97. A preliminary title report is:
a) a representation of the condition of title.
b) an offer to issue a title insurance policy.
c) can be relied on by a buyer like an abstract of title.
d) none of the above.
. A _______________ returns the buyer and seller to their respective positions prior to entering into the purchase agreement, as though they had never agreed to the transaction.
a) cancellation
b) rescission
c) redemption
d) breach
45. Annual increases in the dollar amount levied by a condominium project’s homeowners’ association as regular assessments are limited to a ______ increase in the regular assessment over the prior year:
a) 30%
b) 20%
c) 10%
d) none of the above
46. A homeowners’ association is obligated to provide documents requested by the owner within _______________ after the postmark on the mailing or hand delivery to the HOA of the written request.
a) 5 days
b) 10 days
When an agent holds himself out to be specially qualified and informed in the subject matter expressed in his opinion regarding future expectations, his opinion becomes:
a) a positive statement of truth on which a buyer of lesser knowledge can rely.
b) a positive statement of truth on which a seller of lesser knowledge can rely.
c) both a and b.
d) neither a nor b.
28. All records of an agent’s activities on behalf of a buyer or seller during the listing period must be retained by the agent’s broker for:
a) one year.
b) three years.
c) four years.
d) five years.
29. A listing agent on a one-to-four unit residential property owes an affirmative duty to a prospective buyer to gather information regarding:
a) the suitability of the property to meet the buyer’s objectives.
b) the income tax aspects of the buyer’s acquisition.
c) both a and b.
d) neither a nor b.
20. All promises to pay a brokerage fee on a real estate transaction are required by _______________ to be reduced to a writing signed by the person who agreed a fee would be paid.
a) the Statute of Corporations
b) the Statute of Frauds
c) the Statute of Torts
d) all of the above
21. Brokerage fee provisions which may be included in a buyer’s listing agreement include:
a) a fee on any sale provision.
b) a termination fee provision.
c) a safety clause fee provision.
d) all of the above.
22. The codified agency law scheme defines a cooperating broker as one acting as a subagent with specific affirmative duties of cared owed:
a) the seller.
b) the buyer.
c) the broker.
d) none of the above.
23. A seller’s broker does not have a contractual right to collect a fee from a breaching buyer when the broker lacks:
a) a client relationship with the buyer which carries with it the implied promise to avoid interference with the payment of a fee.
b) a written agreement signed by the buyer to pay a fee in lieu of the seller on the buyer’ breach.
c) both a and b.
d) neither a nor b.
c) two weeks
d) three weeks