answer to re practices final

8/4/2019 Answer to RE Practices Final

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Student Name: Frazier , Tremaine L

Status: Passed

Grade: 92

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1. Question Asked: With what type of commission plan does a broker not charge a fee, but a commission

based on a percentage of the selling price?

Choice 1: Straight commission plan.CORRECT CHOICE

Choice 2: 100% commission plan.

Choice 3: Negative commission plan.

Choice 4: None of the above.

Student Answer: Straight commission plan.

2. Question Asked: To earn the commission guaranteed by a safety clause, the original listing broker

must provide the seller with a list of prospects who were shown or made offers on the property within

___________________.

Choice 1: 24 hours of the expiration of the original listing


Choice 3: 3 calendar days of the expiration of the original listingCORRECT CHOICE

Choice 4: 10 calendar days of the expiration of the original listing

Student Answer: 3 calendar days of the expiration of the original listing

3. Question Asked: To earn a commission, a broker must produce a buyer who is ___________________.

Choice 1: Ready

Choice 2: Willing

Choice 3: Able

Choice 4: All of the aboveCORRECT CHOICE

Student Answer: All of the above


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4. Question Asked: All commissions are negotiable between a seller and listing broker, and determined

_______________________.

Choice 1: When an offer is presented

Choice 2: When the listing agreement is signedCORRECT CHOICE

Choice 3: At the close of escrow

Choice 4: None of the above

Student Answer: When the listing agreement is signed

5. Question Asked: Which of the following statements is NOT TRUE concerning listings in California?

Choice 1: Listing agreements must be in writing.

Choice 2: A listing is considered an employment contract between principal and agent/broker.

Choice 3: Listing agreements are also referred to as purchase contracts.CORRECT CHOICE

Choice 4: A listing agent is bound by the laws of agency.

Student Answer: Listing agreements are also referred to as purchase contracts.

6. Question Asked: To earn a commission, a broker must produce a buyer who is _________________.

Choice 1: Ready, willing, and ableCORRECT CHOICE

Choice 2: Interested, sincere, and literate

Choice 3: Realistic, reliable, and ready

Choice 4: Flexible, cooperative, and genuine

Student Answer: Ready, willing, and able

7. Question Asked: Which of the following (sellers) listing forms does the buyer also receive a copy of?

Choice 1: Residential listing agreement

Choice 2: Transfer Disclosure StatementCORRECT CHOICE


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Choice 3: Estimated seller's proceeds

Choice 4: All of the above

Student Answer: Transfer Disclosure Statement

8. Question Asked: A Disclosure Regarding Real Estate Agency Relationships should be signed

___________________.

Choice 1: After taking a listing, but before an offer is presented

Choice 2: Only after an offer to purchase is presented

Choice 3: Before any contract is entered intoCORRECT CHOICE

Choice 4: Only if the seller is desperate to sell

Student Answer: Before any contract is entered into

9. Question Asked: To earn a commission, a broker must produce a buyer who is _________________.

Choice 1: Ready, willing, and ableCORRECT CHOICE

Choice 2: Interested, sincere, and literate

Choice 3: Realistic, reliable, and ready

Choice 4: Flexible, cooperative, and genuine

Student Answer: Ready, willing, and able

10. Question Asked: In a listing agreement, which instructions are given the most consideration?

Choice 1: Handwritten instructionsCORRECT CHOICE

Choice 2: Preprinted instructions

Choice 3: Oral instructions


Student Answer: Handwritten instructions


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11. Question Asked: Copies of the listing agreement must be given to the signing parties

________________.

Choice 1: At the time signatures are obtainedCORRECT CHOICE

Choice 2: Within 3 days of signing



Student Answer: At the time signatures are obtained

12. Question Asked: The amount of commission payable to a real estate broker is ordinarily based on

______________________.

Choice 1: Statutory limitations

Choice 2: Rules and regulations of the DRE and the FBI

Choice 3: A secret formula known only the Real Estate Commissioner

Choice 4: Agreement of the partiesCORRECT CHOICE

Student Answer: Agreement of the parties

13. Question Asked: The Disclosure Regarding Real Estate Agency Relationships must be provided

__________________________________.

Choice 1: By the buyers agent to the buyer before making an offer

Choice 2: By the sellers agent to the seller before writing up a listing agreement

