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All these Guides and Answers are to help pass your Sales Associate ( Pre-License ) Course Test / Exam and your State Real Estate Sales Associate Exam for the states of Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Georgia, Illinois, Kansas, Kentucky, Maine, Missouri, Nebraska, North Carolina, Virginia, Washington and Wisconsin.

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examples:

173 James, a sponsoring broker/property manager, must maintain all security deposits in an escrow account for the duration of the lease, unless the _________.
A. Tenant indicates to James that he/she waives the requirement.
B. James the sponsoring broker has less than five property management lease contracts.
C. Lease is for less than three years.
D. Tenant waives this requirement in writing. If such a waiver is included in the lease, it must be in bold print.

174 Jim's property is undergoing a reduction in market price due to the pressures of a threatened foreclosure. His property is known as:
A. Redlined property.
B. Distressed property.
C. Underground property.
D. Stigmatized property.

175 Which of the following is true of an amortizing loan?
A. The amount of annual interest paid is the same for every year of the loan term.
B. Part of each periodic payment is applied to repayment of the loan balance in advance and part is applied to payment of interest in arrears.
C. Except for any points that may be paid, the interest on the loan balance is usually paid in advance.
D. The interest rate is reduced each year to maintain equal payments even though the outstanding loan balance is smaller.

176 To calculate the periodic payment of a loan, it is necessary to know the loan amount, interest rate and
A. the loan term.
B. loan points.
C. discount rate.
D. down payment.

177 Which of the following statements best defines the practice of fraud?
A. Overstating perceptions
B. Exaggerating the benefits
C. Intentional misrepresentation
D. Unintentional omission

178 What does the term "as is" in real estate mean?
A. The buyer cannot have a home inspection.
B. The seller does not have to tell about the leaky roof.
C. The seller can be silent about the condition of the property.
D. The seller will make no repairs.

179 Radon gas can be traced back to:
A. lead-based building products.
B. decaying radium.
C. plastic lumber products.
D. groundwater pollutants.

180 The process of making a fair distribution of expenses, through settlement, at the close of the sale is called:
A. proration.
B. principal.
C. amortization.
D. conversion.

181 A contract in which all parties have completed all acts under the contract is known as what?
A. Bilateral
B. Unilateral
C. Executory
D. Executed

182 What should you do if you feel the offer is not in the seller's best interest?
A. Reject the offer.
B. Have the buyer's agent submit the offer to the seller.
C. Tell the sellers how you feel and what you think about the offer.
D. Don't submit the offer.

183 A recorded plat system contains all of the following, EXCEPT:
A. a plat map that shows the location and boundaries of individual parcels.
B. a series of landmarks and monuments that are numerically categorized.
C. a contiguous group of lots, which is called a block.
D. lots and blocks with assigned numbers or letters.

Sales Associate / Broker Prelicense Applied RE Principles Interactive Class - Questions Only
(Answers to these questions will be given with proper SUBSCRIPTION)

1) Under what circumstances can the broker share confidential information of his/her client after the listing expires?
A. With the client's written permission.
B. When representing another party
C. When a customer asks
D. Under any circumstances, once the listing expire

2) Disclosures to potential buyers that are required by the listing broker include which of the following?
A. Stigmatized property
B. Seller's reason for moving
C. Agency status
D. Seller's minimum price

3) A listing which allows the owner to sell the property himself without being liable for a commission, but which appoints only one broker to act as his sole agent is what kind of listing?
A. Net listing
B. Open listing
C. Exclusive agency listing
D. Exclusive right to sell listing

4) Which type of listing provides the most incentive for a broker to market a property?
A. Exclusive agency listing
B. Open listing
C. Net listing
D. Exclusive right to sell listing

5) If the sponsoring broker wishes to disclose sex offenders in the area, ghosts, murders, suicides, etc., he or she should consult with _______________ for advice on how to do so.
A. An accountant
B. A psychic
C. A member of law enforcement
D. An attorney

6) The Illinois Carbon Monoxide Alarm Detector Act
A. recommends that all residences of one to four units have alarms.
B. requires residences to have an alarm.
C. requires residences to have an alarm within 15 feet of every sleeping room.
D. requires sellers to test for carbon monoxide.

