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Question 1 of 10
1. Question
Nancy Tomsic’s tenants all had a couple of months more on their leases before the six-unit apartment is auctioned by her to Chuck Dwight. Loans in this case are typically what?
Correct
The contract survives the auction, and the new lease survives. The landlord is exactly in the same place with The tenants as the old one.
Incorrect
The contract survives the auction, and the new lease survives. The landlord is exactly in the same place with The tenants as the old one.
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Question 2 of 10
2. Question
Henry Benton recruits Brittany Crandall, a property manager, to lease the house he’s got. Henry is related to Brittany in what way?
Correct
The person who retains the agent is usually referred to as the client.
Incorrect
The person who retains the agent is usually referred to as the client.
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Question 3 of 10
3. Question
“Drug dealers choose to live in your neighborhood.” This comment is a form of what?
Correct
The illegal practice of attempting to do, for Income, is to persuade homeowners to sell their products by rendering representations regarding the entry or prospective entry of Persons in the classes of protection into the neighborhood is referred to as blockbusting.
Incorrect
The illegal practice of attempting to do, for Income, is to persuade homeowners to sell their products by rendering representations regarding the entry or prospective entry of Persons in the classes of protection into the neighborhood is referred to as blockbusting.
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Question 4 of 10
4. Question
The fraud statute requires that?
Correct
The Statute of each State has been adopted frauds requiring offers, acceptances, land agreements, and other documents to be in writing to be enforceable.
Incorrect
The Statute of each State has been adopted frauds requiring offers, acceptances, land agreements, and other documents to be in writing to be enforceable.
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Question 5 of 10
5. Question
The purchase contract is by far the most important paper in the selling process since the law of the State dictates how is money spent and distributed?
Correct
The contract lays out the rights, obligations, and obligations of the parties and provides advice to the closing officer on the allocation of fees.
Incorrect
The contract lays out the rights, obligations, and obligations of the parties and provides advice to the closing officer on the allocation of fees.
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Question 6 of 10
6. Question
How many square yards is the area that measures 850′×850′?
Correct
850′ times 850′ divided by 9 is just less than 80,278 square yards.
Incorrect
850′ times 850′ divided by 9 is just less than 80,278 square yards.
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Question 7 of 10
7. Question
The Franks get two bids on their condo, which is $140,000. Anne Hill is promising to pay $138,000 in cash for the unit. Bob Stone proposes $141,000, down 20%, if the Franks pay three points to Stone’s lender on the home loan that the buyers require. What’s the difference between the two offers?
Correct
Bob will get a mortgage for $112,800 ($141,000 × 80%). Three points will cost $3,384 ($112,800 × 0.03). The Franks will end up with $141,000 less $3,384, or $137,616. This is $384 less than Anne Hill’s all cash offer ($138,000 – $137,616).
Incorrect
Bob will get a mortgage for $112,800 ($141,000 × 80%). Three points will cost $3,384 ($112,800 × 0.03). The Franks will end up with $141,000 less $3,384, or $137,616. This is $384 less than Anne Hill’s all cash offer ($138,000 – $137,616).
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Question 8 of 10
8. Question
Salesperson Pelke has just returned from the closing ceremony. Land sold for $150,000 and fees accounted for 6 percent of the sale price. The company is offering a 50/50 split between the listing and the selling side. Salesman Pelke and his company are at 70/30. As a sales agent, how much commission is Pelke going to receive?
Correct
The company receives 3% of the sale price and agent Pelke gets 70% of the company’s dollar for their commission; $150,000 × .03 = $4,500 × .70 = $3,150.
Incorrect
The company receives 3% of the sale price and agent Pelke gets 70% of the company’s dollar for their commission; $150,000 × .03 = $4,500 × .70 = $3,150.
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Question 9 of 10
9. Question
Sue Addison owns an apartment block that was built in 1965. Under federal law, which of the following must be attached to the contracts Sue provides for potential renters?
Correct
Federal legislation mandates all renters to receive a lead-paint disclosure form and buyers if the house was designed that was before 1978.
Incorrect
Federal legislation mandates all renters to receive a lead-paint disclosure form and buyers if the house was designed that was before 1978.
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Question 10 of 10
10. Question
A debtor should expect to pay a mortgage Insurance premium (MIP) for?
Correct
The premium charged for the cost of mortgage insurance issued by FHA is referred to as the MIP or mortgage insurance premium.
Incorrect
The premium charged for the cost of mortgage insurance issued by FHA is referred to as the MIP or mortgage insurance premium.