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Real Estate Practice Online Exam (First Tuesday), Exams of Advanced Education

Virginia Union University (VUU)Advanced Education

Real Estate Practice Online Exam (First Tuesday)

Typology: Exams

2024/2025

Available from 10/07/2024

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Real Estate Practice: Online Exam (First Tuesday)
1. A real estate sales agent may be employed by: (Page 2) - b) their broker
2. As a prerequisite to an agent's use of an income and expense data worksheet, the agent asks a
prospective broker: (Page 15) - d) All of the above.
3. A ____ occurs when a broker or their agent has a professional or personal bias which hinders their
ability to fulfill the fiduciary duties owed to their client. (Page 45) - b) conflict of interest.
4. A _____ is sometimes referred to as a selling agent in real estate jargon. (Page 33) - a) buyer's agent
5. A broker who fails to disclose their dual agency is subject to: (Page 41) - d) all of the above
6. When a dual agency is established in a one-to-four unit residential sales transaction (i.e., both parties
are represented by the same broker) the broker and their agents may not pass on any information from
one party to the other relating to: (Page 41) - c) both a and b
7. Brokers supervise and police the business-related conduct of their agents by: - d) All of the above
8. The Agency Law Disclosure form is mandated to be presented to all parties by a broker or their agent
when listing, selling, buying or exchanging: (Page 54) - c) both a and b
9. Failure of the seller's agent to provide the seller with the Agency Law Disclosure prior to entering into
a listing agreement: (Page 59) - a) results in the loss of the broker fee on the sale of challenge by the
seller.
10. The _____ relationship established on entering into a listing agreement specifies the scope of
activities the broker and their agents are to undertake and authorizes the broker to carry them out.
(Page 64) - c) employment
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Real Estate Practice: Online Exam (First Tuesday)

