Mckissock Ch 1 Exam Questions With 100% Correct Answers | Verified | Updated 2024, Exams of Advanced Education

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Mckissock Ch 1 Exam Questions With 100% Correct Answers | Verified | Updated 2024 one advantage of networking as a way of marketing yourself is that networking is the ONLY - Correct Answer-way to market yourself for free what acronym used in cell phone contact lists should be place in front of the name of the person to be contacted when something goes wrong? - Correct Answer-I.C.E " in case of emergency" what is the best weapon that you possess as a real estate professional? - Correct Answer-Your common sense when a stranger walks into the office, you should have the person sign in and provide him or her with: - Correct Answer-a visitors pass evidence suggests that most real estate professionals who are victims of assaults were originally chosen because of - Correct Answer-Their appearance pg. 1 professoraxe l which of the following pieces of equipment is the most useful when creating an online listing of a property for a website or a multiple listing service? - Correct Answer-digital camera which of the following pieces of information is optional in marketing pieces? - Correct Answer-agents home address how often should an agent conducting an open house check in with the office or a "buddy" - Correct Answer-every 60 mins removing all of the furniture from a home is not an effective staging technique because potential homebuyers: - Correct Answer-like to see the homes potential by seeing furniture in the home in addition to co-workers, who might you want to notify of your location during an open house? - Correct Answer-family members neighbors a friend pg. 2 professoraxe l in order to apply for a brokers license a candidate must have served in a real estate field for how many years - Correct Answer-3 which of the following occupations is not considered qualifying experience for a brokers license - Correct Answer- doctor which of the following occupations would be considered qualifying experience for a brokers license - Correct Answer- real estate salesperson attorney licensed builder martin received his salespersons license in the third year of the renewal cycle. how many continuing education hours will he be required to take - Correct Answer-6 potential brokers must complete ___ hours of approved broker education - Correct Answer-90 pg. 5 professoraxe l linda received her license in the second year of the renewal cycle how many continuing education hours will she be required to take - Correct Answer-12 mary has completed all of the steps required to apply for her salespersons license, but she does not have a sponsoring broker yet. what should mary do - Correct Answer-submit her application without a broker. the application will be placed on pending status for one year or until a broker is chosen which of the following is not covered in the michigan real estate law book (red book) - Correct Answer-federal real estate laws which of the following is not a duty that a licensee owes to his or her client - Correct Answer-loyalty to the interest of the client even if the interest violates a rule or regulations which of the following is a prohibited action for a real estate license - Correct Answer-act for more than one party in a transaction without the knowledge of the parties pg. 6 professoraxe l who is responsible for he actions of an unlicensed assistant - Correct Answer-the employing broker what could be a penalty that a real estate licensee could face if their unlicensed assistant violates state license laws - Correct Answer-suspension of license probation a civil fine not to exceed $10,000 per offense which of the following acts is prohibited for an unlicensed real estate assistant at an open house - Correct Answer-answer questions about the material aspects of a house which of the following activities is an unlicensed real estate assistant permitted to perform - Correct Answer-function as a courier in picking up or delivering documents on behalf of the employing licensee a passing score is - Correct Answer-70% who is responsible for licensing and regulating the practices of real estate brokers and salespersons in michigan - Correct pg. 7 professoraxe l giving notice by placing it in a periodical with a large circulation in the area is an example of ____ notice - Correct Answer-constructive which of the following terms is often used to describe third- parties - Correct Answer-customer which of the following is not required for formation of an agency relationship - Correct Answer-compensation which of the following agency relationships is commonly seen between a property manager and the property owner? - Correct Answer-general agency maria has signed a lease on her new apartment. the lease begins on may 1 and ends on april 30 of the following year maria has a - Correct Answer-fixed term tenancy an example of an express agency - Correct Answer-a asks b to be his agent pg. 10 professoraxe l michelle contacts agent sam to list her house. they enter into an agency relationship. in this relationship michelles role is that of the - Correct Answer-principal a ____ relationship in which one party places trust confidence and reliance in and is influenced by another who has a duty to act for the benefit of the first party - Correct Answer-fiduciary relationship what type of compensation is based on professional services rendered on a non contingent basis - Correct Answer-hourly rate fees agent paul lists a home for greg. he was not sure about the market value in gregs area and did not research. consiquently he listed gregs house under market price. greg is now suing agent paul for damages which of the following common law agency duties to agent paul fail to uphold - Correct Answer- care michael is the landlord of an apartment building. he plans to rent each unit for 600 a month what is the maximum amount that he can charge as a security deposit - Correct Answer-900 pg. 11 professoraxe l which of the following agency relationships is commonly seen between a property manager and the owner - Correct Answer- general agency if your office is closing early you should - Correct Answer-ask one of the neighboring buisnesses to keep an eye on it who should be given a key to the office - Correct Answer-only those employees who absolutely need keys simon is the top listing agent in his company and regularly contacts for sale by owners by phone. under the federal do not call laws this practice is - Correct Answer-permissible only if simon has a bona fide buyer for the property agent allie sent a letter to everyone who lives in her farm area. this is an example of - Correct Answer-prospecting in 2007 ___ of the 71 recorded on the job fatalities in the real estate field were ruled homicides - Correct Answer-23 in the year 2007 the leading cause of on the job related deaths for real estate professionals was - Correct Answer-homicide pg. 12 professoraxe l which area of real estate has the largest number of sales associates - Correct Answer-residential if salesperson samuel wants to focus on working with buyers only. what designation would be the best fit for him? - Correct Answer-ABR property management appraisal financing and development are all examples of - Correct Answer-specializations within the real estate indusrty broker