Choice 3: By the agent representing both buyer and seller in a dual agency before any contract is

entered into



14. Question Asked: The Disclosure Regarding Real Estate Agency Relationships

____________________.


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Choice 1: Is only given to a seller

Choice 2: Is only given to a buyer

Choice 3: Must be given to buyers and sellers before entering into any contract with a brokerCORRECT

CHOICE


Student Answer: Must be given to buyers and sellers before entering into any contract with a broker

15. Question Asked: If an owner enters into an exclusive agency listing and thereafter sells the property

through his or her own efforts ____________________.

Choice 1: The broker is entitled to his or her full commission, plus damages

Choice 2: No commission is payableCORRECT CHOICE

Choice 3: The broker takes title to the property

Choice 4: The broker must pay the owner a commission

Student Answer: No commission is payable

16. Question Asked: Which of the following is NOT one of the three requirements for a valid escrow?

Choice 1: Signed escrow instructions

Choice 2: Legal adviceCORRECT CHOICE

Choice 3: Neutral third party as an escrow company

Choice 4: Conditional delivery of funds and documents

Student Answer: Legal advice

17. Question Asked: The annual percentage rate (APR) is ____________________.

Choice 1: The amount financed plus interest rate, points, and loan fees

Choice 2: The actual cost of borrowing money

Choice 3: Expressed as a percentage


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18. Question Asked: The three Cs of credit include character, capacity and __________________.

Choice 1: CapitalCORRECT CHOICE

Choice 2: Cooperation

Choice 3: Collateral

Choice 4: Citizenship

Student Answer: Capital

19. Question Asked: An adjustable rate mortgage is also referred to as a(n) _____________________.

Choice 1: Fully amortized fixed rate loan

Choice 2: Variable rate mortgage

Choice 3: ARM

Choice 4: Both b and c are correctCORRECT CHOICE

Student Answer: ARM

20. Question Asked: Escrow companies use a base month of ____________________.

Choice 1: 28 days

Choice 2: 30 daysCORRECT CHOICE

Choice 3: 31 days

Choice 4: Any of the above

Student Answer: 30 days

21. Question Asked: The processing of the paperwork and money involved in a real estate transaction by

a neutral third party is referred to as ____________________.


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Choice 1: Usury

Choice 2: EscrowCORRECT CHOICE

Choice 3: Pre-qualifying


Student Answer: Escrow

22. Question Asked: The term APR refers to ___________________.

Choice 1: Annual percentage rateCORRECT CHOICE

Choice 2: Average percentage rate

Choice 3: Annual points required


Student Answer: Annual percentage rate

23. Question Asked: The type of listing in which the owners would be obligated to pay a commission to

the broker even if the owners sell the property themselves during the listed period is

________________________.

Choice 1: Illegal in California

Choice 2: A multiple listing

Choice 3: An exclusive right to buy

Choice 4: An exclusive right to sell listingCORRECT CHOICE

Student Answer: An exclusive right to sell listing

24. Question Asked: The Real Estate Commissioner requires that all agreements prepared by salespeople

______________________.

Choice 1: Be approved by the IRS

Choice 2: Be approved by their designated broker or sales manager

Choice 3: Be approved within a reasonable time


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Student Answer: Both b and c are correct

25. Question Asked: When selling an older home, disclosure must be made to the buyer of any repairs

made within the last _____________________.

Choice 1: Three days

Choice 2: Three months

Choice 3: Three yearsCORRECT CHOICE


Student Answer: None of the above

26. Question Asked: In a listing agreement, handwritten or typed-in instructions _________________.

Choice 1: Are given precedence over preprinted instructionsCORRECT CHOICE

Choice 2: Are superseded by preprinted instructions

Choice 3: Are not permissible


Student Answer: Are given precedence over preprinted instructions

27. Question Asked: A MLS and its cooperating brokers are denied access to a listing by the seller, and

only the listing agent or member of his or her firm are given permission to show and present offers on a

property. This is called a(n) ______________________.

