COLIBRI NJ REAL ESTATE EXAM 2024 COLIBRI REAL ESTATE EXAM AND PRACTICE EXAM WITH A STUDY, Exams of Real Estate Management

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COLIBRI NJ REAL ESTATE EXAM 2024 COLIBRI REAL

ESTATE EXAM AND PRACTICE EXAM WITH A STUDY

GUIDE 300 ACCURATE AND VERIFIED QUESTIONS

AND ANSWERS LATEST UPDATE GUARANTEED PASS

GRADED A

1. 1. A woman purchased a home on a lake. A boat was included in the sale. What is most likely required at settlement to transfer ownership of that boat to her? A. bill of sale B. deed C. purchase agreement D. sales contract: A.
2. 2. F signs an exclusive right to sell listing agreement with broker R. Before the listing expires, F terminates the agreement for no reason. The following day, F sells the property to a co-worker. Which statement is TRUE? A. R can sue F to recover only the marketing expenses. B. R can sue F for the full commission based on the list price. C. R can sue F for the full commission based on the sales price. D. R has no right to sue F, since a seller can terminate a listing at any time without cause.: C.
3. 3. Which statement about lead paint is FALSE? A. Issues arise when lead-based paint begins to chip or flake. B. Lead paint disclosure must be made when selling a house built prior to

C. Lead poisoning occurs via the nose and mouth; it must be breathed in or ingested. D. Lead present in water is colorless, odorless, and tasteless.: B.

4. 4. A developer purchases a foreclosed property for $96,000, intending to rehab it. Instead, he lets it deteriorate and finally sells it a few years later for $84,000. Calculate his loss. A. 8.75% B. 11.4% C. 12.5% D. 14.2%: C.
5. 5. A homeowner lists her property at $155,000. Her broker receives an offer from A for $135,000 cash and a closing in 30 days; another offer from B for $145,000, subject to the owner taking back a purchase money mortgage; and an offer from C at $150,000, subject to the buyer obtaining a mortgage. What should the listing broker do? A. Present all of the offers to the seller, even if the seller accepts the first offer. B. Present none of the offers, as they are all below the seller's asking price. C. Present only the first offer until the seller makes a decision; then present the next offer. D. Present whichever offer is the highest and has the most favorable terms for the seller.: A.
6. 6. K is a transfer student from Korea looking for a one-bedroom apartment. She asks for something near the university. Her rental agent L shows her apartments only in an area known as Chinatown, telling her she'd feel more at home there. L could be guilty of A. blockbusting. B. panic peddling. C. redlining. D. steering.: D.
7. 7. A lender must provide the Closing Disclosure to a borrower at least ___________ prior to settlement. A. 1 business day B. 3 business days C. 3 calendar days D. 5 business days: B.
8. 8. An investor is evaluating the performance of his duplex. If he subtracts debt service from the net operating income, what does he find? A. cash flow before taxes B. cash-on-cash return

C. effective gross income D. reserves for replacement: A.

9. 9. Market value can be defined as the A. amount a buyer paid to purchase a property. B. cost in materials and labor necessary to construct property. C. most probable selling price in a typical transaction. D. what a property actually sold for. 511 Practice Exam: C.
10. 10. A real estate licensee has actual knowledge of structural damage to the floor boards of a home he has listed due to termite infestation. He informs the buyer's agent that there are no termites or termite damage in the home. The buyer signs a contract to purchase the property. Is the listing agent susceptible to claims of fraud? A. No, because the buyer should have discovered the termite damage. B. No, because the buyer's agent should have been looking out for the buyer. C. Not as long as there is an as-is clause in the purchase agreement. D. Yes, because he intentionally withheld a material defect.: D.
11. 11. A buyer offers a seller $189,500 for his house. The seller accepts. The appraisal comes in at $188,000. If the buyer's lender requires a loan to-value ratio of 80%, how much of a down payment must she make? A. $37, B. $37,900 C. $39,100 D. $39,500: C.
12. 12. Legally, the presence of a sexual offender in the neighborhood is considered A. confidential information that a licensee cannot disclose. B. an immaterial fact that a licensee is not required to disclose. C. a material fact that a licensee must disclose. D. a material fact that the seller must disclose.: B.
13. 13. An investor paid $330,000 for a small strip mall, plus $20,000 in closing costs. The land on which it sits is valued at 45%. What is the total amount that he will be able to deduct next year as depreciation (rounded)? A. $3, B. $4,038 C. $4, D. $4,936: C.

