Core B: Legal Issues in Real Estate Today Sample Exam

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1 2200 E. Devon Ave., Suite 246, Des Plaines IL x xxx Core B: Legal Issues in Real Estate Today Sample Exam T F 1. Misleading ads are acceptable to get consumers to call. T F 2. When a listing expires and the owner gives you verbal permission to leave your sign up you can. T F 3. You need permission to advertise another broker s exclusive listing. T F 4. Real estate franchise offices must advertise with the franchise name. T F 5. There are specific legal print size requirements for your brokers name and your name in ads. T F 6. All new Managing Broker licensees must advertise by disclosing their license. T F 7. Using any domain name to drive traffic to your site is acceptable. T F 8. You must disclose if you intend on sharing any consumer information you gather online. T F 9. When advertising property online a general location of that property must be given. T F 10. Unless it is on the frame, the required advertising disclosures must be on every page of your website. T F 11. When advertising services online a general location of your office does not need to be given. T F 12. If it is your or website your name must be on it. T F 13. Oral disclosure is the only requirement of your ownership interest in a property being rented. T F 14. When selling your own property thru your brokerage, you must disclose this on your signs. T F 15. When selling your own property without using your brokerage, you must disclose this on your signs. T F 16. When selling your own property you can not be a dual agent. T F 17. Written employment agreements are required for all sponsored agents. T F 18. Any broker that sponsors others must have a written office policy. T F 19. Attendance at sales meeting can be mandatory office policy. T F 20. After 4/30/12 Broker licensees can sponsor. T F 21. Salespersons can own a majority interest in a brokerage. 1 of 5 Copyright Sure Win Inc. IL. Lic. # /2011

2 T F 22. To sell real estate leads you do not need to be licensed. T F 23. Regular employees of an owner can sell or rent the owners property without a license. T F 24. Compensated home inspectors must be licensed in Illinois. T F 25. You can get a referral fee from a home inspector. T F 26. If a home inspection discovers a latent defect those do need to be disclosed. T F 27. Knowing the correct zoning of a property is not your responsibility. T F 28. The residential property disclosure is for 1 and 2 unit real estate only. T F 29. Estates are not exempt from the residential property disclosure. T F 30. New construction is exempt from the residential property disclosure. T F 31. If a seller is unable to fill out the residential property disclosure you should fill it out for them. T F 32. Copying of the residential property disclosure requires both sides. T F 33. Buyers have 3 days to cancel if any residential property disclosures are given after a contract is signed. T F 34. If the residential property disclosure is not provided, the buyer can cancel the contract up to closing. T F 35. Legal action for violating the residential property disclosure must commence within 1 year. T F 36. No cause of action against you will be possible if you disclose an occupant has HIV. T F 37. It is acceptable to discuss an occupant s medical condition to help the property sell faster. T F 38. Material defects are physical conditions. T F 39. Latent defects if known do not have to be disclosed. T F 40. The lead based paint disclosure is for sales only. T F 41. Lead based paint disclosure must be given before signing of a contract. T F 42. Lead based paint mitigation is required by law. T F 43. The Illinois Radon Disclosure is required for rentals. T F 44. The Illinois Radon Disclosure is required for new construction. T F 45. You need to make sure buyers sign the Illinois Radon Disclosure. T F 46. The EPA recommended action level is the known safe level for radon. 2 of 5 Copyright Sure Win Inc. IL. Lic. # /2011

