I just want a choice, no explanation

ull I 1 1. The property disclosure form is usually given to a buyer A) after an offer is made. B) before an offer is made. C) at the initial contact with the buyer. D) at the closing of the transaction. 2. The seller has completed a property disclosure for an "as is" sale, which states all items are in working order. After closing, the buyer finds out the sewer system has had long-term problems. The person or persons MOST likely to be held responsible for the misrepresentation is A) the buyer's broker. B) no one since it is an "as is" sale. C) the seller. D) the listing broker and seller. - 3. The seller's property disclosure form yields which of the following benefits for the transaction? A) It informs the buyer as to which defects exist. B) It provides a basis for further investigation by the buyer. C) It allows the buyer to make an informed decision as to buying the property. D) It gives the buyer full knowledge of all issues with the property. 4. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? A) Certificate of occupancy B) Certificate of compliance C)Building permit D)Code certificate 5. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then A) arrange for the repairs. B) tell the seller that the defect must be repaired. C) inform any prospective buyers of the defect. D) contact the city building inspector about the defect. 6. The seller's property disclosure form yields which of the following benefits for the transaction? A) It informs the buyer as to which defects exist. B) It provides a basis for further investigation by the buyer. C) It allows the buyer to make an informed decision as to buying the property. D) It gives the buyer full knowledge of all issues with the property. 7. Which of the following analysis MUST be prepared by a certified appraiser? a) a comparative market analysis (CMA) for a buyer and broker b) a price opinion for a lender involved with a short sale transaction c) an analysis to determine a project estimated market capture and capitalization rate d) a property valuation report supporting a federally-related loan application 8. Two persons own a property as tenants in common, if one dies, what happens to the ownership of the property? The survivor becomes sole owner The survivor becomes a tenant in common with the heirs of the deceased The survivor becomes a joint tenant with the heirs of the deceased The property must be sold and the proceeds distributed 9. The listing broker may be due a commission, even when no sale occurred, if the. A. potential buyer was unable to obtain financing. B. seller decided he no longer wished to sell. C. seller refused a buyer's reasonable offer. D. broker located a buyer who made an offer that met all of the seller's terms. 2 10. insurance value differs from market value in that? a) the value is only attributed to the replacement value of the structure b) includes the land and structure values c) fair market value is not insurable d) it includes only the land value 11. In a jurisdiction where a seller's property condition disclosure is required, the licensee is responsible for? A. completing the property condition disclosure. B. ensuring that the seller complete the property condition disclosure before closing. C. ensuring that the buyer receives the property disclosure before the contract is finalized. D. checking the disclosure for accuracy and ensuring that the buyer receives it before closing 3 12. A seller's agent is contacted by a potential buyer whose financial status is questionable. when asked to write an offer, the agent should: a) refuse to write the offer b) insist on a prompt closing c) ask for a high earnest money payment d) any reservations to seller relay 3 13.) Which off the following property valuation estimates or reports would have to be repaired by a licensed or certified appraiser? A. brokers price option B. a competitive market analyst C. a reconciliation report from an FHA loan D. value analyst for a non-residential property value below $250,000 14.) A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be true? Because it is voluntary, it will not be adverse item on the buyer's credit The lender will take the title subject to any junior liens The lender will usually retain his rights under mortgage insurance or VA guarantee The loan will still be assumable 15) Which of the following approaches would allow you to estimate value if you know the construction price per square foot?. A. Cost. B. Income. C. Market comparison. D. Sales. 16) Which of the following are MOST likely to be addressed by building codes? A. Deed restrictions. B. Construction standards. ---- 4 C. Permissible uses of structures. D. Restrictive covenants. 17) A seller places his property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but states that he will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is A. rescinded. B. null and void. ---- C. irrevocable. D. binding 18.) The buyer was given a Loan Estimate at the time of the application for the mortgage and it is now three business days before the closing. The appraisal and the Closing Disclosure have been given to the buyer. The buyer's broker meets her client at the property for a walk-through and to review the documents. Which of the following occurrences will result in the buyer having the right to an additional three days to review the documents? A. There was a mathematical error on the proration of taxes or utilities. B. Appliances are missing even though the seller agreed to include them. C. The loan product was changed from a fixed rate to one that is adjustable. 5 D. There was an omission in the property disclosure of a recently discovered special assessment. ----- 19) A salesperson's client is the lessee. Who does the salesperson represent? Lender Tenant Landlord Lien holder 5 20) The seller has entered into an exclusive right to sell agreement with Terry Hill. Ms. Hill presents seller with an offer to purchase which is 20% less than the list price. Which of the following is true? A. The seller is obligated to pay Ms. Hill a commission or the offer price if the seller rejects the offer. B. The seller is under no obligation to accept the offer or make a counteroffer. ---- C. The seller has 72 hours to submit a counteroffer or else the offer is considered to be accepted. D. The seller is obligated to make a counteroffer to the buyer if the offer is unacceptable. 21) Which of the following is true with respect to licensee offering free or discounted product or services? 6 A. The offering can be made through a lottery, courtesy or contest or game B. the offering can be conditioned upon the consumer entering a contract of sale C. the offering can be conditioned upon the consumer entering into a brokerage any agreement D. the licensee broker can receive compensation from the provider of the free or discontinued product to service 22) A buyer and seller have signed a contract for the sale of a commercial property which contains no instructions on what the broker as escrow agent is to do with the escrowed monies in the event of a default by the buyer prior to closing the buyer decides not to proceed with the sale, inn this situation how should the broker handle any depots money that the broker is holding in escrow on the transaction? forfeit it to the seller return it to the buyer maintain it in a trust until the matter is solved --- return it to the buyer's attorney 23.) Which if the following regarding the ADA true? a) a landlord must make reasonable accommodations for those with disabilities ---- b) a seller must make reasonable accommodations for those with disabilities c) a lender must make loans to those with disabilities d) a buyer can require a seller to make structural changes before closing 24) Real estate taxes that are paid in advance are prorated on the closing statement as. A. no entry to buyer; a credit to seller. B. no entry to buyer; a debit to seller. C. a credit to buyer; a debit to seller. D. a debit to buyer; a credit to seller. 25.) A prorated item that has been paid in arrears typically shows up as A) debit buyer, credit seller. B) debit seller, credit buyer. C)debit seller, credit broker. D)debit seller and buyer. 26.) A salesperson has the opportunity to list a 6-plex that is 100 percent rented. The salesperson does NOT need to account for any expenses. The numerical tool he should use to predict the price at which the building will sell is known as A. Gross Rent Multiplier (GRM). B. Net Rent Multiplier (NRM). C. Gross income Multiplier (GIM). D. Return on investment (ROM). 27) In most listing contracts, a broker who has brought a ready, willing, and able buyer to a seller who agrees to the terms of a sales contract Earns a commission at that point Earns a commission even if contingencies in the contract have not been met Does not earn a commission unless the sale closes Does not earn a commission if the buyer and seller agree to rescind the contract 28.) which of the following approaches would allow you to estimate value if you know the construction price per square foot? a.cost b. income c.market comparison d.sales 8