Reference no: EM133032824
1. During a showing of an occupied home, a buyer agent noticed that while running the water, it remained cold. In this situation, the licensee should:
A. Bring the cold water to his clients attention
B. continue to show the property without mentioning the cold water
C. recommend the client not buy the property
D. call the seller to inquire about the water heater
2. Which of the following conditions are traditionally included in coverage in a home warranty program?
A. Encroachments on the lot where a new home has been built
B. Title defects on a property being sold by a developer
C. Electrical and plumbing malfunctions in a new home
D. Developer encumbrance on a new home
3. The owner of a home with no liens obtained a home equity of $75,000, secured by his home. several months later, he borrowed $15,000 and then $13,000, each loan secured by a lien against his home. He then lost his job and failed to pay his past due property taxes of $7,500. His loan went into default and his home was foreclosed. Assuming that the liens for all three loans were recorded in a timely manner, what is the order of payoff to the lien holders?
a) $7,500 , $75,000 , $15,000 , $13,000
b) $7,500 , $13,000 , $15,000 , $75,000
c) $75,000 , $7,500 , $15,000 , $13,000
d) $75,000 , $15,000 , $13,000 , $7,500
4. How is the earnest money deposit usually applied at closing on a settlement statement?
A) Debit the seller
B) Debit the buyer
C) Credit the seller
D) Credit the buyer
5. A potential buyers signs a contract with a seller but then decides not to buy. The seller may sue the otential buyer for specicfic performance or damages unless the contract was :
A. a bilateral contract
B. an installment contract
C. Land contract
D. an option
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