REPL EXAM QUESTIONS WITH COMPLETE SOLUTION GRADED A+ 2023/2024 (100% Verified)

REPL EXAM QUESTIONS WITH COMPLETE SOLUTION GRADED A+ 2023/2024 (100% Verified). A $1.5 billion agency regulating one million professionals and businesses across some 200 licensee categories in Florida is: - Answer The Florida Department of Business and Professional Regulation. Who elects the Chairperson of the FREC? - Answer The FREC Members What is the primary mission of FREC? - Answer To protect the public Nelson just received his Florida license. Which of the following will NOT be on the license? - Answer An Equal Housing Opportunity Logo Broker Norman failed to display an office entrance sign. Which disciplinary action is Norman most likely to receive? - Answer A citation Jane cheated on her real estate examination and was caught. What will happen? - Answer Jane will have her application denied. A veteran sales associate's license expired on September 30. What will be the status of the license on Oct. 1? - Answer The license is involuntarily inactive. Katherine loves to show and sell houses for others for compensation. She has been doing so for two years and without a license. She has been caught and she wants to obtain a license. What is likely to happen? - Answer The FREC may deny her license since she was holding herself out to be a licensee, practicing real estate in the previous year. The Real Estate Recovery Fund - Answer Was designed to serve as consumer protection for those consumers who were harmed in a real estate transaction. Jane is a college graduate with a four-year degree in real estate. She has a sales associate's license and seeks to renew the license for the second time. What must she do? - Answer She must take 14 hours of continued education. She must fill out the form, pay the fee, and return it before the expiration date. In a licensee's personal business budget, a trade association fee would qualify as what type of expense? - Answer Operating expense REPL EXAM QUESTIONS WITH COMPLETE SOLUTION GRADED A+ 2023/2024 (100% Verified) What does it mean to "qualify" a seller in real estate? - Answer To find out if the seller is truly ready to sell When you are developing your Target Market Summary, you should: - Answer Select an area with which you are familiar and in which you are comfortable. You are scheduled for "floor time" tomorrow. What is "floor time"? - Answer When an agent is in the office to receive phone calls from prospective clients A possible client walks into your office and says he wants to buy a house. He has not talked to a mortgage agent yet, but he says he can pay 25% down and already knows how much of a monthly payment he can afford. He wants to move in the next 90 days. What should your next step be? - Answer Advise him to speak with a mortgage agent and get, at minimum, pre-qualified, but preferably pre-approved for a loan. Which of the following is a benefit of developing a Business and Marketing Plan? - Answer It will help you set clear goals and stay focused. One of your least favorite things to do is write your monthly newsletter. But it has to be out by the end of the week, and you have scheduled yourself time to work on it today. Where should it be on your "to-do" list? - Answer First on the list so you can get it over with and move on to things you enjoy. According to the course, people should have - Answer Three months' salary in savings. You have been an agent for six months. You are reviewing your activities and their results. You find that you are getting one listing appointment for every 20 expired listings you call. You also find that you are getting one for every ten FSBOs you call. You should: - Answer Spend less time on Expireds and more on FSBOs, since that is where you are getting the best results. You are creating a form to track your performance as a Real Estate agent. What activity should not be included on the form? - Answer Floor time. Because it is scheduled by your office, and you can use the time for other things; it does not need to be tracked. What type of legal notice would most likely provide leads? - Answer Foreclosures Which of the following is NOT an exception to the Do-Not-Call laws? - Answer You can call as long as you block your company name and number. Which of the following is most important to have on a licensee's personal website? - Answer The licensee's contact information Once you have sent your friends and family a letter of introduction regarding your real estate practice: - Answer You should follow-up with a phone call in a day or two. When someone whose previous listing expired tells you mistakes the previous agent made: - Answer Comment on the action, not the agent, and explain how a different action might produce different results next time. What should you give to potential customers when prospecting door-to-door? - Answer Your business card If you prefer meeting people face-to-face, select a neighborhood and go knocking on doors. When you go, you should: - Answer Dress professionally You are trying to select a "farm" area and you have narrowed the choices down to four areas, as follows. Among the alternatives, which would be the best choice? - Answer An area close to your own house, where the 125 homes are similar to yours and familiar to you. What is the primary advantage of selling your own home without an agent? - Answer That you do not have to pay $1000's in the form of a commission When prospecting FSBOs: - Answer Call and ask if you can view the house and ask if they are willing to work with you if you find a buyer. A house was listed for $400,000 and it sold