1. A licensed real estate broker may pay a finder's fee to
2. A real estate broker had a private partner in a large land development in another state which was being offered for sale in Alaska.
1. The broker can sell the property.
2. The partner can sell the property.
3. A licensed real estate broker is also licensed in another state. He received notice his out of state license has been suspended. How many working days does he have to inform the real estate commission?
Under the Uniform Land Sales Practices Act the purpose of the public offering statement is to
1. disclose the physical characteristics of the subdivided land offered.
2. make known all unusual and material circumstances or features affecting the subdivided land.
5. A real estate licensee selling a security need not be registered if
6. A real estate firm advertised $1000 off any house in a subdivision if the buyer brought in a copy of the ad.
7. A real estate firm advertised that anyone buying a house in a subdivision over the weekend would have a washer and dryer included in the price by the builder.
9. A salesperson advertised, "Out of this world view - will never be blocked." A lady bought the property and one year later a high rise was built and partially obstructed the view. She filed a complaint with the real estate commission. The real estate commission would probably rule
In an agency state, a lady came to a salesperson and gave him a price and a lower price she would take. She said she was hurting and had to sell the property but did not sign a listing. The salesperson offered the property to a buyer at the lower price and the buyer bought it. The seller paid the broker the commission and the broker split the commission with the salesperson. Two months after the sale closed the seller found out that her property had been offered at the lower price. As a result she filed a complaint with the real estate commission. The broker said he was not liable since the property was not listed and he was not responsible for the action of the salesperson.
11. Which of the following is not exempt from the Uniform Land Sales Practices Act?
12. A broker owned a two bedroom house to which he added a third bedroom. The septic tank system was adequate for a three bedroom house. He sold the house. One year later the buyer added a fourth bedroom. It cost the buyer $3500 to upgrade the system to meet the standards for a four bedroom house. The buyer made a claim against the recovery fund. The real estate commission would probably find that
13. A salesperson sold a house. After the transaction closed, the salesman found a material defect in the property. He told the broker. The broker told him not to worry about it. The buyer found out about the defect and made a claim against the recovery fund for the action of the broker. The real estate commission would probably find that
Who can subpoena records?
1. Real estate commission.
2. Executive secretary.
3. Department of Commerce and Economic Development.
A violation of the Uniform Common Interest Ownership Act is enforced by
16. A salesperson agrees to manage a rental unit for the buyer. The salesperson will collect the fee for property management from the buyer
A broker formed an investment group to invest in real estate. No real estate was purchased. Dividends were paid to investors out of funds from new investors. The broker kept no money himself.
18. The duties of the real estate commission do not include which of the following?
19. A salesperson took an offer from a buyer on Friday and went out of town for the weekend without presenting the offer to the seller. During the weekend the seller accepted a lower offer.
A salesperson managed his own apartments and maintained the trust account, but did not reconcile it.
A broker buys a house & wants to turn one bedroom into an office. The zoning regulation won’t allow a sign.
22. A salesperson let his license lapse and wants to activate his license.
If the real estate commission suspects that a broker's action will have immediate serious consequences, they may request the Department of Commerce and Economic Development to
24. Mrs. Buyer was pleased with how her transaction was handled. After it closed she gave Betty Broker a gift of a round trip ticket to Hawaii.
25. As part of an earnest money agreement, a salesman accepted a 10-ounce bar of gold. The salesman turned the gold over to his broker. As instructed by the broker, the salesman informed the seller that the earnest money was gold and the seller accepted the offer. The broker locked the gold in his desk drawer, but did not inform the seller where the gold was kept. The broker did note in his trust account records that the earnest money was gold and its value in cash
26. A salesperson had made application to the local Board of Realtors to become a Realtor. She could use the term REALTOR on her business card
27. A listing allows a licensee to
28. How many days after a written request does a unit owners association have to provide the unit owner with a resale certificate?
29. A salesman induced a buyer to buy by offering to give the buyer a washer and dryer after closing.
30. Within how many days after receiving a public offering statement from a declarant does the purchaser have to cancel the contract?
31. All of the following are covered by the Uniform Common Interest Ownership Act except:
32. A rescission of a sale of land covered by the ULSPA can be made
1. when the purchaser was not given a copy of the public offering statement.
2. when the purchaser knew of an untrue statement of material fact.
33. Who sets up the declaration in a common interest community?
34. As a result of an investigation of a complaint the real estate commission requested the licensee to respond to the complaint. The licensee did not respond in 10 days. Until the investigation was completed, the Department of Commerce and Economic Development could have
35. To be a sole proprietor, a broker
36. A salesman applying for a real estate license has been convicted for larceny. He must notify which of the following:
1. Employing broker.
2. Real Estate Commission.
37. As a result of a claim to the Real Estate Commission for reimbursement from the real estate recovery fund, a salesman does not attend the hearing.