Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link In order to collect a commission, which of the following is a requirement for a broker with an open listing A. The broker must put the listing in the MLS B. The listing must have a protection clause C. The broker or one of the broker’s licensees must be the procuring cause for the sale D. The broker must notify any other broker with an open listing on the property of the sale within 2 days after acceptance of an offer Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Which of the following has most likely been created when a prospective buyer of real estate authorizes a licensee to find a property A. a trustee B. an agency C. a partnership D. joint tenancy Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link In city zoning ordinances, a planned unit development creates A. parks and community recreation areas B. standards of minimum setbacks for property lines C. rules and regulations regarding municipal utilities and services D. neighborhoods of cluster housing and business establishments Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A brokerage firm holds an open listing on a seller's house, along with three other firms. A licensee learns that zoning changes will allow a shopping center to be built nearby. Does the licensee have a responsibility to pass the information to the seller A. Yes, because the licensee would have to do so to be considered a procuring cause of any sale B. Yes, because the licensee should keep any principal informed of changes in market conditions C. No, because the licensee does not have a fiduciary responsibility to the seller D. No, because the licensee owes such vital information only to those principals who have signed exclusive listing agreements with the firm Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A home purchased 2 years ago for $300,000 was resold for $260,000. The new buyer finances the purchase with a loan. If the loan-to-value ratio is 70%, what is the amount of the new buyer’s equity in the home A. $78,000 B. $90,000 C. $182,000 D. $210,000 Submit Answer