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Question 1

Under an option to buy, the ownership of land will change when the

Options :

A : option is signed by the parties.

B : optionor does not fulfill the obligation.

C : optionee exercises the option.

D : specified time has expired.

Answer: C

Question 2

An advertisement emphasizes information meant to appeal to a particular ethnic or national group in an effort to maintain the character of the neighborhood. From the viewpoint of the federal Fair Housing Act, this could constitute a violation known as

Options :

A : steering.

B : redlining.

C : blockbusting.

D : panic selling.

Answer: A

Question 3

A licensee must provide disclosure of licensed status when acting as a principal if

Options :

A : the agent of the other party asks about this specifically.

B : the licensee does not have errors and omission insurance.

C : the licensee has any economic interest in the property.

D : any relative of the licensee has ever lived in the residence.

Answer: C

Question 4

When lending standards are tightened, lenders typically require

Options :

A : a higher loan-to-value ratio.

B : a lower loan-to-value ratio.

C : a balloon payment after 5 years.

D : a waiver of the Equal Credit Opportunity Act.

Answer: B

Question 5

While inspecting a tenant-occupied property, the buyer was told by the seller that the microwave oven would be included in the sale price. Upon possession, the buyer learned that the microwave oven belonged to the tenant and not the seller. Is the buyer entitled to the microwave oven?

Options :

A : Yes, because the buyers offer to purchase included all real property.

B : Yes, because all oral contracts for the sale of real property are enforceable.

C : No, because the microwave was the real property of the tenant.

D : No, because the seller did not have the right to include the microwave in the sale.

Answer: D