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Question 1 of 10
1. Question
Two buyers are represented by a buyer’s broker for the same property. What does the situation imply?
Correct
The buyer-broker arrangement should seek the purchaser’s consent to do this, or else there could be a dual agency scenario.
Incorrect
The buyer-broker arrangement should seek the purchaser’s consent to do this, or else there could be a dual agency scenario.
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Question 2 of 10
2. Question
With regard to making an offer to buy real estate, which of the following is correct?
Correct
This is interpretative. For deals, a bid made by a grantor in which the grantee accepts and a bid made by a trustee while the offer is received by a trustor. do not apply.
Incorrect
This is interpretative. For deals, a bid made by a grantor in which the grantee accepts and a bid made by a trustee while the offer is received by a trustor. do not apply.
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Question 3 of 10
3. Question
In terms of property dealings with minors, which of the following is true?
Correct
Land may also be directly inherited to a minor, but to convey title, a minor is required to have a guardian.
Incorrect
Land may also be directly inherited to a minor, but to convey title, a minor is required to have a guardian.
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Question 4 of 10
4. Question
Which of the following will be considered the least responsible for the seller’s misrepresentations?
Correct
If the agent and subagent of the seller were not aware of the misrepresentations, an argument can be made that they may not be liable, but the agent of the buyer would be the least responsible.
Incorrect
If the agent and subagent of the seller were not aware of the misrepresentations, an argument can be made that they may not be liable, but the agent of the buyer would be the least responsible.
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Question 5 of 10
5. Question
In a listing agreement, which of the following statements about a protection provision is correct?
Correct
The safety clause ensures that if the property was sold to a buyer who was introduced by the broker to the seller after the expiration of listing agreement, the broker will be paid the fee. The listing contract may provide a timeframe after the expiry of the listing agreement, as well as a provision for the broker to include a written list of names.
Incorrect
The safety clause ensures that if the property was sold to a buyer who was introduced by the broker to the seller after the expiration of listing agreement, the broker will be paid the fee. The listing contract may provide a timeframe after the expiry of the listing agreement, as well as a provision for the broker to include a written list of names.
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Question 6 of 10
6. Question
Owner B allowed Owner A to use his property as long as C is alive. This situation is most likely to be?
Correct
A life estate may be for the lifetime of a life estate holder or of another individual.
Incorrect
A life estate may be for the lifetime of a life estate holder or of another individual.
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Question 7 of 10
7. Question
Which of the following statements are true for ownership in severalty?
I. It involves more than one person.
II. It is a form of concurrent ownership.
III. Another term for it is sole ownership.
IV. It is the same as fee simple absolute ownershipCorrect
Ownership in severalty may be fee simple qualified whether there’s a condition mentioned to the ownership contract.
Incorrect
Ownership in severalty may be fee simple qualified whether there’s a condition mentioned to the ownership contract.
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Question 8 of 10
8. Question
Which of the following statements are true if the owner of a property desires to take his built-in bookshelves with him when he is selling the property?
Correct
Rationally, an owner can do almost everything under building regulations and zoning code law before selling his house for rent.
Incorrect
Rationally, an owner can do almost everything under building regulations and zoning code law before selling his house for rent.
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Question 9 of 10
9. Question
Which one of the following choices is most likely to be personal property in a real estate deal?
Correct
The fact that the objects in the three wrong responses are firmly fixed to the ground or to the frame makes them both fixtures.
Incorrect
The fact that the objects in the three wrong responses are firmly fixed to the ground or to the frame makes them both fixtures.
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Question 10 of 10
10. Question
Which of the following statements best defines the riparian privileges?
Correct
Riparian rights have always something to do with running water (rivers and streams) and the rights of nearby landowners depend on whether or not the river or stream is navigable.
Incorrect
Riparian rights have always something to do with running water (rivers and streams) and the rights of nearby landowners depend on whether or not the river or stream is navigable.