  1. A real estate sales agent may be employed by: (Page 2) - b) their broker
  2. As a prerequisite to an agent's use of an income and expense data worksheet, the agent asks a prospective broker: (Page 15) - d) All of the above.
  3. A ____ occurs when a broker or their agent has a professional or personal bias which hinders their ability to fulfill the fiduciary duties owed to their client. (Page 45) - b) conflict of interest.
  4. A _____ is sometimes referred to as a selling agent in real estate jargon. (Page 33) - a) buyer's agent
  5. A broker who fails to disclose their dual agency is subject to: (Page 41) - d) all of the above
  6. When a dual agency is established in a one-to-four unit residential sales transaction (i.e., both parties are represented by the same broker) the broker and their agents may not pass on any information from one party to the other relating to: (Page 41) - c) both a and b
  7. Brokers supervise and police the business-related conduct of their agents by: - d) All of the above
  8. The Agency Law Disclosure form is mandated to be presented to all parties by a broker or their agent when listing, selling, buying or exchanging: (Page 54) - c) both a and b
  9. Failure of the seller's agent to provide the seller with the Agency Law Disclosure prior to entering into a listing agreement: (Page 59) - a) results in the loss of the broker fee on the sale of challenge by the seller.
  10. The _____ relationship established on entering into a listing agreement specifies the scope of activities the broker and their agents are to undertake and authorizes the broker to carry them out. (Page 64) - c) employment
  1. An _____ listing does not need to contain an expiration date. - a) Open
  2. An exclusive right-to-sell listing agreement entitled a broker to a fee from a seller when: (Page 67) - d) All of the above
  3. Rejection occurs when: (Page 92) - c) Both a and b
  4. A withdrawal-from-sale clause entitles a broker to be paid a full listing fee if, during the listing, the owner's conduct causes the property to be: (Page 97-98) - d) All of above
  5. On a breach by seller of a listing which does not contain a termination-of-agency clause, the terminated broker is only entitled to: (Page 100) - c)both a and b
  6. A broker earns a fee under a safety clause when: (Page 105-106). - d) All of the above
  7. The amount of the broker fee sought by a seller's agent on a property is implicitly related to: (Page
    • c) the time and effort the agent spent servicing the listing
  1. A Statement of Account for trust funds needs to include: (Page 127) - c) Both a and c
  2. "For Sale" signs posted outside of a mobilehome can be of a(n) _____ design and need to face the street, but cannot extend into the street. (Page 132) - a) A-frame
  3. The legal basis for a broker's recovery against a seller for intentional interference with the payment of a fee is a: (Page 169) - b) tort law theory
  4. Broker fee provisions in a buyer's listing agreement may include: (Page - d) All of the above
  5. Judicially and based on legislation, A cooperating broker is defined as a subagent with affirmative duties of cared owed: (Page - a) The seller
  1. Transactions which exempt a seller, but not the seller's agent, from preparing and delivering the statutory TDS to a buyer include: - a) A transfer by judicial foreclosure or trustee's sale.
  2. Condominium and apartment projects are required to: - b) Post signs indicating whether or not lifeguard services are available.
  3. Notice of any environmental hazard is delivered to a buyer by a seller in writing on a: - d) Transfer Disclosure Statement (TDS) and purchase agreement.
  4. If a home inspection report (HIR) reveals property defects unknown and previously undisclosed to the buyer, the buyer may: - c) Either A and B
  5. A natural hazard disclosure (NHD) is mandated on the sale of: - d) All types of property
  6. Neither a seller nor any agent is liable for the erroneous preparation of a Natural Hazard Disclosure Statement they have delivered to a buyer when: - d) All of the above
  7. When a purchase agreement requires a Structural Pest Control (SPC) report, a copy of the SPC report needs to be delivered to the prospective buyer: - a) as soon as practicable (ASAP)
  8. All SPC companies use a standardized inspection report form which includes: - d) Both A and C
  9. Environmental hazards located on the property which pose a direct health threat to occupants include: - d) All of the above
  10. When hiring a home inspector, the qualifications to look for include: - d) All of the above
  11. A seller and seller's broker are each required to keep a copy of the lead-based paint (LBP) disclosure statement for at least ____ from the close of escrow. - a) Three years
  1. Annual increases in the dollar amount levied by an homeowners' association (HOA) as special assessments are limited to _____ of the prior year's budgeted expenses. - b) 5%
  2. An HOA is obligated to provide documents requested by an owner within ______ after the postmark on the mailing or hand delivery to the HOA of the written request. - b) 10 days
  3. The closing documents needed by escrow and the buyer regarding the owner's status with the HOA to calculate prorates and adjustments include a(n): - b) Statement of condition of assessments
  4. The duty on agent owes to their client to disclose the extent of their knowledge on a transaction's tax aspects when the agent determines it is a material fact is an example of a(n): - d) Both A and C
  5. When a broker or agent gives tax advice, they are best served by: - b) involving the client's other advisors in the final decision.
  6. A seller's agent has an affirmative duty to voluntarily disclose information to a potential buyer regarding a prior occupant: - d) Neither A nor B
  7. Intentional misrepresentation or concealment of a known fact by an agent in a real estate transaction after a buyer makes a direct inquiry regarding any deaths on the property is: - c) Both A and B
  8. A property's net operating income (NOI) represents the annual return the property delivers to the owner which is accounted for as: - c) Both A and B
  9. An Annual Property Operating Data sheet (APOD), prepared by a seller's agent and handed to a prospective buyer provides operating information on the property, including: - d) All of the above
  10. The use of ________ still requires a written carryback disclosure to be delivered. - d) Any of the above
  11. As a minimum requirement, the carryback disclosure statement is to be signed by the buyer and seller prior to: - b) Meeting each other's agents.
  1. A contingency included for the mutual benefit of both the buyer and seller can be waived by: - b) Mutual consent of both the buyer and seller.
  2. A _____ returns the buyer and seller to their respective positions prior to entering into the purchase agreement, as though they had never agreed to the transaction. - b) Rescission
  3. Before a buyer or seller may consider canceling a transaction, the other person needs to have: - c) Defaulted
  4. The obligation of a buyer to deposit closing funds is subject to the seller first performing, called a(n):
  • a) Condition precedent
  1. Agency disputes arise during the _______ in the representation of a client. - d) Any of the above
  2. A ______ retroactively extinguishes all known claims on disputes the parties have between themselves. - b) Release agreement
  3. An unsuspecting buyer who acquires ownership of real estate without actual knowledge or recorded notice of a preexisting enforceable purchase agreement held by another buyer regarding the same property is referred to as a(n): - a) Bona fide purchaser
  4. A buyer whose seller breaches their purchase agreement is entitled to recover expenses incurred by the buyer after the breach if the expenditures are the natural result of the seller's breach, called: - b) Special damages
  5. A buyer who recovers money losses is entitled to recover interest at the legal rate of 10%, commencing on the date of the seller's breach, on amounts recovered for: - b) Funds expended on title examination and other transaction expenses incurred preparing to take title.
  6. Recoverable money losses the seller may incur as transactional expenditures include: - c) Both A and B
  1. Without a liquidated damages provision in the purchase agreement, the seller is entitled to recover:
  • c) The entire amount of their money losses caused by the buyer's breach.
  1. A seller's agent is to advise their seller in times of weak or weakening pricing power to: - a) Avoid agreeing to a ceiling on the buyer's liability.
  2. Any defect in an arbitrator's award resulting from error of fact or law, no matter how flagrant, is neither reviewable nor correctable, unless the arbitrator: - d) Any of the above
  3. Unless the arbitration provision states an arbitrators award is _____, the award resulting from arbitration brought under the clause is binding and final. - c) Subject to judicial review
  4. ____ is an informal, confidential and non-binding form of dispute resolution designed to help the parties reach an accord without litigation while allowing judicial intervention. - d) Mediation
  5. Purchase agreement variations for one-to-four unit residential sales transactions include purchase agreements for: - d) All of the above
  6. Addenda attached to a purchase agreement include: - d) All of the above
  7. An equity purchase (EP) transaction takes place when an owner-occupied, one-to-four residential property in foreclosure is acquired for _____ purposes by an EP investor. - d) Any of the above
  8. When the notice of the seller-in-foreclosure's cancellation rights are properly contained in the EP agreement, the seller's cancellation period ends: - c) Either A and B
  9. A buyer's broker representing an EP investor needs to the seller-in-foreclosure a written a written EP disclosure statement confirming the buyer's broker representing the EP investor is: - a) A licensed real estate broker.
  10. A form of payment which is uncollectable, unredeemable and with no present value is: - b) unconscionable
  1. An escrow officer ______ of any suspicious fact or circumstances detected by the officer before close of escrow. - b) Has no obligation, unless the fact affects closing, to notify the parties.