14. 14. Which obligation has first priority in the event of a foreclosure sale? A. ad valorem taxes B. first mortgage C. IRS tax lien D. mechanic's lien: A.
15. 15. Abandoned private property redeemed by the local government is an example of A. eminent domain. B. escheat. C. police power. D. taxation.: B.
16. 16. Which situation represents a blind ad? A. A broker includes the NAR logo on his business card, but he is not a REALTOR. B. A broker includes a national franchise logo in an ad, but she has no affiliation with it. C. A homeowner is selling her house FSBO but puts a local broker's name on the yard sign. D. A licensee places a for sale sign in his client's yard with only his phone number on it.: D.
17. 17. Which statement about FHA-insured loans is TRUE? A. FHA loans are targeted to low-income borrowers. B. FHA loans require a smaller down payment than conventional loans. C. FHA provides funds directly to borrowers. D. Only first-time homebuyers can qualify for an FHA loan.: B.
18. 18. A subject property has 4 bedrooms; a comparable property has 3. A bedroom in that neighborhood is valued at $5,000. The comp does not have a basement; the subject does. The basement is valued at $8,000. The comp has a pool; the subject does not. A pool is valued at $4,000. The comp sold for $260,000. What is the subject's estimate of value based on this comp? A. $247,

B. $264,

C. $269,

D. $273,000 512 Real Estate Principles and Practices: C.

19. 19. A dual agent who represents both buyer and seller in the same transaction CANNOT A. estimate the closing costs that each should expect to pay. B. make arrangements to gather documentation in preparation for settlement. C. recommend an amount to offer or counteroffer. D. perform a comparative market analysis of similar properties and present it to both.: C.
20. 20. A woman with a disability applies to rent a single-family house. She states that she needs to install grab bars in the shower and a ramp into the house from the garage. The landlord would violate federal fair housing laws if he A. insists pay the woman make the renovations and remove them when her lease is up. B. makes the renovations at his own expense. C. makes the renovations but requires the woman to pay for the materials and labor. D. refuses to allow the woman to make the renovations.: D.
21. 21. A is buying B's house. A and B, their attorneys, and the settlement officer attend the closing where title is of the house is transferred to A. What must occur to provide constructive notice of A's ownership? A. The attorneys must sign an affidavit attesting to the fact. B. The new deed must be recorded in the public records. C. The settlement officer must file the new title with the county clerk. D. Nothing; those attending the closing already have constructive notice.: B.
    22. 22. For which property would the comparable sales approach be LEAST useful? A. multi-family residential property B. retail property

C. single-family residential property D. special purpose property: D.

23. 23. Buyer and seller have agreed to terms and signed a purchase agreement. Prior to settlement, the buyer has A. escrowed title to the property. B. equitable title to the property. C. legal title to the property. D. no legal claim on the property: B.
24. 24. RESPA applies to ___________ financed by a federally regulated loan. A. any commercial or residential property B. any residential property C. one- to four-family residences D. only single-family dwellings: C.
25. 25. ABC Corporation purchases land on which it builds new office building. How does ABC own that land? A. corporate tenancy B. tenancy by the entirety C. tenancy in common D. tenancy in severalty: D.
26. 26. A seller needs to pay an estimated $3,500 in closing costs, $96, on her current mortgage, and wants $45,000 in cash for a down payment on another house. Her listing agreement obligates her to pay 6.5% commission to the brokerage. What is the minimum selling price she can accept? Round your answer up to the nearest dollar. A. $148, B. $153, C. $154,546 D. $158,509: C.
    27. 27. The state has decided to widen the highway in front of J's home. It will be necessary to use 15 feet of his front yard to do so. The taking of J's land by the state is the act of A. condemnation. B. confiscation. C. eminent domain. D. right-of-way. 513 Practice Exam: A.
27. 28. Agent S executes a buyer agency agreement with buyer B. S reads an ad placed by a FSBO seller, offering 3.5% commission to the broker who brings the buyer. What is the seller's relationship to S if B makes an offer on the house?

