When Sammy started his new office, his broker suggested he practice filling in a listing agreement using his own house. This activity will help Sammy acquire:
technical knowledge
a sales associate's leads are sorted into 5 categories. Which is not one of those categories?
targeted friends
Under the Americans with Disabilities Act, the architectural barriers must be removed to maximize accessibility if it is readily achievable to do so. Readily achievable is defined to mean that:
the removal of all bariers can be acomplised with very little difficulty of expense
a sales associate employees a licensed personal assistant. The assistant will prepare CMAs, design property Flyers, hold open houses, and prospect for listing appointments. The assistant will be paid a salary of $12 per hour and 20% of the commissions rec
the associate may pay the salary and withhold taxes, but the broker must pay commissions.
Wilson was preparing a CMA for a 3 bedroom home in Westlake. One of the three comparable sales he reviewed were smaller by 80 square feet, had an extra garage stall and a $3,000 adjustment for condition. Which is correct about his analysis?
The subject home is less valuable than the comparable property.
One of the keys to prospecting success is not:
technical knowledge
7. Larry is making an offer for a new home. He wants to have his spouse's name on the deed in addition to his own, but she won't be present to sign the contract. Larry should:
amend the contract to include his wife's name at closing
8. the best source of listings for a new sales associate is:
sphere of influence
9. apartment properties with "adults only" designations are illegal EXCEPT when:
at least 80% of the units have at least one occupant who is at lest 55 years of age
10. John is developing a new strip shopping center in Auburndale. Which parking lot design features must be included to meet the requirements of the Americans with Disabilities Act?
There must be at least one accessable space for every 25 spaces
11. In Heritage Oaks subdivision, a relatively new neighborhood with 345 homes, the median home price is $350,000. Last year, 58 houses were sold, a 15% decline from the previous year. The turnover index in Heritage Oaks is:
17%
12. Sales Associate Harold has prepared an appraisal of the Smith's home. The purpose of this was not so that his buyers could use the appraisal to secure financing at Apopka National Bank. Which is not correct about the situation?
As long as Harold followed USPAP requirements, his appraisal was legal
13. When you answer the phone and speak with a prospective buyer, your principal objective should be to:
make an apointment
14. A fixed rate, amortized mortgage with 26 payments resulting in a faster loan payoff than the traditional 30 year mortgage is called a:
biweekly mortgage
15. Which is not allowed under the CAN-SPAM act?
failure to include an opt out method in commercial advertisements
16. The sales associate leans back and joints his hands behind his head while talking with a prospect. The sales associate is giving the impression of:
superiority
17. Sylvia has a pool put on your property last year that cost $45,000. This year she sold her house. The appraisal value of the pool at $12,000. This demonstrates the principle of:
contribution
18. a transaction broker has the duty of:
limited confidentiality
19. a contractor who disturbs paint in a 40 year old house:
must be certified and follow certain work procedures
20. sales associates find most of their FSBO contracts from:
classified ads
21. John's home sells for $260,500 the brokerage fee is $18,235. Prorations for taxes and interest are $4,450. The mortgage payoff is $162,500. What are the sellers proceeds from the sale?
$71,515
22. Sales Associate Jones is preparing a seller's net statement for the Novaks. She has to make the closing date of June 26th. Taxes are estimated at $4,000 and interest for June is $3,540. If she rounds to the nearest $100, which entries should she make
charge the seller for $2000 for taxes, and to be safe, charge the seller 3540 interest.
Which is not a requirement of a successful listing presentation?
Have at least 6 month experiance in making listing presentations
Which characteristic of the neighborhood is the least likely to make it a good farm area?
low price range
A single agent broker must give a brokerage relationship disclosure when a transaction is the:
sale of a condominium
When you explain the pricing process during a listing presentation, you would not ordinarily discuss:
The requirements of the fair housing act
Brooke wants to earn at least $90,000 next year. She planned that 60% of the income will come from listings sold in 40% will come from sales made. Is the average commission from listings sold is $3,000 how many listings in Westbrook sell in order to achie
18
Florida home inspectors
must have a high school diploma, complete a 12o hour course and pass a state exam
Which is not one of the three types of operating expenses of an income property?
debt services
The pricing pyramid is a visual graphic used in the pricing process showing:
that there will be more activity if the property is priced from homes that have been sold
A principal change to the RESPA i 2010 was:
a redesigned good faith estimate
the Florida Office of Financial Regulation requires that:
loan originator have a criminal background check made annually at renewal time
apartments that are currently available for rent and in excellent condition will be a part of a:
show list
a sales person wishes to take home $60,000 annually. If taxes, dues, advertising, and fees are about 35% of the total earnings, he just sets goal at:
92,300 = (60,000/65%)
which is recommended when showing properties to prospective buyers?
set appointments with the seller using a range of time rather than a specific time
Two successive year to year quarterly increase of the gross domestic product are interpreted as a:
recovery
Under the Do Not Call Registry rules, a telemarketer:
may not use the registry to find new prospects
exclusive agency listings:
may not be entered into the MLS
FL law does not require brokers to
have minimum commission rates on all listings
A comp. property has 4 bedrooms, the subject property has only 3. If the appraiser estimates the difference based on number of bedrooms is $10,000, there should be a:
minus $10,000 adjustment to the comparable
An appraiser estimates that the better physical condition of the subject property requires an adjustment of $6,000 and makes a:
plus $6000 adjustment to the comparable
Comparable property has 4 bedrooms, but it is in worse physical condition than the subject, which has 3 bedrooms. The appraiser estimates that the difference in condition warrants a $6,000 ajustement, and the difference in number of bedrooms requires a $1
minus $4000
A private home owner may not discriminate in the sale of his residence based on race:
b/c of the civil rights act of 1866
all other things being equal, probably the most convincing evidence that will help a seller decide that the buyer is ready willing and able is:
a substantial good faith deposit and a bank preaproval letter
which term is found in the junk fax Prevention Act?
established business relationship
The Vernon's home sells for $430,000. Expenses of the sale are $4,800. The brokerage fee is $21,500. Prorations for taxes and interest are $6,450. The mortgage payoff is $362,500. What is the seller's equity?