7) All exclusive listings must be ________________ to be enforceable in court.
A. In writing
B. Notarized
C. Reviewed by an attorney
D. Confirmed verbally

8) Listings must have a specific termination date (no automatic extension clause) or provide the client with a right to terminate annually by giving no more than ________ days prior written notice.
A. 10
B. 30
C. 20
D. 40

9) A _________________ is one of the documents that should be included in the seller packet.
A. Insurance application
B. Prequalification statement
C. Seller’s net sheet
D. Preapproval letter

10) What type of listing gives the broker the greatest assurance that he or she will receive compensation for his or her marketing efforts?
A. Net
B. Exclusive right to sell
C. Open
D. Exclusive right to buy

11) Licensees should know what information cannot be disclosed?
A. Closing details
B. Material facts
C. Information regarding the health of the occupants
D. Marketing strategy

12) Who should complete the Real Property Disclosure Report?
A. A home inspector
B. The seller
C. The seller's agent
D. The buyer's agent

13) What should you bring with you to a listing appointment to ensure that you have the necessary documents for use when working with the seller?
A. Briefcase
B. Hot spot
C. Broker in charge
D. Seller packet

14) What rights does a buyer have, if a seller fails to provide a property disclosure document prior to the transfer of the property?
A. Buyer has the right to file a case in the Court of Appeals
B. Buyer has the right to reduce the contract sale price.
C. Buyer has the right to terminate the contract
D. Buyer has the right to sue the seller.

15) All listings must contain a _________________ prohibiting the seller or the broker from showing any bias against the protected classes.
A. Non-discrimination clause
B. Unity clause
C. Equality clause
D. Sustainability clause

16) A property that is accurately priced is likely to
A. have an appraisal problem.
B. help to sell the competition.
C. lose some of the seller's equity.
D. sell in a reasonable amount of time with no appraisal problem.

17) The listing agent should prepare the seller for
A. low offers.
B. last-minute showings.
C. the office tour.
D. All answers are correct

18) What are the two most common changes to an original listing agreement?
A. Closing date and financing
B. Inspections and repairs
C. Price changes and listing period extensions
D. Value and amendments

19) The broker protection clause is no longer effective
A. if the list price was too high.
B. if there were multiple offers.
C. if the listing agent has other properties listed.
D. if the property is relisted.

20) Which of the following is a feature of an open listing?
A. If the seller sells the property without the aid of a broker, no commission is due.
B. If the seller sells the property without the aid of a broker, the commission is still due.
C. If the seller sells the property without the aid of a broker, the commission is half the amount if sold by the broker.
D. If the seller sells the property without the aid of a broker, the commission is put in escrow.

21) When must a seller client first become aware of the possibility of dual agency?
A. At the time the listing agreement is signed
B. When the seller receives the first offer
C. Within 24 hours of accepting the listing agreement.
D. Prior to closing.

22) An open listing is a ______________ contract, authorizing a broker to serve as the agent for the sale of property.
A. A non-reductive
B. An exclusive
C. A reductive
D. A non-exclusive

23) What action can a licensee take if a client refuses to consent to a dual agency relationship?
A. A licensee may with liability withdraw from representing a client.
B. A licensee may without liability withdraw from representing a client who has not consented to a disclosed dual agency
C. A licensee might sue the seller for actual damages.
D. A licensee may without liability withdraw from representing a client who has not consented to a disclosed dual agency, but the client must pay a referral fee.

24) What should a seller do if potential buyers show up at the door wanting to see the property?
A. Tell them they can view the property only if they are prepared to make an offer
B. Invite them in and show them around
C. Take their name and call the listing agent
D. Ask them to wait an hour for the listing agent to get there

25) Although a property can be listed at any price, deliberately misleading a client as to the market value of the property to guarantee a listing is an ethical violation. This practice is commonly referred to as
A. over listing.
B. buying a listing
C. excessive listing
D. price fixing.

26) If a general home inspection showed a possible crack in a foundation, what should the seller do?
A. Request the general inspector to provide an opinion as to risk.
B. Contact a foundation repair company to repair the crack.
C. Ask a structural engineer to inspect and give an opinion.
D. Contact an attorney.

27) When meeting with a seller, what is one of the first questions the agent should ask?
A. What is the price you want for your property?
B. How much commission are you expecting to pay?
C. Do you currently have an exclusive listing with another broker?
D. How long do you want to list your property?

28) Where should the sellers be advised to be during showings?
A. They should stay in the home
B. They should wait in their car
C. They should greet people at the front door
D. They should leave the property

29) Which is a factor that can affect the value of a property?
A. What the seller is paying for their next home
B. What the seller paid for improvements
C. Physical features and condition of property
D. What the seller paid for the property

30) A copy of the CMA should not be given to the seller until ?

31) The seller lists his home for $400,000 and the listing agent tells the prospective buyer to submit a low offer because the seller is desperate. The buyer offers $39,000 and the seller accepts. In this situation,
A. any broker is authorized to encourage bidders.
B. the broker's action was proper in obtaining a quick offer.
C. the broker violated the agency relationship.
D. the broker was unethical, but did not do anything illegal.

