Barney Fletcher Cram Final Exam and answers 2024, Exams of Nursing

Download Barney Fletcher Cram Final Exam and answers 2024 and more Exams Nursing in PDF only on Docsity! Barney Fletcher Cram Final Exam and answers 2024 A seller wants to list the property with a broker, but wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing? A. an exclusive agency listing B. an exclusive right to sell listing C. an open listing D. all listings \ correct answer is B. an exclusive right to sell listing Mr. Smith listed his farm with broker Bob. Although Smith did not tell him, Bob knew he had to sell due to poor health. What should Bob tell potential buyers? A. tell them of the illness only if they ask, but not the need to sell B. tell them of the need to sell to insure a quick sale C. do not tell them even though it appears that Smith's death is imminent D. in order to sell quickly, tell them that the seller is ill because death would cancel the listing \ correct answer is C. do not tell them even though it appears that Smith's death is imminent In a cooperative sale, where the listing broker and the selling broker represent the seller, the selling broker has which of the following relationships? A. agent of the listing broker B. sub agent of the listing broker C. agent of the seller D. sub agent of the buyer \ correct answer is A. agent of the listing broker A broker had an exclusive right to sell agency listing. In order to collect the commission, he must: A. prove he was the procuring agent B. prove he was licensed at the time of the sale C. prove he had a ready, willing, and able buyer that met the seller's terms D. all of the above \ correct answer is B. prove he was licensed at the time of the sale A broker estimated the property lines by stating it ran between two trees in the back yard. After closing, the buyer found it was over six feet off. Is the broker liable? A. no, he gave an estimate B. no, the buyer should have gotten a survey C. yes, he made a statement which he realized could be false D. yes, the broker should have surveyed the property himself \ correct answer is C. yes, he made a statement which he realized could be false Smith has an exclusive listing with broker Jones for $220,000. Jones finds a buyer who wants representation and Jones represents both Smith and the buyer, verbally disclosing that he is now representing both as clients. Has Jones violated license law? A. yes, because this is sub agency B. yes, because this is undisclosed dual agency C. no, because he disclosed to all parties that neither had to consent to dual agency D. no, because he disclosed to all parties that his actions may be adverse to either party, however he would not divulge confidential information \ correct answer is B. yes, because this is undisclosed dual agency A buyer and seller sign an agreement to change the contract to close on May 1 instead of May 2. This is a(n): A. addendum B. special stipulation C. amendment D. clause \ correct answer is C. amendment When a person, upon payment of a consideration, has an obligation to buy land at a fixed price within a specified period of time, his right could be described as: A. a right of first refusal B. an option C. a sales contract D. either A or B \ correct answer is C. a sales contract Joan has a listing with broker Bob. A week into the listing, Joan gets a call from broker Jill stating that the listing is now with her. Can this happen? A. it's ok as long as it was assignable in the original contract B. it's ok as long as the brokers have a written contract between them to transfer C. never due to the statute of frauds D. it cannot be assigned because a listing contract is a personal services contract \ correct answer is D. it cannot be assigned because a listing contract is a personal services contract What type of transaction exists when there is a written contract for a broker to receive pay from both or either party and performs only ministerial acts for one or both parties? A. double agency B. transaction brokerage C. sub agency A. rectangular survey B. measurement by leaps and bounds C. plat of survey or lot and block survey D. measurement by metes and bounds \ correct answer is D. measurement by metes and bounds Sam and Emma both used a driveway located on the boundary line between their two properties. When Sam died, would his heirs have the right to use the driveway? A. no, this right is not transferable B. no, this is an easement in gross and would not be transferable C. yes, this is an appurtenant easement and is inheritable D. yes, but they would have to pay Emma for her loss \ correct answer is C. yes, this is an appurtenant easement and is inheritable How may a husband and wife take title to real estate in Georgia? A. joint tenants B. tenants by the entireties C. tenants in common D. either A or C \ correct answer is D. either A or C ABC Incorporated was organized with five stockholders. How would ABC Incorporated the title to property? A. tenants in common B. tenants by the entirety C. joint tenants D. severalty \ correct answer is D. severalty When is commission normally payable? A. upon the broker bringing a ready, willing, and able buyer B. upon closing C. upon presentation of the offer D. three days after closing \ correct answer is B. upon closing Besides the seller, who may sign a real estate listing agreement? A. the broker only B. any salesperson or broker C. the broker or any salesperson with the broker's written authorization D. the broker or an associate broker only \ correct answer is C. the broker or any salesperson with the broker's written authorization A property listed with one broker was bought by a buyer who worked with another broker. The two brokers decided to split the commission. If the federal authorities