1. A listing salesperson is showing a property listed with her brokerage firm. Which of the following information, that she had knowledge of must be disclosed to the potential buyer

A. the seller has lived in the house for only 1 year and has made no major improvements

B. the seller has been convicted of a felony and needs to sell the property quickly

C. a drug rehabilitation facility is located across the street

D. the roof needs to be repaired or replaced

2. A licensee representing a seller secured a signed contract with no contingencies. Shortly before the scheduled closing, another offer well above the asking price but with major contingencies was presented. Unless directed otherwise in writing by the seller, the licensee with the original contract should

a. inform the cooperating broker that the property is under contract and not open to further offers, especially those with major contingencies

b. promptly present the new offer to the seller, explain to them their obligations, and recommend legal counsel

c. ignore the offer but attempt to interest the cooperating broker in a comparable property listed by the firm

d. explain to the new offer or that the property is sold and that cooperating broker should have read more carefully the listing firms..

3. A licensee representing a buyer MUST inform the listing broker or the seller of the brokerage relationship

a. At first contract

b. when the offer is written

c. by addendum to the offer

d. in conjunction with discussing the offer

4. With reference to a loan the principal is the?

a) total amount of money paid by the borrower to the lender over the term of the loan

b )total amount borrowed

c )title or lien theory on which the tranaction is based

d )legal term for the borrower of funds

5. An adjustable rate mortgage may NOT be good for a buyer

A - who only intends to own the property for a short time.

B - whose income is likely to increase.

C - who is about to retire.

D - who is receiving his down payment as a gift from parents.

6. A licensee is the property manager for a shopping center. The shopping center owner tells the licensee to avoid Internet marketing because he distrusts the technology. The licensee discuss is this with the owner, but eventually complies. The licenses compliance is due to the duty of

A. care

b. loyalty

C. obedience

D. fair dealing

7. A seller who has conditioned the sale of a lot on a buyer's agreement to build a house with a minimum of 2,000 square feet will protect her rights through the use of

A. Restrictive zoning

B. a conditional approval

C. conditions precedent

D. a deed restriction

8. To be valid, a real estate sales contract must contain which of the following?

1. A writ of attachment
2. An alienation clause
3. The legal signature of the listing agent
4. An accurate description of the involved property

9. Which of the following are MOST likely to be addressed by building codes

A. deed restrictions

b. construction standards

c. Permissible use of structures

d. restrictive covenants