Beware! Don't Poke the Bear...End of Course Test #2

Question 1 of 30

1. Question

An example of personal property is:

a. the roof of a recently purchased property
b. the hardwood floors in your kitchen
c. the patio furniture at a listed property

Question 2 of 30

2. Question

The highest degree of ownership is:

a. fee simple
b. a life estate
c. fee determinable

Question 3 of 30

3. Question

The mortgagor is the:

a. appraiser
b. landlord
c. borrower

Question 4 of 30

4. Question

Antitrust laws involve:

a. freedom of speech
b. illegal price fixing and allocation of the marketplace
c. education for all citizens

Question 5 of 30

5. Question

Which law addresses that all real estate sales contracts must be in writing to be valid and enforceable?

a. Copyright
b. Statue of Frauds
c. Proposition 2020

Question 6 of 30

6. Question

Illegal discrimination in credit transactions is addressed in the:

a. Show of Good Faith
b. Equal Credit Opportunity Act
c. Statue of Frauds

Question 7 of 30

7. Question

Real estate salesperson Sara cannot cold call which group?

a. people protected by the laws of Senior Housing
b. anyone younger than 21
c. the people who are on the Do Not Call list

Question 8 of 30

8. Question

Bob wants to do a mass email marketing campaign. Which laws require an opt-out feature as part of his emails?

a. Can Spam laws
b. Fair Housing laws
c. Truth in Writing laws

Question 9 of 30

9. Question

If real estate salesperson Fred violates the Do Not Call laws, which might happen?

a. his real estate license is automatically revoked
b. he might be fined
c. he would need to retake his real estate exam

Question 10 of 30

10. Question

Which of the following is permitted under the Can Spam Act?

a. any email containing information about a new listing
b. a thank you email to a friend for a birthday gift
c. all emails sent by a real estate broker

Question 11 of 30

11. Question

Which of the following statements is most true?

a. the Can Spam and Do Not Call laws apply to all real estate licensees
b. real estate licensees over 80 years of age are exempt from all federal laws involving real estate
c. the Do Not Call and Can Spam laws only apply to residential real estate agents

Question 12 of 30

12. Question

Which is most true about federal and state Antitrust laws?

a. they encourage real estate companies to agree on commission rates to charge
b. they prohibit price fixing
c. they set the allowable commission rates for geographic regions

Question 13 of 30

13. Question

ABC Realty and XYZ Realty agree during a meeting to raise their commission rates to 6% for listings under $100,000. Said practice is:

a. illegal per the Can Spam Act
b. illegal per the Federal Fair Housing laws
c. illegal per the Sherman Antitrust law

Question 14 of 30

14. Question

The Real Estate Settlement Procedures Act:

a. provides guidance for kickbacks
b. prohibits illegal kickbacks
c. settles commission disputes between brokers

Question 15 of 30

15. Question

Tom has agreed to sell his house to Sara. Sara has agreed to buy Tom’s house. This is best described as what type of agreement?

a. illegal, unless a broker is involved
b. an exchange of deeds
c. a bi-lateral contract

Question 16 of 30

16. Question

Which is a contract involving only one promise?

a. a bilateral contract, like a broker’s disclosure
b. a voidable contract, like a seller’s disclosure
c. a unilateral contract, like an option

Question 17 of 30

17. Question

A bilateral contract involves promises from how many parties?

a. none
b. one
c. two

Question 18 of 30

18. Question

The seller promises to pay only the broker who finds the buyer. The seller retains the right to find her own buyer and pay none of the three brokers who have signed the agreement if she does so. This is:

a. an open listing
b. a net listing
c. an exclusive right to sell listing

Question 19 of 30

19. Question

How many protected classes are covered by Federal Fair Housing Laws?

a. 5
b. 7
c. 11

Question 20 of 30

20. Question

Redlining is:

a. legal, provided it is a company policy
b. a violation of zoning laws and Truth-in-Lending
c. illegal

Question 21 of 30

21. Question

Is it legal to refuse a buyer’s offer because of the buyer’s race?

a. no, it is illegal
b. yes, if the broker finds the buyer
c. only if approved by the seller

Question 22 of 30

22. Question

Sex and Familial Status are:

a. both covered under the Federal Fair Housing laws
b. not covered by the Federal Fair Housing laws, but are covered by Truth-in-Lending and Antitrust
c. two groups excluded from any protection under any federal laws

Question 23 of 30

23. Question

Are there potential state and local fair housing laws in addition to the Federal Fair Housing laws?

a. no, that would be illegal
b. yes, and if there are, they cancel the Federal Fair Housing laws
c. yes, and all the laws must be followed

Question 24 of 30

24. Question

A real estate sales contract must be in writing to be valid and enforceable per:

a. Statute of Frauds
b. Can Spam Act
c. Copyright Laws

Question 25 of 30

25. Question

On average, Tom Terrific makes about 10 home loans a month. All of his business comes from 5 very productive real estate agents. Which statement about this activity is true if Tom gives each agent football tickets for each referral that closes?

a. this is common practice
b. this violates RESPA
c. this violates Federal Fair Housing laws

Question 26 of 30

26. Question

Do the Antitrust laws cover more than price fixing?

a. no, just price fixing
b. yes, like equal credit opportunity and buyer beware
c. yes, like allocation of the marketplace and other issues that are a restraint of trade

Question 27 of 30

27. Question

When two parties verbally agree to a contract to sell a property for $475,000 and all other terms, is this a valid contract?

a. yes, it is a valid contract, but is not enforceable because it is not in writing
b. no, it is not a valid contract
c. yes, the contract is valid and enforceable

Question 28 of 30

28. Question

A seller loans the buyer $10,000 to assist with the buyer’s down payment. The seller agrees to repay the loan in monthly installments. The primary lender is not made aware of this agreement. This is an example of:

a. Mortgage Fraud
b. a RESPA violation
c. a violation of the Sherman Antitrust Act

Question 29 of 30

29. Question

Is a lease considered a contract?

a. yes, and if both parties have made a promise it is a bilateral contract
b. it depends what county the property is located in
c. no, leases are not contracts

Question 30 of 30

30. Question

Does a sales contract need to be on a standard form to be valid and enforceable?

a. no, but it must have all of the essential elements of a contract to be valid and enforceable
b. no, provided it involves a broker
c. yes, and the commission must be standard

Beware! Don’t Poke the Bear…End of Course Test #2

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