Real Estate Practices - AMK

Contingency provisions in PSAs are usually for the benefit of:

Is the street address enough for a property description?

An escrow agent's fee is typically:

When doing a CMA, which areas should you focus on?

Confidentiality ends after the agency relationship terminates and ___ years have passed.

The party who makes an offer is referred to as the:

_______ is not a statutory duty a licensee owes to any party in a real estate transaction.

An institutional loan not insured or guaranteed by a government agency are called:

Is it legal for a buyer and seller to draw up their own contract?

In houses built before ____, a lead paint disclosure is required.

All residential advertising must include:

The following are needed in a Competitive Market Analysis (CMA):

In an open listing, the seller is obligated to pay commission only if you're the __ of the sale

A dual agent keeps each party’s negotiating confidential by:

An offer to purchase must be accepted in writing.

Net equity is the market value of the property minus the sum of:

Discrimination in the sale of a property is only allowed if it is based on creed.

Which is not a protected class included in the Federal Fair Housing Act?

Standard earnest money deposits are _____ percentage of the price?

Discount points are used to increase the lender's:

Preparing property for showing and marketing and maintaining communication with seller is:

When setting a _____ _____, consider how long it will take to meet contingent conditions

The description of a "close-knit Asian neighborhood" is acceptable in advertising a listing.

If an agent terminates the relationship unilaterally, it is called ____________.

A seller/buyer generally cannot be vicariously liable for harm caused by his broker, except:

When a principal revokes an agent’s authority, it is called ____________.

For a low appraisal reconsideration, you must support the request with at least ___ comparables

A licensee must disclose a material fact to a party if:

Per the Truth in Lending Act, which of these terms would not trigger required disclosures?

PMI insures the lender against losses that might result if the borrower:

Which is considered a three-quarter bath?

"Included items" paragraph states certain items are included in the sale unless otherwise noted

For accounting purposes, if a brokerage accepts a check from a client, it must be held in:

If a loan amount is $90,000 and the downpayment were $10,000, the LTV would be:

If a home has been inspected for lead, the seller must:

If a buyer disapproves the inspection report, the seller may be given the opportunity to repair

If possession is transferred before closing date, the parties should:

The terms of the contract can't be changed without the consent of both parties.

Before a home is shown, servicing the listing may include all except:

When the principal and agent simply agree to end the agency, this is called:

A buyer obtains a loan up to a certain amount before looking for a house, she is seeking:

The most important disclosure required under Regulation Z (Truth in Lending Act)?

Does Washington require a termination date on an exclusive listing agreement?

In an exclusive right to sell listing agreement, the listing firm is compensated if:

It is okay to refer a Spanish-speaking buyer to a Spanish-speaking colleague.

An $11,000 earnest money check must be kept in a pooled trust account with interest paid to:

Before acting as a dual agent, you must explain dual agency to both parties & obtain their:

A licensee must disclose in writing to that party whether the broker represents:

In a non-agency transaction, licensees are usually referred to as a:

RE agents cannot write their own PSA terms, but they can:

In a VA loan, the lender may charge discount points that may be paid by the:

What happens to the original offer when a seller makes a counteroffer?

Contingency provisions should contain which element(s)?

Refusing to make a loan because of the racial composition of a neighborhood is known as:

If a broker leaves a firm for another, what happens to their listings?

Authority to "sell" enables an agent to bind a seller to a sale without the seller's approval:

Is it customary to have a seller complete a Seller Disclosure Statement (SDS)?

The buyer traditionally gives the seller _____ _____ as good faith intention to buy.

Discount points are a form of buydown

A purchase and sale agreement must:

Ideally, comparable properties should be in the same neighborhood.

Real estate licensees must commingle trust funds with their own business funds

Prohibited acts include the following actions, if they involve discrimination:

Which are considered design deficiencies?

A latent defect in a property is a problem that would not be discovered by ordinary inspection.

Discount points/buydown, can help a borrower:

In a CMA, the comparison is more reliable if the sale occurred within the past:

The following are considered predatory loan practices, except?

A property description is also referred to as:

When can a buyer revoke an offer to purchase?

A listing agreement is a contract between a property owner and a RE firm in _____ form.

Subprime financing has also been used by buyers who:

To evoke the sympathy of a seller, a buyer may:

Which of the following is considered a material fact?

All types of written communication must be presented:

Regulation Z requires lenders to give loan applicants a good faith estimate of finance charges:

If the contingency is not fulfilled, the benefitting party has two choices:

A seller disclosure statement is completed on form number:

A buyer has how many days to "approve & accept" or rescind a PSA?

Prospecting for listings may include:

A storage tank is considered underground if___percentage of its volume is below Earth's surface

__________ is an example of an environmental hazard: