State exam

What responsibility does a real estate licensee have regarding a property that was the site of a homicide, suicide or death?

If the licensee fails to disclose that information to a prospective buyer, the licensee is subject to a $300 fine

The licensee has no responsibility to disclose that information in a real estate transaction.

Which of the following is true in regards to subleasing?

It transfers all rights to a property

It transfers less than all rights to a property

Craig owns a condominium unit as a joint estate with his brother. Under what type of estate does craig have an ownership in the parking lot and tennis court?

Estate by the entireties

Estate in common

"Triggering terms" under the truth-in-lending Act include information regarding any of following, BUT which one?

The number of loans payments

The "easy monthly payments"

Each office that a real estate firm operates from must have a sign located where?

On or about the entrance to the office

On or about the entrance to the building

Visible from the street

As part of the appraisal process, a highest and best use analysis is performed on the property. What is the purpose of this analysis?

To determine the assessed value of the property

To determine whether the present use is the best use or if an alternative should be considered to maximize the value

A real estate licensee refuses to show properties to high-end neighborhoods to minority buyers. This licensee is engaged in which illegal practice?

Blockbusting

Steering

Redirecting

Redlining

All of the following activities are exempt from the requirement to provide disclosures under the brokerage relationship disclosure act, BUT

Responding to general factual questions from a potential buyer or seller concerning properties that have been advertised for sale

Showing property to a party that is not being represented.

A Georgia broker accompanies his prospects to Florida and shows them 3 homes. After finding a home they like, the Georgia broker finds a Florida broker to complete the transaction. The Georgia broker requested fifty percent of the commission as a share for assisting in the sale. Which of the following would be true in this circumstance?

If the Florida proper pays the Georgia Broker no laws would have been broken

If the Florida broker pays the Georgia broker both have violated CH 475

Which of the following best defines the mortgagee?

Lends the money

Gives the mortgage to the lender

Which statement best describes a short sale?

A real estate transaction that closes in under 30 days

A settlement agreement where the lender agrees to a sale price that is below the outstanding loan balance.

All of the following are characteristics of the real estate market, But which one?

Land is immobile

The market rapidly adjusts to changes in supply and demand.

Which brokerage relationship status includes a full fiduciary relationship?

Single agency

Transaction broker

A sales associate working as a residential property manager contacted the owner about prospective tenants and was asked if they were Hispanics. The salesperson tells the owner. "I am not supposed to discuss a potential tenant's minority status, but yes they are." The owner then says that there are no units available. Which is true regarding the situation?

The sales associates license may be suspended or revoked

This is unethical but legal behavior on the part of the sales associate.

With which type of warrant does the grantor of a deed promise that they will sign any documents in the future that would be necessary to maintain quiet title?

Warrant of seisin

Warrant of further assurance

A property description which reads in part "...run N 73* a distance of 26.8', thence run E a distance if 100.43'... Is being described by using which method of legal description?

Plat

Metes and bounds

Which secondary lender was originally created to purchase conventional loans that were originated by savings and loan associations?

Ginnie Mae

Freddie Mac

Fannie Mae

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