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Real Estate Exam / 100% CORRECT ANSWERS

A Tennessee licensee must use the "Exclusive Right to Sell" form - ANS -required by the licensee's broker. According to the level of authority delegated to the agent, the usual real estate agency i... s a - ANS -limited agency. When must the contract be in writing? - ANS -John is agreeing to sell his shed to Shawn for $1,000. One disadvantage in using active listings for comparables is - ANS -they provide somewhat dubious comparisons because listing prices are not selling prices. Why is it sometimes necessary to include a bill of sale with a purchase contract? - ANS -A bill of sale confirms that all promised inclusions are in fact part of the conveyance. Prior to the acceptance of a purchase contract, the seller must provide the buyer with a written property condition disclosure if - ANS -the property is a residential property of less than 5 units. Which HUD document provides information to builders regarding fair housing compliance? - ANS -Fair Housing Act Accessibility Guidelines The two restraints of trade of most concern to real estate brokers are conspiracies to fix prices and - ANS -group boycotts. The payment amount a borrower makes periodically to a lender consists of - ANS -a portion of principal and a portion of interest. If a loan is subject to RESPA, the lender must give the borrower an estimate of closing costs - ANS -within three days of receiving the loan application. "Farming" is the practice of - ANS -prospecting for business in a selected area. ___________ is normally the single most important element in a home's value. - ANS -Location ______________ property is land or improved property with buildings designed for humans to live in, such as single-family homes, apartments, or condominiums. - ANS -Residential When does a purchase and sale agreement become enforceable? - ANS -At time of offer delivery and acceptance by seller Which of the following is subject to the requirements of RESPA? - ANS -A single-family home purchase financed by a federally-insured loan [Show More]

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