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Question No 1

What is the function of a promissory note or bond when used in conjunction with a mortgage?

Choose the Choices:

It furnishes a complete legal description of the property.

It makes the borrower personally obligated to pay the debt.

It provides the elements necessary to make the mortgage valid.

In case of default, it limits the lender's rights to interest only.

Question No 2

In a jurisdiction where a seller's property condition disclosure is required, the licensee is responsible for

Choose the Choices:

completing the property condition disclosure.

ensuring that the seller complete the property condition disclosure before closing.

ensuring that the buyer receives the property disclosure before the contract is finalized.

checking the disclosure for accuracy and ensuring that the buyer receives it before closing.

Question No 3

An example of modular construction is

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Question No 4

An owner signed a contract to sell an apartment building. Just before closing, the owner informed the buyers that the owner would NOT sell the property. A lawsuit filed by the buyers would be for

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Question No 5

A couple enters into a purchase contract to buy a house, and their parents are providing a $5,000 earnest money check. The check is deposited in the listing broker's escrow account. The buyers are unable to get financing, and the contract provides for return of the earnest money to the buyers. The buyers and seller agree in writing to the release of the earnest money. The listing broker should

Choose the Choices:

issue a $5,000 check to the parents.

issue a $5,000 check to the buyers.

return the earnest money check, minus expenses, to the parents.

return the earnest money check, minus expenses, to the buyers.

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