1. A deed restriction would most likely be used to accomplish which of the following:

A) Create a new easement in an existing development project

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B) Control the architectural integrity of a mixed use development

C) Decrease the number of parking spaces required by local zoning for a commercial

D) Assure the racial diversity of a development by limiting the percentage of owners

2. If a person is a licensee, but not a broker, that person:

A) Cannot be paid through that sponsoring broker

B) Must be licensed through a sponsoring broker

C) Need not affiliate w/a sponsoring broker

D) Can earn a fee directly from the principal

3. A 5 year old inherited some property from a grandparent.

A) Yes, the contract is void bc the seller is a minor

B) Yes, the contract is voidable bc the seller is a minor

C) Yes, the contract is unenforceable bc the seller is a minor

D) No, the contract is valid and may not be rescinded

4. The purchase price for a new home was $230K. The buyer out down 20%, and the balance was time of closing was $250K, and assessed value was $220K. What will the buyer pay for on

A) $440

B) $500

C) $3680

D) $4600

5. What is the minimum earnest money deposit require to create a binding purchase agreement?

A) $1 as there must be monetary consideration to create a binding contract

B) 10% as this is the minimum amount typically proven to discourage a buyer from defaulting

C) $1K so as to cover any expenses that the seller may incur on the event of the buyer’s default

D) $0 as a purchase agreement is a bilateral contract in which the promise to perform is the contract

6. A seller has listed a home w/ a broker for $112K. The seller is leaving for a 45-day cruise midway through limited power of attorney to accept any offer of all cash at a price of $108K or nor pending his return.

A) May not accept the offer until the seller returns

B) Must forward the offer to the seller’s attorney for consideration

C) May accept the offer

D) May sign a deed of conveyance if the seller does not return on time

7. A licensee needs to estimate the value of a property. She knows the construction price. Which approach to valuation can the licensee use to estimate the value of the property?

A) Cost

B) Income

C) Sales data

D) Market comparison


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