Choice 1: Proprietary listing

Choice 2: Limited exclusive

Choice 3: Office exclusiveCORRECT CHOICE


Student Answer: Office exclusive


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28. Question Asked: The type of listing that is most likely to give rise to charges of misrepresentation or

fraud is the ____________________.

Choice 1: Multiple listing

Choice 2: Open listing

Choice 3: Net listingCORRECT CHOICE


Student Answer: Net listing

29. Question Asked: How many copies of a listing agreement must be provided to a couple who is

considered one legal entity?

Choice 1: None

Choice 2: OneCORRECT CHOICE

Choice 3: Two

Choice 4: Three

Student Answer: Two

30. Question Asked: The source of most long-term financing for regional malls is

____________________.

Choice 1: Life insurance companiesCORRECT CHOICE

Choice 2: Commercial banks

Choice 3: Savings banks

Choice 4: Private lenders

Student Answer: Life insurance companies

31. Question Asked: In a trust deed, the party who is lending the money is called the

_________________.

Choice 1: Trustor


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Choice 2: Trustee

Choice 3: BeneficiaryCORRECT CHOICE


Student Answer: Beneficiary

32. Question Asked: Which of the following is NOT an institutional lender?

Choice 1: Savings bank

Choice 2: Private lenderCORRECT CHOICE

Choice 3: Commercial bank

Choice 4: Life insurance company

Student Answer: Private lender

33. Question Asked: In Northern California, the majority of escrows are handled by

___________________.

Choice 1: Escrow departments of title insurance companiesCORRECT CHOICE

Choice 2: Independent escrow companies

Choice 3: The sellers


Student Answer: Escrow departments of title insurance companies

34. Question Asked: The compensation for processing the loan and setting it up on the books, which is

based on the loan amount, is __________________.

Choice 1: Interest

Choice 2: A loan origination feeCORRECT CHOICE

Choice 3: The prevailing market rate

Choice 4: Start up fee


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Student Answer: A loan origination fee

35. Question Asked: A charge to the borrower for paying off all or part of a loan balance before the due

date ______________________.

Choice 1: Is illegal in California

Choice 2: Is called a prepayment penaltyCORRECT CHOICE

Choice 3: Is called an impound account


Student Answer: Is called a prepayment penalty

36. Question Asked: An escrow holder can be ____________________.

Choice 1: A corporation

Choice 2: An attorney

Choice 3: A real estate broker acting as the agent in a transaction



37. Question Asked: The two rules of proration in an escrow include ____________________.

Choice 1: The date the item is paid

Choice 2: The date escrow closes

Choice 3: The condition of the property

Choice 4: A and b are correctCORRECT CHOICE

Student Answer: A and b are correct

38. Question Asked: Escrow is not officially closed until ____________________.

Choice 1: All the conditions of escrow have been completed


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Choice 2: The buyers remaining money is received

Choice 3: The documents are recorded



39. Question Asked: In a trust deed, the party who is borrowing money is called the

___________________.

Choice 1: TrustorCORRECT CHOICE

Choice 2: Trustee

Choice 3: Beneficiary


Student Answer: Trustor

40. Question Asked: Brokers should examine the call log book regularly to determine _______________.

Choice 1: The impact of any advertising campaignCORRECT CHOICE

Choice 2: If agents are showing up for work on time

Choice 3: What hours the office should stay open


Student Answer: The impact of any advertising campaign

41. Question Asked: When a phone caller inquires about a property thats no longer available, a switch

sheet allows an agent to _____________________.

Choice 1: Quickly reference similar propertiesCORRECT CHOICE

Choice 2: Confuse the caller with too many alternatives

Choice 3: Legally use the bait and switch technique

Choice 4: Pre-qualify the caller before showing other properties


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Student Answer: Quickly reference similar properties

42. Question Asked: If any financing term is mentioned in an ad, the FTC requires the ad also mention

the _______________________.

