National Real Estate Exam / Questions And Answers (Updated For 2024)

Ad Valorium {Ans: Taxes}When considering loan risk, which two items will lenders consider in equal measure? {Ans: The property's value (as underlying collateral) and the borrower's ability to repay the loan will be equal considerations for the lender.}Casey signed a contract form offering a purchase price of $309,000 on Karen's home, and gave his agent a $5,000 earnest money deposit. Karen's out of town, though, and her agent can't reach her. At this point what does Casey have? {Ans: Until the terms are negotiated and the contract signed by both parties, acceptance hasn't occurred and the sales contract is considered an offer.}Negative Amortization {Ans: Don't cover interest, pay more each month}When real estate licensee Brian discovered that Arnold was using a 'Choose Your Neighbor' letter to market a property without also listing the property in the MLS, in the local paper, or even putting a for sale sign in the yard, what charge could he bring against Arnold to the National Association of REALTORS®? {Ans: REALTOR® Brian could charge Arnold with violating Article 10 of the Code of Ethics, which prohibits REALTORS® from agreeing to discriminate against people belonging to a protected class.}Lowell used to