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37 Cards in this Set
- Front
- Back
At what point in a transaction must you disclose your agency status in writing?
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before a party signs an offer
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A counteroffer:
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acts as a rejection of the initial offer
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would referring a buyer to a Spanish speaking colleague after the buyer expressed a preference to work with a Spanish speaking agent be an illegal discriminatory action?
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NO
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if a contingency is not fulfilled despite a goo faith effort to fulfill it, what may the person who benefits from the contingency do?
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terminate the agreement and have the earnest money deposit returned
OR waive the contingency and continue with the agreement |
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under what type of listing will the seller owe a commission to the listing agent regardless of who is the procuring cause of the sale?
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exclusive right to sell
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under what type of listing will an agent receive a commission only if he is the procuring cause of the sale?
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open listing
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all of the following should be taken into account in choosing a closing date except:
A. the due date of the next installment of property taxes B. how long the seller needs to make necessary repairs C. whether the buyer needs to sell her current home D. the time needed to clear away any liens |
A.
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Excise tax is usually paid by the
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seller
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which document should be prepared if the buyer plans to take possession before the closing date?
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rental agreement
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a conventional loan can be:
A. an arm B. a 15 year loan C. a 30 year loan D. all of the above |
D
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which party to a purchase an sale agreement usually benefits from a contingency
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buyer
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unless specified in writing, all deposits made of 10k or less will be held
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in the brokerage firms pooled trust account or by the closing agent.
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Which party is usually responsible for the cost of modifications or repairs made as a result of unsatisfactory inspection results
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seller
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disclosure of and consent to dual agency must:
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be in writing
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in a VA transaction, who pays the points
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as negotiated between the buyer and the seller.
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which of the following is the duration of a listing agreement in the state of WA?
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whatever the broker and seller agree upon
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which of the following is a material fact that an agent would be required to disclose
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the roof leaks during rainy weather
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which of the following statements in an advertisement is most clearly discrimination?
a. "close-knit again neighborhood" b. desirable and prestigious location c. neighborhood with traditional values |
A
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all of the following should be included in every purchase and sale agreement except:
a. identification of the parties b. purchase price and method of payment c. agents commission d. dates when title and possession will pass to buyer |
C
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to determine an apporpriate listing for a property, an agent will perform a/an________, which is related to but less rigorous than a/an ________.
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CMA/appraisal
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A large earnest money deposit:
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indicates the buyers good faith in making an offer
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for a property to be useful as a comparable, it should:
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be in the same neighborhood
be of a similar age and quality and ave sold within the last 6 months |
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which of the following is not usually a cost to the buyer?
a. origination fee b. purchase price c. appraisal d. excise tax |
excise tax
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the federal fair housing act prohibits discrimination on the basis of:
a. race, color, religion, national origin b. mental/physical disability c. familial status d. all of the above |
all
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the Hutchinsons own a house that is currently appraised at $545,000. they owe $397,000 on the deed of trust and would have $65,000 in selling expenses. What is their net equity in the property?
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83000
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which of these loans would present the greatest level of risk to a lender?
1. 97% LTV 2. 95% LTV 3. 90% LTV |
97%
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a dual agent must:
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keep each party's negotiation position confidential
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fee packing, equity stripping, and balloon payment abuses are all examples of
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predatory lending practices
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in a request for consideration of value, you should use:
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comparable sales that are at least as similar to the subject property as the appraisers comparable
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the legal description in a purchase an sale agreement:
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should be inserted, attached, or corrected ASAP, if not available at the time the agreement was signed
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a seller offers to pay six discount points on behalf of the buyers, this will reduce the buyers interest rate from 9% to 8%. this is down as a:
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buydown
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what is not an important component of an inspection report?
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providing an estimate valuation of the property
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the seller disclosure statement should be filled it by the:
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Seller, not by the agent or anyone else
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the cash price for a property and APR may be advertised. However, if other terms such as the DP or interest rate are stated in the ad then:
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all the important terms of the loan must be included in the ad TILA
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Would the street address be an adequate property description in the purchase and sale agreement?
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NO
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which of the following is not a duty owed to every party in a transaction?
reasonable care and skill honesty and good faith confidentiality present all written communications in a timely manner |
confidentiality
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once the buyer receives the seller disclosure statement, she may rescind the purchase and sale agreement within?
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3 days
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