Practice of Residential Real Estate Exam Questions and Answers 2024, Exams of Real Estate Management

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PRACTICE OF RESIDENTIAL REAL ESTATE EXAM LATEST EXAM 2024 | ALL QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED A+ | LATEST VERSION (JUST RELEASED) What is a ground fault circuit interrupter designed to do? ------CORRECT ANSWER---------------prevent electrical shocks by detecting small variations in current flow True or false: if a person signed a contract and purposely made a mistake because they did not have the money to proceed, then the contract can be voided because of the mistake. ------CORRECT ANSWER---------------False True or false: a party wall agreement is the same as a mutual easement. --- ---CORRECT ANSWER---------------True The following is the HARM of which hazard: links to cancer, causes problems with the skin, liver, nervous system and human reproduction. ----- -CORRECT ANSWER---------------Polychlorinated Biphenyis (PCBs) True or false: negotiating leases is considered to be a trade in real estate. - -----CORRECT ANSWER---------------True True or false: residential districts can restrict number of family members ---- --CORRECT ANSWER---------------False How many sections are in a township? ------CORRECT ANSWER------------- --36 True or false: cheques must accompany all offers: ------CORRECT ANSWER---------------true Re dower: spouses give consent by signing... ------CORRECT ANSWER---- -----------dower consent form True or false: once you refer your client/customer to an expert, you are not liable for any liability. ------CORRECT ANSWER---------------False What term relates the difference between timeshares and fractional ownership? ------CORRECT ANSWER---------------fee simple In condos, are common areas shared equally? ------CORRECT ANSWER-- -------------no True or false: tenants in common always share the property equally. ------ CORRECT ANSWER---------------false Ignoring a client is an example of setting up what barrier? ------CORRECT ANSWER---------------emotional Reason to use 2x6 studs ------CORRECT ANSWER---------------allow for more insulation Sunnybrook Realty signs a seller brokerage agreement w a seller. Mr and Mrs King write an offer on a property through Westview. What is Sunnybrook's relationship with Mr and Mrs King? ------CORRECT ANSWER---------------Third party What is the AIDA formula? ------CORRECT ANSWER---------------Attract attention, arouse interest, create desire, call to action SW1/4 23 - 10 - 5 - W4: what does 4 and 5 refer to? ------CORRECT ANSWER---------------4: meridian, 5: range Disadvantage of bungalow: ------CORRECT ANSWER---------------may be more expensive to build per square foot than a two storey True or false: in AB, a real estate industry member may hold either but not both a mortgage associate licence or an appraiser licence in addition to their real estate license ------CORRECT ANSWER---------------false Definition of term agent: ------CORRECT ANSWER---------------the brokerage that represents a seller in a real estate transaction Definition of non-conforming use: ------CORRECT ANSWER--------------- illegal because of land use bylaw changes Best example of express agency w seller ------CORRECT ANSWER---------- -----seller brokerage agreement Parging is a part of what ------CORRECT ANSWER---------------foundation How many acres are in a section of land? ------CORRECT ANSWER--------- ------640 What has to happen before rules are changed? ------CORRECT ANSWER- --------------RECA only has to amend the Rules for them to come into force True or false: in order to hold land in AB, a company must be registered in AB. ------CORRECT ANSWER---------------True Is there a duty of indemnification to the client? ------CORRECT ANSWER--- ------------No Definition of marketing: ------CORRECT ANSWER---------------generating, satisfying, and retaining clients What is not usually included in the total living area? ------CORRECT ANSWER---------------Atriums What is the doctrine of escheat? ------CORRECT ANSWER---------------the right of the government to own unclaimed property and assets. True or false: when a property is sold, the seller signs a transfer of land document which is then registered against the title by the new owner. ------ CORRECT ANSWER---------------false, a new title is created True or false: for tax purposes, closing day is always the buyer's day. ------ CORRECT ANSWER---------------False Which mortgage is the legal mortgage? ------CORRECT ANSWER------------ ---the first registered against title True or false: suggesting that brokerages discriminate against other brokerages because of pricing may be in violation of the Competition Act --- ---CORRECT ANSWER---------------True What are the five main areas of the sales process? ------CORRECT ANSWER---------------Prospecting, qualifying, presenting, closing, follow-up Someone purposely making their chair higher than the other's is: ------ CORRECT ANSWER---------------positioning Referral fees must be paid by... ------CORRECT ANSWER---------------the brokerage Are industry members required to disclose an unpermitted deck? ------ CORRECT ANSWER---------------yes Does a licence level have to be indicated on a business card? ------ CORRECT ANSWER---------------no If someone is solely representing a buyer, can they be a dual agent? ------ CORRECT ANSWER---------------no SW1/4 23 - 10 - 5 - W4: what do the numbers 4 and 5 refer to? ------ CORRECT ANSWER---------------4 = meridian 5 = range What are meridians? ------CORRECT ANSWER---------------lines of longitude, which run north and south What are soffits? ------CORRECT ANSWER---------------the horizontal member on the underside of the roof overhang What is the most important duty agents owe principals? ------CORRECT ANSWER---------------loyalty The time frame that a mortgage interest rate is set for is known as: ------ CORRECT ANSWER---------------the term In condos, unit factors are primarily used to: ------CORRECT ANSWER------ ---------determine voting rights True or false: there is no requirement for consideration if the parties agree none is required. ------CORRECT ANSWER---------------False Are there fiduciary obligations owed to customers? ------CORRECT ANSWER---------------no True or false: If a person provides an industry member with confidential info, the member must disclose the nature of their relationship. ------ CORRECT ANSWER---------------True True or false: there is no obligations to someone who simply signs a commission agreement ------CORRECT ANSWER---------------true Is the bundle of rights tangible or intangible? ------CORRECT ANSWER----- ----------intangible True or false: all compensation connected to a trade - including referral fees - belongs to the brokerage ------CORRECT ANSWER---------------true What was the focus of the production era? ------CORRECT ANSWER-------- -------manufacturing Today, we are in the client service era. What is not a characteristic of this era? ------CORRECT ANSWER---------------maximize profits If there is a mistake with a lot number on a contract, the contract is.. ------ CORRECT ANSWER---------------voidable by either party True or false; when a party to a contract dies, it does not terminate the contract ------CORRECT ANSWER---------------true Can an associate from one brokerage hold an open house on a different brokerage's listing? ------CORRECT ANSWER---------------no According to personality theory, supporters are: ------CORRECT ANSWER- --------------introverted and unstructured Water stains and/or mould may be signs of: ------CORRECT ANSWER------ ---------faulty or deteriorating foundation wall, damage to exterior wall finish, leaking shingles