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Post License Latest Test 2025 - 2026 Verified
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In Georgia, buyer representation agreements ______. - correct answer>>Aren't limited to any a state-specified form In Georgia, buyer representation agreements ______. - correct answer>>The only difference is whether the buyer is working with one broker or multiple brokers. A home's latent defects are hidden, and a licensee ______. - correct answer>>Isn't expected to know about or disclose them The 203(k) loan can be used to ______. - correct answer>>Include the cost of a solar water heater into a home loan Before you write a purchase agreement, you should contact the ______. - correct answer>>Listing licensee Which of the following statements may indicate a price fixing violation? - correct answer>>"This is the standard price for a full-service listing." If a lender wanted a quick valuation of a property, what would be the best method? - correct answer>>Automated Valuation Model When a property "misses the market," what does that mean? - correct answer>>It was overpriced during the first few weeks on the market. Which of the following questions should be asked at a pre-listing appointment? - correct answer>>How old is the furnace? Which of the following is a means by which radon may enter a home? - correct answer>>Through floor joists To avoid paying PMI, Jonah opted for a loan that consists of a down payment and two mortgages. This loan is called a(n) ________. - correct answer>> 80 - 10 - 10 loan Lucas, a landlord, repeatedly refuses to abide by an EPA order that he abate lead-based paint hazards in one of his rental properties. Which of the following penalties are federal authorities permitted to impose? - correct answer>>Prison
Jan has been approached by a buyer. The first question she should ask is, ________. - correct answer>>How the buyer got her name Which of these actions is an example of proficient trust fund handling? - correct answer>>Asking the bank to validate duplicate bank receipts Which of the following statements is about automated valuation models is true? - correct answer>>They don't take into account property condition. You must know ________ before you can measure results. - correct answer>>The result you want The comparable homes in the Branching Bee neighborhood are selling in 30 days, on average. Homes in other neighborhoods are generally selling after 90-120 days. When estimating an appropriate list price for a home in the Branching Bee neighborhood, you should suggest _______. - correct answer>>Listing at a higher price than comparables in other neighborhoods Lana, a real estate professional, included an inaccurate property description in her client's contract. This mistake can make a contract ______. - correct answer>>Voidable Daniela puts 30% down on a conventional loan for her home purchase. How much PMI will she likely pay? - correct answer>>She won't have to pay any PMI. During the preapproval process, a(n) ________ verifies the borrowers' credit and determines if the loan will be approved. - correct answer>>Underwriter Why might you choose to include only properties from within a seller's neighborhood as comparables? - correct answer>>You won't have to make adjustments for neighborhood differences. What kind of ads gives buyers a wrong impression of a property? - correct answer>>Misleading ad Which of the following is a duty the buyer owes to the agent under a buyer representation agreement? - correct answer>>Notifying the agent of all material changes The capitalization process uses a capitalization rate, which is based on what? - correct answer>>The performance of comparable properties
RESPA permits licensees to receive compensation from _______. - correct answer>>Affiliated businesses they own What's an antitrust violation's central element? - correct answer>>Conspiracy Which of the following duties does the agent owe the buyer under the terms of a buyer representation agreement? - correct answer>>Locating and showing properties To ensure win-win results in your real estate practice, you must know your desired outcome, keep your senses aware, and ______. - correct answer>>Have a choice of responses What does the inspection contingency allow? - correct answer>>It authorizes the buyer to inspect and test everything. Traditionally, lenders' qualifying mortgage rules use a range of percentages to qualify for both the housing debt-to-income ratio and the total debt-to-income ratio. What are those ratio ranges? - correct answer>>25% to 28% for housing; 33% to 36% for total deb Which of the following tasks is a closing attorney's responsibility? - correct answer>>Order title work You're creating marketing materials for your new listing. The entire home has Brazilian tigerwood floors throughout, but they're in poor shape and need refinishing. It's best if you ______ in your descriptions. - correct answer>>Don't mention the floors Applying a capitalization rate to the net operating income is one way to determine a property's ______ value. - correct answer>>Investment You're conducting your visual inspection of your client's property and come across a room painted in psychedelic colors. Should you note this as an adverse material defect for disclosure to potential buyers? - correct answer>>No, this is not an adverse material defect. Improvements to old houses ________. - correct answer>>Are often worth less than the same feature on a new house Many market conditions impact housing prices. Which of the following is a true statement? - correct answer>>Reduced consumer confidence makes new buyers wary of purchasing and homeowners hesitant to trade up.
