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Real Estate Principles Quiz

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Questions and Answers

What is the correct condition for an offer to become a legally binding contract in real estate?

Both parties must acknowledge the receipt of the contract.

The contract must be notarized to be enforceable.

The offer must be accepted without any modifications. (correct)

The offer must include a financing contingency.

How is a salesperson's compensation typically determined in real estate transactions?

Through a fixed annual salary set by the broker.

According to the local market rate for salespersons.

By a percentage of the commission earned by the broker. (correct)

Based on the number of listings a salesperson holds.

Which of the following is a violation of antitrust laws in real estate?

Negotiating a fee with a seller below market value.

Setting a standard commission rate among competing brokers. (correct)

Providing exclusive listings to certain clients.

Offering discounts for first-time home buyers.

Which entity is primarily responsible for providing legal advice when a client is in default of a real estate contract?

A licensed attorney familiar with real estate law. Signup and view all the answers

What is the purpose of Regulation Z in real estate transactions?

To ensure accurate APR disclosure and loan terms. Signup and view all the answers

What does the CAP rate formula calculate?

Rate of return on investment properties Signup and view all the answers

Which of the following best describes Gross Rent Multiplier (GRM)?

A calculation involving sales price and gross monthly rent Signup and view all the answers

What is a potential side effect of mortgage fraud?

Heightened crime rates in affected neighborhoods Signup and view all the answers

What circumstance does NOT lead to the termination of a license in real estate?

The time expiration of a lease agreement Signup and view all the answers

Which term refers to the combination of multiple parcels of land for improved value?

Plottage Signup and view all the answers

What constitutes a counter offer in real estate?

The offeree makes any changes to the original offer. Signup and view all the answers

In the context of appraisals, which formula represents the CAP Rate method?

CAP Rate = Value/Income/Rate Signup and view all the answers

Which of the following is NOT considered a protected class under Federal Fair Housing laws?

Education level Signup and view all the answers

What is the primary function of an exculpatory clause in a loan agreement?

To prohibit the lender from seeking a deficiency judgement. Signup and view all the answers

According to the CAN-SPAM Act, what stipulation is placed on the opt-out process for email marketing?

An opt-out fee is not allowed. Signup and view all the answers