Real Estate Final Exam: Questions & Answers: Latest Updated: Guaranteed A+

Document Content and Description Below

Seller Deangelo agreed to mediate the radon gas problem in his basement within 31 days. It has been 31 days and he still has not addressed the issue. What is the current status of the sales contract? ... (Ans – It is not affected and is in force. The buyer must now address the problem within 31 days. Deangelo will now receive $5,000 less from the buyer. +Deangelo has defaulted on the contract. What powdery mineral is a health hazard when airborne? (Ans – Mercury Radon +Asbestos Uranium A licensee is required to continue to provide _____________ even after the agency agreement has been terminated. (Ans – Care Obedience Compensation +Confidentiality Licensee Carol is representing seller Cameron. Carol is currently a (Ans – free agent. +dual agent. listing agent. recording agent. A(n) _______ is the third party with whom the agent deals when working on behalf of the principal. (Ans - client +customer principal tester Buyer Tal is regretting the full price offer he just made on a home. Can he still revoke the offer? (Ans – No, because it was a full price offer. +Yes, he can revoke the offer assuming the seller has not already accepted it. Yes, he can revoke an offer even after a seller has accepted it and delivered notice of acceptance. No, he must wait to hear if the seller accepted the offer. A written contract to sell timber rights is performed by both parties. Six months later, the seller has second thoughts and wants to reclaim the rights under Regulation Z. What is the likelihood that the seller will succeed? (Ans – Slight, if the seller fells like he was taken advantage of. Good, because Regulation Z requires the contract be in writing. +Nonexistent, since this contract has nothing to do with a violation or, or compliance with, Regulation Z. Excellent, because landowners are not allowed to sell timber rights under Regulation Z. Buyer Henry is going to accept seller Shannon's $282,500 counteroffer. When will this counteroffer become a contract? (Ans – Counteroffers cannot become contracts +When Henry gives Shannon notice of the acceptance When Henry signs the counteroffer When Shannon first made the counteroffer What is an advantage of a VA loan compared to a traditional mortgage? (Ans – The loan must typically be paid off in 10 years instead of 30 years. The VA insures the lender against loss. +The VA does not allow prepayment penalties to be charged if a veteran pays off a loan early. The VA will pay at least 25% of the monthly payments. A rental house has monthly gross income of $3,000. A suitable gross income multiplier derived from market data is 13. What estimated sale price (to the nearest $1,000) is indicated? (Ans – $360,000 $390,000 $429,000 +$468,000 sales price=annual incomeXGIM Eldrick bought a certificate that allows him to apply for a tax deed after a certain period. What did Eldrick purchase? (Ans – A title certificate A renewal certificate A homestead certificate +A tax certificate What mortgage clause allows a lender to charge extra interest if the loan is paid off before the normal completion date? (Ans – An acceleration clause A subordination clause +A prepayment penalty clause A usury clause Congressional Realty advertises all of its listed properties in the Saturday newspaper. What form of advertising is this? (Ans – +Product Institutional Self-dealing Recreational What form should agents show sellers near the end of a listing presentation to help them become more familiar with the upcoming transaction? (Ans – A blank copy of a buyer's agency agreement A "Fair Housing and You" disclosure form +A blank copy of the purchase agreement A mortgage application form [Show More]

Last updated: 1 year ago

Preview 1 out of 23 pages