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Question 1 of 10
1. Question
Which of the following statements about the result of the information in a property transfer disclosure statement is true?
Correct
The time frame for a legal action to be filed is in two years.
Incorrect
The time frame for a legal action to be filed is in two years.
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Question 2 of 10
2. Question
Which of the following statements about the Real Estate Recovery Account is true?
Correct
The Real Estate Recovery Account is financed from the license fees for real estate.
Incorrect
The Real Estate Recovery Account is financed from the license fees for real estate.
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Question 3 of 10
3. Question
A residence is being managed to sell on behalf of a homeowner by a real estate broker. Any time there is more than an inch of rain, the basement leaks. The house is on a lot of substandard scales, which would require a variance of zoning to allow any additions. In the bottom half of all districts in the state, the school district is ranked. And the age of the furnace is 20 years old. Which is the least likely to be considered a fraudulent misrepresentation of the following statements?
Correct
The success of the school district will most likely be called an opinion. The other claims will more than certainly be viewed as dishonest misrepresentation, considering the fact that they are factually incorrect.
Incorrect
The success of the school district will most likely be called an opinion. The other claims will more than certainly be viewed as dishonest misrepresentation, considering the fact that they are factually incorrect.
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Question 4 of 10
4. Question
Broker A sells property to Buyer B. At which, if any, does Broker A have to reveal his interest in the following situations?
Correct
These are all cases in which the broker will have to reveal to the purchaser his interest.
Incorrect
These are all cases in which the broker will have to reveal to the purchaser his interest.
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Question 5 of 10
5. Question
Select the correct statement from the following.
Correct
For members of the National Association of Realtors, Realtor is a trademarked name.
Incorrect
For members of the National Association of Realtors, Realtor is a trademarked name.
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Question 6 of 10
6. Question
For the purposes of disclosure, all but which of the following would be included in a material fact affecting property value?
Correct
It is not possible to make or accept any reference of racial or other protected class issues as value-related.
Incorrect
It is not possible to make or accept any reference of racial or other protected class issues as value-related.
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Question 7 of 10
7. Question
Houses constructed after 1980 and marketed with the aid of a broker are required of the following are required, except for?
Correct
For houses constructed before 1978, the cutoff date for lead-paint disclosure is.
Incorrect
For houses constructed before 1978, the cutoff date for lead-paint disclosure is.
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Question 8 of 10
8. Question
With regards to the disclosure of area accountability, which of the following statement(s) best falls under it?
I. Areas of state accountability deal with the danger of flood.
II. Areas of state accountability deal with the hazard of fire.
III. Areas of state accountability deal with seismic activities.
IV. Areas of state accountability deal with a mudslide.Correct
Although all items might be considered, the priority is disclosing fire hazards. It best falls under the areas of state accountability as these are high areas of fire hazard and must be disclosed to the purchaser.
Incorrect
Although all items might be considered, the priority is disclosing fire hazards. It best falls under the areas of state accountability as these are high areas of fire hazard and must be disclosed to the purchaser.
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Question 9 of 10
9. Question
Disclosure of location of ordnance deals with?
Correct
Don’t let the spelling confuse you. Ordnance applies to military arms. The Ordinance refers to the rules of public law.
Incorrect
Don’t let the spelling confuse you. Ordnance applies to military arms. The Ordinance refers to the rules of public law.
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Question 10 of 10
10. Question
One party offers to pay a piece of property in exchange for a certain amount of money to another party. The contract is in writing. What kind of contract is there for the parties?
Correct
This is an express agreement, the fact that it is in writing makes it that way and the agreement of both parties to act makes this a bilateral agreement.
Incorrect
This is an express agreement, the fact that it is in writing makes it that way and the agreement of both parties to act makes this a bilateral agreement.