32) Which of the following would be a good option for the seller if a potential buyer door knocks asking the seller about the property?
A. Answer their questions and show them the property
B. Call the office and schedule an appointment
C. Take their name/s and call the listing agent
D. Ask the door knocker to call the listing agent

33) The listing agents should be prepared to _______________ at the listing presentation.
A. Have a potential buyer
B. Make a toast
C. Present gifts
D. Take measurements

34) Which disclosure is required on HUD properties?
A. Radon
B. Mold
C. Lead-based paint
D. Asbestos

35) Deliberately misleading a seller regarding the value of a property to obtain a listing is referred to as
A. buying a listing.
B. over listing.
C. net listing.
D. price fixing.

36) A home warranty can benefit
A. the buyer.
B. the seller.
C. the broker.
D. All answers are correct

37) How can a listing agent help the sellers have less anxiety when considering an offer?
A. By having them price the home significantly below the estimated value
B. By discussing contingencies that could be included in the offer
C. Telling them to accept the first offer they get
D. Reducing the commission

38) Once a property is listed, the property will be toured by licensees who have buyers that may be interested in the property, and that those licensees will not be spending a lot of time looking at the property during the tour. This is known as
A. a group viewing.
B. an office tour.
C. a bus showing.
D. an agent party.

39) Which of the following can a listing agent disclose?
A. The lowest price the seller will accept
B. The motivating factors of the seller
C. Material or latent defects
D. The terms of any previous offers or counter offers made or received by the seller

40) Which two disclosures are required for most residential properties of one to four units?
A. Mold and radon disclosures
B. Residential Real Property Disclosure and mold disclosure
C. Residential Real Property Disclosure and radon disclosure
D. Lead-based paint disclosure and radon disclosure

41) What is the listing agent’s goal?
A. To make sure the buyer's pay the lowest price the seller is willing to accept
B. Sell the property for the best obtainable price, in the shortest time, with the least inconvenience to the seller
C. To get the most commission possible
D. To do as little work as possible while making the most money

42) If a buyer wants information regarding crime in the area, the agent should
A. provide that information.
B. refuse to provide information.
C. suggest the buyer refer to websites that provide that information.
D. recommend the buyer contact the local police or sheriff's office for that information.

43) “Stigmatized” conditions are not material and
A. are not required to be disclosed.
B. must be disclosed.
C. must be disclosed by the licensee when asked.
D. are latent defects.

44) Since each home has an “insurance record” of its own, licensees should advise buyers to obtain a CLUE Report and
A. have the property assessed by a CLUE insurance investigator.
B. not assume the sellers' insurance, but purchase new insurance to avoid the CLUE issue.
C. make their offer subject to receiving and approving a copy of the seller’s CLUE report.
D. purchase insurance only from a CLUE certified insurance agent.

45) Which of the following statements best describes a contemporaneous offer?
A. Two or more offers being written at the same time on the same property from the same designated agent
B. Two or more offers being written at different times on the same property from the same designated agent
C. Two or more offers being written at the same time for different properties.
D. Two or more offers being written at different times on different properties by the same designated agent.

46) Which type of buyer will most likely have the highest fear factor?
A. Relocation buyers
B. Investment buyers
C. First-time buyers
D. Down-sizing buyers

47) Is it permissible, as a buyer representative, to dispense advice to your purchaser client?
A. No. A buyer's agent should provide assistance, not advice.
B. Yes. The buyer's agent should dispense advice as needed on inspections and technical issues.
C. Yes. The buyer's agent should advise the client on matters of which he/she has knowledge, and advise the client to obtain expert advice in areas in which the licensee is not an expert.
D. No. A buyer's representative should remain neutral and simply service the transaction.

48) What technique helps you uncover what property features are most important to clients?
A. Encourage an offer
B. Invite comparisons
C. Downplay property features
D. Ask to list their present property

49) How long does a buyer have in which to initiate an action for a violation of the Residential Real Property Disclosure Act?
A. Six months
B. One year
C. Five years
D. Two years

50) In which of the following instances should a broker suggest that a buyer should consult an attorney?
A. If the buyer is requesting unusual provisions not covered in the standard contract.
B. If the buyer and seller cannot agree
C. If there is a dispute over price.
D. If the buyer wants personal property included in the sale.

51) During the walk-through, the buyer sees that the seller did not do a proper cleaning of the house. What is the best way of handling this?
A. At closing, the buyer could ask for a credit from the seller to cover the cost of cleaning.
B. The closing should be delayed until the cleaning is completed.
C. The broker should hire a cleaning crew and take it out of the commission.
D. The broker should prepare the agreement to amend the contract to cover the cost of cleaning.