Choice 1: Annual percentage rate (APR)CORRECT CHOICE

Choice 2: Semi-annual percentage rate (APR)

Choice 3: Phone number of the Real Estate Commissioner


Student Answer: Annual percentage rate (APR)

43. Question Asked: The escrow holder is an agent for ______________________.

Choice 1: The seller only

Choice 2: The buyer only

Choice 3: Both the seller and buyerCORRECT CHOICE


Student Answer: Both the seller and buyer

44. Question Asked: When a listing agreement is signed, all commissions are ___________________.

Choice 1: Non-negotiable

Choice 2: Negotiable between seller and listing brokerCORRECT CHOICE

Choice 3: Decided when a buyer makes a legitimate offer

Choice 4: Paid in advance by the seller

Student Answer: Negotiable between seller and listing broker

45. Question Asked: To earn the commission guaranteed by a safety clause, the original listing broker

must provide the seller with a list of prospects who were shown or made offers on the property within

__________________.


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Choice 3: 3 calendar days of the expiration of the original listingCORRECT CHOICE

Choice 4: 10 calendar days of the expiration of the original listing

Student Answer: 3 calendar days of the expiration of the original listing

46. Question Asked: The Federal Home Mortgage Corporation (FHLMC) is commonly known as

_________________________.

Choice 1: Freddie MacCORRECT CHOICE

Choice 2: Fannie Mae

Choice 3: Frannie Mac


Student Answer: Freddie Mac

47. Question Asked: In a purchase contract, which of the following is usually considered a financing

contingency?

Choice 1: Obtaining the deposit

Choice 2: Obtaining the down payment

Choice 3: Obtaining closing costs

Choice 4: None of the above are financing contingenciesCORRECT CHOICE

Student Answer: None of the above are financing contingencies

48. Question Asked: Lenders refer to a borrower with a low FICO score and a limited ability to cover

family living expenses as a ____________________.

Choice 1: Lost cause borrower

Choice 2: Prime borrower

Choice 3: Sub prime borrowerCORRECT CHOICE


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Choice 4: Commercial borrower

Student Answer: Sub prime borrower

49. Question Asked: The terms mortgagee and mortgagor refer to ____________________.

Choice 1: Mortgages onlyCORRECT CHOICE

Choice 2: Trust deeds only

Choice 3: Mortgages and trust deeds


Student Answer: Mortgages only

50. Question Asked: Which of the following government organizations makes direct loans?

Choice 1: FHA

Choice 2: VA

Choice 3: Cal-VetCORRECT CHOICE


Student Answer: Cal-Vet

51. Question Asked: Soliciting potential clients by telephoning people you don't know is called

________________.

Choice 1: Cold callingCORRECT CHOICE

Choice 2: Warm calling

Choice 3: Previewing

Choice 4: Blind advertising

Student Answer: Cold calling

52. Question Asked: An incoming call register is a useful tool for ___________________.


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Choice 1: Record keeping

Choice 2: Controlling ad revenue and expenses

Choice 3: Following up on inquiries


Student Answer: Following up on inquiries

53. Question Asked: The time assigned to individual agents to answer the company telephone is called

______________________.

Choice 1: Downtime

Choice 2: Floor timeCORRECT CHOICE

Choice 3: Private time

Choice 4: Golden time

Student Answer: Floor time

54. Question Asked: A company that agrees to purchase a property at a given price if it doesnt sell for

more during the listing period is offering a ______________________.

Choice 1: Pocket listing

Choice 2: Guaranteed sales planCORRECT CHOICE

Choice 3: Dual agency


Student Answer: Guaranteed sales plan

55. Question Asked: A broker who falsely gives the impression that he or she is the owner of a property

for sale is guilty of _____________________.

Choice 1: Color blind advertising

Choice 2: Blind advertisingCORRECT CHOICE

Choice 3: Puffing


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Choice 4: Keeping a pocket listing

Student Answer: Blind advertising

56. Question Asked: A time-tested method used in writing real estate ads is a formula known by the

acronym _____________________.

Choice 1: ABBA

Choice 2: AIDACORRECT CHOICE

Choice 3: AWOL

Choice 4: AKKA

Student Answer: AIDA

57. Question Asked: A publication or website that lists telephone numbers by addresses rather than

names is called a _____________________.