3 T F 47. You must address negative fair housing attitudes of your clients. T F 48. Landlords must make reasonable accommodations to their policies for persons with disabilities. T F 49. Landlords do not have to allow tenants with disabilities to make reasonable modifications. T F 50. According to Fair Housing Laws advertising a preference per protected class is always acceptable. T F 51. Price fixing is a key anti-trust violation. T F 52. There are 5 requirements according to the CAN-SPAM act. T F 53. ing requirements do not apply per the CAN-SPAM act for previous and existing customers. T F 54. According to the Do Not Call Rules there are time periods to call back previous customers. T F 55. Each company must keep a current do not call list for people who have asked not to call. T F 56. You do not need to check do not call lists to call a FSBO. T F 57. You must give an opt-out method when sending unsolicited faxes. T F 58. If a client asks for an explanation of a clause in a contract you should oblige rather than refer them. T F 59. Managing Brokers can draft riders to contracts for their agents. T F 60. Both written consent and written confirmation are required to be a dual agent. T F 61. You can create a designated agency relationship just by your actions. T F 62. Upfront written disclosure is required to be given to all clients. T F 63. You must promote the best interests of your client. T F 64. Contemporaneous offers require verbal disclosure. T F 65. If an exclusive client of another agent contacts you, you can discuss brokerage agreements. T F 66. To avoid dual agency and receive a referral fee you must disclose the referral verbally. T F 67. Ministerial acts are preformed for customers not being represented. T F 68. You can work with a customer beyond ministerial acts without disclosure. T F 69. Exclusive brokerage agreements can be verbal or written. T F 70. When you have an exclusive agreement with a client minimum services are required. T F 71. Licensed assistants can be paid by the sponsoring broker or the licensee they assist. 3 of 5 Copyright Sure Win Inc. IL. Lic. # /2011

4 T F 72. A sponsoring broker can pay earned fees directly to a terminated agent. T F 73. You can pay unlicensed persons for licensed activities. T F 74. You can give a rebate to a client. T F 75. Who pays you determines your agency relationship. T F 76. Clients must be informed about third party compensation received from the transaction. T F 77. You must honor a request from a client to keep a material defect confidential. T F 78. Confidential information must be kept confidential only until the termination of your agency relationship. T F 79. Overpricing a property to get a listing is illegal. T F 80. You can only advertise the list price of a property without permission. T F 81. You should help the seller with pricing if you are personally interested in a property. T F 82. Selling as is will not affect the market price. T F 83. In a short sale the sellers details must be keep confidential. T F 84. The Lender is a principal to the contract in a short sale. T F 85. Deficiency judgments are important aspects in a short sale. T F 86. All lenders start the foreclosure process at the same time for everyone. T F 87. Exclusive brokerage agreements are the only agreements acceptable to put a property on the MLS. T F 88. Exclusive Brokerage agreements can be perpetual agreements. T F 89. To expedite negotiations you should advise your sellers to counter multiple offers at the same time. T F 90. You must present all offers even if the seller has accepted one. T F 91. You shall not draft riders to a contract. T F 92. Earnest money is required for a valid contract. T F 93. Designated agents have the right to cancel brokerage agreements. T F 94. RESPA forbids referral fees amongst service providers. T F 95. Verbal notification of affiliated business arrangements is acceptable. T F 96. A Good Faith Estimate is required when applying for a mortgage loan. 4 of 5 Copyright Sure Win Inc. IL. Lic. # /2011

5 T F 97. The HUD-1 should be available to a buyer one day prior to closing. T F 98. Mortgage fraud includes an investor claiming to be an owner occupant. 1. F 21. F 41. T 61. T 81. F 2. F 22. F 42. F 62. T 82. F 3. T 23. T 43. F 63. T 83. T 4. T 24. T 44. T 64. F 84. F 5. F 25. F 45. T 65. T 85. T 6. F 26. T 46. F 66. F 86. F 7. F 27. F 47. T 67. T 87. T 8. T 28. F 48. T 68. F 88. F 9. T 29. F 49. F 69. F 89. F 10. T 30. T 50. F 70. T 90. T 11. F 31. F 51. T 71. F 91. T 12. T 32. T 52. T 72. T 92. F 13. F 33. T 53. T 73. F 93. F 14. F 34. T 54. T 74. T 94. T 15. T 35. T 55. T 75. F 95. F 16. T 36. F 56. F 76. T 96. T 17. T 37. F 57. T 77. F 97. T 18. T 38. T 58. F 78. F 98. T 19. T 39. F 59. F 79. T 20. F 40. F 60. T 80. T 5 of 5 Copyright Sure Win Inc. IL. Lic. # /2011

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