A. The seller is an agent. B. The seller is a client. C. The seller is a customer. D. The seller is a principal.: C.

29. 29. A property owner wants to put in a wheelchair ramp to accommodate a disabled family member. The ramp's proximity to the sidewalk would violate the setback requirements for the community. What should the property owner request of the zoning commission? A. a grandfather clause B. a nonconforming use C. a spot zone exception D. a variance: D.
30. 30. A parcel of ground described as the N 1/2, SE 1/4 of a section sells for $5,000 per acre. If the commission is 7% and it is split 50/50 between two brokerage companies, how much did each company receive? A. $7, B. $11, C. $14, D. $28,000: C.
31. 31. Which would LEAST LIKELY be considered functional obsolescence? A. home with crumbling roof B. home with low ceilings C. home with steep, narrow stairs D. geodesic dome home in neighborhood of ranches: A.
32. 32. A homeowner enters into a listing agreement with a brokerage company. Several days into the listing, but before the broker begins actively marketing the property, the homeowner sells the property to a close friend. If the homeowner stills owes the broker a commission, what type of listing was it? A. exclusive listing B. exclusive right to sell listing C. net listing

D. open listing: B.

33. 33. A nursery and tree farm has been operating just outside of the city limits for 30 years. Over time, the area around the nursery is rezoned from agricultural to residential as the farmland is subdivided. What type of zoning exception would allow the nursery and tree farm to continue operation? A. area variance B. conditional use C. nonconforming use D. special exception: C.
34. 34. A home sells for $327,650. If the state transfer tax is 50 cents per $ of value or fraction thereof, what will the seller owe the state in transfer tax at closing? A. $327.65 B. $328.00 C. $490.50 D. $492.00: B.
35. 35. Which actions, if taken by the Federal Reserve Board, would MOST LIKELY cause an increase in interest rates? A. decrease the reserve requirement, increase the discount rate, buy govern-ment securities B. decrease the reserve requirement, decrease the discount rate, sell govern-ment securities C. increase the reserve requirement, increase the discount rate, buy govern- ment securities D. increase the reserve requirement, increase the discount rate, sell government securities: D.
36. 36. A small strip mall has an effective gross income of $44,000. Operating expenses are $26,000, and debt service is $8,800. If the desired capitalization rate is 10%, how much would a buyer be willing to pay for the property? A. $32, B. $92, C. $172,000 D. $180,000: D.
37. 37. A licensed real estate broker takes a seller's listing, but later decides he wants to buy the property himself. He can purchase the property for himself A. if he gets someone else to represent the seller. B. if he discloses to the seller that he is the buyer. C. only after the listing agreement expires.

D. never; a licensee cannot purchase one of his own listings.: B.

38. 38. A and B sign a purchase agreement. Prior to closing, it is discovered that A was legally incompetent when she signed the contract. What is the status of the contract? A. executory B. valid, unless there was fraud C. void D. voidable by A only: C.
39. 39. The idea that an informed buyer will pay no more for a property than the cost of acquiring another equally desirable property with equal utility is based upon the principle of A. conformity. B. highest and best use. C. increasing and decreasing returns. D. substitution.: D.
40. 40. An investor owns a small commercial building that he rents to a chef, who installs a pizza oven and opens a restaurant. Four years later, the owner sells the property to a different chef, who wants to start his own restaurant. When the tenant's lease is up, who owns the pizza oven? A. the new owner, since the oven is an improvement that transfers with ownership B. the original owner, since the oven was attached when he owned the property C. the tenant who installed the pizza oven D. It's impossible to tell without more information.: C.
41. 41. In an advertisement for a home, which of the following statements would MOST LIKELY be considered discriminatory? A. "beautiful home in an exclusive neighborhood" B. "cozy home with a fabulous view of the bay" C. "excellent location; lots of amenities; near bus stop" D. "four-bedroom charmer, fenced lot, on a quiet cul-de-sac": A.
42. 42. Local governments exercise control over the permitted use of private property primarily through A. building codes. B. covenants, conditions, and restrictions (CCRs).

