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Question 1 of 10
1. Question
John is offering $100,000 for a listed house of 120,000 dollars. The vendor shall give counter-offers at $110,000. What will occur right at this point?
Correct
Once a counter offer has been made, the original offer is void.
Incorrect
Once a counter offer has been made, the original offer is void.
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Question 2 of 10
2. Question
Which of the following statements is false?
I. All classes are protected including 35-year-old men.
II. All classes are protected.
III. National origin is protected.
IV. All classes are protected including handicaps.Correct
Protected classes shall include national origin, race, and disability but not 35-year-old men.
Incorrect
Protected classes shall include national origin, race, and disability but not 35-year-old men.
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Question 3 of 10
3. Question
Michael Brown declines to sell his farm to the state, which needs to finish the road to the new highway. The State can go to court and ask that his farm be seized to allow the State to buy land using its right of?
Correct
The Government’s Right to Eminent Domain is enforced by condemnation.
Incorrect
The Government’s Right to Eminent Domain is enforced by condemnation.
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Question 4 of 10
4. Question
Noel, in the construction of her financial statements. Carpenter’s estimation of her real estate holdings has been valued at 18% since purchase. If the initial value is $585,000, What’s her balance sheet going to show now?
Correct
118% of the purchase price is valued to the property today: $585,000 × 1.18 = $690,300.
Incorrect
118% of the purchase price is valued to the property today: $585,000 × 1.18 = $690,300.
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Question 5 of 10
5. Question
The type of deed that offers the lowest protection is?
Correct
A quitclaim deed is the weakest form of deed to be obtained from a grantee since there’s no assurance of a good title shall be given by the grantor?
Incorrect
A quitclaim deed is the weakest form of deed to be obtained from a grantee since there’s no assurance of a good title shall be given by the grantor?
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Question 6 of 10
6. Question
When the Franks were buying their first home, some of their expenses included the charge of the points, establishment of an escrow account, title insurance premium, and commission to the insurer with their own purchaser’s agent. On that year’s revenue, the return of taxes may reduce what?
Correct
Points paid for the purchase of a mortgage funds on one’s own home are promptly deductible as prepaid interest.
Incorrect
Points paid for the purchase of a mortgage funds on one’s own home are promptly deductible as prepaid interest.
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Question 7 of 10
7. Question
By error of the general contractor, a new building was built to broaden over the site boundary to a nearby lot operated by another individual. Which one of the following is not true in this situation?
Correct
An easement by necessity requires that the only way to cross neighboring land is to enter another house.
Incorrect
An easement by necessity requires that the only way to cross neighboring land is to enter another house.
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Question 8 of 10
8. Question
The salesman is about to change the firms. Should he be in contact with any of his buyer clients and send them recommendations that he will still serve them at his new firm?
Correct
Listings are with the broker, not with the salesperson. If there is a contractual arrangement exists to the contrary, the seller cannot intervene with any legitimate relationship the broker may have with a customer.
Incorrect
Listings are with the broker, not with the salesperson. If there is a contractual arrangement exists to the contrary, the seller cannot intervene with any legitimate relationship the broker may have with a customer.
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Question 9 of 10
9. Question
Creditors across the nation are likely to give a certain type of mortgage plans from an announcement that such mortgages with certain requirements are to be purchased by?
Correct
Fannie Mae buys large mortgage packages that follow the unique requirements and have a significant impact on the primary mortgage industry.
Incorrect
Fannie Mae buys large mortgage packages that follow the unique requirements and have a significant impact on the primary mortgage industry.
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Question 10 of 10
10. Question
The following choices are true regarding settlement except for?
Correct
Although the creditor may witness the documents, both the contracting parties must sign the statement of closing.
Incorrect
Although the creditor may witness the documents, both the contracting parties must sign the statement of closing.