$67,500
Sales Associate Bertha prepared an offer on the Smith residence. She inserted a hand written provision that conflicted with one of the printed terms of the contract form. If the seller signs the offer, the effect of the conflicting provisions will be that
Handwritten portion supersedes the printed provision.
In case the seller defaults in the contract was written using the FAR residential sale and purchase contract, the buyer:
may cancle the contract
what should buyer Henry do to make sure the seller didn't damage the home during moving?
do a preclosing walk-through inspection
Open listings
may be oral, written or implied (DOUBLE CHECK THIS)
Before closing, the sales associate should not:
check out the plumbing, electric appliances, amd heating and air systems to be certain they are in working order
owner john wants to sell his house and would prefer to save the Commission. He lists with broker William on the basis that if the property is sold by a broker, William is entitled to a commission, but if John sells his own property is no commission. This
exclusive listing
to protect yourself from mortgage fraud, Nelda should not:
sign any loan documents that contain blanks
when listing a property is sales associate should not get the legal description from:
the county tax appraiser's records
questions to ask when qualifying a buyer's housing objectives do not include:
how much cash is available for a down payment?
a percentage added to the index of an adjustable rate mortgage that results in the calculated rate is the:
margin
If prospective buyers currently have a home that must be sold before they can buy, the sales associate should:
see the home and make a listing presentation
a sales associate is completing a buyer's cost estimate. Price is $150,000 and buyers get an 80% loan. The GFE shows total settlement cost of $7,100. Phil underestimated prepaids at $2,200. If the buyer gives a $6,000 good faith deposit, how much would be
$33,300
Except for an uncooperative owner or tenant, the major reason listings expire is almost always:
overpricing
a sales associate showed 7 homes to a couple. They found just the right home, but tell the sales associate they want to sleep on it. The sales associate should:
ask permission to prepare the paperwork as if they were buying, then go over it
when curb appeal is not very good, buyers often ride by a For Sale By Owner house without stopping. This will be discussed during a listing presentation as a problem of:
showing the property
property sold for $149,240. The buyer pay 20% down and finance the balance with a new mortgage. How much must be made for the documentary stamp taxes on the deed?
$1,045.10
Which best describes a nominee loan?
the identity of the borrowers concealed through the use of a straw buyer who allows the borrower to use the straw buyers credit history.
A principal is responsible for the acts of hi or her
single agent
Sales Associate Williams is estimating the prepayments for a new loan that will close on June 7th. If the first payment is due on August 1st, how will the prepaid interest be calculated for the closing statement?
The buyer will be charged from june 7 through june 30
The seller's listing agreement with a broker contains a provision that automatically extends the agreement and additional 90 days after expiration unless cancelled in writing by either party. The listing is:
void
the principle of conformity to maintain and enhance property values in a subdivision is protected Best By:
restrictive covenants
The technique recommended in the text to help sellers to favor your buyers over competing buyers is to:
have your buyers write a letter to the seller telling why they want to buy the home
a FAR residential purchase and sale contract contains of contention said that the appraisal must equal or exceed the purchase price of $187,000. The appraisal comes back at $183,000. The contract is now:
voided by the buyer
if you are presenting an offer on a property listed with a cooperating broker, you should not:
present the offer without the listing agent being present
Which is not the right way to make successful prospecting calls?
make them at random hours on different days
The last item that should be covered when presenting an offer to the seller is the:
pricce
The federal law requiring fair consideration of consumer loan applications from women and minority races is the:
equal credit opportunity act
The minimum legal description for a platted subdivision would not include:
reference to section, township and range
a title defect is found which is difficult to remove by ordinary means. The cloud is then normally cleared by:
filing a suit to quiet title
Sales Associate John is talking with a customer. When the customer nods his head, John smiles and occasionally not. John is using a reflecting method called:
matching
when staging in the home, the seller should not:
demonstrate her personality her personality with unique decorating touches
which would not be included in operating expenses of an income property?
mortgage principal
The non cash expense intended to account for the eventual wearing out of major components of the property is called:
reserves for replacment
the Americans with Disabilities accessibility implementation acts does not protect:
homosexuals
the phase of the business cycle after a recession and which consumer confidence is shaken and consumers reduce spending is called:
contraction
which is not one of the four basic loan processing procedures?
determining a buyer's housing objectives
John has a house listed at $200,000 on 3rd Avenue. It is overpriced and he feels it has only a 70% chance of selling in the original listing term. He also has a $300,000 house that has a 80% chance of sale. A quality review of his listing shows he realist
1.5 listings with volume of $380,000
the sales associate receives a good faith deposit from a buyer on Wednesday. Is a broker holds the escrow account, the funds must be deposited no later than:
monday of the following week
Jill applies for a $200,000, 30 year fixed rate mortgage loan at 5%. The mortgage payment factor is .0053682. Taxes for the year are $4000 and insurance is 2400. Jills monthly payment for PITI will be:
1606.97