Myfailedrealestateexam Essay

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Question Your Response Status 1. What is sick building syndrome? b) A result of chemical pollutants. Correct 2. A county or municipal authority usually grants a certificate of occupancy for new construction only after what happens? c) The construction complies with building codes. Correct 3. “Let’s not do business with AVC Real Estate Company; they discount their commissions” is an example of what? a) Price fixing. INCORRECT 4. Eric is acting as a disclosed dual agent in a transaction. Which statement is true? c) Eric may not represent the seller’s interests to the detriment of the buyer. Correct 5. What is the only real property interest that shareholders have in a cooperative? d) Fee simple defeasible. INCORRECT 6. Which of the following is a prohibited activity for an unlicensed assistant? d) Show homes, apartments or other real property. Correct 7. Sal, a bachelor, bought a home for $150,000. He made $150,000 of improvements. He sold the home for $750,000 and paid $50,000 in selling expenses, including the broker's commission. After his $250,000 exclusion, on what amount will he pay capital gains tax? d) $400,000 INCORRECT 8. What is the class life for nonresidential buildings purchased after May 12, 1993? c) 27.5 years INCORRECT 9. Greg and Joyce have an adjustable rate mortgage on their home. What is the key feature of this type of loan? c) The interest rate can vary. Correct 10. Which term best describes the relationship of a cooperating broker to the listing broker’s seller? c) Subagent. Correct 11. Which of the following would not be an advantage of buyer brokerage? b) A buyer agent can negotiate on behalf of the sellers without violating his or her fiduciary duties to the buyer. Correct 12. How does a prorated expense appear on the settlement statement? d) A debit to one party and a credit to the other. Correct 13. How

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