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Principles of Real Estate License Exam –
Complete Final Assessment.
Which is not a good component of a marketing plan to sell a property? - Answer: ✔️ ✔️ the listing contract
Condominium fees are generally paid ahead. The condo management company can charge the fees ______. - Answer: ✔️ ✔️
- Annually
- Quaterly
- Monthly 4) Any of the above.
Understanding whether it is a seller's market is an example of: - Answer: ✔️ ✔️ product knowledge
Which of the following is used by lenders when making mortgage loan decisions? - Answer: ✔️ ✔️
- Credit verification
- Assets
- Income
Which of the following would not cause Agent Nala's license to go null and void? - Answer: ✔️ ✔️ *
- Letting her license be involuntary inactive for more than 1 year, but less than 2 years (after the first renewal period).*
- Having her license revoked during a disciplinary proceeding.
- Voluntary relinquishing her license.
- Letting her license be involuntary inactive for more than two years (after the first renewal period).
All the following tasks can be specifically contracted on a limited listing service contract, EXCEPT: - Answer: ✔️ ✔️
- Assistance with price, advertising, providing signage.
- inclusion in MLS, inclusion on websites, holding open houses.
- compensation based on which services are chosen by the client
4) Inclusion on websites, use of a lockbox, and appraisal criteria
There is a breach of contract and the buyer and seller are in dispute about who gets the earnest money which is held by a title company. You should advise your client to _______. - Answer: ✔️ ✔️ Tell your client to speak to an attorney, because the title company holding the earnest money will not release it until there is a court order or an agreement between the seller and buyer.
Which type of loan has a 3 day right of rescission? - Answer: ✔️ ✔️ A second mortgage.
You just finished a listing presentation for Joe. He seems impressed, but he says, "Thank-you for coming tonight. I am going to think things over and let you know what I decide in the morning." Which of the following phrases would be the best way to start a response based on the 5 Steps of Objection Handling? - Answer: ✔️ ✔️ "I understand you want to think over such a big decision. When I have to make an important decision, I often want to take my time as well. I was wondering..."
You have just concluded a buyer presentation with Matt and Phil. They seem to like you and are really excited about getting started. You put the buyer broker agreement in front of them, but before either signs Matt says, "We know this is going to require us to come up with a lot of money. Would you be willing to cut your commission?" Which of the following statements cover steps number 4 & 5 of objection handling? - Answer: ✔️ ✔️ "The great news is that my commission is paid by the seller at closing. Knowing this, it does make sense to have an agent looking out for your best interest."
Working with a buyer is time consuming. It only makes sense to invest time with a buyer that is not only willing to purchase a home but is able to purchase a home. Asking the buyer about how they will buy the property and how much money they have to put down is important. It's a way to ________ the buyer before you start showing them houses. - Answer: ✔️ ✔️
- Get rid of
- Build rapport 3) Prequalify
- Alf would need to provide an agency disclosure to work as a transaction broker.
Phone prospecting steps include: - Answer: ✔️ ✔️
- Asking about 3 specific places the person knows other people.
- Asking for contact information for referrals.
- Asking that person to contact the referral first. 4) All of the above.
To advertise an interest rate, what else has to be included in the advertisement? - Answer: ✔️ ✔️
- The terms of repayment and how much interest will be paid over the course of the loan. 2) The repayment term, the down payment, and the annual percentage rate.
- The annual percentage rate and how much interest will be paid over the course of the loan.
- Just the annual percentage rate.
To calculate total monthly obligation ratio: Total a buyer's monthly installment debt already found on the credit report (credit card payments, auto payments, student loans, child support payments), add the proposed house payment, divide total monthly obligations by total of buyer's monthly gross. What does the proposed house payment include? - Answer: ✔️ ✔️ 4) The principle, interest, taxes, and insurance payment plus PMI.
When you begin acting on behalf of a buyer, you are automatically obligated, under Florida statute, to uphold duties to the buyer in the capacity of a _______. - Answer: ✔️ ✔️ 1) Transaction Broker
Which of the following is not a triggering term? - Answer: ✔️ ✔️ *
- Interest rates 5% below average*
- 15% down
- 97% financing
- Monthly payments less than $
Which statement could be construed as being in violation of the Fair Housing Laws when advertising property? - Answer: ✔️ ✔️ 3) Great for families.
If an appraisal falls short of the needed value to close the deal, one of four outcomes would result. Which one of the following is NOT one of those 4? - Answer: ✔️ ✔️ The seller would raise the selling price in order to make up for the shortfall.
