When would an owner not be held liable for an omission in the property condition disclosure?
A.The owner received information from a public agency but
... [Show More] failed to disclose it.
B.The owner did not have actual knowledge of the omitted fact.
C.The owner believed the omitted fact was insignificant.
D.The owner's agent advised the owner to omit the fact. - ✔✔ .B.The owner did not have actual knowledge of the omitted fact.
What is the impact of the practice of steering? - ✔✔ It limits the choices available to buyers.
Which of the following is NOT a risk relating to the agency relationship?
A.Neglecting to give verbal disclosure at the right time.
B.Acting as a facilitator in the absence of an agency agreement.
C.Acting as an agent without a written agency agreement.
D.Forgetting to obtain a signed receipt of written disclosure. - ✔✔ B.Acting as a facilitator in the absence of an agency agreement.
Which of the following would be considered trust funds a property manager has to account for according to trust fund procedures?
A.Maintenance reserve funds
B.Operating funds
C.Payroll funds
D.Security deposits - ✔✔ D.Security deposits
A sales contract becomes enforceable when
A.the buyer signs and the agent delivers the offer.
B.an offer is made and accepted.
C.the seller does not reject the offer before the expiration date.
D.the seller accepts the offer at any time. - ✔✔ B.an offer is made and accepted.
Anyone who feels discriminated against on the basis of race in the selling or renting of residential real estate may seek legal recourse as a result of
A.Executive Order 11090.
B.the Amendments Act of 1866.
C.HUD ruling 76.
D.the Jones v. Mayer Supreme Court ruling. - ✔✔ B.the Amendments Act of 1866.
(Also known as the Civil Rights Act of 1866)
The sales comparison approach is based on the principle of
A.contribution.
B.substitution.
C.conformity.
D.anticipation. - ✔✔ B.substitution.
(as well as supply and demand)
In addition to being a contract between a licensee and a seller or buyer, a listing agreement is
A.an independent contractor agreement.
B.an agency agreement.
C.a sales contract.
D.a contract for deed. - ✔✔ B.an agency agreement.
Regarding relationships with other real estate professionals, it is a general standard to
A.praise all professionals.
B.share clients with other licensees.
C.help other licensees find clients.
D.refrain from disparaging competitors. - ✔✔ D.refrain from disparaging competitors.
Why is it sometimes necessary to include a bill of sale with a purchase contract?
A.The bill of sale confirms that the sale has been concluded.
B.A bill of sale confirms that all promised inclusions are in fact part of the conveyance.
C.A bill of sale provides a paper trail for lawyers in case there is a default by one of the principals.
D.A bill of sale is necessary for an all-cash purchase to be legal. - ✔✔ B.A bill of sale confirms that all promised inclusions are in fact part of the conveyance.
In real estate agency duty, what does "reasonable care and skill" refer to?
A.Professional standards a reasonable person would find adequate.
B.Professional standards commonly maintained by other agents in an area.
C.The level of service required of a licensee in any profession.
D.The maximum level of competence a client can expect from an agent. - ✔✔ A.Professional standards a reasonable person would find adequate.
An option contract conveys
A.the right to purchase at a future time.
B.the right to exclusive possession and use for a period.
C.the right to encumber.
D.the right to sell. - ✔✔ A.the right to purchase at a future time.
How much is a discount point?
A.One percent of the amount of a loan.
B.One-tenth of a percent of the amount of a loan.
C.A percentage of a loan amount based on a discount rate.
D.A percentage of a loan amount based on the lender's origination cost - ✔✔ A.One percent of the amount of a loan.
Of the possible owner goals a property manager needs to understand, the one most likely to cause resistance to making property improvements is
A.utility.
B.cash flow.
C.prestige.
D.appreciation. - ✔✔ B.cash flow.
In order for an action to be an antitrust violation, there must be
A.a written complaint.
B.a specific victim.
C.a contract or conspiracy.
D.an attempt to establish a monopoly. - ✔✔ C.a contract or conspiracy.
A non-conforming loan is one that
A.falls outside Fannie Mae and Freddie Mac underwriting standards.
B.does not use any underwriting standards.
C.is originated by a lender that is not federally insured.
D.has any term other than 30- years. - ✔✔ A.falls outside Fannie Mae and Freddie Mac underwriting standards. [Show Less]