Real Estate Final Exam (150 Questions ) #1 Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

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Real Estate Final Exam (150 Questions ) #1 Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

• The buyer and seller agreed to a purchase price of $310,500. The buyer received an

80% loan. How much was the buyer's loan and how did it appear on the settlement statement?

• $248,400. Credit the seller only.
• $62,100. Debit the buyer only.
• $248,400. Credit the buyer only.
• $310,500. Credit the buyer only.

Correct Answer: C

• The seller and the buyer agreed to a purchase price of $270,000 with the closing to

occur on June 15. The seller's loan balance after the June 1 payment was $170,000 with an interest rate of 6%. The monthly payment was $1,800 principal and interest. What was the loan balance the day of closing, and how much interest did the seller owe the bank?

• Loan balance $170,000; interest due $425
• Loan balance $168,200; interest due $850
• Loan balance $170,000; interest due $850
• Loan balance $171,800; interest due $425

Correct Answer: A

• The sellers listed their property for six months on February 26 for $522,500. They

agreed to pay the listing broker a 7% commission at closing on the agreed-upon sale price. A buyer made an offer on the property on March 29 for $510,000. The seller countered the offer on April 1 at $517,500, and the buyer accepted the counteroffer

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with the closing to occur on June 15. How much commission did the seller owe the listing broker, and how would it appear on the settlement statement?

• $36,575. Debit the seller.
• $35,700. Credit the seller.
• $36,225. Debit the buyer.
• $36,225. Debit the seller.

Correct Answer: D

• A seller listed his home for six months on February 26. On April 29, a buyer made an

offer on the property. The listing broker presented the offer to the seller on April 30.The seller accepted the offer on May 1, with the closing to occur on June 15. Assuming the closing took place on June 15, when did the listing expire?

A. 8/26

B. 6/15

C. 5/01

D. 4/30

Correct Answer: B

• The seller and the buyer finally agreed to a purchase price of $203,500 with the

closing to occur on June 15. The taxes for the year in the amount of $2,500 have not been paid by the seller. (Taxes are paid in arrears). How much would the tax proration amount to, and how would it appear on a full settlement statement? Base your answer on a 365-day year, and the buyer is responsible for the day of settlement.

• $1,250.00 debit the seller and credit the buyer
• $1,130.14 credit the seller and debit the buyer
• $1,130.14 debit the seller and credit the buyer
• $1,369.86 debit the seller and credit the buyer

Correct Answer: C

• A buyer bought a property without telling the seller of his intended purpose for the

property. The contract contains no contingency clauses and it is a properly executed

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contract. After the closing, the buyer is unable to obtain the zoning he needs for his commercial project. What is the contract at this stage?

• Voidable
• Enforceable
• Unenforceable
• Void

Correct Answer: B

• Broker Carr, with ABC Real Estate Company, listed the property with a seller. Broker

Smith, with XYZ Real Estate Company, called Broker Carr and disclosed that he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property.What, if any, is the relationship between the buyer's broker, the seller, and the listing broker?

• Both brokers represent the seller.
• Both brokers represent the buyer.
• Broker Smith represents the seller and Broker Carr represents the buyer.
• There is not a relationship between the parties; Broker Carr represents the Seller and

Broker Smith represents the Buyer.

Correct Answer: D

• When can a landlord evict a disabled blind or disabled tenant from the premises?
• Under no circumstances.
• If the tenant has loud parties, makes too much noise, and is constantly disturbing other

tenants.

• Only if the landlord provides a 90-day notice.
• If the landlord decides to sell the property to a family member.

Correct Answer: B

• An optionor and an optionee make a contract for an option on a commercial piece of

property. If the optionee decides to exercise his option, when must he perform?

• Within 30 days of the closing date.

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• He must exercise his option under the terms of the option contract.
• He must perform immediately upon signing.
• At the discretion of the optionor.

Correct Answer: B

• A real estate licensee has a buyer agency agreement. What is the seller in this

situation?

• A client.
• A customer.
• A principal.
• A fiduciary.

Correct Answer: B

• A home improvement company was negotiating with a homeowner to add on two

rooms to a home. The company agreed to take a second mortgage as long as the homeowner also included the rest of the property in the loan. The company and the homeowner agreed to a price and the company provided the necessary disclosure form on Monday and the homeowner signed the agreement at noon the following day.Assuming that the week had five business days, until what time could the homeowner rescind the loan?

• Thursday, noon
• Friday, noon
• Friday, midnight
• Monday, midnight

Correct Answer: C

12. The seller under a land contract is called:

• The vendee
• The vendor
• The mortgagor
• The beneficiary