21) While no standard exists for the dollar amount of earnest money, it is often _____ of the purchase price of the property

21) While no standard exists for the dollar amount of earnest money, it is often _____ of the purchase price of the property.

(a) 1%. (b) 3%. (c) 5%. (d) 10%

22. The _____ is always the difference between the sales price and the sum of all financing.

(a) Net profit. (b) Broker's Commission. (c) Down Payment. (d) Earnest money

25. The ability of the offeree to accept the offer is known as _____.

(a) Power of attorney. (b) Power of acceptance. (c) Power play. (d) Doctrine of Laches

26. The owner's title policy can be paid for by _____.

(a) The seller (b) The buyer (c) Either the buyer or the seller (d) Homeowner's Association

28. Which statement regarding contracts is incorrect?

(a) Consideration must be expressed as a dollar amount.

(b) If a contract lacks legal purpose, it is void

(c) When a sale has closed, the contract has been fully executed.

(d) The Statute of Frauds requires that real estate contracts and leases for more than one year must be in writing

31. . Which of the following activities is specifically prohibited under the Civil Rights Act of 1968?

(a) Denying availability of property when it is available

(b) Refusing to sell, or rent to, deal or negotiate with any person

(c) Steering or blockbusting

(d) All of these activities are specifically prohibited under the Civil Rights Act of 1968

32. The Seller's Disclosure Notice:

(a) Is a form stating known facts and defects concerning a property

(b) Is a change made to a standard insurance policy

(c) Is a measurement of boundaries and land area required in some sale contracts

(d) Is an insurance policy protecting against losses resulting from a defect in title

33. The party making the offer on a property is known as the _____.

(a) Offeree

(b) Lessor

(c) Guarantor

(d) Offeror

34. A(n) ____ is a rejection of the original offer coupled with a new offer.

(a) Acceptance

(b) Net sheet

(c) Notification

(d) Counteroffer

35. What is steering?

(a) Taking buyers or renters to, or away from, a particular area based on the race, religion, etc. of the buyer or renter

(b) Attempting to induce panic selling in a neighborhood for financial gain

(c) Advertising for a specific gender preference

(d) Not allowing a visually impaired tenant to keep a guide dog in his or her apartment

37. The _____ is the time allowed for inspections that the buyer may want.

(a) Inspection period

(b) Termination period

(c) Agreement period

(d) Option period

38. At closing, the seller must _____ a general warranty deed conveying title to the property to the buyer.

(a) Execute and deliver

(b) Execute and file

(c) Deliver and certify

(d) Sign and mail