Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link When Jimmy bought his first home, he signed a promissory note to his lender. What was Jimmy agreeing to when he signed that? A. Jimmy was promising not to dispute any foreclosure actions taken by the lender in the event of default. B. Jimmy was temporarily conveying title to the lender. C. Jimmy was acknowledging the debt he was taking on and agreeing to the terms of the note. D. Jimmy was securing the loan with the home. Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link What should an agent do if their agency relationship changes during a real estate transaction? A. disclose the change within one week B. disclose the change only if a tricky situation that warrants disclosure arises C. disclose the change immediately to their clients and obtain new informed consent, if applicable D. not disclose the change; they are already in an agency agreement, so changes are irrelevant Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true? A. The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements. B. Janay only needs to take and pass the state portion of the licensing exam. C. The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia. D. The REB will require Janay to take a special licensing course for out-of-state residents. Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Which of these can serve as a legal remedy for a breach of contract? A. novation B. specific performance C. assignment D. accord and satisfaction Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link In terms of the scope of authority granted, what are the three classifications of agency? A. special, general, and universal B. special, general, and complete C. special, implied, and universal D. implied, general, and universal Submit Answer