for 93% of its listing price. There was no mortgage lien on the property. The brokers' commission was 7% of the sales price. Other closing costs came to 1% of sales price. What was the seller's net? - Answer $342,240 Which of the following questions will not help you determine a home's best list price? - Answer How much do you think your home is worth? When developing a marketing plan for the CMA you should: - Answer Include how often you intend to hold open houses. According to what theory should an aged house be demolished and replaced with highrise condominiums? - Answer Highest and Best Use When determining market value of a home, "conformity" means: - Answer That the homes in a particular neighborhood should be similar in size and style. The benefit of including in your CMA similar homes that listed but did not sell is: - Answer It shows your clients that comparable but expired listings may have been overpriced. What is one benefit you CANNOT offer to someone who lists with you? - Answer A guarantee that the house will sell in 60 days or less. If your sellers have painted their living rooms walls a bright blue, you should: - Answer Suggest they paint over it with a more subtle, neutral color. In deriving a listing price for a seller, you have done a market search, but the comparable homes you have found have all been on the market for 6 - 9 months. You should: - Answer Use the comparables' values you found, but set the suggested listing price a little lower to account for the comparables' longer time-on-market. When selecting comparable homes, which of these criteria should be the same or similar? - Answer Year built What is the purpose of the Seller's Net Proceeds Form? - Answer To give your sellers a breakdown of the costs associated with selling the home, and give a general idea what their net profit will be. How should you respond if your sellers want to be present during open houses? - Answer "I understand that you are anxious to sell your house, but buyers often feel uncomfortable when the sellers are present, which could affect their willingness to make an offer." Where is the best place for you to meet during a listing presentation according to the course? - Answer The kitchen or dining room table of their house. It is less formal of a setting. Who typically attends a Broker Open House? - Answer Other brokers and agents from the area. When you begin explaining the CMA, why is it important to also explain current market conditions? - Answer So your sellers have a realistic idea of what to expect when they list their home. If you are a new agent, and your sellers ask how long you have been in real estate, how should you answer? - Answer Tell them you have only been in a short while, then focus on your company's history and successes. Your sellers' home has been on the market for two months. It has had several showings but no offers. Today is Sunday, and you have scheduled an open house. When you walk in the sellers' home, the first thing you notice is the smell of the cat litter. You also notice that the kitchen table is cluttered with junk mail and the kids' homework. How should you respond? - Answer Do your best to tidy the kitchen and get rid of the litter box smell. After the open house, you will call your sellers, ask about the condition of the home, and reiterate the importance of keeping it neat and smelling good. Suppose you are late to a listing appointment. Which of these is NOT mentioned as a way that your tardiness may be interpreted? - Answer That you are in such demand as an agent that you are always running late. Should you include the Internet as part of your marketing plan? Why or why not? - Answer Yes. Because most buyers start their search online, before they ever talk to an agent. Yes. Because most buyers start their search online, before they ever talk to an agent. - Answer Tell them to call your agent to arrange a formal showing. All of the following are true about Florida real estate disclosure laws EXCEPT: - Answer That compensation determines whether an agency or transactional brokerage relationship exists. Your sellers need to fill out a Property Disclosure Statement, but they are gone for two weeks on vacation. What should you do? - Answer Either wait for them to return from vacation or email them the form so they can fill it out themselves. Your buyers are anxious to get into a home. Finances have been a challenge and they have finally found a mortgage broker willing to work with them. They find a home they really like and want to make an offer. The home is older and not in the best condition, so you suggest they have a home inspector take a good look at the house. Your buyers refuse, saying they do not want to spend the extra money since they have already received a copy of the Property Disclosure Statement. You: - Answer Re-state your concerns and ask them to reconsider, explaining that you understand their wish to save money, but that finding any material defects now could save them a lot in the long run. You received your license on June 15, 2016. It will have to be renewed by: - Answer 31- Mar-18 When does a designated sales associate come into the transaction? - Answer When both the buyer and seller have assets of $1 million or more and have requested designated sales associates. Which of the following would not end the agency relationship? - Answer The signing of a sales contract Which of the following is not allowed under Florida law? - Answer Dual agency. The obligations of a transaction broker include all EXCEPT: - Answer Disclosing that the buyer will pay a higher price than offered.