Category: Uncategorized

100. A residential zoning category requires at least 12,000 square feet per lot. The developer is reserving 25% of the land to streets, sidewalks, and a community center. The track of land for development consists of 150 ccres. How many residential lots are available for development ?

33. Which feature applies to the lender’s (mortgagee) title insurance policy?

63. A car dealer promises to give $5,000 bonus to the first salesperson who sells 10 cars this week. Which type of contract is this?

99. While working for a broker, a sales associate acquired a listing for $298,900 at a 6% commission rate. A second sales associate, who works for another brokerage office, found the buyer for the property. The listing and selling brokers agree ro a 50-50 split between the two offices. The property sold for $296,000. The selling broker kept 45% of the commission received by the selling office. How much did the selling office’s sales associate receive?

21. Which statement is FALSE regarding postdated earnest money checks?

81. Which legal procedure is used to determine a fair price in an eminent domain action?

54. A type of real estate investment that offers diversification and liquidity and that is similar in form to a mutual fund is called

78. Which document must a prospective buyer of an existing (resale) condominium unit receive?

87. Which valuation product requires the services of a licensed or certified appraiser ?

90. A prospective purchaser of a residential condominium unit sends written notification to the listing broker stating her desire to cancel the contract within the allowable rescission period. The seller instructs the broker to retain the earnest money deposit as liquidated damages. The broker is legally authorized to