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Question 1 of 10
1. Question
Which of the following statements is true?
Correct
It is also technically titled to the existing property owner while a property is in escrow. The buyer has no rights whatsoever to the land. The buyer does, however, have an equal interest in the land. Therefore, before the close of escrow, the purchaser will also be responsible for any damage that occurs.
Incorrect
It is also technically titled to the existing property owner while a property is in escrow. The buyer has no rights whatsoever to the land. The buyer does, however, have an equal interest in the land. Therefore, before the close of escrow, the purchaser will also be responsible for any damage that occurs.
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Question 2 of 10
2. Question
Which of the following statements is true?
Correct
This is interpretative. In a warranty of authority, the principal is responsible for the actions of those agents.
Incorrect
This is interpretative. In a warranty of authority, the principal is responsible for the actions of those agents.
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Question 3 of 10
3. Question
Which of the following statements is true?
Correct
It is statutory for a real estate salesperson who operates as an independent contractor to have workers’ compensation coverage.
Incorrect
It is statutory for a real estate salesperson who operates as an independent contractor to have workers’ compensation coverage.
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Question 4 of 10
4. Question
Which of the following statements is a specific disclosure that has to be made by condominium sellers and subdivisions of mutual interest require special disclosures?
Correct
This is a statutory one. Latest findings of physical inspection on common installations. option may seem rational, but if additional funds were sought from the owners to make required repairs, it would probably just be a problem.
Incorrect
This is a statutory one. Latest findings of physical inspection on common installations. option may seem rational, but if additional funds were sought from the owners to make required repairs, it would probably just be a problem.
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Question 5 of 10
5. Question
Everything but which of the following disclosures would, under the appropriate circumstances, be needed to be issued by a vendor?
Correct
Within the correct conditions, these disclosures are legislative. No such thing as disclosure of demographic change occurs.
Incorrect
Within the correct conditions, these disclosures are legislative. No such thing as disclosure of demographic change occurs.
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Question 6 of 10
6. Question
Buyer A signs a contract to acquire her home with Seller B. Seller B changes her mind about trying to sell it, but the house is still wanted by Buyer A. What could this situation imply? Buyer B can file a suit with respect to what?
Correct
The method to compel a party to a contract to satisfy the terms of the contract is the suit for particular results.
Incorrect
The method to compel a party to a contract to satisfy the terms of the contract is the suit for particular results.
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Question 7 of 10
7. Question
An advertisement was put up by a homeowner offering her home for sale in the newspaper. She is also offering to pay any broker who takes the house to a good buyer. What is the owner of the home is trying to build?
Correct
Unilateral free listing express is right because the homeowner has expressed her conditions and can only pay if a broker delivers a purchaser. In essence, the other responses are random variations of the conditions involved in contracts and listings.
Incorrect
Unilateral free listing express is right because the homeowner has expressed her conditions and can only pay if a broker delivers a purchaser. In essence, the other responses are random variations of the conditions involved in contracts and listings.
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Question 8 of 10
8. Question
In regards to a buyer broker compensation, which of the following is more correct?
Correct
Although under some conditions all the choices may be correct, Option A is the most correct one and that which is typically specified in the buyer-broker agreement.
Incorrect
Although under some conditions all the choices may be correct, Option A is the most correct one and that which is typically specified in the buyer-broker agreement.
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Question 9 of 10
9. Question
Which of the following statements is not a legitimate real estate sales contract requirement?
Correct
To file a deed, recognition is required. All the other options fall under the requirement for real estate sales contract.
Incorrect
To file a deed, recognition is required. All the other options fall under the requirement for real estate sales contract.
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Question 10 of 10
10. Question
In a three-acre land, Farmer A plants his land with tomato and then offers to Buyer B. Who has the right to harvest the crop if the sales contract is silent about the tomatoes?
Correct
To prevent a conflict, the contract should say something about this situation. Whichever is written on the contract, that is one to follow.
Incorrect
To prevent a conflict, the contract should say something about this situation. Whichever is written on the contract, that is one to follow.