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Quiz – Course 2

Quiz – Course 2

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Question 1 of 15

1. Question

How many hours of continuing education do you need in your first license period?

60
Correct Incorrect Correct answer

15
Correct Incorrect Correct answer

30
Correct Incorrect Correct answer

none
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 15

2. Question

Your first license period is defined as: by the ______ June ______ after you are licensed.

Your first license period is defined as: by the BLANK 1 of 2 June BLANK 2 of 2 after you are licensed.

Your first license period is defined as: by the Fill in the blank 1 of 2 June Fill in the blank 2 of 2 after you are licensed.

Correct

Incorrect
Question 3 of 15

3. Question

You should surround yourself with a professional team, including:

title providers
Correct Incorrect Correct answer

mortgage lenders
Correct Incorrect Correct answer

home inspectors
Correct Incorrect Correct answer

all the above
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 15

4. Question

All the following are important facts to know about a represented buyer EXCEPT:

credit worthiness
Correct Incorrect Correct answer

motivation
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favorite dessert
Correct Incorrect Correct answer

availability for showings
Correct Incorrect Correct answer

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Question 5 of 15

5. Question

Sources you could use to find properties to show the buyer include:

MLS
Correct Incorrect Correct answer

Internet
Correct Incorrect Correct answer

FSBOs
Correct Incorrect Correct answer

all the above
Correct Incorrect Correct answer

Correct

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Question 6 of 15

6. Question

Agency representation should be discussed with buyers and sellers:

while writing an offer
Correct Incorrect Correct answer

before closing
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early in the relationship
Correct Incorrect Correct answer

immediately after closing
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Question 7 of 15

7. Question

Representing a buyer or seller requires fiduciary duties. Fiduciary duties are named in the acronym OLDCAR. Define each duty:

O = BLANK 1 of 6
L = BLANK 2 of 6
D = BLANK 3 of 6
C = BLANK 4 of 6
A = BLANK 5 of 6
R = BLANK 6 of 6

O = Fill in the blank 1 of 6
L = Fill in the blank 2 of 6
D = Fill in the blank 3 of 6
C = Fill in the blank 4 of 6
A = Fill in the blank 5 of 6
R = Fill in the blank 6 of 6

Correct

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Question 8 of 15

8. Question

The form Agency Relationships in Real Estate Transactions is:

not necessary
Correct Incorrect Correct answer

a disclosure form
Correct Incorrect Correct answer

a contract
Correct Incorrect Correct answer

unilateral
Correct Incorrect Correct answer

Correct

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Question 9 of 15

9. Question

Which one of the following methods of valuation would typically be used on a single family house?

cost approach
Correct Incorrect Correct answer

market data approach
Correct Incorrect Correct answer

income approach
Correct Incorrect Correct answer

all of the above
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 15

10. Question

Buyers would go to a lender to get a mortgage.

true
Correct Incorrect Correct answer

false
Correct Incorrect Correct answer

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Incorrect
Question 11 of 15

11. Question

A listing agreement is a promise to sell.

true
Correct Incorrect Correct answer

false
Correct Incorrect Correct answer

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Incorrect
Question 12 of 15

12. Question

Contract for deed financing involves a lender.

true
Correct Incorrect Correct answer

false
Correct Incorrect Correct answer

Correct

Incorrect
Question 13 of 15

13. Question

Federal fair housing has how many protected classes?

8
Correct Incorrect Correct answer

7
Correct Incorrect Correct answer

4
Correct Incorrect Correct answer

12
Correct Incorrect Correct answer

Correct

Incorrect
Question 14 of 15

14. Question

The Minnesota Human Rights Act has how many protected classes (in addition to federal fair housing)?

1
Correct Incorrect Correct answer

6
Correct Incorrect Correct answer

3
Correct Incorrect Correct answer

none
Correct Incorrect Correct answer

Correct

Incorrect
Question 15 of 15

15. Question

The amount of commission paid to a broker is established by:

state law
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negotiation between the broker and the seller
Correct Incorrect Correct answer

local custom
Correct Incorrect Correct answer

real estate boards
Correct Incorrect Correct answer

Correct

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