C. deed restrictions. D. zoning ordinances.: D.

43. 43. Which element of an adjustable rate mortgage determines whether the interest rate goes up or down? A. cap B. index C. margin D. rate:. B.
44. 44. A man signs a one-year lease on a high-rise apartment. Six months into the lease, he is transferred out of state. He signs over the remaining six months of his lease to a coworker. She pays the property manager directly, relieving the original lessee of primary liability. This is an example of A. assignment. B. novation. C. sublease. D. surrender.: A.
45. 45. A brokerage practices designated agency. A licensee brings in a listing for a seller's house. The seller then asks that same licensee to represent her in her search to find a new house, signing a buyer agency agreement with the brokerage. This makes the licensee a A. designated buyer's agent only. B. designated seller's agent only. C. designated seller's agent and designated buyer's agent. D. dual agent.: C.
46. 46. A homeowner makes up posters advertising his house for sale. He posts them on telephone poles around the neighborhood. On the poster, he indicates that he will pay 2% of the sales price to any broker who brings the buyer. What type of listing might this be considered? A. exclusive agency B. exclusive right to sell C. net listing D. open listing: D.
47. 47. A borrower's stable monthly income is $4,200. She has three monthly debts: $350 car payment, $120 student loan payment, and $80 credit card

payment. What is the maximum monthly mortgage payment she would qualify for on a conventional loan? A. $ B. $1, C. $1, D. $1,512: A.

48. 48. Which statement about a comparative market analysis is FALSE? A. A CMA can assist a buyer in determining a fair price to offer for a home. B. A CMA can assist a seller in determining an appropriate listing price. C. A CMA may be used to determine property value for a federally regulated loan. D. A CMA should evaluate properties currently listed, recently sold, or with expired listings.: C.
49. 49. When an appraiser gets a new appraisal assignment, her first task is to A. adjust comparable sales. B. define the problem. C. gather data. D. reconcile the value.: B.
50. 50. What clause gives a lender the right to declare the entire loan balance due immediately because of borrower default or for violation of other contract provisions? A. acceleration clause B. alienation clause C. defeasance clause D. prepayment clause: A.
51. 51. Which statement about title insurance is FALSE? A. Coverage of an owner's policy runs for as long as the policyholder owns the property. B. A lender's title insurance policy is known as a mortgagee policy.

C. Standard title insurance covers hidden risks in title such as an error in a legal description. D. Title insurance covers the policyholder against a future event.: D.

52. 52. An appraiser is evaluating a 1,200-square foot log cabin, whose owner is refinancing. He determines that the cost to replace the building would be $80 per square foot. He estimates the depreciation of the cabin to be 20% and the value of the land to be $48,000. What is his estimate of value? A. $115,200 B. $124,800 C. $148,800 D. $163,200: B.
53. 53. Before he put his house on the market, the seller installed paneling in the basement to cover up water damage. Under common law, this would be considered what kind of defect, and is the seller obligated to disclose it? A. This is a latent defect that he must disclose. B. This is a latent defect that he is not required to disclose. C. This is a patent defect that he must disclose. D. This is a patent defect that he is not required to disclose.: A.
54. 54. Which home suffers from external obsolescence? A. Home A allows access to a back bedroom only from the adjoining bedroom. B. Home B has only a detached one-car garage in a neighborhood of three-car garages. C. Home C has a foundation that is cracking and allowing water into the basement. D. Home D is less than 500 yards from the nuclear power plant.: D.
55. 55. A material made with asbestos fibers is MOST dangerous when it is A. encapsulated. B. friable. C. heated. D. wet.: B.
56. 56. A property has gross annual income of $25,000, monthly expenses of $800, and recently sold for $200,000. What is the gross rent multiplier? A. 8 B. 12. C. 12.5% D. 12.9%: A.

