A written change in the existing terms of a contract would be accomplished with a$($n$)$

addendum.

amendment.

counter$-$offer.

revocation.

An owner has lived in her house for over $50$ years and her age is over $62.$ It has fallen into disrepair but, because she lives on a fixed income, she does not have the money to make the needed repairs. She has a considerable amount of equity in the house. What type of loan would probably best suit the owner$$s needs?

A guaranteed loan

A reverse annuity mortgage

A blanket loan

An open$-$ended loan

Every real estate contract must have a$($n$)$

grantor and a grantee.

offer and acceptance.

acknowledgment by a notary.

legal description.

A real estate sales contract becomes valid when it has been signed by

only the buyer.

the buyer and seller.

only the seller.

the broker and the buyer.

This lien which is specific and involuntary, gives a security interest in real property to persons or companies that perform labor or furnish material to improve the property.

Mechanic$$s lien

Mortgage lien

Judgement lien

Franchise Tax lien

The agency agreement between a broker and client usually authorizes the broker to act on the principals$$ behalf is called

General Agent

Special Agent

Fiduciary Relationship

Dual Agency

Which is one of the ways that agency can be terminated

Completion of the purpose of agency

Expiration of the term of the agency

Mutual agreement of all parties

All of the above

Lynn has just made the final payment on her mortgage loan to her lender. There will still be a lien on her property until the lender records a$($n$)$

satisfaction of mortgage.

reconveyance of mortgage.

alienation of mortgage.

reversion of mortgage.

A broker was accused of violating antitrust laws. Of the following, the broker was Most likely accused of

Not having an equal housing opportunity sign in the office window

Undisclosed dual agency

Price$-$fixing

Dealing in unlicensed exchange services

True or False $($Worth two point each$)$

$\_\_\_\_\_\_\_\_31.$ An independent contractor usually are sales associates who receives at least $90\%$ of their pay through commissions and responsible for their taxes

$\_\_\_\_\_\_\_\_32.$ Dual agency is one agent representing two principals in the same transaction

$\_\_\_\_\_\_\_\_33.$ The Consumer guide to agency Relationship form is given to the buyer or seller at

closing

$\_\_\_\_\_\_\_\_34.$ An owner can not lose title to their property for non$-$payment of taxes

$\_\_\_\_\_\_\_\_35.$ A judgment is classified as a general lien

$\_\_\_\_\_\_\_\_36.$ An executory contract is one that has been fully performed

$\_\_\_\_\_\_\_\_37.$ A mechanic$$s lien is a specific, involuntary lien that gives a security interest in real property to persons or companies that perform labor to improve the property.

$\_\_\_\_\_\_\_\_38.$ The three approaches to value are The Sales Comparison Approach, The Cost Approach and Physical deterioration Approach.

$\_\_\_\_\_\_\_39.$ A sales price for a property is $$150,000.$ The buyer puts $20\%$ down; the mortgage amount is $$30,000.$

$\_\_\_\_\_\_\_40.$ The Equal Credit Opportunity Act prohibits lenders and others who grant or arrange credit to consumers from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age or dependence on public assistance.

$\_\_\_\_\_\_\_41.$ A mortgage banker approves a loan based on $80\%$ LTV$.$ If the sales price is $$225,000$ the mortgage amount would be $$180,000.$

$42.$ Calculate the simple interest of a $$45,000$ loan at $4\%$ interest to be repaid over $30$ years?

$$54,000$

$$45,000$

$$21,600$

$$35,000$

$43.$ A charge of three discount points on a $$120,000$ loan equals

$$450$

$$3,600$

$$4,500$

$$116,400$