fair Housing, John Smith's three-story apartment building, built in 1988,
must ensure:
- ✔️ Handicapped tenants have access to at least the first floor.
Elective credits for continuing education may be awarded for:
- ✔️ Courses exclusively offered via video for classroom instruction.
If Dole refuses to sell his land to the local park district due to insufficient compensation, the park may
pursue:
- ✔️ Condemnation, which is part of the eminent domain process.
The Rose family owns a five-year-old home and found out a new regional airport would be built a mile
away:
- ✔️ Yes, this would likely diminish the value of their home due to external obsolescence.
In an option agreement, the buyer is assured of a fixed price:
- ✔️ When the option is signed.
Mary is employed as a salesperson at ABC Realty but is not required to attend meetings or spend
specific hours at the office:
- ✔️ Her status is best described as an independent contractor.
With a property valued at $125,000 listed for $145,000, the seller communicates a willingness to accept
$115,000, leading to the broker conveying that to a buyer who offered $117,000, which the seller
accepted:
- ✔️ The seller could refuse to pay commission, as the broker violated fiduciary duties by disclosing
confidential information.
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