Your Aunt Peggy works in another county and is thinking of buying a townhome. She's working with the seller's agent but isn't under an agency agreement. What should you tell her about this situation?
A. "Make certain you don't have to pay the seller's commission."
B. "Make sure you understand t...
CE Shop Final Exam Questions with
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Your Aunt Peggy works in another county and is thinking of buying a townhome. She's
working with the seller's agent but isn't under an agency agreement. What should you
tell her about this situation?
A. "Make certain you don't have to pay the seller's commission."
B. "Make sure you understand that you're not represented."
C. "Tell the listing agent to give me a referral fee."
D. "This is illegal. Report the listing agent to the commission." - Answer-B. "Make sure
you understand that you're not represented"
What do you call the person who or entity that oversees trust or escrow money?
A. Escrow agent
B. Escrow master
C. Mortgage agent
D. Special agent - Answer-A. Escrow agent
James is obtaining an 80/20 loan. What does 80/20 signify?
A. Amount financed/Down payment
B. ARM
C. Debt-to-income ratio
D. Fixed-rate mortgage - Answer-A. Amount financed/Down payment
How can a seller correct inaccuracies in a property condition disclosure statement?
A. By covering up the issues with cheap work and not worrying about them
B. By drafting an addendum or amendment
C. By leaving a note in the home after the close of the sale
D. By phoning the buyer and the buyer's agent - Answer-B. By drafting an addendum or
amendment
At a business meeting among heads of the top brokerages in town, the keynote speaker
discussed a minimum listing fee. What's this is an example of?
A. Group boycotting
B. Market allocation
C. Price fixing
D. Tie-in arrangement - Answer-C. Price fixing
A negotiable instrument must contain an order to pay or a ________.
, A. Flexible sum of money
B. Hand written signature
C. Notary stamp
D. Promise to pay - Answer-D. Promise to pay
Negotiable instruments must be in writing, payable on demand or on a definite time,
contain a promise or order to pay, state a fixed sum of money, and be signed.
In which of the following situations would an agent be representing a customer in a real
estate purchase?
A. Any time
B. Never
C. When the agent has his broker's permission
D. When the agent has his broker's written and signed permission - Answer-B. Never
Minimizing risk in part means avoiding public networks, unsecure sites, and ______
sites.
A. All
B. Encrypted
C. Secure
D. Suspicious - Answer-D. Suspicious
Jacob owns property in a rural part of the state. He was recently approached by a
representative of a company that would like to drill for oil on a piece of Jacob's property.
What type of lease is the representative likely discussing with Jacob?
A. Ground lease
B. Net leases
C. Oil and gas lease
D. Percentage lease - Answer-C. Oil and gas lease
Oil and gas leases allow for the exploration by oil and gas companies on property that
does not belong to them.
Remembering the acronym PITI can help borrowers recall what makes up their ______.
A. Annual property maintenance
B. Annual property taxes
C. Mortgage payment
D. Required loan documentation - Answer-C. Mortgage payment
Rachel and Nick are selling their home. Before the property is sold, a title search is
conducted to determine if there are any ______.
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