CRECI Real Estate Law and Ethics 2

Question 1

Under the Americans with Disabilities Act (ADA), which commercial property owners are required to remove architectural barriers when 'readily achievable'?

Accepted Answer

All places of public accommodation regardless of building age

Answer

Only newly constructed buildings built after 1993

Answer

Only government-owned commercial properties

Answer

Properties with more than 50 employees only

Question 2

A commercial tenant sublets space without authorization from the landlord. What is the most likely legal consequence?

Accepted Answer

The landlord can terminate the lease for breach of covenant

Answer

The sublease is automatically void and unenforceable

Answer

The subtenant gains full legal tenancy rights

Answer

The original tenant is released from lease obligations

Question 3

Which ethical principle in the CRECI Code of Ethics requires members to disclose all known material facts that could affect a transaction?

Accepted Answer

Duty of disclosure

Answer

Duty of loyalty

Answer

Duty of confidentiality

Answer

Duty of obedience

Question 4

A commercial broker represents both the buyer and seller in the same transaction without disclosing this arrangement. This is best described as:

Accepted Answer

Undisclosed dual agency

Answer

Single agency

Answer

Designated agency

Answer

Transactional brokerage

Question 5

Under the Statute of Frauds, which of the following commercial real estate agreements is ENFORCEABLE without being in writing?

Accepted Answer

An oral lease for less than one year

Answer

A two-year commercial lease

Answer

A purchase agreement for a retail building

Answer

A listing agreement for an office complex

Question 6

What is 'estoppel' in the context of commercial real estate law?

Accepted Answer

A principle preventing a party from asserting a claim inconsistent with prior conduct

Answer

A legal right to use another party's land for a specific purpose

Answer

A clause allowing a landlord to pass operating costs to tenants

Answer

The process of resolving boundary disputes between adjoining owners

Question 7

A real estate professional who steers a prospective buyer away from certain neighborhoods based on the racial composition of those areas is violating:

Accepted Answer

The Fair Housing Act

Answer

The Truth in Lending Act

Answer

The Real Estate Settlement Procedures Act

Answer

The Community Reinvestment Act