Choice 1: Cold call directory

Choice 2: Multiple listing directory

Choice 3: Reverse directoryCORRECT CHOICE


Student Answer: Reverse directory

58. Question Asked: The list of potential clients that an agent contacts on a regular basis

______________________.

Choice 1: Is considered his or her "sphere of influence"CORRECT CHOICE

Choice 2: Always belongs to his or her broker

Choice 3: Is technically considered harassment

Choice 4: Is a waste of time

Student Answer: Is considered his or her "sphere of influence"


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59. Question Asked: When selling real estate, the least effective form of communication is

______________.

Choice 1: Direct contact (face-to-face)CORRECT CHOICE

Choice 2: By letter (one way)

Choice 3: By telephone (two way)


Student Answer: By letter (one way)

60. Question Asked: An open house is a planned period of time during which a property for sale

____________________________.

Choice 1: Is held open for public viewingCORRECT CHOICE

Choice 2: Can be shown only to licensed brokers

Choice 3: Is withheld from placement with a multiple listing service


Student Answer: Is held open for public viewing

61. Question Asked: Under the buyer occupancy section of the purchase contract, the term CE+3 means

_____________________________.

Choice 1: The buyer will take possession 3 days after the close of escrowCORRECT CHOICE

Choice 2: The buyer will take possession 3 weeks after the close of escrow

Choice 3: The buyer will take possession 30 days after the close of escrow


Student Answer: The buyer will take possession 3 days after the close of escrow

62. Question Asked: Which of the following is TRUE concerning the Buyers Request for Repairs?

Choice 1: The buyers request is really a wish list

Choice 2: The seller may choose to do all, some, or none of the repairs


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Choice 3: The buyer may cancel the escrow if a dispute over repairs cannot be resolved



63. Question Asked: Which of the following is TRUE concerning wood destroying pest inspections?

Choice 1: Section A1 indicates actual termite infestation

Choice 2: Section A2 indicates existing conditions that may lead to termite infestation

Choice 3: Termite clearance is usually a lenders requirement



64. Question Asked: The sum of money agreed to in advance and stated in the contract that will be paid

for not fulfilling a clause or condition in the contract is a provision called ______________.

Choice 1: Gross breach of contract provision

Choice 2: Liquidated damage provisionCORRECT CHOICE

Choice 3: Punitive retaliation provision


Student Answer: Liquidated damage provision

65. Question Asked: If there is a contradiction in the purchase agreement form __________________.

Choice 1: The handwritten or typed-in words supersede the printed wordsCORRECT CHOICE

Choice 2: The printed words supersede the written or typed-in words

Choice 3: The form is considered void

Choice 4: The Real Estate Commissioner must decide which takes precedence

Student Answer: The handwritten or typed-in words supersede the printed words


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66. Question Asked: Failure of a buyer to fulfill the terms in the Notice to Buyer to Perform gives the

seller the right to ___________________.

Choice 1: Cancel the escrow within 24 hours if other terms are not specifiedCORRECT CHOICE

Choice 2: Charge the buyer a daily fine until contingencies are removed

Choice 3: Lower the listing agents commission


Student Answer: Cancel the escrow within 24 hours if other terms are not specified

67. Question Asked: The Verification of Property Condition is filled out _____________________.

Choice 1: When the buyer first visits the property

Choice 2: During the final walk-throughCORRECT CHOICE

Choice 3: By pest inspectors


Student Answer: During the final walk-through

68. Question Asked: Which of the following is TRUE concerning the Buyers Affidavit?

Choice 1: It involves the Foreign Investment in Real Property Tax Act (FIRPTA).

Choice 2: It involves property for use as a residence.

Choice 3: It involves property with a sales price that does not exceed 300,000.



69. Question Asked: The Cooperating Broker Compensation Agreement and Escrow Instructions form is

an agreement between the listing broker and the selling broker, determining the commission split that

will be paid to the _______________________.

Choice 1: Selling brokerCORRECT CHOICE

Choice 2: Listing broker


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Choice 3: Escrow company


Student Answer: Selling broker

70. Question Asked: The division and subsequent sale of real property is governed by the

___________________________.

Choice 1: Subdivision Map Act

Choice 2: Subdivided Lands Act

Choice 3: Both a and b are correctCORRECT CHOICE

Choice 4: Neither a nor b is correct

Student Answer: Both a and b are correct

71. Question Asked: The seller must provide the buyer with a Lead-Based Paint Notice as an attachment

to the purchase contract if the residential property was constructed _________________.

