45 Hour Post Licensing Exam Flashcards

45 Hour Post Licensing 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 purchase and sale agreement item supersedes the other?Handwritten clause supersedes the printed clause A sales associate receives a good-faith deposit from a buyer on Wednesday. The broker must deposit the funds into the escrow account no later than the following Monday.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.The minimum legal description for a platted subdivision would include subdivision name, county, lot and block number, plat book and page number.Aside from a property's location, what is the most important factor that influences market value?Highest and best use A single agent broker must give a brokerage relationship disclosure when a transaction is the sale of a duplex.What are the five categories of a sales associate's leads?Close friends and family, friends, customers, acquaintances, and targeted strangers A substantial good-faith deposit and a bank preapproval letter means that the buyer is ready, willing, and able.Reconciliation isthe resolution of several adjusted values on a comparative market analysis.A sales associate who asks a prospective buyer, "How many bedrooms do you need in the house?" is qualifying the buyer's housing objectives.In order to make successful prospecting calls, a sales associate should be consistent, making them at the same time each day.Florida law requires brokers togive sellers the copies of written listing agreements within 24 hours.Which emails are illegal under the CAN-SPAM Act? Misleading from and to information in the email A home sells for $310,500. Expenses of the sale are $4,800. The brokerage fee is $18,630. Prorations for taxes and interest are $5,036. The mortgage payoff is $181,500.What are the seller's proceeds from the sale?

$100,534

What are the three keys to prospecting success? Organization, numbers, and consistency A feature of a biweekly mortgage is26 annual payments.A property sold for $149,300. How much must be paid for the documentary stamp taxes on the deed?

$1,045.10

The Florida Realtors®/Florida Bar Residential Contract for Sale and Purchase is best for a residential sale.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 Which is correct about real estate licensees who prepare an appraisal?The appraisal cannot be used by a bank for a new loan.A home sells for $370,000. The mortgage payoff is $262,500. What is the seller's equity?

$107,500

Social media is defined astechnology for people who want to create and share information in the virtual communities they join.What is the likely cause of a contract for sale of real estate being ruled as unenforceable?Unwritten agreement 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 be

$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.

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.Which would be considered a preclosing duty? Making a walk-through inspection of the property When should the price be covered when presenting an offer?Last A person may not send a commercial advertising fax unless he has an established business relationship.Where is the best place to find expired listings? The MLS A sales associate is talking with a customer. When the customer crosses his legs, the associate smiles and crosses his arms. The associate is using a reflecting method called matching.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.

What is NOT the purpose for making a preclosing walk-through inspection?To check that all items are in working order 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 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 Information on the do-not-call registry includes the person's phone number.The Fair Housing Act does NOT protect persons in a same-sex relationship.The three types of operating expenses of an income property are reserves for replacements, fixed, and variable.What are the requirements for persons disturbing lead-based paint in a house?The person must be certified and follow specific work procedures.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 is a real problem for many for sale by owners when showing the property?When curb appeal is not good, buyers often pass by a for-sale-by-owner house without stopping.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?20 // 800 homes ÷ 8 years = 100 homes listed annually.100 × .20 = 20 homes listed by the sales associate.What facts need not be disclosed in a real estate transaction?The property was the site of a homicide.How often do mortgage loan originators need to have a criminal background check?Every year A person who calls for the address of a property is likelylooking at a real estate classified ad.When staging the home, the seller should highlight with color.Under the Americans with Disabilities Act, if the removal of barriers can be accomplished with little difficulty or expense, it is considered readily achievable.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.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 Pyramiding gives the impression ofsuperiority.Sometimes when a buyer is not quite ready and wants to think about it a while longer, the salesperson should ask permission to prepare the paperwork as if they were buying, then go over it.If a selling sales associate attempts to present an offer without the listing agent being present, it would likely alienate the seller because the seller has more trust in the listing sales associate.At what rate do taxpayers pay for short-term capital gains?The investor's ordinary income tax rate

In what case would sales tax be required for personal property included in a house sale?If the contract for the sale of the house includes a list and separate valuation of the personal property 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 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 Which is NOT a requirement for a successful listing presentation?Must be younger than 60 years old What usually happens when a listed property is overpriced?The listing expires.An exclusive agency listing is used when 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 noncash expense similar to depreciation that accounts for the eventual wearing out of major components of the property is called reserves for replacements.The total room count in a house would include bedrooms.What are the benefits of restrictive covenants? Maintain and enhance value A sales associate is estimating the prepayments for a new loan that will close on April 12. If the first payment is due on June 1, how will the prepaid interest be calculated for the closing statement?The buyer will be charged from April 12 through April 30.An economic recovery is defined astwo successive quarterly increases in the gross domestic product.When you explain the pricing process during a listing presentation, you would NOT ordinarily discuss the process of closing a sale.When at least 80% of units in a complex have at least one occupant who is at least 55 years of age, the owners can advertise it as "adults only." A married couple have prequalified for a $240,000 conventional mortgage. If they put 20% down, they can buy a house for

$300,000

What is the purpose in having your buyers write a letter to the seller saying why they want to buy the home?To help sellers favor your buyers over competing buyers The Civil Rights Act of 1866 prohibits discrimination based on race.An economic contraction isthe phase of a business cycle after a recession in which consumer confidence is shaken and consumers reduce spending.An example of redlining occurs whena loan officer tells a buyer that the mortgage interest rate will be higher because the home is located in a minority area.