45 hour post license real estate florida Flashcards

45 hour post license real estate florida Flashcards When a loan officer looks over a person's credit score, she knows that the most important factor in setting that score is the applicant'sA)income.B)assets.C)payment history.D)number of creditors.C)payment history.Reconciliation isA)reporting.B)adjusting.C)averaging.D)the resolution of several adjusted values on a comparative market analysis.D)the resolution of several adjusted values on a comparative market analysis.The total room count in a house would includeA)the basement.B)the foyer.C)bathrooms.D)bedrooms.D)bedrooms.The total number of rooms in a house does not include the foyer or bathrooms, and it generally does not include basement rooms. Don't double count when adjusting for square feet and number of bedrooms.When staging the home, the seller shouldA)highlight with color.B)demonstrate her personality with unique decorating touches.C)go for the country home look.D)turn on just a few lights for mood.A)highlight with color.Where is the best place to find expired listings?A)ReferralsB)The MLSC)Signs in neighborhoodsD)The internet B)The MLS A married couple have prequalified for a $240,000 conventional mortgage. If they put 20% down, they can buy a house forA)$240,000B)$320,000C)$300,000D)$260,000 C)$300,000The $240,000 mortgage amount represents 80% of the value. Divide $240,000 by .80.The three types of operating expenses of an income property areA)fixed, debt service, and reserves for replacements.B)reserves for replacements, fixed, and variable.C)variable, income taxes, and fixed.D)reserves for replacements, variable, and income taxes.B)reserves for replacements, fixed, and variable.ExplanationOperating expenses are divided into

three categories: fixed expenses, variable expenses, and

reserves for replacement.An exclusive agency listing is used whenA)the broker wants to guaranteed a commission when the property is sold.B)the owner wants to list with many brokers.C)the owner refuses to pay a commission even if the broker sells it.D)an owner lists with a broker on the basis that if the property is sold by a broker, the broker is entitled to a commission, but if the owner sells his own property, he owes no commission.D)an owner lists with a broker on the basis that if the property is sold by a broker, the broker is entitled to a commission, but if the owner sells his own property, he owes no commission.A person applies for a $300,000, 30-year fixed-rate mortgage loan at 4%. The mortgage payment factor is .00477415. Taxes for the year are $4,000, and insurance is $2,400. Her monthly payment for principal, interest, taxes, and insurance (PITI) will beA)$1,432.25.B)$1,773.64.C)$1,273.64.D)$1,965.58.

D)$1,965.58.58. $300,000 × .00477415 = $1,432.25

principal and interest. $4,000 taxes ÷ 12 months = 333.33.$2,400 insurance ÷ 12 months = 200. $1,432.25 + $333.33

• $200 = $1,965.58 total PITI.

Sometimes when a buyer is not quite ready and wants to think about it a while longer, the salesperson shouldA)ask permission to prepare the paperwork as if they were buying, then go over it.B)scare them into going ahead with the offer to purchase-"It will probably sell to someone else!"C)get a good-faith deposit to hold the property.D)tell them that you won't be able to work with them after this.A)ask permission to prepare the paperwork as if they were buying, then go over it.Hearing, understanding, and evaluation are part of what type of skill set?A)OralB)WrittenC)NonverbalD)Listening D)Listening 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 ofA)substitution.B)contribution.C)change.D)increasing returns.B)contribution.The minimum legal description for a platted subdivision would includeA)street address, lot and block number, and subdivision name.B)county, lot and block number, name of subdivision, and lot dimensions.C)subdivision name, county, reference to section, township, and range.D)subdivision name, county, lot and block number, plat book and page number.D)subdivision name, county, lot and block number, plat book and page number.In order to make successful prospecting calls, a sales associate shouldA)call from the phone book without accessing the do-not-call registry.B)be consistent, making them at the same time each day.C)make them at random hours on different days.D)make them whenever the sales associate feels up to it.B)be consistent, making them at the same time each day.Effective gross income isA)net spendable income.B)before-tax cash flow.C)gross income less expenses.D)the amount remaining when vacancy and collection losses are subtracted from potential gross income.D)the amount remaining when vacancy and collection losses are subtracted from potential gross income.When you talk with a for sale by owner about her property, your principal objective should be toA)make an appointment.B)list the house over the phone.C)sell yourself.D)help her market the home herself.A)make an appointment.An economic contraction isA)defined as two successive quarterly increases in the GDP.B)the phase of a business cycle after a recession in which consumer confidence is shaken and consumers reduce spending.C)a period when consumers, lured by lower prices, venture back into the market.D)a period of high wages and consumer purchasing power that increases the demand for goods and services.B)the phase of a business cycle after a recession in which consumer confidence is shaken and consumers reduce spending.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?A)The subject home is less valuable than the comparable property.B)The bedroom adjustment to the comparable should be +$7,000.C)The subject home is more valuable than the comparable property.D)The lot size adjustment to the comparable should be +$4,000.A)The subject home is less valuable than the comparable property.ExplanationAdjustments are subtracted from the

comparable property if the comparable is bigger or better.Adjustments are added if the comparable is smaller or less desirable.It is a bad idea for sales associates toA)discourage buyers from moving in to a house before the transaction closes.B)personally perform the preclosing walk-through inspection to be certain all items are in working order.C)contact the buyer and/or the seller to coordinate the closing date and time.D)encourage buyers to purchase and pay for property insurance well before closing.B)personally perform the preclosing walk-through inspection to be certain all items are in working order.Which event automatically allows a buyer to void a purchase and sale contract?A)The buyer fails to perform according to the terms of the contract.B)A new shopping center is announced that will be built next door to the subject property.C)The appraisal value is lower than the value required in a contract contingency.D)The Dow Jones Industrial Average falls more than 3,000 points.C)The appraisal value is lower than the value required in a contract contingency.Which emails are illegal under the CAN-SPAM Act?A)Commercial emails that provide a way for recipients to opt out.B)Emails that inform sellers about the progress of marketing their propertiesC)Commercial emails that are identified as an advertisement and include the sender's addressD)Misleading from and to information in the email D)Misleading from and to information in the email What are the three keys to prospecting success?A)Organization, technical knowledge, and numbersB)Consistency, numbers, and listening skillsC)Sales skills, organization, and numbersD)Organization, numbers, and consistency D)Organization, numbers, and consistency A sales associate is qualifying a married couple who are interested in purchasing a house, but who are unable to complete the transaction because they have a house they have to sell first. The sales associate shouldA)make an appointment to see the home and list it.B)classify them as a Priority 3 buyer and show homes less often.C)tell the buyer to call back when the house has been sold.D)send a referral because a sales associate cannot represent them in both transactions.A)make an appointment to see the home and list it.A sales associate is estimating the prepayments for a new loan that will close on April 12. If the first payment is due on