58-a buyer made an offer on a property and the seller accepted the needed repairs found during the home inspection. Which of the A-a contingency B-an addendum C-a unilateral contract D-a bilateral contract yearly income is 87,400. The couple's bank currently allows residential loans for an amount equal to twice the annual egarding minimum percentage down payment what is the minimun payment that the regulating need to have on a 210,000 home? - 35,200 A B - 42,000 c - 87,400 60-A buyer has a properly executed option with a seller to buy a property, which runs through September 15. The buyer decided not to exercise the option. A-Nothing, as the option utomatically. B-Have an attorney file a declaration of novation. C-Exercise the statute of frauds. D-Execute the contingency clause in the option. 61- The primary purpose of the Real Estate Settlement Procedures Act (RESPS) is to A-inform the buyers and sellers of all settlement cost A. control the number of nonfederally-related mortgage loans the amount of all settlement costs in closings. D-standardize settlement procedures in all parts of the country. 62-Under which of the nstances may a seller keep the earnest money deposit of a defaulting buyer? A-if the seller wants to declare the sales contract forfeited, and there is a forfeiture clause in the contract. B-if the seller wants to put the buyer on notice that the contract is being rescinded. eing the seller suspects that the buyer never intended to execute the contract D-under no circumstances 63-An appraisal prepared using the amount of rent generated by the property/s an example of which of the following approaches t value? A-cost B-market date C-square footage D-income 64-Which of the following best describes steering? licensee sells a property to a family with six children in a pred B-A lending institution refuses to lend mortgage money within certain areas due to the ethnic make-up of the area. C-Because of a prospect s national origin, an individual selling her own property advises the prospect that the property is sold when It is not. D-A licensee shows prospects of a particular race properties only In areas populated by families of the same race. 65-An owner has accepted an offer. Another buyer approaches the licensee with an offer on the same property The licensee should tell this second offeror that A-there is a contract on the property and this offer cannot be presented. B-this offer will be presented and he will encourage the owner to cancel his existing contract. C-he will present his offer for consideration since the title has not yet been transferred. D-this offer can be presented as a back-up offer only. 66-On February 1, a licensee with ABC realty takes a 3-month exclusive right-to-sell listing on a house. On March 1, the licensee moves out of state and Inactivates his license What happens to this listing? A-It is automatically terminated. B-It becomes an open listing contract. C-It is voidable by owner because licensee is no longer active. D-It remains valid exclusive right-to-sell listing with ABC Realy. 67-A person bought property from a seller and received a general deed. Two years later, the seller's brother came forth and claimed he had an ownership interest.The brother stated he knew the court would uphold his interest In general warranty deed the buyer is protected from this situation by the covenant further assurance. B-of seisin. C-against encumbrance. D-of special warranty.

Question

58-a buyer made an offer on a property and the seller accepted the needed repairs found during the home inspection. Which of the A-a contingency B-an addendum C-a unilateral contract D-a bilateral contract yearly income is 87,400. The couple's bank currently allows residential loans for an amount equal to twice the annual egarding minimum percentage down payment what is the minimun payment that the regulating need to have on a 210,000 home? - 35,200 A B - 42,000 c - 87,400 60-A buyer has a properly executed option with a seller to buy a property, which runs through September 15. The buyer decided not to exercise the option. A-Nothing, as the option utomatically. B-Have an attorney file a declaration of novation. C-Exercise the statute of frauds. D-Execute the contingency clause in the option. 61- The primary purpose of the Real Estate Settlement Procedures Act (RESPS) is to A-inform the buyers and sellers of all settlement cost A. control the number of nonfederally-related mortgage loans the amount of all settlement costs in closings. D-standardize settlement procedures in all parts of the country. 62-Under which of the nstances may a seller keep the earnest money deposit of a defaulting buyer? A-if the seller wants to declare the sales contract forfeited, and there is a forfeiture clause in the contract. B-if the seller wants to put the buyer on notice that the contract is being rescinded. eing the seller suspects that the buyer never intended to execute the contract D-under no circumstances 63-An appraisal prepared using the amount of rent generated by the property/s an example of which of the following approaches t value? A-cost B-market date C-square footage D-income 64-Which of the following best describes steering? licensee sells a property to a family with six children in a pred B-A lending institution refuses to lend mortgage money within certain areas due to the ethnic make-up of the area. C-Because of a prospect s national origin, an individual selling her own property advises the prospect that the property is sold when It is not. D-A licensee shows prospects of a particular race properties only In areas populated by families of the same race. 65-An owner has accepted an offer. Another buyer approaches the licensee with an offer on the same property The licensee should tell this second offeror that A-there is a contract on the property and this offer cannot be presented. B-this offer will be presented and he will encourage the owner to cancel his existing contract. C-he will present his offer for consideration since the title has not yet been transferred. D-this offer can be presented as a back-up offer only. 66-On February 1, a licensee with ABC realty takes a 3-month exclusive right-to-sell listing on a house. On March 1, the licensee moves out of state and Inactivates his license What happens to this listing? A-It is automatically terminated. B-It becomes an open listing contract. C-It is voidable by owner because licensee is no longer active. D-It remains valid exclusive right-to-sell listing with ABC Realy. 67-A person bought property from a seller and received a general deed. Two years later, the seller's brother came forth and claimed he had an ownership interest.The brother stated he knew the court would uphold his interest In general warranty deed the buyer is protected from this situation by the covenant further assurance. B-of seisin. C-against encumbrance. D-of special warranty.

Answer 1

58. B-an addendum59. B-

60. A-Nothing, as the option expires automatically.61. A-inform the buyers and sellers of all settlement cost62. A-if the seller wants to declare the sales contract forfeited, and there is a forfeiture clause in the contract.63. D-income64. D-A licensee shows prospects of a particular race properties only In areas populated by families of the same race.65. D-this offer can be presented as a back-up offer only.66. D-It remains valid exclusive right-to-sell listing with ABC Realty.67. B-of seisin.

Answer 2

58. An addendum is used to include additional terms or conditions to an existing contract.59. The couple can borrow twice their annual income, so they need to cover the remaining cost of the home with a down payment.60. If the buyer does not exercise the option, it simply expires automatically.61. The primary purpose of RESPA is to inform buyers and sellers of all settlement costs.62. The seller can keep the earnest money deposit if there is a forfeiture clause in the contract.63. The income approach values property based on the income it generates.64. Steering involves showing properties to prospects based on race, which is discriminatory.65. The licensee should inform the second offeror that the offer can be presented as a back-up offer only.66. The listing remains valid with ABC Realty despite the licensee's move.67. The covenant of seisin ensures that the seller has the right to convey the property and protects the buyer from claims of ownership by others.

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