Question 1

A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m. of that day. Before 7 p.m., two more offers arrive on the same property. Which offer should be presented to the owner at the 7 p.m. appointment?

Options :

A : All three of the offers

B : The first offer received

C : The offer with the highest sale price

D : The offer most favorable to the seller, including price and all terms

Answer: A

Question 2

While inspecting a tenant-occupied property, the buyer was told by the seller that the microwave oven would be included in the sale price. Upon possession, the buyer learned that the microwave oven belonged to the tenant and not the seller. Is the buyer entitled to the microwave oven?

Options :

A : Yes, because the buyers offer to purchase included all real property.

B : Yes, because all oral contracts for the sale of real property are enforceable.

C : No, because the microwave was the real property of the tenant.

D : No, because the seller did not have the right to include the microwave in the sale.

Answer: D

Question 3

Under an option to buy, the ownership of land will change when the

Options :

A : option is signed by the parties.

B : optionor does not fulfill the obligation.

C : optionee exercises the option.

D : specified time has expired.

Answer: C

Question 4

A home warranty for a previously owned home would usually cover which of the following items?

Options :

A : structure or flooding issues after closing

B : only home systems such as the roof, plumbing, and foundation

C : major appliances and home systems such as electric, heating, and plumbing

D : major appliances, the buyer's personal property, and any seller added fixtures

Answer: C

Question 5

A salesperson's client is the lessee. Who does the salesperson represent?

Options :

A : lender

B : tenant

C : landlord

D : lien holder

Answer: B