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Question 1 of 10
1. Question
One of the following choices will be included with in a single lot in a spot survey. Which one is it?
Correct
A spot survey indicates any changes as well as any encroachments or easements on an estate.
Incorrect
A spot survey indicates any changes as well as any encroachments or easements on an estate.
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Question 2 of 10
2. Question
Which of the following statements best describes executory?
Correct
A contract that is not yet completely performed is described as executory. When all of its terms and conditions have been met, it is then referred to as executed.
Incorrect
A contract that is not yet completely performed is described as executory. When all of its terms and conditions have been met, it is then referred to as executed.
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Question 3 of 10
3. Question
When does a broker who acts as an intermediary, assign one licensee to interact with the seller and one licensee to interact with the buyer?
Correct
The broker (intermediary) who intends to acquire the details of the appointments must be taken in writing parties’ permission to do so, and they must be informed in writing of who is being appointed to the seller and who is to be appointed as the buyer.
Incorrect
The broker (intermediary) who intends to acquire the details of the appointments must be taken in writing parties’ permission to do so, and they must be informed in writing of who is being appointed to the seller and who is to be appointed as the buyer.
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Question 4 of 10
4. Question
When a purchaser is represented in real estate the agent has to report the transaction to the seller all of the following except?
Correct
The confidentiality obligation applies to customers of the buyer.
Incorrect
The confidentiality obligation applies to customers of the buyer.
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Question 5 of 10
5. Question
Which of the following situations best describes hypothecation?
Correct
Hypothecation is the promise to pay a loan as collateral or security.
Incorrect
Hypothecation is the promise to pay a loan as collateral or security.
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Question 6 of 10
6. Question
The borrower conveys legal title to the property to a disinterested third party for safekeeping in order to obtain a loan. What is needed in this situation?
Correct
Three people are involved in a trust deed: The lender (beneficiary), the creditor (trustor), and a trustee who retains the title for the benefit of the lender. After the creditor has satisfied the debt, the trustee will restore possession.
Incorrect
Three people are involved in a trust deed: The lender (beneficiary), the creditor (trustor), and a trustee who retains the title for the benefit of the lender. After the creditor has satisfied the debt, the trustee will restore possession.
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Question 7 of 10
7. Question
Which of the following about the number of land uses is true?
Correct
A variety of land uses can lead to value, when in advantageous proportions.
Incorrect
A variety of land uses can lead to value, when in advantageous proportions.
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Question 8 of 10
8. Question
A prospect for a commercial rental property feels the need for adversarial representation and employs a broker on his behalf to negotiate the lease. The deal concluded between the prospect and the broker is known as?
Correct
A buyer or tenant is known as a broker agreement or exclusive right to expression of an agreement.
Incorrect
A buyer or tenant is known as a broker agreement or exclusive right to expression of an agreement.
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Question 9 of 10
9. Question
Of the following choices, which is the lowest priority lien?
Correct
Taxes on land, special assessments, and priority of protected liens are above all others.
Incorrect
Taxes on land, special assessments, and priority of protected liens are above all others.
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Question 10 of 10
10. Question
A salesperson negotiates a deal and a written document signed by both parties is obtained. The sale closes, but a fee is denied by the seller to pay the broker. As the seller is his favorite brother-in-law, the broker is not able to sue the seller for the fee. The salesperson is allowed to?
Correct
The principal can only be sued by the broker.
Incorrect
The principal can only be sued by the broker.