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

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

Options :

A : lender

B : tenant

C : landlord

D : lien holder

Answer: B

Question 3

A client makes an offer on a residential property and provides a check for $2,000 as earnest money. The client instructs his buyer agent to hold the check for five days so it will clear the bank. What should the agent do with the check?

Options :

A : Provide the check to his broker immediately with the client's instruction to hold it for five days before depositing it in the escrow account.

B : Inform the client that the offer will be presented without any earnest money since the agent is required to submit all offers.

C : Hold it for five days before submitting the check to his broker for deposit in the escrow account.

D : Refuse to present the offer to the seller's agent until the earnest money can be deposited.

Answer: A

Question 4

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 5

A first-year licensee without either a degree in finance, or a strong background in real estate investment should generally refrain from

Options :

A : listing commercial income property.

B : representing an owner who wants to sell raw land to a developer.

C : representing a first time home buyer.

D : acting as the seller's agent in selling an oceanfront lot to a retiree.

Answer: A

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