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Real Estate

TEST 23

admin 2019.03.26 23:41 Views : 102

1 of 10 - Larry and Carlos are purchasing a 1930s bungalow in the Hollywood Hills. It is their dream home and once belonged to a silent film star. Is a lead-based paint disclosure necessary on this lovely, historic bungalow?
No, only if encapsulation or abatement have been conducted on the property and the seller is aware of these processes.
 
Yes, the seller of any residential structure built before 1978 is obligated to provide a lead-based paint disclosure.
Yes, the seller of any residential structure built before 1988 is obligated to provide a lead-based paint disclosure.
Yes, the seller of any property purchased prior to 1978 is obligated to provide a lead-based paint disclosure.
You answered correctly
2 of 10 - Lizette is buying her first home today. She is overwhelmed with all of the information that is being disclosed. Sex offender disclosures, smoke detector compliance, title insurance--the list goes on and on. Which of the following are environmental hazards the seller and agent are obligated to disclose?
Earthquake Information
Lead-Based Paint
Electromagnetic Fields
 
All of the Above
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3 of 10 - The Browns have a real estate agreement with Sell Fast Real Estate Company. A couple makes a ridiculously low offer on their home, which is five-bedrooms, five-baths in Malibu. The offer is $200,000 less than the Browns' asking price. Does the broker have to present the offer to the Browns, even if it is obviously going to be rejected and waste everyone's time?
No, if an offer is clearly not going to be accepted, the broker, acting in the seller's best interest, does not have to present the offer.
 
Yes, according to the regulations of the Real Estate Purchase Agreements in California, all offers received by the broker must be presented to the seller, no matter how out of line with expectations.
Yes, the agent, acting in the seller's best interest, must present the offer. In discussing the property with other prospective buyers, there is a record of an offer having been extended, making the property appear desirable.
None of the Above
You answered correctly
4 of 10 - Which of the following statements is true concerning Earthquake Hazards Disclosure?
 
The seller and agent must supply the Homeowner's Guide to Earthquake Safety booklet and provide any information requested to the buyer regarding geological or seismic hazards.
The seller's and agent's only responsibility is to supply the Homeowner's Guide to Earthquake Safety booklet. Nothing else pertaining to the property of any seismic or geological nature need be disclosed.
 
The seller and agent must provide the Homeowner's Guide to Earthquake Safety booklet and also disclose that a property is in an earthquake zone.
Both A and B
You answered incorrectly
The seller and agent must provide the buyer with the Seismic Safety Commission's booklet: Homeowner's Guide to Earthquake Safety. They must also disclose that a property is in an earthquake zone. Once the booklet has been provided and the earthquake zone disclosed, neither the seller nor his agent needs to provide any additional information about either geological or seismic hazards.
5 of 10 - Tina and James have made an offer on a four-bedroom home that will be much more costly than their present mortgage. The day after making the offer, James learns his company is being sold and he will probably lose his job. Are Tina and James contractually obligated to the offer they have made on the new home?
Yes, an offer is put onto a purchase contract form and is legally binding.
No, an offer is just an offer until it is accepted by the seller. Once the owner has accepted the offer, the offeror is legally bound to the contract.
 
It depends. If Tina and James have not received notification of the seller’s accepting the offer, they may legally withdraw the offer and not be held liable on the contract. However, if the offer has been accepted, and communication of this offer has been received by the buyer, it is legally binding.
None of the Above
You answered correctly
6 of 10 - Juanita is in the process of buying Amir's home. She made an offer that was accepted by Amir and both are happy with the financial terms. After paying for several inspections, Juanita has found serious structural and electrical issues with Amir's home. In the contract, she has requested these items be rectified at Amir's expense within thirty days. At the end of thirty days, Amir is unwilling to spend the money to correct the items. What are Juanita's options?
Juanita may simply proceed with the contract, despite Amir's unwillingness to correct the problems.
Juanita may cancel the contract altogether.
 
Juanita could possibly sue to have Amir take care of the issues and then continue with the transaction.
 
Both A and B
You answered incorrectly
The acceptance of the property’s condition is a contract provision with a set amount of time to negotiate any repair requests. If the seller is unable or unwilling to correct the problems, the buyer can either proceed with the transaction with the issues uncorrected or the buyer can cancel the contract altogether.
7 of 10 - Gary and Paul have signed the Exclusive Authorization and Right to Sell listing contract with Meyer's Real Estate. The term of the agreement was sixty days. After the expiration of the agreement, Gary and Paul sold their home to a couple who were shown the home by a salesperson licensed to Meyer's Real Estate. Does the real estate company have any claim to compensation from the sale?
 
Yes, under the listing's "safety clause," there is a period of time set forth after the expiration of the listing contract, during which the broker is entitled to compensation if the owner sells to anyone who was shown the property or who made an offer on the property during the agreement--as long as the broker notified the owner in writing of the names of the prospective buyers with whom they negotiated during the listing term.
No, if the broker could not sell the home during the listing term, Gary and Paul have every right to sell their home themselves to whomever they choose, without owing Meyer's Real Estate Company compensation.
Yes, Meyer's is entitled to both compensation and damages if Gary and Paul sell to a prospective buyer that was gained through Meyer's Real Estate Company.
None of the above
You answered correctly
8 of 10 - Which of the following is not a required disclosure?
Agency Relationship Disclosure
 
The owner's motivation to sell
Megan's Law
Asbestos
You answered correctly
9 of 10 - The Juarez family are moving into a new home and are having the home tested for Radon. They have young children and are worried about the possible effects the gas could have on their health and development. What is the interior reading that should concern the family?
 
4 pCi/L Radon and above
2.73 pCi/L Radon and above
3.52 pCi/L Radon and above
 
They should be concerned at the presence of any level of Radon in their new home.
You answered incorrectly
Radon danger exists inside properties if the radon reading measures 4 pCi/L Radon or higher concentration.
10 of 10 - Every California dwelling unit was required to have a Carbon Monoxide Detector by:
 
January 1, 2001
May 7, 2010
July 1, 2011
 
January 1, 2013
You answered incorrectly
After July 1, 2011 all existing single family dwelling units must have carbon monoxide detectors installed consistent with either new construction standards or approved installation instructions. By January 1, 2013 and no later, all dwelling units including new, existing, and apartments must have proper carbon monoxide detectors.
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