Blog

100.  The Safe Act requires all persons/entities performing acts such as mortgage loan originators to be registered with and/or licensed through the: a.  Securities and Exchange Commission(SEC). b.  Consumer Protection Bureau(CPB). c.  Nationwide Mortgage Licensing System and Registry (NMLS/NMLS&R). d.  all answers are correct.

43. If a broker were to say to a prospective buyer “I think this is the best house on the street,” the statement would be considered a(n): a.  innocent misrepresentation.            b.  negligent misrepresentation.                       c.  fraudulent misrepresentation. d.  exaggeration of benefits (puffing).

5. The difference between “property taxes” and “special assessments” is that: a.  special assessments are levied for the cost of specific local improvements, while property tax revenue goes into the general fund. b.  assessment liens can only be levied by local improvement districts. c.  foreclosure of assessment liens can only be achieved by court foreclosure. d.  assessment liens are always subordinate to property tax liens.

6. Under the Income Approach, which of the following would be considered an operating expense? a.  Property taxes b.  Manager fees c.  Utilities d.  All answers are correct.

4. Which of the following forms is including in the CAR® “Listing Package”? a.  Disclosure Regarding Real Estate Agency Relationship                         b.  Possible Representation of More Than One Buyer or Seller                c.  Wire Fraud and Electronic Funds Transfer Advisory d.  All answers are correct

25. Which of the following would prevent the contractual requirement of genuine consent? a.  Menace           b.  Undue influence        c.  Duress d.  All answers are correct

40. A lease-purchase option is the: a.  right to renew a lease.          b.  right to purchase the property.        c.  right to terminate a lease. d.  none of the answers are correct.

21. An on-site residential manager: a.  is a tenant of the property.                 b.  handles tenants’ complaints.          c.  maintains the premises. d.  all answers are correct.

56. Which of the following is TRUE concerning “illusory contacts”? a.  They are unenforceable                   b.  They are definite and certain                       c.  They are enforceable d.  None of the answers are correct

54. ¼ of a section is ½ mile by ½ mile and has how many acres? a.  320       b.  160       c.  240 d.  120