ANSWERS
Real Estate Licensing 1500 Questions & Answers Study Material, Group 1, Questions & Answers 1 to 150.
Due to their mathematical content some questions are missing from this audio track. The student is advised to study such questions in written form!
1. Which of the following includes the characteristic "Of indefinite duration":
a) Estate from period to period;
b) Estate of inheritance;
c) Estate for years;
d) Estate less- than- freehold.
And the Answer is:
(B) An estate of inheritance is a fee simple estate. A fee simple estate by definition must be indefinite in duration, capable of being conveyed during life or upon death.
2. Which of the following is correct in regards to real estate brokerage:
a) All agreements to split commissions between cooperating brokers must be in writing;
b) The commission a broker may charge for the sale of a home is limited by law;
c) A broker may not collect a commission under any circumstances if a sale is consummated after a listing has expired;
d) A seller may sell without being liable for a commission in an exclusive agency listing.
And the Answer is:
(D) In an exclusive agency listing, a seller agrees to pay a commission to the listing broker. It is the listing broker's responsibility to pay any other agent who sells the property.
3. Please study this question in its written form!
4. After signing a valid agreement for sale, a buyer asks the broker for permission to move into the property before the sale closes. The broker should:
a) Have the buyer sign a temporary lease on the property;
b) Give the buyer oral permission;
c) Deny the buyer permission;
d) Obtain written consent from the seller.
And the Answer is:
(D) The property belongs to the seller until the sale closes. The seller would have to give permission for the buyer to move in, and the permission should be in writing for the protection of all parties.
5. Which of the following is an encumbrance:
a) Trade fixture;
b) Fence;
c) Homestead;
d) Lease.
And the Answer is:
(D) The owner does not have the use of the property during the term of the lease, and therefore is burdened with the lease.