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Question 1 of 10
1. Question
What of the following is not a legitimate deed requirement?
Correct
The person who receives the property need not sign the deed.
Incorrect
The person who receives the property need not sign the deed.
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Question 2 of 10
2. Question
Which of the following statements best describes a quitclaim deed?
Correct
Without assurance, the quitclaim deed conveys whatever interest the owner has in the land.
Incorrect
Without assurance, the quitclaim deed conveys whatever interest the owner has in the land.
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Question 3 of 10
3. Question
Which of the following statements is true?
Correct
The directions provided jointly by the two parties are referred to as bilateral.
Incorrect
The directions provided jointly by the two parties are referred to as bilateral.
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Question 4 of 10
4. Question
A referral fee will be given to any broker who sends business to an escrow agent. Which of the following statements is true?
Correct
Any referral or other costs will not be paid to anybody but the employees of the escrow agent.
Incorrect
Any referral or other costs will not be paid to anybody but the employees of the escrow agent.
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Question 5 of 10
5. Question
When is the title closure in escrow is deemed to be complete?
Correct
The escrow is closed if records have been registered to the satisfaction of the escrow agent.
Incorrect
The escrow is closed if records have been registered to the satisfaction of the escrow agent.
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Question 6 of 10
6. Question
Which of the following statements is true?
Correct
There is no standard as to who in the entire state pays the premium.
Incorrect
There is no standard as to who in the entire state pays the premium.
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Question 7 of 10
7. Question
Which of the following statements best describes why a broker should hold an uncashed deposit check?
Correct
If approved by the principal, the check can be kept for longer than the statutory three-day duration after acceptance of the bid.
Incorrect
If approved by the principal, the check can be kept for longer than the statutory three-day duration after acceptance of the bid.
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Question 8 of 10
8. Question
An officer wishing to escape charges for mixing funds can do any of the following, except which one?
Correct
It should have a deposit in order for a bid to be deemed serious. In order to defend himself, the broker could do either of the other things.
Incorrect
It should have a deposit in order for a bid to be deemed serious. In order to defend himself, the broker could do either of the other things.
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Question 9 of 10
9. Question
Which of the following best suggests the placement of an ad by a real estate broker for the sale of a property without revealing the reality in the ad?
Correct
This is the definition of and is illegal for blind ads.
Incorrect
This is the definition of and is illegal for blind ads.
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Question 10 of 10
10. Question
If a deal does not close, how long should the records be kept by a broker?
Correct
If the transaction does not close, the statute requires that records be kept for three years.
Incorrect
If the transaction does not close, the statute requires that records be kept for three years.