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A : rescinded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

The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?

Options :

A : Civil Rights Act

B : Diversity Jurisdiction

C : Sherman Anti-trust Act

D : Housing and Community Development Act of 1974

Answer: C

Question 4

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 5

Which of the following is a radioactive odorless gas which may require mitigation?

Options :

A : radon

B : asbestos

C : formaldehyde

D : carbon monoxide

Answer: A

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