57. 57. A buyer's agent submits a signed offer to purchase to a listing agent, indicating a price of $200,000 and a closing within 30 days. The seller accepts the price, changes the closing to 60 days, initials the change, and signs the offer. The listing agent gives it to the buyer's agent, who delivers it to the buyer. Is this a valid contract? A. Yes; it is in writing and signed by both parties B. Yes; the seller initialed his changes. C. Yes; they agreed on the price. D. No; there was no meeting of the minds.: D.
58. 58. A deed contains the following property description: "Beginning at the northeast corner of Oak and Elm streets, thence 15 degrees East to the embedded steel pin, thence North 90 degrees ..." What type of legal description system is this? A. government survey B. lot and block C. metes and bounds D. plat map: C.
59. 59. A homeowner lists his property through a licensee of ABC Realty. The brokerage charges 6.5% commission and offers a 40% split to a cooperating broker. The licensee gets 45% of what ABC earns. The house sells for $462,000. How much does the licensee make (round to the nearest dollar)? A. $8,108 B. $8,316 C. $9,910 D. $12,012: A.
60. 60. What condition is required to claim title to land through adverse possession? A. The possessor must cultivate annual crops. B. The possession is hostile and continual. C. The possessor must pay consideration to the property owner. D. The property is possessed with the owner's knowledge and consent.: B. 61. 61. Which best describes the process of judicial foreclosure? A. After advertising, a public auction of the property is held, and then the sale is confirmed.

B. Debtors lose the property by mutual agreement and return it voluntarily before final court action. C. Debtors proactively deal with a personal financial situation that has become unmanageable. D. Lenders forfeit all interest charged past, present, and future to the borrower in exchange for the property.: A.

62. 62. When the borrower repays a loan according to the terms in the note, what clause protects his rights to the property, making the mortgage null and void? A. cognovit B. defeasance C. habendum D. subordination: B.
63. 63. A single woman buys a home. Several years later, she gets married and changes her name. Now she wants to sell the property. To clear the cloud on the title caused by having a different name on the deed used to convey the property to someone else, she can file a A. bargain and sale deed. B. limited warranty deed. C. quitclaim deed. D. referee's deed.: C.
64. 64. The primary value of leverage to an investor is that is allows her to A. avoid paying federal income tax. B. control the expenses on her property. C. get an accurate estimate of income. D. increase her profit by using borrowed money.: D.
65. 65. Which of these phrases would LEAST LIKELY be evidence of conspiracy to commit an antitrust violation if said by a licensee? A. "Every brokerage in town charges a standard 7% commission." B. "Our brokerage won't work with them because they discount all of their services." C. "We would like to suggest that you use our attorney for the closing." D. "Why don't you handle the business on the west side of town and leave the east side to our brokerage?": C.

66. 66. What is the purpose of requiring mortgagors to make payments into an escrow account? A. allow the borrower to obtain actual cash from the equity built up in the property B. ensure that hazard insurance and property taxes on the property are paid C. ensure the lender collects the additional interest on an adjustable rate loan D. provide a cushion for the borrower in the event of a job loss: B.
67. 67. A management agreement creates an agency relationship between a real estate broker and a(n) A. affiliated licensee. B. buyer. C. home seller. D. owner of investment property: D.
68. 68. R wants to call D, a previous client, to see if she's interested in retaining him for additional services. According to the established business relationship exemption in the Do Not Call Registry, R can call her ____________ from the time of their last business transaction. A. for up to 3 months B. for up to 6 months. C. for up to 18 months D. R cannot call her at all if she's on the Do Not Call list.: C.
69. 69. Which federal law prohibits discrimination against borrowers whose source of income is public assistance? A. Equal Credit Opportunity Act (ECOA) B. Fair Housing Act C. Real Estate Settlement Procedures Act (RESPA) D. Truth in Lending Act (TILA): A.
70. 70. A shopkeeper pays $1,200 in rent every month for her storefront. At the end of the year, the property owner evaluates her sales records to determine whether she owes any overage rent. What type of lease does she have? A. graduated lease B. gross lease C. net-net lease D. percentage lease: D.

