Which of the following duties are owed to customers and other parties to a real estate transaction?

What does MLS stand for?

In the listing agreement, how is the responsibility for marketing and showing the property described?

When are the mortgage loan commitment and title insurance contract signed?

The Kentucky Real Estate Commission’s action of prohibiting brokers from offering rebates and other inducements to consumers was deemed to be this type of violation, in which guilt is established in light of existing circumstances.

It’s January, and the pool at Roger’s listing has been prepped for winter for several weeks. The homeowner assures Roger that it’s in good working order. Roger has no reason to disbelieve the homeowner, so he tells prospective buyers that the pool is fine. The property sells, spring comes, and the new owners call to complain that the pump doesn’t work, and the pool drain appears to be clogged. What did Roger commit?

Which of these is NOT an example of agency coupled with interest?

If an agent lists a home for his sister and it sells, can the agent accept his commission directly from his sister?

Where trust funds are involved, ___________ is required.

Shakira is attending an association meeting when, in a small group breakout, her group begins discussing how to deal with the new kid in town: a real estate firm that charges a flat $500 to list properties, then lets the sellers fend for themselves. Why should Shakira leave the discussion?

The Residential Earthquake Hazards Report must be provided to prospective buyers in residential transactions involving homes built before __________.

Each year, investors are permitted to ______ a specific amount for tax purposes.

The risk that the required return on investor capital will not be met is called ______ risk.

What does RESPA stand for?

Which of the following statements could indicate a price fixing violation?

Moneys given for purchase deposits are ______.

Maurice is meeting with a buyer who is also selling his current home. Which question should Maurice ask to pre-qualify the buyer?

You’ve listed a 1918 Craftsman with some significant foundation issues—so significant that the buyers walked away after the inspection. They provided you and your sellers with a copy of the inspection report, which also points out some wiring concerns. At today’s open house, a prospective buyer asks to see a copy of any inspections done on the property. What should your response be?

Should the broker end up in litigation, any trust funds not safely tucked away in a trust account could be ______.

The funds placed in trust accounts are insured by the ______.

Jack is a licensee employed by Steve, a real estate broker. Jack just heard that the brokerage is representing a well-known professional athlete looking for a new property. He tells a couple of his friends, who happen to be avid fans. Which duty did Jack break?

Yolanda purchased a house from the Griffins 10 months ago. Shortly after she moved in, the city began work on building a middle school on the empty lot right across the street. She feels that the city’s plans must have been known to the Griffins and should have been disclosed, and she really doesn’t want to live across the street from a school. Is it too late for her to take legal action against the Griffins?

Why should you ask potential buyer clients if they need to sell their home before purchasing a new one?

If two parties enter into a contractual agreement with each other to perform an illegal act, which of the following statements is true of the contract?

The list price is the price for which the ________ has agreed to sell a property.

On the closing statement, what's the term for an amount that shows up in the party’s favor?

John and Amy purchased a builder's home warranty when they bought their home. They have found structural damage that could be a detriment to their home. On average, how many years does a home warranty cover structural damage?

Which of the following strategies would help to make a "Choose Your Neighbor" marketing letter non-discriminatory in its effect?

What does "cash-on-cash return" mean?

Among other things, what should a listing in the MLS always include?

What type of buyer tends to know little about the home buying process, has limited funds, and may be borrowing down payment money from relatives?

Accident liability, fire, theft, and vandalism are types of _______ risk.

The 1950 case involving the District of Columbia’s Washington Board of Realtors and the National Association of REALTORS® determined that real estate boards that set schedules of fixed or mandatory real estate commissions or fees violated this law.

Whoa—this market is hot, hot, HOT! You’ve had five offers come in since you listed your seller client’s home yesterday. Of the options listed, which is the best strategy?

Susan has been pre-approved for her new home loan, and the closing process is well underway. She’s so excited that she tells you she’s going to use her credit card to purchase a complete set of living room and dining room furniture. What should you tell her?

One of the best ways to select a brokerage and managing broker with whom to work would be to ________.

Your seller client has accepted an offer on his home, and you’re on your way to closing! Which of these is NOT a tax aspect that you’ll explain to your client (in basic terms) related to the transfer of property?

Which of these is a recommended place for a real estate professional to search for properties when working with an investor client?

A parking lot has 550 total spaces. How many of these spaces must be accessible?

Leslie is a listing agent for a well-maintained two-story home that her client, Jerry, is selling. She has performed her visual inspection of the property, noted a few small issues, and made sure that Jerry understands his obligations for disclosure. What else does Leslie need to do to complete her responsibilities for disclosure?

San Diego homeowner Carl hasn’t paid his property taxes for three years in a row. The county has a tax lien attached to his property. Can the county foreclose on Carl?

Why would a licensee working with an investor want to foster a relationship with a title company?

When modifying commercial buildings to meet accessibility requirements, owners should focus their attention on these four areas: accessible approach and entrance, access to goods and services, ______, and any other necessary measures, such as access to public amenities.

In California, a brokerage’s listing agreements, deposit receipts, canceled checks, and trust records are all ______.

