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Question 1 of 10
1. Question
Which of the following choices would have ended the listing agreement?
Correct
The death of either group cancels the listing.
Incorrect
The death of either group cancels the listing.
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Question 2 of 10
2. Question
A doctor calls and says he’s pre-qualified to buy a $300,000 home. He’s not familiar with your place, and he asks where he’s supposed to live. You say, “The Heights Estates, that’s where a few professionals like yourself live.” What should be your response?
Correct
Steering is the channeling of the home seekers to or apart from specific neighbors.
Incorrect
Steering is the channeling of the home seekers to or apart from specific neighbors.
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Question 3 of 10
3. Question
A mini-ranch is being set up. Newly purchased a 25-acre plot of land. The new owner is preparing to enclose the house. It has a split-rail barrier. The rectangular part has a frontage of 1,000 feet on the state route. What is the total scale of the land?
Correct
(25 acres × 43,560 square feet per acre) ÷ 1,000 front feet = 1,089 feet deep; (1,000 feet × 2 sides) + (1,089 feet × 2 sides) = 4,178 feet
Incorrect
(25 acres × 43,560 square feet per acre) ÷ 1,000 front feet = 1,089 feet deep; (1,000 feet × 2 sides) + (1,089 feet × 2 sides) = 4,178 feet
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Question 4 of 10
4. Question
If there is a negative amortization, what will happen?
Correct
In the case of a negative amortized loan, contributions do not cover the principal value of the loan, thus increasing the balance of the loan after each installment.
Incorrect
In the case of a negative amortized loan, contributions do not cover the principal value of the loan, thus increasing the balance of the loan after each installment.
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Question 5 of 10
5. Question
Which of the following choices about the indications of the general liens is false?
Correct
A mortgage lien is an indication of a particular lien.
Incorrect
A mortgage lien is an indication of a particular lien.
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Question 6 of 10
6. Question
Paul and John Mitchell are brothers who own a chain of car shops. Paul Mitchell is also a licensed, legitimate estate broker and has been allowed to find a buyer for their business. Paul does have?
Correct
Paul is not only an agent but also has an interest (part ownership) in the land, which should be revealed to prospective buyers.
Incorrect
Paul is not only an agent but also has an interest (part ownership) in the land, which should be revealed to prospective buyers.
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Question 7 of 10
7. Question
Which of the following statement best defines depreciation?
I. Subtracted from the reproduction cost of the building.
II. A depreciation of value due to any cause.
III. Not a deduction to land.
IV. A decrease in the value of the land.Correct
Depreciation is a loss of value for some reason that refers only to the improvement.
Incorrect
Depreciation is a loss of value for some reason that refers only to the improvement.
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Question 8 of 10
8. Question
Land contract or installment contract is better represented as?
Correct
The seller holds legal title under a standard installment plan or property contract.
Incorrect
The seller holds legal title under a standard installment plan or property contract.
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Question 9 of 10
9. Question
Which of the following statements about the removal of claims for the purpose of having a free and clear title is true?
Correct
It is the duty of the seller to give the title to the buyer free of charge and clear of any encumbrances .
Incorrect
It is the duty of the seller to give the title to the buyer free of charge and clear of any encumbrances .
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Question 10 of 10
10. Question
A legal lease, in writing and observed by two persons is?
Correct
A legal lease is a contract and an asset in real land.
Incorrect
A legal lease is a contract and an asset in real land.