Question 1

A seller places a property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is:

Options :

A : rescinded

B : null and void

C : irrevocable

D : binding

Answer: B

Question 2

A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?

Options :

A : Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.

B : Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.

C : No, because as an integrated club, they could discriminate on the basis of race in renting facilities.

D : No, because a private club may restrict the rental of its own lodgings to its members as long as the lodgings are not operated commercially.

Answer: D

Question 3

A seller sold a property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000, and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items, how much will the seller receive at closing?

Options :

A : $71,700

B : $72,400

C : $73,600

D : $74,000

Answer: D

Question 4

A landlord may require that a disabled tenant

Options :

A : pay double the usual $500 security deposit.

B : pay an additional fee for using the swimming pool to cover the added insurance cost.

C : remove the wheelchair ramp from the apartment upon vacating the unit.

D : not install grab bars in the tile shower if drilling holes in the tile is required.

Answer: C

Question 5

A broker maintains a real estate agency and terminated two salespersons. In this situation, the broker is REQUIRED to take all the following actions with regard to these two salespersons EXCEPT:

Options :

A : provide each with a written accounting of all monies due each salesperson.

B : permit them to remove original sales or listing contracts from the brokers office.

C : pay any undisputed compensation due within ten days of the broker's receipt of such funds.

D : abide by the post-termination compensation clause contained in their employment agreements or provide a written explanation for not doing so.

Answer: B