Post License Course (Barney Fletcher)
Exam Questions and Answers
Within the first five years around ___% of agents leave the real estate business -
Answer- 80-90%
For buyers what are the five steps of the pre-qualification process - Answer- 1. Urgency
2. Motivation
3. Financial Ability
4. Wants and Needs
5. Agency
For sellers what are the five steps to the first appointment - Answer- 1. Urgency
2. Motivation
3. Concerns
4. Expectations
5. Hesitations
A person who may be willing to engage in a real estate transaction - Answer- Prospect
A person who is willing to perhaps have a conversation but has no real desire to engage
in a real estate transactions - Answer- Suspect
In determining whether a person is a suspect or a prospect we must consider - Answer-
Urgency and motivation
When setting goals, its important they be - Answer- Specific
Measurable
Attainable
Realistic
Timely
Most common type of target market is a particular neighborhood of homes - Answer-
Farming
A ______ analysis can be helpful in analyzing your strengths and weaknesses, which
can sometimes help you pick the target market that is best for you - Answer- SWOT
,The primary objective of any type of real estate prospecting is to - Answer- Generate an
appointment
The ratio that is computed by dividing the number of homes sold in a year by the total
number of homes in the farms - Answer- Turnover ratio
A method of prospecting that will involve the telephone, but only as part of a mix of
different types of contacts - Answer- Circle prospecting
A ______ agent has more control than a _____ agent - Answer- Listing/selling
This involves only one appointment with the prospective sellers. Licensee makes the
presentation, show the recommended price through CMA and try to get sellers to sign
the listing contract - Answer- 1-step listing presentation
What is the best way to establish a personal brand in real estate - Answer- To develop a
good reputation
Which of the following choices is the most common way buyers find a house they
purchased - Answer- Internet
What is the most important part of your "brand" in your real estate career - Answer-
Your reputation
When a real estate licensee focuses his or her prospecting efforts on a particular
neighborhood or type of buyer is the licensee's - Answer- Target market
As a real estate agent your primary product is - Answer- Your contacts
When the number of listings by a particular firm is divided by the total number of listings
in that neighborhood, the result is the - Answer- Market share
Which of the following is the best way to ask for a referral - Answer- Who do you know
who might be looking to buy or sell a house
The process of ensuring that the interior and exterior of a home are as attractive as
possible is known as - Answer- Staging
The types of media used to generate new business is known as the - Answer-
Promotional mix
When doing the initial tour of a house before making a listing presentation, one goal
should be to - Answer- Get the sellers to view the property from the standpoint of a
typical buyers rather than a seller
,A buyer has made an offer on a seller's house. The offer gives the buyer 10 days to
have a licensed home inspection of the property and to cancel the offer if the inspection
reveals significant necessary repairs unknown to the buyer. This is an example of -
Answer- Contingency clause
Which of the following types of sales of a personal residence would require a third-party
approval before the sale could be closed - Answer- A bankruptcy, a divorce, or a short
sale
What is the most important factor in qualifying a prospective buyer - Answer- Whether
the prospect is financially qualified to purchase a home
In deterring whether or not to issue a pre-approval letter, the lender would consider -
Answer- Principal, interest, property taxes, and insurance
What is the purpose of using an assumptive close - Answer- To make it easier for the
buyer to say yes
If the buyer and seller agreed that the buyer would purchase the patio furniture as part
of the contract, this would appear in which section of the Purchase and Sale agreement
- Answer- Special Stipulations
A loan point is - Answer- One percent of the loan amount
Assuming the buyers ride in your car, the time spent in the car can be put in good use
by - Answer- Discussing the positive features of the neighborhood
what is the biggest difference between traditional telemarketing and circle prospecting?
- Answer- circle prospecting requires. follow-up
under what circumstance should a real estate licensee use a 1-step listing presentation
- Answer- if the homeowner insists on it
what is the most common reason why new licensees hate making cold calls on the
telephone - Answer- fear of rejection
which of the following contact methods is most likely to get people to remember you -
Answer- send a handwritten thank you note after a phone conversation
when answering a phone call, which of the following choices would be a key objective -
Answer- to not only give information, but to get information from the caller as well
what type of software is designed specifically to avoid "one and done" prospecting -
Answer- customer relationship management (CRM)
, when trying to get a listing from a seller whose previous listing was expired, which of the
following choices are recommended to solicit a listing contract from that seller - Answer-
provide a free service, such as analysis of current market conditions
situations where on party represents another party - Answer- law of agency
the laws regarding agency come from what three sources in the US - Answer- common
law, statutory law, and administrative or regulatory law
stems from British laws which applied to the colonies before the Revolutionary War
(precedents) - Answer- Common law
laws passed by the state legislature or the Congress and signed by the governor. -
Answer- statutory laws
refers to the rules and regulations adopted by various regulatory bodies - Answer-
Administrative or regulatory law
the person who hires the agent to represent them in a transaction - Answer- principal
the person hired to represent the principal - Answer- agent
in real estate practice, the ______ is considered the agent - Answer- broker
represents the principal in all aspects of the principal's dealings, - Answer- universal
agent
less authority than a universal agent but may represent the principal in an ongoing
series of continuous events, usually in one general field of endeavor. In real estate,
property managers - Answer- general agent
represents the principal in one specific transaction. - Answer- special agent