Choice 1: Prior to 1998

Choice 2: Prior to 1988

Choice 3: Prior to 1978CORRECT CHOICE


Student Answer: Prior to 1978

72. Question Asked: Liquidated damages are _____________________.

Choice 1: The damages caused by flooding

Choice 2: Paid for not fulfilling a clause or condition in the contract

Choice 3: Agreed to in advance and stated in the contract




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73. Question Asked: Which of the following forms details the total cost of the purchase, including

monthly payments?

Choice 1: Buyer's Inspection Advisory

Choice 2: Estimated Buyer's CostsCORRECT CHOICE

Choice 3: Notice to Seller to Perform


Student Answer: Estimated Buyer's Costs

74. Question Asked: To be called a REALTOR a licensee must be _____________________.

Choice 1: A member of the National Association of Realtors (NAR)CORRECT CHOICE

Choice 2: A member of the State Bar of California

Choice 3: A broker


Student Answer: A member of the National Association of Realtors (NAR)

75. Question Asked: Police power provisions are laws created to benefit _____________________.

Choice 1: Health

Choice 2: Safety

Choice 3: Morals



76. Question Asked: Real estate assistants who choose to become notary publics must

__________________.

Choice 1: Also have a brokers license


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Choice 2: Maintain an official record called a notary journal

Choice 3: Use an official seal of notary



77. Question Asked: The DRE salespersons exam ________________________.

Choice 1: Takes three hours and fifteen minutes

Choice 2: Has 150 questions

Choice 3: Requires a score of 70% to pass



78. Question Asked: A Conditional Salespersons License expires after __________________.

Choice 1: 6 months

Choice 2: 18 monthsCORRECT CHOICE

Choice 3: One year

Choice 4: Four years

Student Answer: 18 months

79. Question Asked: A real estate broker who wants to include negotiation of loans for prospective

borrowers and the sale of trust deeds secured by real property will need ___________________.

Choice 1: A real property security dealer's endorsementCORRECT CHOICE

Choice 2: To speak several languages

Choice 3: A law degree


Student Answer: A real property security dealer's endorsement


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80. Question Asked: The Real Estate Settlement Procedures Act (RESPA) covers the sale of

_________________________.

Choice 1: 16 or more units

Choice 2: One-to-four residential unitsCORRECT CHOICE

Choice 3: Income producing property



81. Question Asked: The state law that prohibits steering and blockbusting is _____________________.

Choice 1: The Unruh Civil Rights ActCORRECT CHOICE

Choice 2: The Redlining Prohibition Act

Choice 3: The Federal Civil Rights Act



82. Question Asked: The form that is often referred to as FRPTA is the ______________________.

Choice 1: Real Estate Transfer Disclosure Statement

Choice 2: Natural Hazard Disclosure Statement

Choice 3: Sellers Affidavit of Non-foreign Status and/or California Withholding ExemptionCORRECT

CHOICE



83. Question Asked: If there are more than two counter offers, an agent/broker should

________________.

Choice 1: Lower his or her commission


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Choice 2: Ask the Real Estate Commissioner for advice

Choice 3: Start from scratch and rewrite the contractCORRECT CHOICE

Choice 4: Have the final counter offer notarized

Student Answer: Start from scratch and rewrite the contract

84. Question Asked: Copies of the listing agreement must be given to the signing parties

_________________.

Choice 1: At the time signatures are obtainedCORRECT CHOICE




Student Answer: At the time signatures are obtained

85. Question Asked: Death does not cancel escrow because ______________________.

Choice 1: It is binding on the heirs (estate)

Choice 2: Of the prior agreed-to contract


Choice 4: Neither a nor b is correct


86. Question Asked: Character, capacity, and capital are called the three Cs of ________________.

Choice 1: Salesmanship

Choice 2: CreditCORRECT CHOICE

Choice 3: Real estate

Choice 4: Competition

Student Answer: Credit


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87. Question Asked: Which of the following is TRUE concerning real estate advertising?

