Practice 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 Practice Questions flashcards as text
A buyer's agent shows a property listed by another broker. At the first substantive meeting with the buyer, the agent is required to:
Answer: Provide the buyer with an agency disclosure
Most states require agents to provide an agency disclosure form at or before the first substantive contact to clarify who the agent represents.
What does the term 'time is of the essence' mean in a purchase contract?
Answer: All deadlines in the contract are strict and binding
A 'time is of the essence' clause makes contract deadlines absolute, meaning failure to meet them can constitute a breach.
A homeowner wants to build a structure that violates the current setback requirements. She should apply for a:
Answer: Variance
A variance is an exception granted by a zoning board allowing a specific property to deviate from standard zoning requirements due to unique hardship.
Which of the following liens generally has the highest priority in a foreclosure sale?
Answer: Property tax lien
Property tax liens hold super-priority status and are paid before all other liens, including first mortgages, in most states.
A seller fails to disclose a known leaky roof. The buyer discovers the defect after closing. This is an example of:
Answer: Fraudulent misrepresentation by omission
Deliberately concealing a material defect the seller knew about constitutes fraudulent misrepresentation by omission, which can expose the seller to liability.
Under Regulation Z (Truth in Lending Act), the annual percentage rate (APR) is disclosed so buyers can:
Answer: Compare the true cost of different loan offers
APR includes interest, fees, and costs expressed as a yearly rate, giving borrowers a standardized tool to compare loan offers.
Which valuation approach is most appropriate for a single-family home in a neighborhood with many recent sales?
Answer: Sales comparison approach
The sales comparison approach is the preferred method for residential properties because ample comparable sales data is typically available.
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