California licensee Renee makes sure she follows the DRE requirements when she prepares listing agreements and purchase agreements by ______.

  

What's the name of the tax program that requires a withholding of a portion of the gross purchase price when foreign owners of real estate in the U.S. sell that property?

You're the listing agent on a property, and you have a potential buyer who can’t see the property until next week. A buyer’s agent shows the property to another prospective buyer, who makes an offer. Which action best demonstrates good faith to your seller client?

Why are most new real estate licensees hesitant to market to their friends and family?

If a buyer must deliver notice to the seller no earlier than two days prior to Monday, August 5, when may the notice be delivered?

Tyrell and Barb bought a commercial investment property in 2009 during the real estate market downturn. Through what year will they be able to depreciate the investment?

You’re working with a new buyer, Caleb, who is nervous about the earnest money you’ve placed in escrow on his behalf. What can you tell Caleb to reassure him?

In what type of market are buyers typically in a power position?

Income that a property could bring in if it were leased at full capacity is ______.

Monica is acting as a listing agent for her friend, Brian. She and Brian met when they both began attending a support group for those living with HIV. Which of the following best represents an action Monica should take?

Calli is a new licensee. If she wants to succeed in real estate, she should ______.

Laura, a new licensee, just started working for broker Bill. Which of the following is a true statement?

Which of the following is an example of discrimination under the Fair Employment and Housing Act (FEHA)?

If you're staying at a motel, what's one advantage you have over your friend, who's staying at a hotel?

What should an agent do if a seller client requests an office exclusive?

Which of these standard forms is used to document an agreement between a seller and a listing broker to cease marketing a property?

The risk that an investor cannot secure financing at an affordable rate is called ______ risk.

Sue believes she's about to get into an undisclosed dual agency position. What should she do?

Your broker has received an earnest money check from you for a transaction. Where should this check be deposited?

What does the quick and dirty 70% formula mean to investors?

Licensee Janice has found a way to work with prospective buyers without ever leaving her desk: She sets them up with automated email messages for listings that meet their criteria, and answers any questions they have when they call. Is Janice doing anything wrong?

How many days are sellers required to give buyers to conduct a risk assessment for lead-based paint or lead-based paint hazards?

In the sample purchase agreement you reviewed, where is allocation of transfer fees communicated?

Which entity carries out audits and examinations?

Michael, an agent, is representing Felicity, a seller. Felicity tells Michael that she does not want to sell to anyone who is Hispanic. Which of the following describes Michael's responsibilities?

According to the property condition section of the sample purchase agreement provided, the property is being sold _________, or in its current condition, unless the parties agree otherwise in writing.

When considering the rentable square footage of a building, what's known as the "loss factor"?

The seller disclosure indicates that the central air conditioning unit is 26 years old. Why might this worry Margot’s buyers?

Will is looking at two brokerage offices. The commute to one is 45 minutes, and it’s in a neighborhood he intends to farm. The other brokerage is within walking distance of his house. Which office is best for Will’s business?

One advantage residential properties have for investors over commercial properties is that residential properties _______.

The owner of an apartment building with four units charges $1,000/month for each unit. What is the gross potential rental income for one year?

What types of laws does the civil code contain?

What happens when an appraisal comes in lower than the agreed-upon sales price?

Which of the following actions is against the NAR Code of Ethics?

You’re a California broker. That means you must reconcile your trust fund accounts ____________.

Why are residential properties popular with investors?

Ray purchased a new home and soon discovered an issue with one of the windows. He filed a claim with the warranty provider, but it was denied. After mediation, the issue still remains unresolved. What is the most common next step?

Which one of the following is a description of economic depreciation?

Why might a buyer get a great deal on a real estate owned property?

In which commercial category are raw materials converted into useful objects?

Which of these is a likely reason for a listing agent to use a Modification of Terms form?

Which clause in the listing agreement gives the listing broker the authority and obligates the broker to market the property to other brokers?

Aside from your name, what else must be included on every page of your website, according to the DRE’s rules?

If a new licensee is worried about making commission soon, what is one strategy that could help?

Which of the following is a good source for leads on discounted investment properties?

When working with a seller, you signed a listing agreement that ensured you'd receive a commission, provided the property sold during the listing term. What type of listing agreement did you sign?

What is an open listing agreement?

Which of these sellers’ actions meets the standard terms for final verification of property condition and repairs found in the sample purchase agreement you reviewed? In other words, which seller is following the standard terms of the contract?

With written permission, Robert, a licensee, represents two separate parties who each want to buy a new townhome. What do you know about Robert’s situation?

Dawn is a real estate licensee working with Midge, a buyer. If Dawn were trying to explain the advantages of a buyer representation to Midge, what could she say?

Which party tends to benefit in a hot market?

When a seller wants to expedite the closing process, what can a buyer offer to address this need?

Which of the following is true about interviewing at a brokerage?

What is capital risk?

Marsha is a broker and uses columnar records for her trust accounts. She uses BRE form 4523 to keep track of each beneficiary or transaction. What other form is she required to use in conjunction with 4523?