RE Skill Assessment Test
Which would not be considered standard criteria used to identify a comparable property?
Square Footage
Bed/Bath Count
Location
Previous Sale Price
What CAR form should be included as an attachment to the Residential Listing Agreement if title to the property is held in the following manner: ABC Designors, LLC
Trust Advisory
Exempt Seller Disclosure
Representative Capacity Signature Disclosure
LLC Operating Agreement
An SELM is required when... (Check all that apply)
A listing is taken as a pocket
Anytime a listing date exceeds the date of MLS entry by more than 48 huors
The property is entered into the MLS more than 24 hours after the commencement date of the listing period
Anytime a property is sold off market
Every time there is a modification to the terms of a listing agreement
According to the terms of the RPA pictured above, how must the earnest money deposit be delivered?
Wire Transfer
Cashier's Check
Personal Check
Cash
If May 10th, 2017 is a Wednesday and the earnest money deposit is to be delivered within the standard time frame allowed for in the unmodified language included in the RPA, when is the earnest money deposit due?
Friday, May 12th
Monday, May 15th
Saturday, May 13th
Anytime prior to the expiration of the Physical Inspection Contingency
Timothy rented a new house for $3,000 per month and his lease begins on December 29th. Using the calendar above, calculate the prorated amount of rent that Timothy will need to pay for the month of December.
$300.00
$290.33
$200.00
Not Enough Information is Provided to Answer
What does DOM stand for?
Delivery of Materials
Delivery of Monies
Dual Occupancy Marketing
Days on Market
How many words included in this property description violate Fair Housing regulations?
1
0
4
5
How soon must an agent representing a buyer deliver an offer to the Seller's Representative?
Within 24 hours of the execution of the offer
No Later than 11:59 pm on the date the offer is made
As soon as possible
By 9am on the day following the date the offer is made.
Based on the date of acceptance in the Seller Counter Offer Shown what date would a physical contingency period of 10 days expire on?
May 21st, 2017
May 19th, 2017
May 20th, 2017
May 10th, 2017
If an appraisal contingency expires on June 6th, 2017 and the notice to perform period agreed to in the terms of an RPA calls for a minimum of 2 days from time of delivery for the buyer to take the action specified in the notice to perform, what is the earliest date that a Seller may serve a notice to perform to remove the appraisal contingency?
June 8th
Anytime after June 6th
June 6th
June 4th
From the options below, select ALL correct responses to the following questions: Who must perform the Final Verification of Property Condition Inspection?
The Buyer(s)
The Buyer's Agent
The Seller's Agent
Any party the Buyer chooses, except for their agent
No one, if the Buyer chooses to waive the Verification of Property Condition
An immediate family member of the Buyer
A friend of the Buyer
Of the following actions listed, select every action a Buyer may choose to respond to the following Seller Multiple Counter Offer.
Counter Using a Buyer Counter Offer
Accept the Seller Multiple Counter Offer
Counter Using a Buyer Multiple Counter Offer
They Can Decline to Respond
They Can Rescind their Original Offer to Purchase
In order for an exclusions list to be valid and enforced in the case of sale to a party who was shown a listing during a period in which it was listed, when must the exclusions list be delivered to the owner?
Within 48 hours after the expiration of the listing period
Any time within 3 business days following the expiration of the listing
Any time prior to the expiration of the listing
Any time 24 hours prior the property being listed with another broker
Escrow is considered closed
At 5pm on the day the grant deed is recorded
When it is confirmed that the grant deed has been recorded
When escrow delivers the seller's proceeds to the seller
When title pays off the seller's existing mortgage
True or False, an unlicensed assistant may discuss the price of a listing with a principal if the information is publicly listed
True
False
True or false, an agent or licensed assistant may physically complete sections on the Transfer Disclosure Statement at the direction of the Seller if the information transcribed to the document matches the Seller's response to questions word for word.
True
False
If the Seller delivers new or required disclosures any time after the buyer's disclosure contingency expires, the buyer will receive how many additional days to review the material?
0
2
3
5
Identify which of the following are legally required documents or reports necessary to complete ANY residential real estate sale that can not be waived
A Natural Hazard Disclosure Report
A Wood Destroying Pest and Organisms Report
Real Estate Transfer Disclosure Statement
A Home Warranty Policy
True or False, a Buyer cannot make a request for repair or request a credit based on the the condition of a property if the property was sold "As Is"
True
False
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