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Question 1 of 10
1. Question
Under what conditions is a prospective purchaser attracted to invest in negative cash flow generated by a property?
Correct
If one's personal property is attached to the property, they turn to be part of the real estate, for example, a doorknob purchased from the hardware.
Incorrect
If one's personal property is attached to the property, they turn to be part of the real estate, for example, a doorknob purchased from the hardware.
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Question 2 of 10
2. Question
Choose the term that best defines the percentage value of an examined property that a lender provides money for
Correct
The lender takes the loan amount to get a loan to value ratio and divides it by the assessed value. For example, if a certain property is assessed at $100,000 and the lender gives $90,000, then this will be a 90% loan to value.
Incorrect
The lender takes the loan amount to get a loan to value ratio and divides it by the assessed value. For example, if a certain property is assessed at $100,000 and the lender gives $90,000, then this will be a 90% loan to value.
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Question 3 of 10
3. Question
Which of the following clearly describes what the term material fact means?
Correct
Whatever makes a change to a person making a decision is referred to as a material fact. Material facts are not confined to physical facts or even building materials.
Incorrect
Whatever makes a change to a person making a decision is referred to as a material fact. Material facts are not confined to physical facts or even building materials.
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Question 4 of 10
4. Question
When a broker and an agent are involved in an agreement where the agent is in service to the broker, what does the broker needs to clarify to the agent?
Correct
An agent is like a broker's employee and should enjoy the benefits of taxes like social security taxes. The broker should know about the income taxes to be open to the IRS interpretation. IRS considers an agent as an employee but not as an independent contractor.
Incorrect
An agent is like a broker's employee and should enjoy the benefits of taxes like social security taxes. The broker should know about the income taxes to be open to the IRS interpretation. IRS considers an agent as an employee but not as an independent contractor.
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Question 5 of 10
5. Question
Choose below the information that the listing agent must reveal during negotiations with a prospective buyer of a property.
Correct
It must be revealed when a property has been reclassified to belonging to a different zone. The health status of the previous owner can not be disclosed due to fair housing laws. Many brokers go against the rules by disclosing material facts, which should not be revealed.
Incorrect
It must be revealed when a property has been reclassified to belonging to a different zone. The health status of the previous owner can not be disclosed due to fair housing laws. Many brokers go against the rules by disclosing material facts, which should not be revealed.
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Question 6 of 10
6. Question
Jim, an agent, uses the word ‘we' when dealing with buyers; who does Jim refer to as ‘we'?
Correct
The agent and the buyer act/work as a team, making the agent refer to themselves as ‘we' to create the agency relationship in the buyer's mind. The buyer feels confident and gains agency relations when an agent refers to himself/herself as a ‘we'.
Incorrect
The agent and the buyer act/work as a team, making the agent refer to themselves as ‘we' to create the agency relationship in the buyer's mind. The buyer feels confident and gains agency relations when an agent refers to himself/herself as a ‘we'.
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Question 7 of 10
7. Question
The following include obligations forced by the fiduciary relationship. Choose the odd one out.
Correct
When you accept to work as a seller's or buyer's agent, you have some duties to perform. State's licensing authority has a disciplinary team to deal with discipline matters. Licensees who misuse their agents' power can be dealt with by the disciplinary team and those who don't comply with self-allocated fiduciary duties.
Incorrect
When you accept to work as a seller's or buyer's agent, you have some duties to perform. State's licensing authority has a disciplinary team to deal with discipline matters. Licensees who misuse their agents' power can be dealt with by the disciplinary team and those who don't comply with self-allocated fiduciary duties.
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Question 8 of 10
8. Question
Through his salesperson Jeremiah, Broker Elijah has a property management agreement with TripoEm Apartment residences, giving them the power to manage the day-to-day business. Which of the following statements is true?
Correct
The agent representing the client is known as a broker. The agent has power from the general agency to stand in for the client to the subject of the contract agreement. The special agency is not allowed to perform all roles because they have special assignments.
Incorrect
The agent representing the client is known as a broker. The agent has power from the general agency to stand in for the client to the subject of the contract agreement. The special agency is not allowed to perform all roles because they have special assignments.
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Question 9 of 10
9. Question
Real estate is affected by certain factors that are noted in the public records. What is the essence of recording those factors?
Correct
Constructive notice is also referred to as legal notice. Constructive notice is made by documenting a deed in public records to believe that an eager person may learn the ownership information. The knowledge that a person possesses is referred to as actual notice. It maybe document or observable information.
Incorrect
Constructive notice is also referred to as legal notice. Constructive notice is made by documenting a deed in public records to believe that an eager person may learn the ownership information. The knowledge that a person possesses is referred to as actual notice. It maybe document or observable information.
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Question 10 of 10
10. Question
What is the best definition of the term ‘concession' as used in real estate?
Correct
An example of a concession is a cake shop that operates inside the structures of a supermarket. The business that operates in another business's property provides goods and services.
Incorrect
An example of a concession is a cake shop that operates inside the structures of a supermarket. The business that operates in another business's property provides goods and services.