A buyer contracted to purchase a vacant lot for $350,000 cash with no contingencies. The buyer intends to build a professional office complex on the property. However, the buyer did not advise the seller of this intent. Prior to closing, the buyer learns that local zoning will not allow an office complex. The buyer's contract may be considered:

A) Voidable

B) Breached

C) Void

D) Unenforceble

Which of the following statements is the BEST example of puffing?

B. This is the best buy you'll find all year.

A complaint must be filed with HUD within what period of time after a fair housing violation has occurred?

a. 1 month

b. 1 year

c 2 years

d 2 months

1.Which of the following differentiates a bilateral contract from a unilateral contract?

a.Number of parties involved

b.Performance obligations of the parties

c.Relative value of the object of the contract

d.Type of property specified in the contract

2.What would most lenders require if the buyer is putting less than 20% down?

a.That the buyer has one year's worth of reserves in a certificate of deposit

b.A certificate of reasonable value

c.A FICO score of at least 745

d.Private mortgage insurance

3.Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction?

a.A certified appraiser

b.A licensed real estate broker

c.Any real estate licensee, in each state in which she is licensed

d.A Certified Public Accountant

A homebuyer received a conventional loan with a down payment of 8% of the purchase price. In the future, her mortgage payment (PITI) will be reduced automatically without refinancing when which of the following occurs?

A) her income increases

B) her equity reaches 22%

C) She adopts a child so that she has a dependent

D) A neighboring home sells for 15% over the list price

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An owner has a freestanding cabinet that was custom-built to fit an alcove of the living room. When the owner sells the home, the cabinet will be BEST described as:

A) Real property

B) Personal property

C) A fixture

D) An appurtenance

A contract is terminated if

a. one of the parties decides not to go forward.

b. a third party intervenes

c. it is impossible for one of the parties to perform

d. one party assigns his rights to another

Deposit monies may NOT be disbursed to the seller in which circumstance:

A) At closing of settlement

B) As provided in the sales agreement

C) Upon the written consent of buyer

D) Upon written request of seller

1.An agent relationship is established between the broker and

a.Another broker

b.The principal

c.A multiple listing service

d.A customer

2.Which of the following best defines a material fact in the real estate context?

a.A property deficiency that must be recorded at the time of sale

b.A representation made on a licensee's marketing sheet that has been verified by the licensee

c.A fact significant enough to influence an individual's decision about whether or not to purchase

d.a latent deficiency of a property that may be disclosed to a prospective buyer only if an offer is made

3.A seller sold his property for $375,000, with the closing on July 1^st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000 and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items house much will the seller receive at closing?

a.71,700

b.72,400

c.73,600

d.74,000