141. After a Notice Of Intent To Sell tax delinquent property is published, the owner has a right to redeem the property for:
A. 1 year
B. 2 years
C. 3 years
D. 5 years
Answer: D. 5 years
142. A written agreement between the broker and the salesperson is required:
A. By the Regulations of the Real Estate Commissioner
B. By the NAR Code of Ethics
C. Only if the parties consider it necessary
D. By the Real Estate Board
Answer: A. By the Regulations of the Real Estate Commissioner
143. Financial institutions which specialize in making home loans obtain most of their funds from:
A. Individual savings
B. Business savings
C. Government loans
D. The Federal National Mortgage Association
Answer: A. Individual savings
144. All of the following are essential on each and every contract EXCEPT:
A. Lawful object
B. Mutual consent
C. Capable parties
D. A proper writing
Answer: D. A proper writing
145. If a lender discovers after closer of escrow that the loan applicant has been overcharged, in how many days after the close of escrow must the lender return the overcharge?
A. 15
B. 30
C. 45
D. 60
Answer: D. 60
146. When a builder is allowed to make a change in construction that is not in accordance with the building code, it is known as:
A. An exception to use
B. A variance
C. A building permit
D. Any of the above
Answer: B. A variance
147. In accordance with the state law that requires the broker to make a competent and diligent inspection of a residential property being sold by the broker. This means the broker must:
A. Visually make a diligent inspection of the property and disclose all pertinent information
B. Inspect the common areas in a condominium project
C. Inspect all inaccessible areas and report findings
D. Order and pay for a pest control report
Answer: A. Visually make a diligent inspection of the property and disclose all pertinent information
148. Stanford entered into a contract to purchase a home and neither the owner nor the broker disclosed to the buyer that the home was hooked up to a septic tank and not a local sewer system. In this instance the buyer has the right to:
A. Sue the broker for disciplinary action
B. Rescind the contract
C. Demand that the seller pay for a percolation test
D. File a complaint with the local Health Department
Answer: B. Rescind the contract
149. Consideration in a contract can be:
A. Anything of value exchanged between the parties
B. Services
C. One dollar
D. Any of the above
Answer: D. Any of the above
150. The major cause of loss in value on an extremely old structure would be depreciation resulting from:
A. Deterioration
B. Poor maintenance
C. Obsolescence
D. Passage of physical life
Answer: C. Obsolescence