State Law Exam

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1. A licensee who has a personal financial interest in a real estate transaction must so inform which of the conflict of interest?
2. Which of the following statements is true if a licensee buys or sells a piece of unlisted property for his own account?
3. Mr. Kent, who is unlicensed, has been selling Hawaiian condominium time shares in Alaska. The Real Estate Commission informs him that a real estate license is required to perform this service. When the Commission learns that Mr. Kent is continuing the illegal activity, it should do which of the following?
4.

The Uniform Land Sales Practices Act includes a specific section regarding

5. An application for registration of a land subdivision under the Uniform Land Sales Practices Act must contain
6. A public offering statement is NOT required under the Uniform Land Sales Practices Act if the land is
7. The Real Estate Commission informs a licensee of a complaint filed against him and asks him to submit his records for examination. In this situation the licensee must be given a minimum of how many days in which to respond after receipt of notification?
8. A real estate transaction may be a security under the Alaska statutes if the buyer
9. Which of the following is true of a salesperson who organizes a group of 3 buyers to purchase a single property?
10. A salesperson lists and subsequently sells a property. How may the salesperson reward his unlicensed friend who referred the seller to him?
11. A broker lists, advertises, and sells a property, and the seller signs the earnest money agreement. The broker helps the buyer arrange financing. On the day of closing, the seller refuses to complete the transaction. In this situation, the broker is entitled to the commission from the seller because she
12. An unlicensed person may sell a property if she is not paid for doing so and
13.

A licensee shows a house and writes an earnest money agreement on July 3. She presents the offer to the seller that evening, but she fails to give the earnest money to her broker until July 12. The licensee is in violation of the license law because she did NOT

14. Following a hearing, it was determined by the Real Estate Commission that a broker illegally converted trust funds to his own use. The Surety Fund paid the claimed loss to the aggrieved buyer, and the broker's license was revoked. To be reinstated, the broker must do all of the following EXCEPT:
15. A broker may pay a referral fee to which of the following persons?
16. The broker's business name registered with the Real Estate Commission must be included in any advertisement placed by her to
17. Which of the following usually has the right to foreclose on condominium unit owners for nonpayment of common area assessments?
18.

Except in cases of emergency, or if it is impracticable to do so, a landlord is obligated to give a tenant how much notice of his intent to enter the premises of a leased property?

19. A tenant whose damage deposit was not refunded filed a license complaint against the broker who managed the property. The broker held the deposit in her trust account to cover damages, but did not give the tenant a written accounting of the damages for which he was charged. At the hearing, the broker stated that on the day after the tenant moved out, the broker personally informed the tenant of all the damages and that his deposit would be withheld to cover those damages. The tenant admitted that this was true. In this situation, the hearing officer would probably find that
20.

A broker must make which of the following records available to the Real Estate Commission on request?



  1. Earnest money agreements

  2. Trust account records

  3. Listing agreements

21.

South Seas Subdivision (SSS), Inc. asked a broker licensed in Alaska to list 200 lots for sale in Alaska. If the broker enters into an agreement to represent SSS, Inc., she should do which of the following to make sure that she complies with both the Uniform Land Sales Practices Act and the license law?








    1. Confirm that the subdivision is registered with the Alaska Division of Banking Securities and Corporations before offering lots for sale.









    1. Inspect the property to determine if all statements on the disclosure statement are true.



22.

Each of the 16 condominium owners who bought a unit in a 20-unit project has title to what portion of the common area?

23. A salesperson adds "PhD” to his business card although he has not been granted the degree. Which of the following statements about this act is true?
24. When a broker's license is revoked, a salesperson supervised by that broker may continue to sell real estate
25.

Which of the following is NOT considered a common area in a condominium project?

26. In the presence of witnesses, a seller asks a licensee to sell 2 acres of his land. The seller and licensee orally agree on the price, terms of the sale, and commission. Thirty-two days later, the licensee tells the seller that she has a buyer and gives him the buyer's name. The seller says that he has changed his mind about paying the commission and, later, sells his property to the licensee's prospect. Which of the following statements about the validity of the licensee's claim to a commission is true?
27. The condominium fee assessed monthly by the owners' association is used to pay
28. A transaction was not completed and a dispute arose between the buyer and seller over the disposition of the earnest money. In this situation, if the dispute cannot be resolved any other way, the broker should do which of the following?
29. The owner of a six-unit apartment building arranges for an unlicensed resident to manage the units for $100 a month during the owner's six-month absence. Which of the following statements about this arrangement is true?
30. A buyer drives by a property she is buying 3 days before the scheduled closing and discovers that several of the trees have been knocked down and the yard has been dug up to install a sewer in place of a septic system. The buyer calls the licensee and says that she no longer wants to purchase the property because the yard in its original condition was one of her main reasons for buying it. She wants her earnest money back. The licensee, who knew of the impending sewer connection, refuses, saying that, while the yard is no longer as attractive, a house on a sewer line is more valuable than one on a septic system. Which of the following statements about this situation is true?

