Post-Licensing Compliance Review
◉ A married couple have prequalified for a $240,000 conventional
mortgage. If they put 20% down, they can buy a house for. Answer:
$300,000
◉ What facts need not be disclosed in a real estate transaction? Answer:
The property was the site of a homicide.
◉ What is a good graphic to show a seller that there will be more
activity if the property is competitively priced? Answer: The pricing
pyramid
◉ 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? Answer: $100,534
◉ Filing a suit to quiet title is used when. Answer: a title defect is found,
which is difficult to remove by ordinary means.
◉ What are the benefits of restrictive covenants? Answer: Maintain and
enhance value
◉ What's the downside for a principal who has a single agent? Answer:
Responsible for the single agent's acts
, ◉ What is the likely cause of a contract for sale of real estate being ruled
as unenforceable? Answer: Unwritten agreement
◉ Aside from a property's location, what is the most important factor
that influences market value? Answer: Highest and best use
◉ The margin is. Answer: the percentage added to the index of an
adjustable-rate mortgage that results in the calculated rate.
◉ A home sells for $370,000. The mortgage payoff is $262,500. What is
the seller's equity? Answer: $107,500
◉ How often do mortgage loan originators need to have a criminal
background check? Answer: Every year
◉ A written listing agreement with a self-renewing clause. Answer: is
void.
◉ When you explain the pricing process during a listing presentation,
you would NOT ordinarily discuss. Answer: the process of closing a
sale.
◉ What are the three keys to prospecting success? Answer:
Organization, numbers, and consistency
◉ A married couple have prequalified for a $240,000 conventional
mortgage. If they put 20% down, they can buy a house for. Answer:
$300,000
◉ What facts need not be disclosed in a real estate transaction? Answer:
The property was the site of a homicide.
◉ What is a good graphic to show a seller that there will be more
activity if the property is competitively priced? Answer: The pricing
pyramid
◉ 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? Answer: $100,534
◉ Filing a suit to quiet title is used when. Answer: a title defect is found,
which is difficult to remove by ordinary means.
◉ What are the benefits of restrictive covenants? Answer: Maintain and
enhance value
◉ What's the downside for a principal who has a single agent? Answer:
Responsible for the single agent's acts
, ◉ What is the likely cause of a contract for sale of real estate being ruled
as unenforceable? Answer: Unwritten agreement
◉ Aside from a property's location, what is the most important factor
that influences market value? Answer: Highest and best use
◉ The margin is. Answer: the percentage added to the index of an
adjustable-rate mortgage that results in the calculated rate.
◉ A home sells for $370,000. The mortgage payoff is $262,500. What is
the seller's equity? Answer: $107,500
◉ How often do mortgage loan originators need to have a criminal
background check? Answer: Every year
◉ A written listing agreement with a self-renewing clause. Answer: is
void.
◉ When you explain the pricing process during a listing presentation,
you would NOT ordinarily discuss. Answer: the process of closing a
sale.
◉ What are the three keys to prospecting success? Answer:
Organization, numbers, and consistency
