Alaska Real Estate Exam Prep Questions
And Answers Well Illustrated.
Seller property condition disclosures MUST be delivered to the buyer - correct answer.
Prior to the buyer's making a written offer
A seller has no knowledge of any plumbing system problems on the property she is
selling . In actuality , however , the pipes are seriously corroded and will soon need to
be replaced . In the seller property condition disclosure , when responding to whether
the seller has any knowledge of plumbing system problems , she should respond -
correct answer. No.
In Alaska , when a broker is listing a home and asks the seller to complete a property
condition disclosure , which of the following statements is true ? - correct answer.
Seller disclosure of known property conditions is required by Alaska statute
A salesperson represents a seller in a transaction . When prospective buyers ask to
look at the property , the salesperson MUST - correct answer. Inform them , in
writing , that the salesperson represents the seller's interests
Five Years ago , Unit 5B in a condominium community was the site of a brutal and
highly publicized murder . The unit was sold to an elderly woman who contracted the
AIDS virus in a blood transfusion and died in the unit last year . As the licensee for the
woman's estate , what are your disclosure responsibilities to prospective buyers of Unit
5B ? - correct answer. You are not required by Alaska law to make disclosures
about stigmatized properties unless the murder or suicide occurred less than one year
from the first showing of the property and federal fair housing laws prohibit disclosure of
the AIDS related death
A broker took a listing for a small office building , because the property is in excellent
condition and produces a good , steady income , the broker's salesperson has decided
to purchase it as an investment . The salesperson MUST - correct answer. Inform
the owner in writing that the prospective buyer is a licensed salesperson before making
an offer
Six months after a buyer bought a house , the roof leaked during a rainstorm . When the
house was listed , the seller told the broker that the roof leaked , but they agreed not to
tell any prospective buyers . The broker claims that the buyer did not ask about the roof
,. Under these facts , the . buyer - correct answer. Can sue both the broker and the
51. seller for non - disclosure .
A real estate licensee MUST give the AREC 52. Consumer Pamphlet licensee
relationship disclosure statement to prospective purchasers / tenants - correct answer.
Before they are shown any property
A real estate licensee has signed a brokerage agreement with a tenant who is looking
for an apartment to rent . The licensee does not charge a fee to prospective tenants ;
rather , the licensee receives a commission from the landlords . The licensee tells a
landlord that the prospective tenant could probably pay a somewhat higher rent than the
landlord is asking . Which of the following is true ? - correct answer. The licensee's
disclosure violated the fiduciary duties owed to the tenant
All of the following are EXEMPT from the Property Disclosure Act EXCEPT a - correct
answer. Sale by a real estate licensee of a two - unit residential property
A seller completes a property disclosure form indicating that there are no known
structural problems with his split - level home . The broker , knowing that this family has
frequently had water in the lower level during spring break - up , asks if the foundation
has been resealed . The seller says " no , but we have painted and installed new
carpeting , so it looks good now . " What should the broker do if the seller refuses to
disclose the water problem ? - correct answer. Refuse to list the listing
A licensed salesperson obtains a listing . Several days later the salesperson meets
prospective buyers at the property and tells them , " I am a listing licensee for this
property , so I am very familiar with it . " Under these circumstances , the salesperson -
correct answer. Has failed to properly disclose his / her licensee representation
relationship
A real estate broker representing the seller knows that the property has a cracked
foundation and that its former owner committed suicide in the kitchen two years ago .
The broker MUST disclose - correct answer. The cracked foundation , but disclosing
the suicide could constitute a breach of duty to the client
A broker has entered into a listing agreement with the seller . A cooperating broker ,
who has been working with a buyer , learns of the property through the MLS . Typically
the cooperating broker would represent - correct answer. The buyer as a licensee
When a broker represents a seller of real estate , an AREC Consumer Pamphlet
disclosure MUST be given to a prospective purchaser at the - correct answer. First
time arranged to show properties to the purchaser
A broker decides to " sweeten " an MLS listing for a property by offering a neutral
licensee relationship . The broker's action is - correct answer. Unacceptable ,
, because neutral licensee relationship may be created only by a specific agreement by
both of the parties .
A brokerage's relationship with a buyer or seller , as licensee , non - licensee , or neutral
licensee , MUST be determined and all necessary agreements executed - correct
answer. Prior to providing specific assistance to the buyer or seller
A buyer who is a client of a broker wants to purchase a house that the broker has listed
for sale . Which of the following statements is TRUE ? - correct answer. The seller
and buyer must be informed of the situation and both agree in writing , that the broker
can be neutral
With regard to convicted sex offenders , real estate licensees in Alaska are REQUIRED
to - correct answer. Inform buyers of where they can check the public records to
learn the current addresses of registered sex offenders
In Alaska , all of the following would be grounds for revoking a broker's license EXCEPT
- correct answer. Agreeing with a seller to accept a listing for more than the normal
commission rate
The commission has the power to revoke a salesperson's license if the salesperson -
correct answer. salesperson's license Attempts to represent a real estate broker
other than his / her employer .
In Alaska , a broker may have his / her license suspended or revoked for all of the
following actions EXCEPT - correct answer. Depositing prepaid rents and security
deposits for one landlord into the firm's trust account
Which of the following actions is legal and NOT a violation of real estate license law ? -
correct answer. Placing a " For Sale " sign in front of a house after asking the seller's
permission and receiving written permission to go ahead
If a broker tells a lender that the sales price on a property is something above its actual
sales price to assist the buyer in obtaining a larger loan , the - correct answer.
Broker can lose his / her license and be fined and imprisoner
Regarding the salespersons ' actions , the broker is - correct answer. Not liable
because he took remedial steps as soon as he learned of the misconduct
In the property information provided through MLS , it is clearly disclosed that the owner
of a commercial property is a licensed broker . One of the tenants in the building is a
title company . The buyer's licensee from a cooperating office does not disclose the
building owner's licensed status , but the owner - broker adds a sentence to the
purchase agreement thus disclosing it to the buyer . After the transaction closed with
title insurance provided by the " tenant " company , the buyer learned that the owner -
broker was also an officer of the title . company and filed a complaint alleging a conflict
