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Question 1 of 10
1. Question
Which of the following statements best describes property insurance?
I. A property manager should have Fire and hazard insurance.
II. A property manager should have Errors and omissions insurance.
III. A property manager should have Casualty insurance.
IV. A property manager should have Rent loss insurance.Correct
There are many different forms of insurance in a rental house. The property manager should have Errors and omissions insurance.
Incorrect
There are many different forms of insurance in a rental house. The property manager should have Errors and omissions insurance.
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Question 2 of 10
2. Question
Which of the following statements is true?
I. Rents are usually set after an appraisal of the building by a legitimate appraiser.
II. Rents are usually somewhat arbitrarily.
III. Rents are usually based on the expenses of the building.
IV. Rents are usually based on market rents and vacancy rates.Correct
In general, the owner looks at the market rents of neighboring buildings and the occupancy rate of other buildings and his own to assess the appropriateness of deciding a good building rental rate
Incorrect
In general, the owner looks at the market rents of neighboring buildings and the occupancy rate of other buildings and his own to assess the appropriateness of deciding a good building rental rate
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Question 3 of 10
3. Question
Salesman Sally is working for broker Bob. Unknown to Bob, Sally’s been especially rude to the consumers in Vietnam. If she is charged with a breach of equal housing, what will be the implication?
Correct
Broker Bob is responsible for everything Salesperson Sally does. Its status as an employee or an independent contractor does not matter.
Incorrect
Broker Bob is responsible for everything Salesperson Sally does. Its status as an employee or an independent contractor does not matter.
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Question 4 of 10
4. Question
A property manager who analyzes the risk of a building may prescribe anything except on which of the following choices?
Correct
Retaining, transferring and risk avoidance are three ways to deal with risk. The fourth way to deal with the risk (which is not listed) is to manage it.
Incorrect
Retaining, transferring and risk avoidance are three ways to deal with risk. The fourth way to deal with the risk (which is not listed) is to manage it.
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Question 5 of 10
5. Question
Broker A and Broker B are meeting to negotiate a listing on which both of them are operating. They’re talking about the commission they’re going to share. Which one of the following is true?
Correct
Antitrust law does not adhere to cooperating brokers for a single deal.
Incorrect
Antitrust law does not adhere to cooperating brokers for a single deal.
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Question 6 of 10
6. Question
Broker A and Broker B, who have real estate firms on the opposite side of the area, meet at the beginning of the year and decided that both of them can manage transactions only in its part of the city and not compete with sales in the region of the other broker. Which of the following statements are true for this scenario?
Correct
The question defines the market allocation, or the division up the market, which is illegal.
Incorrect
The question defines the market allocation, or the division up the market, which is illegal.
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Question 7 of 10
7. Question
Salesman Sam hires broker Bob to sell his house. Bob’s got Buyer Betty to see the home. Assuming there is no dual organization, which of the following statement are true for Sam and Betty?
Correct
The agent embodies the client, who may be a consumer or a dealer. The person is the one not embodied by an agent.
Incorrect
The agent embodies the client, who may be a consumer or a dealer. The person is the one not embodied by an agent.
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Question 8 of 10
8. Question
Which of the following statements is true?
I. An agency formed with a written contract is always an express agency.
II. An agency formed with a written contract is always implied agency.
III. An agency formed with a written contract is always agency by estoppel.
IV. An agency formed with a written contract is always agency by ratification.Correct
If the agreement is in writing, it must be conveyed. All those options are agencies formed by the acts of the parties rather than by any specific agreement.
Incorrect
If the agreement is in writing, it must be conveyed. All those options are agencies formed by the acts of the parties rather than by any specific agreement.
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Question 9 of 10
9. Question
Fran tells all brokers in her neighborhood that her house is for sale and says she’s going to deal with any broker who takes a client with him. What is she implying?
Correct
An open listing gives a number of brokers a chance to sell the house. Seller’s and free-for-all listings are not listing forms.
Incorrect
An open listing gives a number of brokers a chance to sell the house. Seller’s and free-for-all listings are not listing forms.
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Question 10 of 10
10. Question
Seller Sara agrees to allow broker Ben to retain every amount above the $200,000 that she needs if it does sell. This situation is referred to as?
Correct
An open listing offers a variety of brokers a chance to sell a home. Gross and the buyer’s listings have been made up.
Incorrect
An open listing offers a variety of brokers a chance to sell a home. Gross and the buyer’s listings have been made up.