52) What MUST be printed on or included with the Property Disclosure Report?
A. A copy of the Disclosure Act
B. A copy of the inspection report
C. An affidavit signed by the managing broker who has the listing
D. The seller's contact information including phone number and email address

53) After the contract has been executed, the buyer needs to change the closing date. What should the broker do?
A. Use an amendment that has been approved by an attorney, or have the buyer ask his/her attorney to prepare an amendment requesting the change.
B. Rewrite the entire sales contract.
C. Prepare the addendum.
D. Have the buyer write an amendment.

54) When a broker is showing property that was the site of an act that had no effect on the physical condition of the property or its environment, the broker
A. is required to disclose the act.
B. is required to disclose only if asked.
C. is not required to disclose the act.
D. may not disclose the act under any circumstances.

55) How might a buyer's agent hide the true identity of his or her client on an offer to purchase?
A. Insert the buyer's initials on the buyer's line.
B. Leave the buyer's line blank.
C. Insert "TBA" on the buyer's line.
D. Insert "and/or assigns" in the buyer's line.

56) How will the buyer's agent know if the letter regarding a buyer's loan capacity is a prequalification letter or a preapproval letter?
A. The preapproval letter will state "preapproval" in bold type.
B. If the letter states that the loan approval is subject to "verification of buyer's income and credit information," it is a prequalifying letter.
C. If the letter states that the loan is subject to "verification of buyer's income and credit information," it is a preapproval letter.
D. Lenders no longer issue prequalifying letters.

57) A buyer took possession of a house on March 12. If he needs to file a suit based on a property disclosure violation, it must be filed
A. within 2 years of closing.
B. on or before December 31 of the year of closing.
C. prior to March 12 of the following year.
D. within 5 years of closing.

58) If a licensee is aware that a suicide occurred on the property within the past 12 months and fails to disclose the fact, what act has been violated?
A. Illinois Stigmatized Property Act
B. Illinois License Act
C. Illinois Real Property Disclosure Act
D. The licensee has not violated a law

59) Which of the following statements is true regarding the Residential Real Property Disclosure?
A. It is required for all new construction.
B. If the seller fails to provide the disclosure prior to the conveyance, the buyer has the right to terminate the contract.
C. The listing agent should assist the seller in completing the form.
D. If the report indicates a material defect and is received after the buyer's acceptance of the contract, the buyer has five days in which to rescind the contract and have the earnest money returned.

60) In which of these situations is a licensee acting as a dual agent?
A. The licensee brings a buyer to see a friend’s house that is for sale.
B. The licensee’s client purchases a house the licensee listed for sale.
C. The licensee gives a flyer to a potential buyer at an open house for the licensee’s listing.
D. The licensee’s client purchases the house of a licensee’s friend.

61) When should agency disclosure take place?
A. No later than entering into an agency agreement.
B. Upon the first face-to-face meeting.
C. Before writing an offer
D. After the offer is written but before closing

62) When is undisclosed dual agency acceptable?
A. When the buyer client agrees
B. When two or more contemporaneous offers are made
C. When the buyer's offer is greater than the listing price
D. Never. Undisclosed dual agency is a license law violation.

63) The primary advantage of using designated agency is that
A. it does not require any disclosures.
B. there are less regulations to follow so there is a smaller chance of violations.
C. the agent will earn a higher commission.
D. both buyer and seller will receive fuller, more personal representation by their designated agent.

64) A buyer is unaware of a leaking basement and proceeds to make an offer. Should the seller's agent have told the buyer about the defect?
A. No. Caveat emptor would apply in this case.
B. No. The broker is the agent of the seller and should not mention the problem unless asked.
C. Yes. Any known defects should have been disclosed to the buyer.
D. Yes. The listing broker owes the buyer a fiduciary relationship.

65) The situation that allows the broker to appoint one or more agents for the client within the same firm, is called
A. designated agency.
B. dual agency.
C. appointed agency.
D. brokerage agency.

66) What type of agency is the assumed representation in the state of Illinois?
A. Net agency
B. Designated agency
C. Excess agency
D. Open agency

67) Obedience of the agent to the principal means what?
A. The agent may disobey those instructions in good faith if the agent feels it is necessary.
B. The agent must follow all instructions of the seller.
C. The agent must follow instructions of the seller regardless of personal feelings about them, as long as they do not violate laws.
D. The agent must follow directions in the listing agreement.

68) _________________ means a contractual relationship between a sponsoring broker and a client under Section 15-50 of this Act in which one or more licensees associated with or employed by the broker are designated as agent of the client.
A. Aggregate agency
B. Deliberate agency
C. Contractual agency
D. Designated agency

69) A designated agent is a person who is authorized by the ________________ to act as the agent of a specific principal in a transaction.
A. Firm's attorney
B. Real estate commission
C. Managing broker
D. MLS

70) The three duties of action are