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TN RE Exam / 100% Accurate Answers

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A ____________ is a property that has the same or almost the same characteristics and features as the seller's property. - ANS -comparable A broker acting under a special agency agreement with a se... ller normally does NOT have the authority to - ANS -tell a buyer that the seller will accept the buyer's offer. A broker has an agency relationship with a client. An affiliate broker is working as that broker's agent. This kind of agency is called - ANS -subagency. A contract that transfers the right to exclusive possession and use of a property for a definite period of time is a - ANS -lease. A contract to perform illegal activities would be - ANS -void. A counter offer addendum is used to - ANS -incorporate an original offer with changes into a counter offer. A DVA-guaranteed loan applicant's Certificate of Eligibility - ANS -determines the maximum amount the Department of Veteran Affairs will pay a lender for a loss on the loan. A landlord can evict a tenant for failure to pay rent, but may not - ANS -change locks, intending to lock out the tenant. A landlord may enter a rental unit without a tenant's permission - ANS -if there's an emergency. A lender uses a 28% income ratio to estimate the maximum loan payment an applicant will qualify for. The applicant's annual income is $60,000. What is the qualified monthly loan payment? - ANS -$1,400 A license is issued on May 1 of the current year. When will it expire if not renewed? - ANS -May 1 two years from this year. A licensee entering into an Exclusive Buyer Representation Agreement must advise the buyer in writing that - ANS -the buyer should contact only the licensee to arrange property viewings. A licensee found guilty of engaging in the unauthorized practice of law could have all of the following sanctions imposed by the Commission except - ANS -fined and imprisoned. A licensee has properly informed all transaction parties of their disclosure rights and obligations. In this situation, the licensee - ANS -has no further duties to the parties regarding property condition disclosure. [Show More]

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