Question 1

A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:

Options :

A : deduct the amount collected from the commission or settlement

B : give the principal receipts for all expenditures

C : furnish within ninety days of its collection an accounting of how the money was used

D : retain the difference between the amount of money collected and the amount spent

Answer: C

Question 2

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

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 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 5

A client is considering listing an industrially zoned 10-acre site. It has been vacant for several years, and was formerly used as an automobile junkyard. What would a responsible real estate licensee recommend the seller consider obtaining prior to putting the property on the market?

Options :

A : a radon measurement analysis

B : an environmental site assessment

C : an electromagnetic field determination

D : an air quality report from the Environmental Protection Agency

Answer: B

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