Question 1

On which of the following must the landlord pay interest when collecting first month, last month, and security deposit?

Options :

A : Only if they are deposited in an interest-bearing account

B : Security deposit and last month

C : First month only

D : Last month only

Answer: B

Question 2

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 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

When lending standards are tightened, lenders typically require

Options :

A : a higher loan-to-value ratio.

B : a lower loan-to-value ratio.

C : a balloon payment after 5 years.

D : a waiver of the Equal Credit Opportunity Act.

Answer: B

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