State Exam Final Prepping

Lee is a new broker. What licensing renewal requirements must he complete next?

William, Carl and John Purchase a property. When Carl dies the property passes equally to William and John. How was the property held?

A buyer purchased a home and arranged financing at an interest rate of 4.5%. At closing the buyer realized that the true interest rate was actually 5.99%. This would be a violation of which of the following legislation?

A real estate brokerage office runs the following classified advertisement: "Beautiful lake front home, 3 bedroom/2 bath with 2 car garage, only $389,000. For more information, contact Craig at ABC Realty, Inc. (555) 222-3333

Jerry owns an apartment complex and thinks it would be safer if families with small children were on the main floor of his buildings. To limit his liability, he institutes a rule stating such. What term applies to this practice?

How is the total purchase price allocated between the parties at closing?

All of the following services require a real estate license, EXCEPT:

If Jack has the ownership of a property for as long as Carol lives, his ownership would be best defined as what?

What is the term used in a real estate transaction to describe the party who receives an offer?

An individual who purchases a unit in a cooperative receives shares of stock in the corporation that owns a building. Which of the following most accurately represents the license requirements of those selling cooperative units?

If a licensee does not renew real estate license for any renewal period other than the first renewal, what will happen to their license?

When a broker lists a property the owner has some landscaping done to enhance the sale of the property. The broker recommended a landscaping company and the company gave a referral fee to a real estate office for sending them business. What would this arrangement be considered?

What does the term "title" title to in real estate?