71. 71. It is a violation of the federal Fair Housing Act to exclude potential tenants because of A. criminal history. B. having children. C. poor credit history. D. possession of pets.: B.
72. 72. A mortgage that is used to also finance personal property such as furniture or vehicles is called a A. blanket mortgage. B. package mortgage. C. purchase money mortgage. D. wraparound mortgage.: B.
73. 73. Of these, which is LEAST LIKELY to be negotiable in a listing agreement? A. the broker's cooperation with other brokers B. the commission to be paid to the listing broker C. whether or not there is an end date to the listing D. the scope of advertising and other marketing activities: C.
74. 74. A brokerage company represents the buyer in a cooperative transaction. The brokerage company is informed that the buyer's earnest money deposit check has been returned for insufficient funds. What is the brokerage company's responsibility? A. ask the buyer if it is okay to disclose the problem B. disclose the information to the listing brokerage immediately C. give the buyer reasonable time to resolve the problem D. maintain confidentiality of the client's information: B.
75. 75. A man is buying a house for $240,000. He makes a down payment of $48,000. If he pays three discount points, what is the total cost of the points? A. $3,000 B. $3, C. $5,760 D. $7,200: C.
76. 76. A property owner decides to deed 10 acres of the family farm to a cousin. In the deed, he indicates that no more than one single-family home can ever be built on the property. What type of estate has the property owner created?

A. fee simple absolute estate B. fee simple defeasible estate C. leasehold estate D. life estate pur autre vie: B.

77. 77. Which statement about general warranty deeds is TRUE? A. They are used most often to cure defects in title. B. They are used to transfer property after a foreclosure sale. C. They ensure that there are no encumbrances. D. They state the grantor will defend against all lawful claims.: D.
78. 78. A woman has a one-year lease in single-family home. Six months into the lease, the property owner dies. Which statement is TRUE? A. The property owner's heirs must ask the county sheriff to remove the tenant from the premises at the end of the month. B. The property owner's heirs must honor the lease and let the tenant stay another six months. C. The property owner's heirs must post a notice on the door of the house giving the tenant 30 days to vacate. D. The tenant can move out at the end of the month without penalty.: B.
79. 79. A triangular lot has 380 feet of frontage and is 410 feet deep. What is the acreage of this lot? A. .89 acres B. 1.67 acres C. 1.78 acres D. 3.57 acres: C.
80. 80. How long must a licensee keep confidential information obtained from the client? A. Licensees have no duty to keep information confidential. B. Licensees must maintain confidentiality for three years after the transaction closes. C. Licensees must maintain confidentiality only until the relationship ends. D. This duty never ends, even when the relationship does.: D.

81. 81. Y buys a house from H, who still owes $40,000 on her loan. H is NOT released from liability for that loan if A. Y assumes the mortgage. B. Y buys the property subject to the mortgage. C. the lender has begun foreclosure proceedings. D. the lender agrees to a novation.: B.
82. 82. A woman is transferred out of state for her job and does not have time to sell her house. She signs a document granting her sister the authority only to list her house and negotiate with prospective buyers. The sister would most likely be considered what type of agent? A. general agent B. implied agent C. special agent D. universal agent: A.
83. 83. A homeowner wants to install a laminate floor in her cottage kitchen. The room measures 12' x 18', and the flooring will cost $18.50 per square yard. How much will the materials cost? A. $ B. $1, C. $1,998 D. $3,996: A.
84. 84. What would be the expected impact on the housing market of a large influx of people into a community? A. It would be impossible to predict. B. It would likely result in a buyer's market. C. It would likely result in a seller's market. D. It would not affect the market: C.
85. 85. J, K, and L co-own a property as joint tenants. J and K are killed in a car accident. What is L's interest in the property? A. L is a joint tenant with 100% interest. B. L owns the property in severalty. C. L still owns 33%, and the rest is split between the J and K's heirs. D. The estate ends at the death of the majority of the co-owners.: B.