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State Law Exam

Welcome to your State Law Exam

Name to appear on your certificate of completion
email
Phone Number
1. A licensee who has a personal financial interest in a real estate transaction must so inform which of the conflict of interest?
2. Which of the following statements is true if a licensee buys or sells a piece of unlisted property for his own account?
3. Mr. Kent, who is unlicensed, has been selling Hawaiian condominium time shares in Alaska. The Real Estate Commission informs him that a real estate license is required to perform this service. When the Commission learns that Mr. Kent is continuing the illegal activity, it should do which of the following?
4.

The Uniform Land Sales Practices Act includes a specific section regarding

5. An application for registration of a land subdivision under the Uniform Land Sales Practices Act must contain
6. A public offering statement is NOT required under the Uniform Land Sales Practices Act if the land is
7. The Real Estate Commission informs a licensee of a complaint filed against him and asks him to submit his records for examination. In this situation the licensee must be given a minimum of how many days in which to respond after receipt of notification?
8. A real estate transaction may be a security under the Alaska statutes if the buyer
9. Which of the following is true of a salesperson who organizes a group of 3 buyers to purchase a single property?
10. A salesperson lists and subsequently sells a property. How may the salesperson reward his unlicensed friend who referred the seller to him?
11. A broker lists, advertises, and sells a property, and the seller signs the earnest money agreement. The broker helps the buyer arrange financing. On the day of closing, the seller refuses to complete the transaction. In this situation, the broker is entitled to the commission from the seller because she
12. An unlicensed person may sell a property if she is not paid for doing so and
13.

A licensee shows a house and writes an earnest money agreement on July 3. She presents the offer to the seller that evening, but she fails to give the earnest money to her broker until July 12. The licensee is in violation of the license law because she did NOT

14. Following a hearing, it was determined by the Real Estate Commission that a broker illegally converted trust funds to his own use. The Surety Fund paid the claimed loss to the aggrieved buyer, and the broker's license was revoked. To be reinstated, the broker must do all of the following EXCEPT:
15. A broker may pay a referral fee to which of the following persons?
16. The broker's business name registered with the Real Estate Commission must be included in any advertisement placed by her to
17. Which of the following usually has the right to foreclose on condominium unit owners for nonpayment of common area assessments?
18.

Except in cases of emergency, or if it is impracticable to do so, a landlord is obligated to give a tenant how much notice of his intent to enter the premises of a leased property?

19. A tenant whose damage deposit was not refunded filed a license complaint against the broker who managed the property. The broker held the deposit in her trust account to cover damages, but did not give the tenant a written accounting of the damages for which he was charged. At the hearing, the broker stated that on the day after the tenant moved out, the broker personally informed the tenant of all the damages and that his deposit would be withheld to cover those damages. The tenant admitted that this was true. In this situation, the hearing officer would probably find that
20.

A broker must make which of the following records available to the Real Estate Commission on request?



  1. Earnest money agreements

  2. Trust account records

  3. Listing agreements

21.

South Seas Subdivision (SSS), Inc. asked a broker licensed in Alaska to list 200 lots for sale in Alaska. If the broker enters into an agreement to represent SSS, Inc., she should do which of the following to make sure that she complies with both the Uniform Land Sales Practices Act and the license law?



  1. Confirm that the subdivision is registered with the Alaska Division of Banking Securities and Corporations before offering lots for sale.

  2. Inspect the property to determine if all statements on the disclosure statement are true.

22.

Each of the 16 condominium owners who bought a unit in a 20-unit project has title to what portion of the common area?

23. A salesperson adds "PhD” to his business card although he has not been granted the degree. Which of the following statements about this act is true?
24. When a broker's license is revoked, a salesperson supervised by that broker may continue to sell real estate
25.

Which of the following is NOT considered a common area in a condominium project?

26. In the presence of witnesses, a seller asks a licensee to sell 2 acres of his land. The seller and licensee orally agree on the price, terms of the sale, and commission. Thirty-two days later, the licensee tells the seller that she has a buyer and gives him the buyer's name. The seller says that he has changed his mind about paying the commission and, later, sells his property to the licensee's prospect. Which of the following statements about the validity of the licensee's claim to a commission is true?
27. The condominium fee assessed monthly by the owners' association is used to pay
28. A transaction was not completed and a dispute arose between the buyer and seller over the disposition of the earnest money. In this situation, if the dispute cannot be resolved any other way, the broker should do which of the following?
29. The owner of a six-unit apartment building arranges for an unlicensed resident to manage the units for $100 a month during the owner's six-month absence. Which of the following statements about this arrangement is true?
30. A buyer drives by a property she is buying 3 days before the scheduled closing and discovers that several of the trees have been knocked down and the yard has been dug up to install a sewer in place of a septic system. The buyer calls the licensee and says that she no longer wants to purchase the property because the yard in its original condition was one of her main reasons for buying it. She wants her earnest money back. The licensee, who knew of the impending sewer connection, refuses, saying that, while the yard is no longer as attractive, a house on a sewer line is more valuable than one on a septic system. Which of the following statements about this situation is true?

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