Question 1

The feature that most distinguishes a joint tenancy from a tenancy in common is

Options :

A : undivided interests.

B : unity of possession.

C : right of survivorship

D : right of transfer.

Answer: C

Question 2

If an owner wants to list a property for sale "as is," the listing agent should:

Options :

A : assume that the owner will accept a relatively low price for the property.

B : conclude that if the buyer later discovers defects that were not disclosed the listing agent is relieved of any responsibility.

C : question the seller as to any known defects.

D : assume that the house is a "fixer-upper."

Answer: C

Question 3

A CORRECT statement about transaction brokers is that they:

Options :

A : represent both the buyer and the seller

B : represent neither the buyer nor the seller

C : are required to disclose confidential information

D : may conduct transactions without an active real estate license

Answer: B

Question 4

A seller has listed a home with a broker for $112,000. The seller is leaving for a 45-day cruise midway through the listing period and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash. The broker

Options :

A : may not accept the offer until the seller returns.

B : must forward the offer to the sellers attorney for consideration.

C : may accept the offer.

D : may sign a deed of conveyance if the seller does not return on time.

Answer: C

Question 5

A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?

Options :

A : Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.

B : Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.

C : No, because as an integrated club, they could discriminate on the basis of race in renting facilities.

D : No, because a private club may restrict the rental of its own lodgings to its members as long as the lodgings are not operated commercially.

Answer: D

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