Real Estate Practice Exam

cchapinb
Quiz by cchapinb, updated more than 1 year ago
cchapinb
Created by cchapinb over 6 years ago
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Description

Quiz on Real Estate Practice Exam, created by cchapinb on 07/11/2015.

Resource summary

Question 1

Question
When a real estate licensee owns personal rental properties security deposits must be placed in a trust account.
Answer
  • True
  • False

Question 2

Question
Licensees can be disciplined for failure to disclose all of the following except:
Answer
  • Material facts that should have been known to the agent
  • The presence of a registered sex offender in the area
  • Any off-site condition that materially impacts the property
  • Making an intentional misrepresentation when directly asked

Question 3

Question
Fiduciary duties include all of the following except;
Answer
  • Accounting
  • Loyalty
  • Blockbusting
  • Disclosure

Question 4

Question
Disciplinary actions the Real Estate Commission can impose include all of the following except:
Answer
  • Fines not less that $100.00 or more than $1,000.00 per violation
  • Indefinite suspension of license
  • Fines of not more than $500.00, and or six months in jail
  • Fine of not more than $1,000.00, revocation of license for not less than one year

Question 5

Question
All of the following are protected under the Fair Housing Act except:
Answer
  • Race
  • Handicap
  • Age
  • Religion

Question 6

Question
According to the law of Agency a customer in entitled to:
Answer
  • Disclosure of all facts about the transaction and other parties to the transaction
  • Obedience of the Property Manager to instructions
  • Confidentiality in lease negotiations
  • Honesty, and accurate information in negotiations

Question 7

Question
To be a Property Manager one must be at least __________ years of age.
Answer
  • 18
  • 21
  • 23
  • 19

Question 8

Question
A PMIC must be at least ________ years old:
Answer
  • 21
  • 18
  • 19
  • 23

Question 9

Question
A PMIC must complete how many hours of instruction and pass an exam administered by the Real Estate Commission?
Answer
  • 60
  • 90
  • 30
  • 45

Question 10

Question
To be a PMIC an individual must meet which of the following requirements:
Answer
  • Be owner of the company
  • Or be engaged in the day to day management of the business
  • A or B
  • Both A & B

Question 11

Question
A property has a gross potential income of $155,000.00, an average vacancy rate of 6%, and annual operating expenses of $43,250. The property is for sale for $1,205,900.00. What is the capitalization rate?
Answer
  • 8.5%
  • 9%
  • 12.5%
  • 8.3%

Question 12

Question
PMIC Smith does not have the funds to pay his office property taxes. He decides to use money from his trust account to pay the bill. This is an example of:
Answer
  • Borrowing
  • Conversion
  • Commingling
  • Fraud

Question 13

Question
An unlicensed leasing assistant can do all of the following except:
Answer
  • Collect rents made payable to the owner of the company
  • Provide forms and applications
  • Showing units to prospective tenants
  • Set terms and conditions for the leasing of units

Question 14

Question
PM John rents to minorities but places them in units segregated from his white tenants. This is an example of:
Answer
  • Blockbusting
  • Steering
  • Redlining
  • None of the above

Question 15

Question
The 1968 Fair Housing Law prohibits all of the following except:
Answer
  • Discrimination in financing by financial institutions because of protected class status of applicants
  • Zoning laws making it difficult for protected class members to live in a specific area.
  • Blockbusting
  • Failing to rent to an applicant under 18 years of age

Question 16

Question
The law enforcement agency for Federal Fair Housing Act is:
Answer
  • EPA
  • HUD
  • DHEC
  • Dept. of Justice

Question 17

Question
Owners of single family homes and buildings with up to four units may require a handicapped person to:
Answer
  • Pay an additional deposit to ensure that the unit is restored to its original condition when the lease is over
  • Pay increased rent to cover the expenses of preparing the unit for him/her.
  • Neither A or B
  • Both A & B

Question 18

Question
The SC Real Estate Commission can get involved with a brokerage's activities EXCEPT:
Answer
  • Its own initiative
  • Commission disputes
  • The director has reason to believe a licensee is incompetent to be in the real estate business
  • A written complaint by a disgruntled citizen

Question 19

Question
Which of the following actions is legal under license law:
Answer
  • Rejecting an applicant because they are Catholic
  • Placing an ad in a newspaper before signing a management agreement
  • Not renting to a family because they have children
  • Collecting a finder's fee from a prospective tenant

Question 20

Question
The most important task of a PM is to:
Answer
  • Identify the owner's objective
  • Identify tenant requirements
  • Negotiate the commission
  • Have the property appraised

Question 21

Question
The Sherman-Clayton Anti-trust Act prohibits all of the following except:
Answer
  • Price fixing
  • Allocation of markets
  • Allocation of customers
  • Preventing customers from choosing who to use as a PM

Question 22

Question
Security deposits must be returned to a tenant within __________ days
Answer
  • 45 days
  • 30 days
  • 60 days
  • 90 days

Question 23

Question
If a landlord wants to terminate the week-to-week rental he/she must give _______ days
Answer
  • 30 days
  • 15 days
  • 7 days
  • 10 days

Question 24

Question
Which of the following is not a leasehold estate:
Answer
  • Tenancy at will
  • Tenancy in common
  • Tenancy at sufferance
  • Periodic Tenancy

Question 25

Question
Once notified by the tenant that a smoke detector is not working, the landlord has _______ days to replace or repair the detector:
Answer
  • 15
  • 10
  • 14
  • 21
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