On a security deed in Georgia, what is the borrower referred to? - correct answer>>Grantor To qualify for a reverse mortgage, you must be at least ________. - correct answer>> 62 Which of the following may be a result of sluggish real estate market conditions? - correct answer>>Higher-than-normal average DOM Which fiduciary duties do customers receive? - correct answer>>They receive the same six fiduciary duties as clients receive. Marco, a buyer in Atlanta, wants to terminate his buyer's representation agreement with his agent. What is TRUE about this situation? - correct answer>>He may or may not owe an amount under the terms of the agreement Doug and Robyn are involved in a heated dispute. They opt to resolve their dispute in front of a judge and jury. This is known as ______. - correct answer>>Litigation Which of these situations represents reproduction cost in the cost approach to value? - correct answer>>Kristina's antebellum mansion in New Orleans was severely damaged by a hurricane. She spends several years repurposing materials from other similar homes to rebuild it exactly as it was before the hurricane. Toni works with a great lender. When she's asked by a new buyer for a referral, Toni should ________. - correct answer>>Provide three quality names, including her lender If a foreclosed property doesn't move at auction, it reverts to the bank and is considered to be ______. - correct answer>>Real estate owned (REO) A seller licensee must disclose material defects to _______. - correct answer>>Both the seller and the buyer To take advantage of Fannie Mae's HomePath program, buyers must ______. - correct answer>>Complete the online HomePath Ready Buyer course Regarding mold, which of these statements is true? - correct answer>>To be safe, sellers and licensees should disclose any known presence of mold or water intrusion.
Which one of these is a potential title issue with a foreclosure? - correct answer>>Clouds on Title You'll want to make sure the wording in the purchase agreement permits your buyer clients to withdraw from the deal if they ______. - correct answer>>Uncover restrictions that could interfere with their anticipated use of the property Most transactional lawsuits stem from one of three sources. Which is NOT one of those three sources? - correct answer>>Commision Disputes Regarding VA loans, which of the following is true? - correct answer>>The VA guarantees 25% of the Loan Where do most errors pertaining to contracts occur? - correct answer>>Omissions How you prequalify a buyer depends in large measure on how the buyer ________. - correct answer>>found you Dorinda sits down at her laptop to get multiple loan quotes at one or two lending sites. To make sure she's getting the most reliable and accurate results, what should she do? - correct answer>>Find out whether or not lenders pay the site in order to be ranked higher What does "exclusive" mean in the Exclusive Buyer Brokerage Engagement Agreement?
- correct answer>>The buyer agrees to work with only one broker. Which of the following is a type of adverse material fact? - correct answer>>A material defect in the property's title. Adverse material facts include environmental hazards, defects in a property or its title, physical property conditions negatively affecting property value, and any limitations of a party's ability to perform under the contract's terms. What is the purpose of the preliminary title report? - correct answer>>Offers to issue a title insurance policy.A preliminary title report is only an offer to issue a policy of title insurance. It also provides an overview of the title's condition. The reason you want all property owners present at a listing appointment is that ________. - correct answer>>You stand zero chance of leaving with a fully executed listing agreement if a signer is missing.
