One And Done Test One

Front 1

Does an on site manager of an apartment building need a real estate license?

Back 1

No

Front 2

An employing broker my designate one or more brokers to serve the public in a particular transaction. The designation would be best discovered in:

Back 2

The office policy manual

Front 3

A statutory power of attorney for property:

Back 3

May be used to grant an agent powers with respect to property and other matters.

Front 4

If a buyer does not receive a loan commitment by the loan commitment deadline,and does not notify the seller in writing, the buyer may:

Back 4

Loose Ernest money

Front 5

What is MEC

Back 5

Mutual exicution of contract

Front 6

If the title commitment or title documents are not delivered to the buyer on the date specified in the contract the contract maybe:

Back 6

Terminated with proper form

Front 7

The purpose of the brokers signing in the "Broker Acknowledgements" area of the contract to Buy and Sell , is to acknowledge:

Back 7

Receipt of the earnest money

Front 8

When a licensee measures a property and makes disclosure of square footage on the property form she must disclose:

Back 8

That the disclosure is for loan purposes

Front 9

A property manager must deposit rents collected in a trust account not later than:

Back 9

Five business days

Front 10

When an employing broker for a partnership, limited liability company or corporation receives or disburses earnest money, escrow or trust funds, the employing broker:

Back 10

Personally responsible for the funds

Front 11

Which of the following trust account records show all transactions.

Back 11

Journal

Front 12

Who or which of the following is responsible for complete, accurate and detailed closing statement:

Back 12

The Broker who personally established the relationship

Front 13

If a broker instructs the closing company to prepare the deed to convey title for the closing, who is typically responsible for the preparation or the deed? The :

Back 13

Broker

Front 14

What is the debit/credit entry for a loan assumption?

Back 14

Credit buyer and debit seller

Front 15

How would earnest money held by the broker be entered on the closing statement?

Back 15

Credit buyer and debit broker

Front 16

Title insurance for the buyer will be paid for by the

Back 16

Seller

Front 17

Interest on an owner- carry new owner - carry loan will see be calculated on the statement as?

Back 17

Principal times the interest rate divided by 365 days times the day from the first of the month to the date of the closing.

Front 18

Principal times the interest rate divided by 365 days times the days from closing to the end of the month

Back 18

Same

Front 19

A broker wishes to retian agency status except when selling his own listing. How can this be done?

Back 19

The listing form allows for this.

Front 20

One of the following would not be acceptable for disclosing brokerage relationships

Back 20

Definitions of working relationships

Front 21

..... is not recognized as part of a legal contract

Back 21

Acknowledgement

Front 22

What is another name for hold over clause?

Back 22

Protection clause