VTRES Vermont Real Estate Salesperson - Set 5 - Part 2
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 21: A tenant whose two-year lease has just expired refuses to move out and remains in the unit against the owner's wishes, without any new agreement and without the owner's consent to continue. Which leasehold estate best describes this tenant's status?
Question 22: A landlord lets a tenant remain in an apartment with the landlord's consent for no specified length of time, and both understand the arrangement will end automatically if either the landlord or the tenant dies. Which leasehold estate does this describe?
Question 23: In most states a landlord who rents out residential dwelling units must keep them fit to live in, repair the common hallways and stairs, and maintain safety features such as smoke alarms and fire sprinklers. Which principle imposes this landlord duty?
Question 24: Even where a transaction properly qualifies for one of the Fair Housing Act's exemptions, one type of discrimination can still be challenged in court under a separate, older statute that permits no exceptions at all. Which type of discrimination remains actionable?
Question 25: An owner wishes to sell one of her single-family homes herself and still claim the Fair Housing Act's exemption. She owns only two such homes and uses no discriminatory advertising. Which additional condition must also be satisfied for the exemption?
Question 26: A broker deposits a client's earnest money into the firm's general operating account alongside business funds and later spends part of it to cover office rent. Which term best identifies the broker's act of using those client funds for personal business purposes?
Question 27: A creditor obtains a court money judgment against a debtor, and the resulting lien attaches to all of the debtor's property, both real and personal, rather than to a single identified parcel. How is this kind of lien best classified?
Question 28: When a sale closes partway through a period covered by taxes, mortgage interest, or collected rent, the closing statement divides those recurring amounts between buyer and seller according to each party's time of ownership. What is the purpose of this division?
Question 29: During tenant screening, a landlord asks an applicant for documentation of immigration or citizenship status and applies the same inquiry to everyone regardless of race or national origin. Under the federal Fair Housing Act, how is this citizenship inquiry generally regarded?
Question 30: At closing the seller has not yet paid a water bill that will come due after the sale, so the buyer will pay it later but is reimbursed now for the seller's portion. How is this kind of prorated expense classified?
Question 31: A landlord learns that a particular applicant, if housed, would pose a genuine direct threat to the health and safety of other residents or would likely cause substantial physical damage to their property. What does the Fair Housing Act permit here?
Question 32: A landlord adopts a seemingly neutral occupancy policy with no intent to discriminate, yet the rule produces unequal treatment of a protected class in actual practice. Under fair housing enforcement, how is such an innocently intended but unequal policy generally treated?
Question 33: A housing community verifies that at least eighty percent of its units are occupied by at least one person aged fifty-five or older, and it markets itself accordingly to seniors. From which protected class's requirements may such qualifying housing be exempt?
Question 34: HUD distributes a familiar poster that brokerages display to pledge their compliance with the fair housing law. If a broker accused of discrimination has failed to display it prominently, what consequence may follow during a HUD investigation of the complaint?
Question 35: On a closing statement, one column entry represents a charge that a party owes and must pay at closing, while another represents an amount entered in that party's favor. Which term names the charge a party must pay at closing?
Question 36: Shortly before closing, the buyer and the real estate professional revisit the property to confirm that agreed repairs were made, all fixtures remain, and no unauthorized alterations occurred, without reopening negotiations. Which part of the closing process does this describe?
Question 37: A prospective renter believes she was refused an apartment because of her national origin and wants to pursue an administrative complaint with the federal agency that enforces the Fair Housing Act. Within what time limit must she file that complaint with HUD?
Question 38: In some regions the buyer and seller never sit down together; instead a disinterested third party holds the documents and funds, verifies that all conditions are met, and then disburses the money and records the deed. Which party performs this role?
Question 39: A buyer obtains a first-lien mortgage from a federally insured bank to purchase a single-family home to occupy. A federal law requires disclosures about the settlement process and bans kickbacks and referral fees on this loan. Which law governs this residential settlement?
Question 40: A broker joins an organization through which member brokers make their listings available to one another, agree to cooperate in transactions, and share the compensation earned when another member's client buys a listed property. Which organization does this arrangement describe?
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