Alaska Salesperson Exam Prep Edge Alaska Practice Real Estate Exam Questions

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Below are eight free real estate practice exam questions that will closely resemble your Alaska licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

1. When does offer and acceptance occur?

  1. When both parties sign a contract with a full understanding of the terms.
  2. When one party makes an offer on a property, and the seller turns it down.
  3. When one party makes an offer to a second party, and the second party makes a counter-offer.
  4. When one party signs a contract voluntarily with full understanding of the terms.

2. To be an effective property manager, a licensee must be familiar with a variety of ______.

  1. Agency disclosures
  2. Employment contracts
  3. Independent contractor agreements
  4. Lease agreements

3. Eva, Stella, and Lynn own a vacation home two blocks from the beach. Sadly, Stella passed away this winter, and so when summer arrives Eva and Lynn will be sharing the home with Stella’s nephew Drew, to whom Stella willed her share of the property. What type of ownership is this?

  1. Estate in severalty
  2. Joint tenancy
  3. Tenancy by the entirety
  4. Tenancy in common

4. Vanessa's purchase contract provisions stipulate an earnest money deposit of $5,000, due June 5; inspection repair requests to the seller by June 12; and notification of inability to obtain financing by July 16. Which of these scenarios constitutes a breach of contract by Vanessa?

  1. "The title company indicates that clear title can't be conveyed in time for closing.
  2. Vanessa learns on July 17 that she'll be unable to obtain financing.
  3. Vanessa's agent submitted the request for inspection-based repairs on June 12.
  4. Vanessa submitted an earnest money check for $7,500.

5. Janice is extremely excited to have purchased her first home. She was able to lock in her monthly payment at a very low rate for the first five years. In year six, Janice’s payments will become significantly larger based on the going market rates. What type of loan does Janice have?

  1. Adjustable rate mortgage
  2. A straight-term loan
  3. Purchase money mortgage
  4. Wrap-around mortgage

6. Which of the following statements about escrow accounts is correct?

  1. "An escrow account is a temporary account that’s opened for use with a single transaction and closed after the transaction closes.
  2. An escrow account is held by either the buyer or seller, and houses the buyer’s earnest money until closing.
  3. Escrow accounts are managed by brokerage firms, and hold funds used to pay operating expenses and agent commissions.
  4. Escrow accounts are managed by escrow agents, and are used to hold funds belonging to others, such as earnest money deposits.

7. Gail was supposed to close on her new home by the end of May, but she kept asking the sellers if they could push the closing date back. Soon the summer was over and she still hadn’t closed. Gail was guilty of not adhering to which aspect of the contract?

  1. Assignment
  2. Novation
  3. Reasonable time
  4. Time is of the essence

8. Examples of real property and fixtures include which of the following?

  1. Above-ground pool and pool accessories
  2. Bathroom mirror hanging on a hook
  3. Photos and wall hangings
  4. Shelves attached to the wall with brackets
Answers: 1. A, 2. D, 3. D, 4. B, 5. A, 6. D, 7. D, 8. D

 

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