Which of the following steps would not be common to complete a mail away closing? - Answer: ✔️ ✔️ the agent would sign on the absent persons behalf
Your buyers' lender tells you that your buyer will qualify for a loan up to $359,000. The lender advised you that this was based on the house not located in a flood zone and no more than $150 a month in HOA fees. The buyer was searching online and found a house located in a popular neighborhood. When you pull the listing information you discover that the house is only $336,000 but is in a Flood Zone "A" and HOA fees are $ a month. Which is the best course of action to take? - Answer: ✔️ ✔️ Contact the buyer's lender to review the information about the property and schedule a showing to coincide immediately after the expected response time from the lender.
What is the formula to calculate how many leads are needed to generate clients? - Answer: ✔️ ✔️ Clients Required ÷ Lead Conversion %
Stacey hired a real estate licensee to advertise a home for sale in the MLS and to handle the contract. However, the seller planned to handle their own showings and open houses and did not want to pay the agent for those services. Which type of listing agreement would be appropriate? - Answer: ✔️ ✔️ Limited listing agreement
Asking a client: "What's the one thing that is keeping you from moving forward?" is an example of ___. - Answer: ✔️ ✔️ isolate the objection
You are working with Alana, a buyer, that wants to purchase a resale condo anywhere on Longboat Key. She has narrowed it down to 2 units in different condo developments. As the buyer's agent, you should make sure she gets ____ within 3 days for whichever condo she enters into a contract.
- Answer: ✔️ ✔️ Most recent year-end financial report, Governance form
Agent May wanted to become a broker-associate. Steps to do so include all of the following except: - Answer: ✔️ ✔️ 1) Take a 63-hour pre-licensing sales course.
- Have completed 2 out of the previous 5 years as an active real estate sales associate licensee, either within or outside of Florida.
- Submit an application to the DBPR.
- Pass the state broker exam.
You are doing a buyer presentation for Connie. You tell her that, "I work for one of the largest brokerages in town. This means that I have undergone the best training possible to make sure that I am looking out for your best interests!" This is which step in the buyer presentation and is also considered? - Answer: ✔️ ✔️ Step 3; Buyer Feature Benefits
Which statement is true about prospecting for buyers? - Answer: ✔️ ✔️ 1) Prospecting for buyers is easier than prospecting for sellers.
- Prospecting for sellers is easier than prospecting for buyers.
- Prospecting for buyers has a much lower return on output than prospecting for sellers.
- Spending 85% of your time prospecting for sellers will produce at least 85% more sellers to work with.
Which duties are all licensees bound to? - Answer: ✔️ ✔️ 1) Loyalty
- Limited confidentiality
- Obedience 4) Accounting of all funds.
Door knocking is an example of: - Answer: ✔️ ✔️ lead generating
Which would you expect in a property management contract? - Answer: ✔️ ✔️ 1) The length of the property management contract.
- The amount of compensation to the property manager.
- Conditions for when compensation will be collected by the property manager.
A transition to transaction agent form would be used when? - Answer: ✔️ ✔️ The agent is working with the seller as a single agent and also wants to represent the buyer.
Which statement is false about becoming involved in a community group? - Answer: ✔️ ✔️ 1) Your primary focus should be prospecting, with the group sales secondary.
- This is a form of prospecting.
- It works best when you take the time to develop real relationships with those attending the group.
- It is important to stay in touch with people in the group to let them know what you are doing in real estate.
You submit an offer to a listing agent on behalf of your buyers and the seller accepted the offer. Your buyer wrote the offer based on believing the hot tub stayed with the property. You advised them that it did because the listing agent did not note that it was excluded in the MLS listing. The deal closes and the buyers move in. The next morning you have a message from your buyers that the hot tub is gone. Which is the most likely outcome? - Answer: ✔️ ✔️ 1) You are liable to your buyer for the loss of the hot tub.
When a licensee works with a buyer that is looking for a "fixer upper," what loan product would allow the buyer to purchase the home? - Answer: ✔️ ✔️ 2) Section 203(k)
Of the following property traits, which one holds the most importance when conducting a CMA? - Answer: ✔️ ✔️ 3) Location/same neighborhood
Upon a final walk-through, the buyer noticed that all the appliances had been removed despite being included as staying in the purchase agreement. Which is the best course of action? - Answer: ✔️ ✔️ Halt the closing. Have the seller replace the appliances with the original ones or appliances that the buyer agrees to.
A whole house inspector's report is often very lenthy and detailed. When the report comes back be prepared to ______________. - Answer: ✔️ ✔️ 1) Assist the buyer with understanding the entire report
