Real Estate Final Exam (150 Questions) #1 / Test Review Questions & Certified Solutions / 100% Correct / Already Graded A+.Terms in this set (157)
- Broker Carr, with ABC
Real Estate Company, listed the property with a seller. Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property. What, if any, is the relationship between the buyer's broker, the seller and the listing broker?There is not a relationship between the parties. Broker Carr represents the Seller and Broker Smith represents the Buyer. 1 / 4
- The seller and the buyer
finally agreed to a purchase price of $203,500 with the closing to occur on June 15. The taxes for the year in the amount of $2,500 have not been paid by the seller. (Taxes are paid in arrears). How much would the tax proration amount to, and how would it appear on a full settlement statement?Base your answer on a 365 day year, and the buyer is responsible for the day of settlement.$1,130.14 debit the seller and credit the buyer The Adams family purchased the largest and most expensive house in a new subdivision. Five years later, when they were ready to move, they discovered the monetary value of the home had gone up proportionately less than the other houses in the neighborhood. This phenomenon is an example of the principle of regression. 2 / 4
After a long dispute with a bankrupt and corrupt Florida broker, the Gonzalez family was awarded a judgment for $12,500 in actual damages and $87,500 in punitive damages, for a total of $100,000. They were then surprised find that the Real Estate Recovery Fund would not cover all $100,000.Which of the following is TRUE?The Real Estate Recovery Fund is expressly limited to only actual, not punitive damages. Therefore only $12,500 would be available for recovery in this case.After failing his Florida licensing exam Doug decided to change his career path and began working as an administrator for the FHA.With FHA approval, Doug gave lists of foreclosed properties to broker Paige, under the provision that Paige would pay him a percentage of commissions earned by her company on properties from that list.Which of the following is TRUE?Paige is violating the law because she is agreeing to pay compensation to an individual who is not licensed. 3 / 4
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