Which of the following is a private control that impacts the use of the land?
Appraisal
Assessment
Deed restriction
Encroachment
Marnie decided the listing she was representing would be perfect for her family. She had her brother buy it, and after closing, he sold it to her. What is this an example of?
An anti-trust violation
Illegal self-dealing
Legal self-dealing
Usury
Jay’s new loan to purchase a property includes the seller’s existing mortgage. What type of loan is this?
Blanket
Package
Unsecured
Wraparound
A licensed sales associate has the legal authority to prepare listing agreements, broker representation agreements, _________________________.
Deeds, and promissory notes
Deeds, and sales contracts
Option contracts, and deeds
Sales contracts, and option contracts
Which step of the appraisal process addresses the appraisal’s purpose?
Determine highest and best use.
Estimate land value.
Identify data needed.
State the problem.
Which is NOT a right of appurtenant to the ownership of real property?
Encroachment
Enjoyment
Exclusion
Possession
An agent has an open house scheduled for Sunday, but lets her friend in on Saturday to preview it. It’s love at first sight! With the owner out of town, the agent decides to cancel the open house so there won’t be any other offers. Her friend makes an offer and it’s accepted on Monday. What fiduciary duty or duties has the agent breached?
Accounting
Accounting and disclosure
Disclosure
Loyalty and disclosure
Why would an advertisement that includes the words, “Home prices in your neighborhood are falling fast. Better call XYZ Brokerage at 555-255-1234,” be prohibited?
It doesn’t give the dollar amount by which the housing prices are falling.
It doesn’t have the licensee’s full phone number.
It doesn’t say what gifts will be received.
It incites panic selling.
Which entity governs private sewage disposal systems, such as septic systems?
Department of Safety
Department of Water Resources
Environmental Protection Agency
Health department
As supply increases, what happens to price?
Decreases
Exceeds demand
Increases
Stays the same
How should a licensee respond to a client who asks to be shown property based on the racial makeup of neighborhoods?
“I can help you, but we’ll need to keep this request off the record.”
“I’ll do my best, but we’ll need to include at least one showing in a different neighborhood.”
“I’m obligated to obey the requests of my clients, even though this request is a violation of fair housing law.”
“This is a fair housing violation. I can’t obey this request.”
Tyson estimates property values based on established valuation guidelines. He must be a(n) ______.
Appraiser
Developer
Home inspector
Property manager
Bianca wants to buy a cooperative, but she’s unsure that she can afford it. With a cooperative, her share of mortgage interest and real estate taxes will be ______.
Deductible on her personal income tax returns
Fully refundable to her
Not deductible on her personal income tax returns
Paid by the cooperative board
Incapacity or death, bankruptcy, or destruction of property are examples of circumstances where agency terminates by ______.
Act of the agent
Act of the client
Default
Operation of law
Which of the following is a levy the local government applies to individual parcels of real estate that will benefit from a public improvement?
Ad valorem
In rem
Special assessment
Tax abatement
What occurs when the parties can’t legally or practically do what they’ve agreed upon due to circumstances beyond their control?
Impossibility of performance
Partial performance
Performance of a contract
Specific performance
What’s a real estate licensee’s responsibility regarding radon?
Advise all buyers to have homes tested for radon only if they are in a high-risk area.
Advise all buyers to have homes tested for radon, regardless of the location.
Assist buyers with installing radon mitigation equipment.
Assist sellers with purchasing radon detection equipment.