CE Shop Final Exam Questions And
Correct Answers
Which of the following is the price a lender believes the property will bring at a foreclosure sale?
- answermortgage value
Burt terminated his exclusive right-to-sell listing agreement with Scott, his listing broker. Burt
may legally do this as...
Which of the following is the price a lender believes the property will bring at a foreclosure sale?
- answer✔✔mortgage value
Burt terminated his exclusive right-to-sell listing agreement with Scott, his listing broker. Burt
may legally do this as long as he's ________ - answer✔✔willing to pay Scott's commission
anyway
what must a homeowner in DC disclose about a property built before 1978 if they have never
tested it for lead paint? - answer✔✔that the home is presumed to have lead-based paint
Fred is buying Gary's property, which is listed with Sara. Who are the parties to the listing
agreement? - answer✔✔Gary and Sara
an appraiser used the cost approach to estimate a property's value at $220,000. The site value
was $50,000 and the total depreciation estimate was $4,000. What was the estimated cost of
improvements? - answer✔✔$174,000
which term is defined as the addition of one possessor's years of use to another's continuous use
of the same property in an adverse possession claim? - answer✔✔tacking
which one of the following statements describes informed consent as it relates to dual agency? -
answer✔✔both the buyer and the seller understand what dual agency is and agree in writing to
allow the agent to represent both parties
which of the following factors would play a role in an IRS determination as to whether a licensee
should be classified as an employee or an independent contractor? - answer✔✔whether the
licensee receives benefits from the brokerage firm
under the statute of _____, if legal remedy is sought against a person, the pursuer must bring a
court action within a specified period of time - answer✔✔limitations
Chester is interested in becoming a real estate licensee in DC. After completing the requirements
for obtaining the license for a real estate salesperson, which agency will administer Chester's
license? - answer✔✔DC Real Estate Commission
A client terminates a listing agreement before its expiration date. What happens now? -
answer✔✔the client may owe a commission anyway
what's involuntary lien? - answer✔✔a lien created without a property owner's consent
Jim is a listing agent. What offers must he present to his client and when? - answer✔✔he must
present all offers as soon as practicable
Wallace is beside himself He spent the last five months raising enough money to purchase the
property that he has an opinion on, and now, a month before the end of his option period, the
seller refuses to sell him the property. The seller's actions are ____________. - answer✔✔a
breach of contract
The mishandling of escrow funds can result in_______________. - answer✔✔Disciplinary
action and fines for the real estate licensee
How many feet are in a mile? - answer✔✔5,280
Under which types of agency agreement may a buyer and agent operate? - answer✔✔open,
exclusive right to represent, and exclusive agency
With an option contract, which of the following constitutes a breach of contract? - answer✔✔the
optionor sells the property without the option contract to someone other than the optionee
What would be an altruistic reason for a municipality to accept a land dedication? - answer✔✔to
use the land for public benefit
Rhonda and Jade both consider themselves African-American, although Rhonda has much darker
skin and hair than Jade. When Rhonda went to the Valley Falls apartment manager's office to
request a rental application, she was told there were no vacancies. Jade went in a day later and
received an application. This may be discrimination based on__________ - answer✔✔color
Among other things, a listing in the MLS should always include ____________. - answer✔✔at
least one photo
Joint tenancy requires unities of time, interest, and___________. - answer✔✔possession
Obviously, you can't lawfully convey something unless the parties agree on what's being
conveyed. How is that determined? - answer✔✔legal description
Whose role is it to develop the comprehensive master plan? - answer✔✔Planning board
members
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