steve wants to own his own brokerage company however he doesn't want to start from the ground up. Broker steve is looking for automatic name recognition relocation referrals policies and structure. which of the following business structures would best fit broker steves needs - Correct Answer-franchise in a gross lease the tenant pays a ___ and ___ of the operating cost of the building - Correct Answer-flat rent; none pg. 15 professoraxe l most broker/owners of small brokerage firms choose which type of legal structure - Correct Answer-limited liability corporations attending a real property auction may be - Correct Answer-a good networking opportunity a salesperson dealing with ____ would be most likely to receive the CIPS designation - Correct Answer-international sales property management appraisal financing and development are all examples of - Correct Answer-specializations within the real estate industry a career in real estate - Correct Answer-allows for multiple specialties as the number of foreclosures rises the REO inventory will - Correct Answer-increase the FHA is a division of - Correct Answer-HUD pg. 16 professoraxe l RESPA allows a real estate agent to - Correct Answer-earn a referral fee for referring business to another agent the internet E-commerce business has - Correct Answer- increased the need for warehouses the job that a CAM licensee has most closely resembles the job of - Correct Answer-property manager used appliances - Correct Answer-can be a great deal who is held accountable for escrow accounts if the company holds them - Correct Answer-broker in a net lease the tenant pays a ____ for the space ____ of the operating cost of the building - Correct Answer-flat fee; a percentage a letter of intent is used for - Correct Answer-requesting financial information for a property pg. 17 professoraxe l a realty company has entered agency agreements with both the sellers and the buyers in the transaction of a property is this allowable - Correct Answer-yes as long as both parties agree in writing to the dual agency after a sellers listing agreement with abc realty expires what restrictions exist if the seller decides to list with a different agency and abc realty has an interested buyer - Correct Answer-ABC realty may represent the buyer but may not disclose any information about offers made on the property when it was listed with ABC realty a real estate salesperson refers buyers to a particular lender knowing that the lender pays a fee for referrals which is true - Correct Answer-the salespersons has acted injudiciously for which of the following actions must an agency agreement exist between a buyer and a real estate office - Correct Answer-to negotiate a reasonable price on a property which of the following is true of buyer brokerage contracts in michigan - Correct Answer-the contract must be in writing to be enforceable pg. 20 professoraxe l john has started taking real estate re-licensing classes and agrees to help his neighbor sell her house for 3%commission. the house is sold and closing takes place 1 day after john receives his salespersons license but the neighbor refuses to pay the commission. can john sue to recover the commission fee - Correct Answer-no because law prohibits lawsuits to collect commissions unless the injured party is a licensed broker whose license was in effect at the time the agreement was made which of the following type of agency relationship is not recognized in michigan - Correct Answer-transaction brokerage agency according to the michigan board of real estate brokers and salespersons which of the following is not required element of a listing agreement - Correct Answer-qualified experts report of property condition in which of the following circumstances is a sellers disclosure statement not required - Correct Answer-if the property is a commercial property pg. 21 professoraxe l which entity is prohibited from collecting taxes on real property - Correct Answer-the federal government the right to control ones property includes all of the following except - Correct Answer-the right to exclude the utilities meter reader which of the following types of ownership cannot be created by operation of law but must be created by the parties expressed intent - Correct Answer-tenancy by the entireties which of the following is/are considered to be personal property - Correct Answer-lamps the word improvement would refer to all of the following except - Correct Answer-trade fixtures all of the following are physical characteristics of land except - Correct Answer-scarcity jack owns a leasehold interest in a property whose owners or tenants agree to use the property on a periodic non pg. 22 professoraxe l legal title to the lienholder - Correct Answer-deed in lieu of foreclosure anna owns 5o acres of land with 5oo feet of frontage on a desirable recreational lake. she wishes to subdivide the parcel into salable lots but she wants to retain control over the lake frontage while allowing lot owners to have access to the lake which of the following types of access rights would provide the greatest protection for a prospective purchase - Correct Answer-an appurtenant easement sam and nancy bought a store building and took title as joint tenants. nancy died testate sam now owns the store - Correct Answer-in severalty when real estate under an estate for years is sold what happens to the lease - Correct Answer-it binds the new owner Evan lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, Evan owns stock in the corporation and has a lease on his apartment. This type of ownership is called a(n) - Correct Answer-cooperative pg. 25 professoraxe l Tom leases store space to Kim for a restaurant, and Kim installs her ovens, booths, counters, and other equipment. When do these items become real property? - Correct Answer-when the lease expires if the items are not taken by the tenant Jim, Manny, and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his long-time friend Wendell. After the conveyance, Jim and Manny - Correct Answer-remain joint tenants owning a two thirds interest In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivided 40 percent interest. The two owners hold their interests as what? - Correct Answer-tenants in common To create a joint tenancy relationship in the ownership of real estate, there must be unities of - Correct Answer-possession time interest and titile What is a Schedule of Exceptions on a title policy? - Correct Answer-list of things not insured in the policy pg. 26 professoraxe l Owner Grace's property has been foreclosed. After the property was sold for $340,000, she still owed $60,000 to the lender. The lender may be able to get a personal judgment against Grace for the $60,000. This is called a - Correct Answer-deficiency judgment Which of the following liens does not need to be recorded to be valid? - Correct Answer-real estate tax lien The system of ownership of real property in the United States is what? - Correct Answer-allodial a mechanic's lien would be properly classified as a(n) - Correct Answer-statutory lien Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt? - Correct Answer-judgment lien A homeowner owned a house on a lot. The front ten feet of the lot were taken by eminent domain for a sidewalk. Would the homeowner be entitled to compensation? - Correct pg. 27 professoraxe l