found out about this they could: A. revoke the broker's licenses B. suspend the broker's licenses C. fine the brokers $1,500 D. do nothing \ correct answer is D. do nothing If all the principals live in the same city, in which of the following cases would the broker most likely need a power of attorney? A. the owner of a manufacturing plant lists it with a broker B. a buyer contracted with a broker to purchase all properties put up for sale in that county C. a couple going through a divorce lists their property with the broker D. the XYZ Corporation, through its Board of Directors, authorizes the broker to sell a piece of property owned by the corporation \ correct answer is B. a buyer contracted with a broker to purchase all properties put up for sale in that county An owner of a large estate told a broker he did not want an open house held on this property and wanted advertising in a national magazine only. Is this allowable? A. yes, the seller is responsible for planning all marketing of the property B. yes, the broker works for the seller and must follow all legal instructions of the seller C. no, the broker has the right to hold the house open at his own discretion D. no, the owner cannot limit the broker's ability to earn a commission \ correct answer is B. yes, the broker works for the seller and must follow all legal instructions of the seller A salesperson listed a property for $68,000. Soon thereafter, another property that had also listed for $68,000 sold for $75,000. The salesperson should: A. tell the owner, as he had obviously made a mistake in the estimate of market price B. tell the owner that another had sold for $75,000 C. NOT tell the owner because he should not admit that he made an error, as he would get in trouble with his broker D. tell the owner because if it sells for $75,000, the commission would go up \ correct answer is B. tell the owner that another had sold for $75,000 Broker Bob listed two properties and arranged for an exchange of the properties. Which is true? A. this could only be done if they are both debt free B. broker Bob would typically be due the full commission on both properties C. the commissions would be added together and broker Bob would get one half D. there is no commission on an exchange \ correct answer is B. broker Bob would typically be due the full commission on both properties One of the significant differences between an employee and an independent contractor is that: A. an independent contractor does not need an affiliation agreement with the broker B. an employer must pay an unemployment tax for each employee C. only the independent contractor can have draws against future commissions D. only the independent contractor has social security withheld from his or her commission checks \ correct answer is B. an employer must pay an unemployment tax for each employee When a salesperson is negotiating a listing contract, she learns that the seller has an assumable loan. Should she discuss with the seller ways to assist a buyer in financing the property? A. no, because if the seller's loan is assumed, the seller will always remain in a vulnerable position B. no, because financing part of the purchase price would place the seller in a vulnerable position C. yes, because every seller's equity in his/her property must be reduced to avoid capital gains taxes D. yes, because the seller's willingness to assist in the financing by allowing the loan to be assumed and possibly taking a second mortgage may make the property much more marketable, which would be to the seller's benefit \ correct answer is D. yes, because the seller's willingness to assist in the financing by allowing the loan to be assumed and possibly taking a second mortgage may make the property much more marketable, which would be to the seller's benefit A real estate salesperson intends to offer for sale a tract of land he inherited without listing it with a real estate brokerage company. Which of the following is NOT true concerning the marketing of this property? A. the salesperson must notify the broker in writing of his intention to sell the property B. in order to advertise the property, the salesperson must have his broker's written consent to do so C. in advertising the property, the advertisement must state, "owner is a licensed real estate agent acting as a principal D. the salesperson must offer the property through his broker's company. He may not advertise the property except as a listing of his company \ correct answer is D. the salesperson must offer the property through his broker's company. He may not advertise the property except as a listing of his company Most brokers will insert a protection clause in their listing contracts. This clause will usually allow: A. subordination B. refinancing C. subrogation D. wraparound \ correct answer is B. refinancing In a repayment of a mortgage loan, which type of interest is used? A. simple B. discounting C. compound D. floating \ correct answer is A. simple When obtaining an FHA loan, which generally happens? A. an FHA approved appraiser appraises the property B. FHA makes the loans directly to the borrower C. the borrower makes the down payment directly to the FHA D. none of the above \ correct answer is A. an FHA approved appraiser appraises the property What does the VA require a veteran do when applying for a loan? A. make the down payment directly to the VA B. make a down payment in cash C. make the veteran assume liability for the loan D. NOT allow the veteran to make prepayments on the principal amount \ correct answer is C. make the veteran assume liability for the loan An option was given on a home for consideration of $1,000. When would the broker's fee be earned? A. it was earned when he brought the optionor