86. 86. As the net operating income of a rental property increases, what happens to the value of that property A. It decreases. B. It fluctuates. C. It increases. D. It stabilizes.: C.
87. 87. Which of these is LEAST LIKELY to be a ministerial act when performed by a licensee for a buyer customer? A. advise a buyer on an appropriate offer price B. complete factual information for a buyer on a purchase offer C. provide a buyer with a list of home inspectors D. respond to questions about a property at an open house: A.
88. 88. Which of these tenancies could describe a landlord-tenant relationship? A. entirety B. freehold C. periodic D. severalty: C.
89. 89. To the owner of the land, it runs across, an easement is considered a(n) A. attachment. B. encroachment. C. encumbrance. D. trespass.: C.
90. 90. A borrower takes out a home equity loan for $50,000. This is a fixed rate loan with an interest rate of 12%. The borrower makes monthly payments of $514.31. What is the balance of the loan after TWO monthly payments? A. $49,985. B. $49,971. C. $49,956.64 D. $49,941.90: B.
91. 91. Which buildings would NOT be exempt under Title III of the American with Disabilities Act? A. government buildings B. historical buildings C. places of worship D. private clubs: A.

92. 92. The sale of a property will close on March 20. Property taxes are $3, per year and are paid in arrears. How will this be reconciled on the settlement statement, assuming a 365-day year? A. $746.71 Debit Seller / $746.71 Credit Buyer B. $746.71 Credit Seller / $746.71 Debit Buyer C. $2,703.29 Debit Seller / $746.71 Credit Buyer D. $746.71 Debit Seller / $2,703.29 Credit Buyer: A.
93. 93. An option to purchase is considered binding on which party to the contract? A. buyer only B. seller only C. both buyer and seller D. neither buyer nor seller: B.
94. 94. A woman gets a deed of trust from a bank to finance the purchase of a house in a new subdivision. While the loan is outstanding, who holds the title to her property? A. the bank B. the borrower C. the developer D. the trustee: D.
95. 95. Which statement about an oral lease is TRUE? A. An oral lease is enforceable only for commercial property, not residential property. B. An oral lease is enforceable only if it renews an earlier, written lease. C. An oral lease for less than one year is generally enforceable. D. An oral lease is never enforceable.: C.
96. 96. What did the Supreme Court of the United States rule in the case of Jones v. Alfred H. Mayer? A. The doctrine of "separate but equal" is unconstitutional. B. Non-citizens have equal rights to own property. C. Persons with disabilities are a protected class. D. Race is a protected class with no exceptions.: D.

97. 97. Which situation is LEAST LIKELY to terminate a relationship between a brokerage and a homeowner who is selling his house? A. the broker loses her license B. the designated listing agent dies C. the homeowner declares bankruptcy D. the property burns down: B.
98. 98. A resident has a proprietary lease on one of the residential units in a large complex. She also has use of the building's common areas. She lives in a A. condominium. B. cooperative. C. timeshare. D. townhome.: B.
99. 99. A special tax levy passes for 5.2 mills annually to pay for new sewers. The levy will be in place for three years. A property has a market value of $296,000. Property is assessed for tax purposes at 45% of its appraised value. What will the 5.2 mill tax levy cost this property owner in total? A. $692.64 B. $1,539.20 C. $2,077.92 D. $2,539.68: C.
100. 100. Which of these factors is LEAST LIKELY to be considered by a planning board when reviewing a developer's proposal for a new subdivision? A. building codes B. environmental impact C. infrastructure needs D. zoned permitted us: A.