pearson vue practice exam Questions

pearson vue practice exam Questions and answers, 100% Accurate, graded A+

In stating a seller's price and terms to a prospective buyer, the seller's broker is required by the law of agency to state ONLY those terms that are

• included in the listing agreement
• based on the brokers evaluation of prevailing prices and terms
• favorable for the seller, as determined by the broker
• attractive to buyers, as determined by the broker - ✔✔-a. included in the listing agreement

a lot measuring 110 feet wide by 140 feet deep has a required setback of 30 feet in front, 20 feet in the rear, and 20 feet on each side. if a builder wants to put a one-story building on the lot, the MAXIMUM square footage it can contain is

• 3,300 sq ft
• 3,600 sq ft
• 6,300 sq ft
• 6,600 sq ft - ✔✔-c. 6,300 sq ft

a house with a market value of $80,000 is located where property is assessed at 70% of market value. if the tax rate is $4 per $100 of assessed value, the property taxes are

• $224
• $960
• $2,240
• $3,200 - ✔✔-c. $2,240
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a broker charges a leasing fee of one-half of the first months rent and a management fee of 8% of all rents collected. the broker negotiates a two-year lease at a monthly rental of $550. which of the following amounts will the broker earn on this lease

• $1,378

b $1,331

• $1,287
• $1,056 - ✔✔-b. $1,331

a property manager works in the BEST interests of the

• tenant
• owner
• agent
• bank - ✔✔-b. owner

in reviewing the deed to a listed property, a licensee noted a number of limitations regarding its use.

these limitations aare commonly known as:

• Codicils
• constraints
• building codes
• restricted covenants - ✔✔-D. Restricted covenants

the price at which a willing and informed buyer would buy and a willing and informed seller would sell is called the

• assessed value
• book value
• income approach to value 2 / 3

• market value - ✔✔-d. market value

the income approach is MOST likely to be used when determining the value of a

• vacant residential lot
• office building
• single-family home
• cooperative apartment - ✔✔-b. office building

the G's purchased a house from the T's. the G's agreed to the following terms: monthly payments of $650 to the T's and the balance to be paid in full after 7 years. at the time the balance is paid, the T's will give the G's a warranty deed transferring title. in this situation, what type of financing was used

• fha loan
• wrap around mortgage
• package mortgage
• contract for deed - ✔✔-d. contract for deed

the provision in a mortgage or deed of trust that gives the lender the right to call the entire balance due

upon a default in any payment is called a:

• acceleration clause
• prepayment penalty clause
• prepayment priveledge clause
• right of redemption clause - ✔✔-a. acceleration clause

a broker who represents a buyer is trying to negotiate on the buyer's behalf in a potential transaction.the broker realizes that by negotiating a reduced price for the buyer, the broker's commission will also be reduced. in this situation, the broker is obligated to negotiate the BEST price for the

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