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Question 1 of 10
1. Question
Broker B has been hired as a broker for buyers by Buyer A. Broker B reassures Buyer A that the seller will pay her commission. To whom does Broker B in this relationship owe his fiduciary duty?
Correct
The broker owes the principal, in this case, the customer, his fiduciary responsibility, irrespective of who pays the charge.
Incorrect
The broker owes the principal, in this case, the customer, his fiduciary responsibility, irrespective of who pays the charge.
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Question 2 of 10
2. Question
Seller A added a deck to her house five years ago, but she never got a construction permit for it. In relation to the deck, what duty, if any, does Seller A have when she chooses to sell her house?
Correct
This is the answer that is most right. In order to prevent problems with the transaction, the agent should be notified and the owner could obtain a permit, but her responsibility is to reveal to the buyer the absence of the permit.
Incorrect
This is the answer that is most right. In order to prevent problems with the transaction, the agent should be notified and the owner could obtain a permit, but her responsibility is to reveal to the buyer the absence of the permit.
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Question 3 of 10
3. Question
Which of the following situations best explains a special agent’s role?
Correct
A special agent is an agent employed for one transaction.
Incorrect
A special agent is an agent employed for one transaction.
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Question 4 of 10
4. Question
Broker B, who is representing her in the selling of her estate, is told by Seller A not to reveal the fact that the house has a leaky roof. Broker B agrees and does not disclose to the purchaser the details. Which of the statements below is true?
Correct
The seller and the broker are both obliged to reveal relevant information about the condition of the land if they’re well regarded.
Incorrect
The seller and the broker are both obliged to reveal relevant information about the condition of the land if they’re well regarded.
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Question 5 of 10
5. Question
Which of the following statements about a property’s market value is correct?
Correct
The concept of market value is specific as to whether it is a property’s most likely price. One assumes that the sales price and consumer value are the same, but they don’t have to be.
Incorrect
The concept of market value is specific as to whether it is a property’s most likely price. One assumes that the sales price and consumer value are the same, but they don’t have to be.
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Question 6 of 10
6. Question
These are the four tests for a piece of property to assess the highest and best use except one. Which is it?
I. Lawfully permissible.
II. Financially achievable.
III. Maximally efficient.
IV. Minimal productionCorrect
All of the statements are part of the our tests for a piece of property to assess the highest and best use except for minimal production. It must be technically feasible as well as physically possible in order for a use to be considered the highest and best use of a property.
Incorrect
All of the statements are part of the our tests for a piece of property to assess the highest and best use except for minimal production. It must be technically feasible as well as physically possible in order for a use to be considered the highest and best use of a property.
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Question 7 of 10
7. Question
Which of the following is the most accurate methodology for determining the appraisal of single-family homes?
Correct
For new and unique properties, the cost approach is used. The gross multiplier of rent and capitalization of revenue approaches are used for assets that generate profits.
Incorrect
For new and unique properties, the cost approach is used. The gross multiplier of rent and capitalization of revenue approaches are used for assets that generate profits.
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Question 8 of 10
8. Question
In relation to the sales comparison approach, which of the following statements is true?
Correct
When a property has been sold under terms other than an arms-length deal, such as a foreclosure, a condemnation, or a sale between families, a condition of sale change is produced.
Incorrect
When a property has been sold under terms other than an arms-length deal, such as a foreclosure, a condemnation, or a sale between families, a condition of sale change is produced.
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Question 9 of 10
9. Question
The positive influence of larger homes on the value of a smaller home in the community is known as which?
Correct
The value of the smaller home could be at work with the other value principles, but the particular positive impact referenced in the question is known as progression.
Incorrect
The value of the smaller home could be at work with the other value principles, but the particular positive impact referenced in the question is known as progression.
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Question 10 of 10
10. Question
An amount of $10,000 has been spent by remodeling your bathroom and found that it only contributed $5,000 to your house’s total value. What economic theory is this an example of?
Correct
The contribution theory is that a property enhancement is worth what it contributes to the net value of the property, which can be higher, lower, or equal to the expense of the property.
Incorrect
The contribution theory is that a property enhancement is worth what it contributes to the net value of the property, which can be higher, lower, or equal to the expense of the property.