With the cost approach to value, what is the replacement cost? - correct answer>>Cost to build a functionally equivalent improvement. The replacement cost reflects the cost to build a functionally equivalent improvement, as opposed to the reproduction cost, which is the cost to build an exact replica of the subject, with the same materials and deficiencies. What is the most common way that asbestos enters the body? - correct answer>>When asbestos fibers decay or are disturbed, the friable particles can be inhaled. According to the PMI Act of 1998, at what percentage of equity position does personal mortgage insurance automatically cancel for homeowners? - correct answer>>Decline the listing if the seller's price and your price analysis are too far apart Which of these would Wendy, a home inspector, likely identify during an inspection? - correct answer>>Patent defects Which of the following is a true statement about how adjustments are made in the sales comparison approach? - correct answer>>Upward towards the subject Jamal is preparing a CMA after conducting a pre-listing appointment. He notes that, while the seller said the home was 3,000 square feet, the tax records say 2,753. Jamal should ______. - correct answer>>Investigate the depsarity What should Maggie do to avoid antitrust law violations? - correct answer>>Stress that she sets her own rates based on the services she provides. What's one purpose of a BPO? - correct answer>>To assist lenders in determining the marketability and potential sales price for distressed properties Marco found a home he wants to buy, but he hasn't sold his existing home yet, so he opts for a(n) ________. - correct answer>>Bridge/Swing loan When it comes to listing presentations ________. - correct answer>>Less is more Which of the following is a drawback to applying the cost approach to residential property? - correct answer>>Which of the following is a drawback to applying the cost approach to residential property?
Licensee Ted is fairly certain that his buyer client, Alec, is using fraudulent means to obtain a loan. What might be a consequence for Ted in this situation? - correct answer>>He may be held liable for failing to prevent or report fraud. Vince is evaluating his loan options and thinking about going with an FHA loan because it ______. - correct answer>>Requires a 3.5% down payment What do FHA loans tend to have? - correct answer>>Lower limits Which of the following is a characteristic of a U.S. Department of Veterans Affairs loan?
- correct answer>>Borrower flexibility Mitchell is buying a Fannie Mae property to use as his primary residence. He is hoping to secure a HomePath loan with a down payment as low as ______. - correct answer>>3% Which of the following is a characteristic of a Fannie Mae HomePath loan? - correct answer>>Low down payment options What's one purpose of a BPO? - correct answer>>To assist lenders in determining the marketability and potential sales price for distressed properties What does the "two in, one out rule" mean? - correct answer>>On new subdivisions, two comparables may be selected from within, and one from without. In non-exempt states, when must the seller complete a property disclosure statement? - correct answer>>Prior to the transfer of the property Under RESPA's Section 8, which of the following would be considered a kickback? - correct answer>>A title insurance company buys you dinner to thank you for referring a client.When a settlement service provider accepts anything of value for referring a client, this is considered a kickback under RESPA's Section 8. What's the definition of suppression? - correct answer>>A licensee is asked a direct question and evades or doesn't answer truthfully. Which of the following stems from the misuse or misappropriation of content, potential violations of trademarks and copyrights, and potential violations of agency relationships and fiduciary responsibilities? - correct answer>>Legal risk
Which of the following protects a person's intellectual property and provides economic incentive for authors to create new works? - correct answer>>Copyright law In non-exempt states, when must the seller complete a property disclosure statement? - correct answer>>Prior to the transfer of the property When should you provide the agency disclosure? - correct answer>>At the first substantive contact When determining value for a residential property, the ________ approach to valuation is usually given the most weight. - correct answer>>Sales Comparison approach Why might a buyer opt for a non-exclusive agreement with a broker? - correct answer>>Due to a perception that working with multiple brokers could yield more potential properties To be an effective communicator, you must understand that the most important part of communication is ________. - correct answer>>The response Jasmine is a real estate broker conducting a pre-listing appointment. One question she would likely NOT ask is ________. - correct answer>>Are you interviewing other brokers. A properly prepared CMA supports ______ pricing. - correct answer>>Realistic What's another name for a nonconforming loan? - correct answer>>Jumbo The first part of analyzing risk is to determine what aspect of the risk? - correct answer>>Source Determine which of the following statements regarding agency is true. - correct answer>>Accounting is considered a fiduciary duty When it comes to the income approach to value for residential rental properties, what's the definition of a gross rent multiplier? - correct answer>>The ratio of a comparable's sale price to its monthly gross income
