AREC Final exam Study Set Questions and Correct Answers the Latest Update and Recommended Version
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Course
AREC
Institution
AREC
When preparing the sales contract, when is it acceptable for a licensee who is not an
attorney to offer legal advice to the client?
Never
A set of guidelines for the ethical conduct of real estate licensees is called a
Code of ethics
Which of the following is the best definition of a covena...
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AREC Final exam Study Set Questions
and Correct Answers the Latest Update
and Recommended Version
When preparing the sales contract, when is it acceptable for a licensee who is not an
attorney to offer legal advice to the client?
✓ Never
A set of guidelines for the ethical conduct of real estate licensees is called a
✓ Code of ethics
Which of the following is the best definition of a covenant between a lessor and lessee?
✓ An agreement or promise made between the parties
Which party's closing costs might include mortgage insurance?
✓ Buyer
The Real Estate Settlement Procedures Act is a consumer protection statute that
✓ Requires lenders to provide the consumer with certain disclosures for residential real estate
transactions and prohibits kickbacks among settlement service providers
Licensee Kyle has had a few casual meetings with a potential client, Mary. Mary told Kyle the
type of home and area she's interested in, and Kyle mentioned a few homes he thinks Mary
might be interested in. Although Kyle hasn't said he will continue to look for homes for Mary,
Mary believes he'll do just that. Which of the following statements about this situation is
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While reviewing her purchase contract, Jeanette's client asked, "What does this inspection
contingency do?" How should Jeanette frame her response?
✓ "The inspection contingency is designed to protect you in case the home inspector finds
something wrong with the property that can't be fixed or that makes you uncomfortable."
You just helped Marcy find her dream home—a condominium that will be her full-time
residence. She loves that it's in a self-contained community with leisure activities, shops,
restaurants, and security. This type of development is sometimes called a planned unit
development (PUD). Which type of multi-family housing is Marcy buying?
✓ Master-planned community
Jamal is a real estate licensee. What's his responsibility regarding household lead hazards?
✓ He must remind the sellers to disclose the possible presence of lead-based paint to a buyer
if the home was built prior to 1978.
When is a title search conducted?
✓ Before a property is sold in order to determine if there are any defects on the title
What do buyers provide to the seller as an indication that they are serious and intend to go
through with the purchase?
✓ Earnest money
______ is applied whenever real property is sold, and the tax rate varies by state.
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