Multiple Choice Questions Flashcards
7 cards from real Real Estate Sales Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Multiple Choice Questions flashcards as text
A property listed for sale has an underground oil tank that the seller is aware of. Under most state disclosure laws, the seller must:
Answer: Disclose the known material defect to prospective buyers
Underground storage tanks are material defects that sellers are required to disclose because they can represent environmental liability and affect property value.
Which document transfers legal title to real property from the seller to the buyer at closing?
Answer: Deed
A deed is the legal instrument that conveys title (ownership) of real property from a grantor (seller) to a grantee (buyer).
An agent advertises a property in a way that is true but omits a material fact, causing a buyer to make a decision they otherwise would not have made. This is an example of:
Answer: Fraudulent concealment
Fraudulent concealment involves intentionally hiding a material fact that the other party would consider important, even if no outright false statement is made.
Which of the following is NOT one of the four unities required to create a joint tenancy?
Answer: Unity of relationship
Joint tenancy requires the four unities of time, title, interest, and possession; 'unity of relationship' is not a recognized legal element.
A lender charges a buyer 2 discount points on a $250,000 loan. How much does the buyer pay in points?
Answer: $5,000
One discount point equals 1% of the loan amount; 2 points × $250,000 × 1% = $5,000.
Under the Equal Credit Opportunity Act (ECOA), a lender may NOT deny a loan based on which of the following?
Answer: Marital status
ECOA prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
Which type of listing agreement gives the broker the exclusive right to collect a commission regardless of who sells the property—even the owner?
Answer: Exclusive right-to-sell listing
Under an exclusive right-to-sell listing, the broker earns a commission no matter who procures the buyer, including the seller themselves.
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