and the optionee together B. the broker's commission would come out of the $1,000 fee C. half of the commission is earned now and half when the option is exercised D. none of the above \ correct answer is D. none of the above Which BEST describes the sale price for a property in an option agreement? A. the sale price would be determined when the option is exercised B. the buyer is guaranteed a fixed price when the option is signed C. the buyer can purchase the property by matching any other offer D. the optionor is obligated to pay the sale price when the option is exercised \ correct answer is B. the buyer is guaranteed a fixed price when the option is signed Where may a salesperson get the legal description of a property for insertion into the sales contract? A. by copying it down from the seller's warranty deed B. by drafting a new description from the survey C. by copying it down from the seller's security deed D. either A or C \ correct answer is D. either A or C If a seller agrees to take a purchase money mortgage from a buyer as a second mortgage, which of the following statements would be true about the intangibles tax? A. intangibles taxes are not applicable to second mortgages, only to first mortgages B. any intangibles tax must be paid by the seller because the seller holds the mortgage C. any intangibles tax must be paid by the buyer because it was for the buyer's benefit that the loan was made D. either party can pay the intangibles tax \ correct answer is D. either party can pay the intangibles tax When a property is being sold on an assumption of the existing loan, complications with the transfer of some mortgage loans can be: A. the purchaser may have to qualify with the lender as if it were a new loan B. the purchaser may have to pay a higher rate of interest C. the loan may be non assumable and due in full if the seller transfers ownership D. all of the above \ correct answer is D. all of the above The purpose of the earnest money is to: A. assure there is some valuable consideration B. help assure the purchaser's performance C. assure the seller's performance D. satisfy the Commissions requirements for sales contracts \ correct answer is B. help assure the purchaser's performance When a salesperson prepares an offer to purchase on a property listed with another real estate firm, he/she should recommend to the customer that the earnest money check be made payable to: A. the selling salesperson B. the selling company C. the listing salesperson D. the listing company \ correct answer is D. the listing company If a purchaser tells a salesperson to hold the purchaser's earnest money check for 5 days before depositing it, the salesperson must: A. deposit the check in the broker's trust account as soon as practicable B. hold the check until the 5th day and then deliver it to her broker C. deliver the earnest money check to the broker as soon as practicably possible, with the purchaser's written instructions for the broker to hold the check D. tell the purchaser the check won't clear in less than 5 days \ correct answer is C. deliver the earnest money check to the broker as soon as practicably possible, with the purchaser's written instructions for the broker to hold the check If a purchaser tells the salesperson that the seller has clearly breached his responsibilities and the purchaser demands the immediate refund of his earnest money deposit, the salesperson should: A. calm the purchaser down and assure him that the broker will return the funds in no more than one week's time B. tell the purchaser to see his own attorney since the salesperson is not allowed to give legal advice C. tell the purchaser that the most he can take without the seller's agreement is half of the deposit D. tell the purchaser that she will forward his request to her broker and that the broker or she will get back to the purchaser quickly with a response \ correct answer is D. tell the purchaser that she will forward his request to her broker and that the broker or she will get back to the purchaser quickly with a response Examples of activities subject to the Sherman Antitrust Act include all EXCEPT which of the following? A. arranging for a homeowner's insurance policy through a local office of a company whose headquarters are located in Jacksonville, FL B. Advertising a Georgia beach front property in publications distributed throughout the state C. obtaining financing for a property in Georgia through a mortgage broker who represents an out of state savings and loan association D. referring a Georgia resident, who is relocating to Colorado, to a Colorado real estate firm \ correct answer is B. Advertising a Georgia beach front property in publications distributed throughout the state Any person violating the anti trust laws is guilty of: A. a misdemeanor B. a violation of the Federal Fair Housing Law C. a felony D. fraud \ correct answer is C. a felony May a company enforce a policy of non negotiation of commission rates? A. yes, as long as its competitors agree to do the same B. no, this would be collusion D. one which fails to disclose that the advertising party is the seller \ correct answer is C. one which fails to disclose that the advertising party is licensed by the Commission (active or inactive) An associate broker may: A. advertise property owned personally without mentioning that he/she is licensed B. sign transfer and release forms of licensees coming to or leaving the company, if he/she has written permission of the broker C. accept earnest money from salespeople just as the broker may, because an associate broker is the same as a broker D. all of the above \ correct answer is B. sign transfer and release forms of licensees coming to or leaving the company, if he/she has written permission