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National Real Estate Exam Prep Questions With Complete Solutions
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National Real Estate Exam Prep Questions With Complete Solutions
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National Real Estate Exam Prep Questions With CompleteSolutions
1) Any # of brokers may be retained
2) The broker who sells the property receives the commission.
Correct Answer Open Listing
1) Certain contracts be in writing to be enforceable, 2) All real
estate contracts for the sale of LAND & ALL LEASES for more
than one year, options for more than 6 months, must be in
writing & signed by all parties. Correct Answer Statute of
Frauds requires the following:
1) Kickbacks & fees for services not performed in connection w/
the closing
2) It limits the amount of escrow reserves a lender can hold
3) The sale may not be on the condition on the use of a certain
title co or escrow co. chosen by the seller. Correct Answer
RESPA prohibits:
1) Lenders must give borrowers a good faith estimate of closing
costs.
2) Lenders must give borrowers a HUD booklet describing
closing costs, settlement procedures & borrowers rights.
3) Closing agent must prepare a HUD stmt detailing how much
was paid to what companies for what services
4) Borrower must be given right to inspect HUD stmt 1 day
before close.
5) Lenders & other parties must give full disclosure of all
business relationships.
, 6) Lender must disclose to borrower if the loan is likely to be
sold to another investor. Correct Answer RESPA requirements
include:
1) Market Data Approach (single family homes)
2) Cost Approach (commercial property)
3) Income Approach (income producing property) Correct
Answer The 3 approaches to value are:
1) Only one broker is authorized to sell
2) If the owner finds a buyer, no commission is owed Correct
Answer Exclusive Agency Listing
1) Only one broker is authorized to sell
2) the broker receives a commission no matter who finds the
buyer Correct Answer Exclusive Right to Sell Listing
1) Owner warrants only that he has not done harm to the title
2) Covers only the period of time when the sellers owner the
property. Correct Answer Special Warranty Deed (Limited
warranty deed)
1) Price Fixing
2) Allocation of the market Correct Answer Violations of the
Sherman Antitrust Act include
1) Race
2) Color
3) Ancestry (it's the only act that covers this)
It applies to all property (Real & Personal)
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