Real Estate Salesperson National Exam Questions and Answers, Exams of Real Estate Management

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Severence - - - correct answer ✅When real property is converted to personal property. Merge of titles - - - correct answer ✅Cannot create a legal easement Government surveys - - - correct answer ✅Cannot be used in 13 origins Water is scarce - - - correct answer ✅The doctrine of prior appropriation most applys to states where Conditional use permit or zoning variance - - - correct answer ✅When a land owner wishes to build a grocery store inresidencial area, what is needed to build? Law suit for inverse condemnation - - - correct answer ✅May only be brought to court by yue home owner

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Square footage - - - correct answer ✅Competitive market analysis takes into consideration First house is the cheapest - - - correct answer ✅Three similar house's are sold in the same area which house sells for the least amount? Small houses sell for most - - - correct answer ✅When small houses are located around larger houses Selling to a secondary market - - - correct answer ✅A formal appraisal will always be required Six story office building - - - correct answer ✅Which locations would a parking lot sell for the highest? FHA - - - correct answer ✅Functions most like an insurance company

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Reverse mortgage - - - correct answer ✅Works best for an older couple trying to tap into the equity of their home. Truth in lending act - - - correct answer ✅Prepayment penalties and rebates can not appear in Regulation Z - - - correct answer ✅Regulates advertisements Helping buyers select a lender - - - correct answer ✅Recommend a mortgage banker instead of a mortgage broker Acceleration clause - - - correct answer ✅This permits the lender to demand immediate payment of the entire note An exclusive right to sell listing - - - correct answer ✅Belongs to the employing broker only.

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A listing agreement - - - correct answer ✅Is a service contract Agency coupled with interest - - - correct answer ✅A broker supplies financing for project and exclusive right to sell completed condos The realty agency has a relationship with the builder - - - correct answer ✅Entered into an agreement with the builder to find people to sell to Management agreement - - - correct answer ✅Agency relationship between a property owner and a property manager Salesperson is an agent to the broker and a sub agent to the principal. - - - correct answer ✅Salesperson lists a property with a contract that allows for subagency and dual agency

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Property inspections - - - correct answer ✅Must have a need to be completed within the time stated in the contract "If you feel it is in your best interest, please do." - - - correct answer ✅When asked by the buyer if they should get a home inspection, the answer should be. FHA with lead paint - - - correct answer ✅Requires the buyer to acknowledge disclosure of the presents of any known lead paint. Home warranty duration. - - - correct answer ✅Is as disclosed in the contract that offers the warrant A seller's statement - - - correct answer ✅Discloses known latent defect in the house. Gross lease - - - correct answer ✅Has no operating expenses of the leased space

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When the seller excepts the offer - - - correct answer ✅The broker earns the commission Option contract - - - correct answer ✅The contract has been drawn that allows the seller to convey the title if the buyer comes up with money by a specific date Both contracts are valid - - - correct answer ✅If you get an offer, then give a counter offer then the counter offer is accepted. A second better offer is submitted. Antitrust laws - - - correct answer ✅Prohibit competing brokers from all of the following except receiving compensation from both buyer and seller Complexed mortgage - - - correct answer ✅Suggests the buyer to ask a lawyer to furnish the wording

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Breaking fair housing practices - - - correct answer ✅Can result in license revocation and criminal prosecution Managing broker - - - correct answer ✅Can be held responsible for all real estate activities of a salesperson Fannie mae - - - correct answer ✅Provides a secondary market for mortgage loans, conventional as well as FHA and VA Freddie Mac - - - correct answer ✅Called the federal home loan mortgage corporation. Similar guidelines to Fannie Mae. Ginnie Mae - - - correct answer ✅A government-owned corporation within the department of housing and urban development (HUD) Grantor - - - correct answer ✅Is the only one to execute a deed

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Federal tax that can be deducted from gross income. - - - correct answer ✅Mortgage loan interest, property tax, mortgage loan originated fees. Foreclosures - - - correct answer ✅Mostly handled by auctions It's considered illigal - - - correct answer ✅For a covenant that restricts selected parcels within a defined subdivision Department of housing and urban development (HUD) - - - correct answer ✅The property owner who prefers emphasis maintenance of value over profitability. Constructive eviction - - - correct answer ✅Abandoning a lease because it becomes unusable. A point - - - correct answer ✅Equals 1 percent of a loan

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Violation of Sherman's antitrust act - - - correct answer ✅Agents talking about commission rates. Puffing - - - correct answer ✅Exaggerated comments or opinions made by a real estate agent Steering - - - correct answer ✅The illegal practice of channeling home seekers to particular areas. Megan's law - - - correct answer ✅You may suggest to buyers to look at the website showing sex offenders if that is something that would interest them.