Choice 1: Maintaining a company website is rarely worth the time, effort or money.

Choice 2: Yellow page directories are a not a cost effective method of advertising.

Choice 3: The most favored advertising media is the newspaper.CORRECT CHOICE


Student Answer: The most favored advertising media is the newspaper.

88. Question Asked: Which of the following is the best way to keep track of the ads that bring in phone

inquiries?

Choice 1: Ad call log bookCORRECT CHOICE

Choice 2: Company phone bill

Choice 3: Reverse directory

Choice 4: Phone answering machine

Student Answer: Ad call log book

89. Question Asked: The bulk of the typical residential broker's advertising budget is spent on

___________________.

Choice 1: Novelty ads

Choice 2: Classified adsCORRECT CHOICE

Choice 3: Highway billboards

Choice 4: Skywriting

Student Answer: Classified ads

90. Question Asked: How a house looks to a passerby when compared to the rest of the neighborhood,

is called _____________________.

Choice 1: Curb appealCORRECT CHOICE


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Choice 2: View ability

Choice 3: Competitive factor


Student Answer: Curb appeal

91. Question Asked: Sources of listings may include ___________________.

Choice 1: Acquaintances

Choice 2: "For sale by owner" ads

Choice 3: Foreclosures



92. Question Asked: In order for agents to gain access to the house, keys are often kept

_______________.

Choice 1: Under a rock

Choice 2: In a lock boxCORRECT CHOICE

Choice 3: With a neighbor


Student Answer: In a lock box

93. Question Asked: If the buyer and/or seller decline to have a professional inspection in order to

reduce potential liability, its in the brokers best interest to ____________________.

Choice 1: Pass the sale on to another broker

Choice 2: Have the parties sign a waiver acknowledging their refusalCORRECT CHOICE

Choice 3: Get the inspection secretly and pay for it out of the buyers trust account

Choice 4: Forge the parties signatures on a waiver


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Student Answer: Have the parties sign a waiver acknowledging their refusal

94. Question Asked: Which of the following listing forms does a buyer NOT receive a copy of?

Choice 1: Residential listing agreement

Choice 2: Sellers advisory

Choice 3: Estimated sellers proceeds



95. Question Asked: The Contingency for Sale or Purchase of the Property form indicates whether a

condition of the sale depends on _____________________.

Choice 1: The sale of the buyers property

Choice 2: The sellers purchase of a replacement property


Choice 4: Either a nor b is correct


96. Question Asked: Before making an offer, which of the following forms should be provided to the

buyer detailing the total cost of the purchase, including monthly payments?

Choice 1: Buyers Inspection Advisory

Choice 2: Estimated Buyers CostsCORRECT CHOICE

Choice 3: Buyers Affidavit


Student Answer: Estimated Buyers Costs

97. Question Asked: If a conflict arises between escrow instructions and the deposit receipt (purchase

contract), which document will usually prevail?


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Choice 1: The latest signed documentCORRECT CHOICE

Choice 2: The earliest signed document

Choice 3: The least complicated document


Student Answer: The latest signed document

98. Question Asked: Rules for regulating real estate advertising under the Truth in Lending Act are

covered by _____________________.

Choice 1: Regulation Z.CORRECT CHOICE

Choice 2: Regulation ABC.

Choice 3: The X Files.

Choice 4: All of the above.

Student Answer: Regulation Z.

99. Question Asked: What agency regulates the issuance of liquor licenses in California?

Choice 1: California Liquor Board (CLB)

Choice 2: California Department of Real Estate (DRE)

Choice 3: California Department of Alcoholic Beverage Control (ABC)CORRECT CHOICE


Student Answer: California Department of Alcoholic Beverage Control (ABC)

100. Question Asked: A seller of a business agrees not to open another business establishment similar to

that being sold for six months. Such an agreement is called a ______________________.

Choice 1: Cease and desist order

Choice 2: Covenant not to competeCORRECT CHOICE

Choice 3: Covenant of allocation


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Choice 4: Give and take agreement

Student Answer: Covenant not to compete

answer to re practices final

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