Real Estate Practices Quiz
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Questions and Answers

What is required of a broker who guarantees to purchase a client's home?

  • The broker and seller must enter into the sales contract before the listing. (correct)
  • The seller must wait for the market value to increase.
  • The client must pay upfront fees.
  • The broker must enter into the sales contract after the listing.

    • Which statement is true regarding the covenant of warranty?

  • It is only applicable if the grantor is the original property owner.
  • It promises compensation to the grantee for past rightful claims. (correct)
  • It ensures the grantor will not compensate for any claims.
  • It allows the grantee to override local property laws.

    • Which requirement must a lender meet to provide FHA loans?

  • Membership in a state mortgage association.
  • General licensing as a mortgage broker.
  • Certification from the government agency responsible for FHA oversight. (correct)
  • Approval by the Federal Bureau of Loans.

    • For a Unit In Place Valuation, which approach is utilized?

    <p>Cost Approach</p> Signup and view all the answers

    What type of loans fall outside the regulations of Regulation Z or BRETTA?

    <p>Commercial and Business loans</p> Signup and view all the answers

    What can terminate a license to use another's property?

    <p>The owner sells the property</p> Signup and view all the answers

    What does the covenant of warranty forever ensure for the grantee?

    <p>Defense against past rightful claims to the property</p> Signup and view all the answers

    What type of policy is referred to as a Fidelity Bond?

    <p>A policy that ensures payment for unauthorized acts</p> Signup and view all the answers

    What is required for a lender to issue FHA loans?

    <p>FHA approval from HUD</p> Signup and view all the answers

    How can a broker hold earnest money legally without deposit?

    <p>With written and agreed terms from all parties</p> Signup and view all the answers

    What will determine the ownership of a property if the initial grantee fails to record the deed or occupy it before it is sold again?

    <p>The first person to record or show active notice as the owner</p> Signup and view all the answers

    What factors does an appraiser consider to determine their active fee?

    <p>The amount of time, work, and resources required for the job</p> Signup and view all the answers

    In a fair housing violation scenario, which of the following defenses could help relieve a broker of liability?

    <p>The broker was responsible for training the salesperson</p> Signup and view all the answers

    What completes the process of determining sellers' proration of hazard insurance?

    <p>Calculating the daily amount and number of days, then determining proration</p> Signup and view all the answers

    Which of the following is NOT a licensing requirement for a broker in Georgia?

    <p>Passing a national examination</p> Signup and view all the answers

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