Mini-Test #1
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The total collection of rights which may be claimed by private ownership is best described as:
1 point
For the past 30 years, the Stone family has operated a neighborhood grocery store. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the Stone's grocery store is located. The store is now an example of a/an:
1 point
The primary purpose of Truth in Lending is to:
1 point
The Rose family owns a home in a semi-rural area which is about five years old. Recently announced plans for a new regional airport will place their home directly in line with a main runway that ends one mile before their home. If the airport is constructed, will this diminish the value of the Rose home?
1 point
A developer retains agent Suzy to sell townhouses. Joey, a licensed agent, submits an offer to buy unit 1603 for $120,000, and a sales contract is executed. Through a typographical error, however, the contract identified unit 1602 which was listed for $15 is
1 point
Marcus submits an offer to purchase a home from Iris. Iris, wishing to keep the foyer chandelier, adds to the contract the words “foyer chandelier not included” before signing and returning it to Marcus. Is the contract binding?
1 point
Anthony is in-contract with a broker to sell his property. Anthony’s contract with the broker states that he will pay a commission to the broker that sells the property. What type of agency agreement does this best describe?
1 point
Phillip, a licensed agent, had a written representation agreement with a buyer but was paid 4% of the selling price at the closing by the seller. Under these circumstances, the broker was acting as
1 point
Which statement is TRUE about down payments under the Federal Housing Administration (FHA)?
1 point
A bank letter to the borrower saying that it will fund a mortgage loan is known as a
1 point
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