Question 1

A tenant has a commercial lease that requires that the tenant pay taxes, insurance, maintenance, and parking lot repairs. What kind of lease does the tenant have?

Options :

A : net

B : gross

C : ground

D : percentage

Answer: A

Question 2

A seller has listed a home with a broker for $112,000. The seller is leaving for a 45-day cruise midway through the listing period and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash. The broker

Options :

A : may not accept the offer until the seller returns.

B : must forward the offer to the sellers attorney for consideration.

C : may accept the offer.

D : may sign a deed of conveyance if the seller does not return on time.

Answer: C

Question 3

A licensee faxes a list of available properties to prospective buyers. Which of the following is true?

Options :

A : The fax must contain an opt-out provision for future communications.

B : The licensee must include only a phone number to reply.

C : The licensee's company's name does not need to be listed.

D : The licensee must mail an identical list to all parties.

Answer: A

Question 4

Two real estate firms shared equally a 6% commission on the sale of a house. The listing licensee was paid 60% of the brokers share. The house was sold for $110,000. How much did the listing agent earn?

Options :

A : $1,320

B : $1,980

C : $2,640

D : $3,980

Answer: B

Question 5

After announcing that a new city park will soon be developed, homes in the immediate area experience a rise in value. This is an example of which of the following principles of value?

Options :

A : change

B : contribution

C : anticipation

D : highest and best use

Answer: C