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1. Which of the following contracts has no legal effect and typically involves an illegal act, fraud, misrepresentation,duress, or undue influence?
A) a void contract
B) a valid contract
C) an oral contract
D) an implied contract
2. Per se violations are:
A) acts that are NOT considered inherentty illegal
B) acts that are in violation of CAN-SPAM
C) acts that are considered inherently illegal
D) acts that are in violation of the TCPA
3. Your client is buying a home. At closing, they pull you aside and whisper that the documents they're being asked to sign don't match the Closing Disclosure - suddenly, there are thousands of dollars of new fees. Is this a red flag for predatory lending? Why or why not?
A) Yes. The fees should match what was on the Closing Disclosure. Otherwise, that's a major red flag.
B) Yes. No client should be paying fees at closing. Those should always be pre-paid to the lender at least three days in advance.
C) No. It's normal for lenders to have significant last-minute changes to their fees.
D) No. As long as the title company has no objections, it doesn't matter if the Closina Disclosure and the real closina documents match.
4. In Virginia, a supervising broker is:
A) a broker who opts to work under another broker and has no agents assigned to them
B) the licensed broker of a firm who takes responsibility for the actions of the firm and licensees; there is only one in the firm
C) a broker who has been designated by a principal broker to oversee the provision of real estate brokerage services by associate brokers and salespersons assigned to a branch office or a real estate team
D) a broker who is NOT affiliated with the brokerage representing a principal in a real estate transaction
5. Randy and Joe were married, then divorced. Joe got the house in the divorce settlement. When he later goes to sell it, a title company tells him there's a cloud on the title due to the divorce. What is most likely to resolve this cloud?
A) putting a mechanic's lien on the property
B) filing the deed with the county
C) having Randy sign a quitclaim deed
D) requiring Joe to put some earnest money in escrow
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: C |
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