14 hour practice exam Flashcards

14 hour practice exam Flashcards What is the most likely reason why a sales associate sets appointments with the seller using a range of time rather than a specific time?Because a prospective buyer may stay longer in some houses than the sales associate had planned Which party may pay a licensed personal assistant for selling activities?Only the broker Which purchase and sale agreement item supersedes the other?Handwritten clause supersedes the printed clause Filing a suit to quiet title is used when a title defect is found, which is difficult to remove by ordinary means.What are the best sources for a property's legal description that will be used in a contract?The county clerk's office, owner's deed, previous title policy A woman had a fourth bedroom built onto her house last year that cost $75,000. A recent appraisal valued the bedroom at $52,000. This demonstrates the principle of contribution.Under the Americans with Disabilities Act, there must be at least one accessible parking space for every 25 spaces.A show list consists ofapartments that are currently available for rent and in excellent condition What usually happens when a listed property is overpriced?The listing expires The minimum legal description for a platted subdivision would include subdivision name, county, lot and block number, plat book and page number.When staging the home, the seller should Highlight with color Aside from a property's location, what is the most important factor that influences market value?Highest and best use What are the five categories of a sales associate's leads?Close friends and family, friends, customers, acquaintances, and targeted strangers The Fair Housing Act does NOT protect persons in a same-sex relationship A substantial good-faith deposit and a bank preapproval letter means that the buyer is ready, willing, and able.When at least 80% of units in a complex have at least one occupant who is at least 55 years of age, adults only Reconciliation isthe resolution of several adjusted values on a comparative market analysis.A salesperson wishes to take home $80,000 annually. If taxes, dues, advertising, and fees are about 35% of his total earnings, he should set his goal at around

$123,000.65 (100% - 35%). $80,000 ÷ .65 = $123,077,

rounded to $123,000.In order to make successful prospecting calls, a sales associate should be consistent, making them at the same time each day.Which emails are illegal under the CAN-SPAM Act? Misleading from and to information in the email

A home is being appraised for a mortgage loan. One of the comparable properties is smaller than the subject property, and the appraiser estimates the difference to be $7,800.The appraiser will make a plus $7,800 adjustment to the comparable.CIA/ CBS Florida law requires brokers togive sellers the copies of written listing agreements within 24 hours What are the three keys to prospecting success? Organization, numbers, and consistency Social media is defined astechnology for people who want to create and share information in the virtual communities they join Which is correct about real estate licensees who prepare an appraisal?The appraisal cannot be used by a bank for a new loan.If the seller defaults, and the contract was written using the Florida Realtors®/Florida Bar Residential Contract for Sale and Purchase, the buyer may get the binder back and cancel the contract.In a relatively new neighborhood with 524 homes, 72 houses were sold. The turnover index in this neighborhood is 13.7%.72 houses sold ÷ 524 total homes = .137 or 13.7% The margin isthe percentage added to the index of an adjustable-rate mortgage that results in the calculated rate Antitrust lawsprohibit price fixing An economic recovery is defined astwo successive quarterly increases in the gross domestic product The Civil Rights Act of 1866 prohibits discrimination based on Race What is the likely cause of a contract for sale of real estate being ruled as unenforceable?Unwritten agreement A sales associate, to test his understanding of what the customer has said, uses words that are similar, but not exactly the same as the customer's. This is called paraphrasing What are the requirements for persons disturbing lead-based paint in a house?The person must be certified and follow specific work procedures Which would be considered a preclosing duty? Making a walk-through inspection of the property Which is a requirement for a successful listing presentation?Must have a comparative market analysis (CMA) prepared,Must have the right forms for taking the listing,Must have the appropriate parties present to sign the listing When should the price be covered when presenting an offer?Last A sales associate wants to earn at least $45,000 next year.If the average commission from listings sold is $3,000, how many listings must she sell in order to achieve that portion of her goals?

15$45,000 ÷ $3,000 = 15

Where is the best place to find expired listings? The MLS A sales associate was preparing a comparative market analysis for a three-bedroom home. One of the three

comparable sales he reviewed had an extra bedroom and a larger lot. He made a $7,000 adjustment for the extra garage stall and a $4,000 adjustment for lot size. Which is TRUE about his analysis?The subject home is less valuable than the comparable property.

Which professional providing services to the real estate industry must have a high school diploma, complete a 120-hour course, and pass a state examination?Home inspector A single agent broker must give a brokerage relationship disclosure when a transaction is the sale of a duplex Which listings may be entered into the MLS? Exclusive agency listings and exclusive right-of-sale listings Which is NOT a requirement for a listing? Having a self-renewing clause If a neighborhood has good turnover but has a low price range, it is unlikely to be a good farm area.Owners of 800 homes in a subdivision list their houses, on average, every eight years. If a sales associate farms that neighborhood and lists 20% of the homes, how many homes can she expect to list this year?20800 homes ÷ 8 years = 100 homes listed annually. 100 ×

.20 = 20

A home sells for $370,000. The mortgage payoff is $262,500. What is the seller's equity?

107,500$370,000 - $262,500 = $107,500.

A sales associate who asks a prospective buyer, "How many bedrooms do you need in the house?" is qualifying the buyer's housing objectives The three types of operating expenses of an income property are reserves for replacements, fixed, and variable.The sphere of influence is NOT$100,534$310,500 - $4,800 - $18,630 - $5,036 - $181,500

= $100,534

What facts need not be disclosed in a real estate transaction?The property was the site of a homicide.Pyramiding gives the impression ofsuperiority How often do mortgage loan originators need to have a criminal background check?Every year A buyer is closing on the purchase of a residence. The ad valorem taxes for the year are estimated to be $2,640. The closing date is February 1, and the day of closing belongs to the buyer. Using the 365-day method, what is the proration?Debit seller, credit buyer $224.22$2,640 ÷ 365 = 7.23288 daily rate × 31 days = $224.22.What is NOT the purpose for making a preclosing walk-through inspection?reserves for replacements, fixed, and variable.The four basic loan processing procedures are checking the borrower's ability to repay, appraising collateral's property value, preparing loan documents, and checking the title of the collateral.Under the Americans with Disabilities Act, if the removal of barriers can be accomplished with little difficulty or expense, it is considered readily achievable It is a bad idea for sales associates to personally perform the preclosing walk-through inspection to be certain all items are in working order.Hearing, understanding, and evaluation are part of what type of skill set?Listening A married couple have prequalified for a $240,000 conventional mortgage. If they put 20% down, they can buy