of the broker A salesperson wants to purchase a building for personal reasons. Before presenting the offer, he must: A. state in the offer that he is a licensed real estate salesperson B. furnish the Real Estate Commission with a copy of any offer he signs and/or presents C. inform the broker of his intentions so that no commission will be paid D. none of the above \ correct answer is A. state in the offer that he is a licensed real estate salesperson In order to be eligible to take the real estate broker's examination, an applicant must be in which of the following situations? A. have completed an approved broker's course of study and served at least 3 of the past 5 years as an active licensee B. have completed an approved broker's course of study and served at least 2 of the past 5 years as an active licensee C. have completed at least 50 in class hours of a broker's course of study and served at least 3 of the past 5 years as an active licensee D. be a resident of the state of Georgia and be registered in and attending a broker in class course of study \ correct answer is A. have completed an approved broker's course of study and served at least 3 of the past 5 years as an active licensee A salesperson must do which of the following regarding rental property he just bought and plans to manage personally? A. advertise the rental property under the name of his broker's company B. require the first and last month's rent as a security deposit from each tenant C. make certain that all advertisements on the property include price, location, size, and the type of lease to be used D. obtain his broker's approval of the trust account used for any security deposits received \ correct answer is D. obtain his broker's approval of the trust account used for any security deposits received Which of the following persons would require a real estate license in Georgia? A. a licensed auctioneer selling real property at a single auction for another party for compensation B. a licensed forester selling a single parcel of timberland for another for compensation C. a licensed attorney acting outside the normal scope of the practice of law by selling for another for compensation D. any of the above \ correct answer is D. any of the above An unlicensed assistant cannot: A. assemble contracts and other documents B. place signs on the property C. show property D. check on loan commitments \ correct answer is C. show property In order to recover monetary damages from the Real Estate Recovery Fund, the claimant shall be required to show the claimant: A. is not licensed B. is not the spouse of a licensee C. has obtained a judgement D. meets all of the above requirements \ correct answer is D. meets all of the above requirements Broker Jones is providing assistance to both Smith and Cline (seller and buyer respectively) by performing only ministerial acts through a written agreement. This is best referred to as: A. dual agency because Jones is assisting both B. designated agency because Jones is representing both parties through a written agreement C. transaction brokerage with both parties D. single agency with Smith only \ correct answer is C. transaction brokerage with both parties In order to have funds in an interest bearing trust account, the broker must do all of the following EXCEPT: A. notify the commission of the name of the account (which must contain the word trust or escrow) B. notify the commission within 30 days of opening the account that said account is in a federally insured bank C. notify the commission of the account number of said account D. notify all parties to the transaction of the name of the bank where said trust funds will be kept \ correct answer is D. notify all parties to the transaction of the name of the bank where said trust funds will be kept Which of the following is NOT true of the Commissioner? A. he or she is hired by the Commission B. he or she may hold an inactive license C. he or she is appointed by the Governor and approved by the Senate D. he or she is a full time employee \ correct answer is C. he or she is appointed by the Governor and approved by the Senate Which of the following is NOT true of the Real Estate Commission Members? A. five must hold an active real estate license B. one must not hold an active license but can hold an inactive license C. five must have been residents of Georgia for at least 5 years D. the Commissioner is not the sixth member of the commission \ correct answer is B. one must not hold an active license but can hold an inactive license Which of the following statements may a licensee properly make? A. "I think a Cuban just moved into the neighborhood" B. "when the zoning changes to commercial, it will double in value" C. "according to the developer, the property will double in value within the next 10 years" D. "all indications are that the property will double within the next ten years" \ correct answer is C. "according to the developer, the property will double in value within the next 10 years" A broker advertises that if you will list with him and he cannot sell the property, he will buy it from you. Is this legal? A. never, this is an inducement and is illegal B. never, this is an unfair practice and a misdemeanor C. ok, if the two parties agree to a sales price and terms when the property sells D. ok, if the two parties agree to a sales price and terms prior to the listing being signed \ correct answer is D. ok, if the two parties agree to a sales price and terms prior to the listing being signed A tenant had a one year lease which expired. The tenant stayed in the home past the expiration and continued to pay the rent in which the landlord accepted. This type of lease would be called: A. an estate for years B. a periodic tenancy