acts as agent for an agent and has the same duties and obligations as the agent -
Answer- subagent
a position of trust and must put the interest of his client (Steve) above those of all
others, including and especially those of himself. - Answer- fiduciary obligations
This means that the agent is required to act in the best interest of the client and must
not put anyone else's interests ahead of those of the client. - Answer- loyalty
Agents are only required to follow the ________instructions of their client. - Answer-
lawful
Exam Questions and Answers
Within the first five years around ___% of agents leave the real estate business -
Answer- 80-90%
For buyers what are the five steps of the pre-qualification process - Answer- 1. Urgency
2. Motivation
3. Financial Ability
4. Wants and Needs
5. Agency
For sellers what are the five steps to the first appointment - Answer- 1. Urgency
2. Motivation
3. Concerns
4. Expectations
5. Hesitations
A person who may be willing to engage in a real estate transaction - Answer- Prospect
A person who is willing to perhaps have a conversation but has no real desire to engage
in a real estate transactions - Answer- Suspect
In determining whether a person is a suspect or a prospect we must consider - Answer-
Urgency and motivation
When setting goals, its important they be - Answer- Specific
Measurable
Attainable
Realistic
Timely
Most common type of target market is a particular neighborhood of homes - Answer-
Farming
A ______ analysis can be helpful in analyzing your strengths and weaknesses, which
can sometimes help you pick the target market that is best for you - Answer- SWOT
,The primary objective of any type of real estate prospecting is to - Answer- Generate an
appointment
The ratio that is computed by dividing the number of homes sold in a year by the total
number of homes in the farms - Answer- Turnover ratio
A method of prospecting that will involve the telephone, but only as part of a mix of
different types of contacts - Answer- Circle prospecting
A ______ agent has more control than a _____ agent - Answer- Listing/selling
This involves only one appointment with the prospective sellers. Licensee makes the
presentation, show the recommended price through CMA and try to get sellers to sign
the listing contract - Answer- 1-step listing presentation
What is the best way to establish a personal brand in real estate - Answer- To develop a
good reputation
Which of the following choices is the most common way buyers find a house they
purchased - Answer- Internet
What is the most important part of your "brand" in your real estate career - Answer-
Your reputation
When a real estate licensee focuses his or her prospecting efforts on a particular
neighborhood or type of buyer is the licensee's - Answer- Target market
As a real estate agent your primary product is - Answer- Your contacts
When the number of listings by a particular firm is divided by the total number of listings
in that neighborhood, the result is the - Answer- Market share
Which of the following is the best way to ask for a referral - Answer- Who do you know
who might be looking to buy or sell a house
The process of ensuring that the interior and exterior of a home are as attractive as
possible is known as - Answer- Staging
The types of media used to generate new business is known as the - Answer-
Promotional mix
When doing the initial tour of a house before making a listing presentation, one goal
should be to - Answer- Get the sellers to view the property from the standpoint of a
typical buyers rather than a seller
,A buyer has made an offer on a seller's house. The offer gives the buyer 10 days to
have a licensed home inspection of the property and to cancel the offer if the inspection
reveals significant necessary repairs unknown to the buyer. This is an example of -
Answer- Contingency clause
Which of the following types of sales of a personal residence would require a third-party
approval before the sale could be closed - Answer- A bankruptcy, a divorce, or a short
sale
What is the most important factor in qualifying a prospective buyer - Answer- Whether
the prospect is financially qualified to purchase a home
In deterring whether or not to issue a pre-approval letter, the lender would consider -
Answer- Principal, interest, property taxes, and insurance
What is the purpose of using an assumptive close - Answer- To make it easier for the
buyer to say yes
If the buyer and seller agreed that the buyer would purchase the patio furniture as part
of the contract, this would appear in which section of the Purchase and Sale agreement
- Answer- Special Stipulations
A loan point is - Answer- One percent of the loan amount
Assuming the buyers ride in your car, the time spent in the car can be put in good use
by - Answer- Discussing the positive features of the neighborhood
what is the biggest difference between traditional telemarketing and circle prospecting?
- Answer- circle prospecting requires. follow-up
under what circumstance should a real estate licensee use a 1-step listing presentation
- Answer- if the homeowner insists on it
what is the most common reason why new licensees hate making cold calls on the
telephone - Answer- fear of rejection
which of the following contact methods is most likely to get people to remember you -
Answer- send a handwritten thank you note after a phone conversation
when answering a phone call, which of the following choices would be a key objective -
Answer- to not only give information, but to get information from the caller as well
what type of software is designed specifically to avoid "one and done" prospecting -
Answer- customer relationship management (CRM)
, when trying to get a listing from a seller whose previous listing was expired, which of the
following choices are recommended to solicit a listing contract from that seller - Answer-
provide a free service, such as analysis of current market conditions
situations where on party represents another party - Answer- law of agency
the laws regarding agency come from what three sources in the US - Answer- common
law, statutory law, and administrative or regulatory law
stems from British laws which applied to the colonies before the Revolutionary War
(precedents) - Answer- Common law
laws passed by the state legislature or the Congress and signed by the governor. -
Answer- statutory laws
refers to the rules and regulations adopted by various regulatory bodies - Answer-
Administrative or regulatory law
the person who hires the agent to represent them in a transaction - Answer- principal
the person hired to represent the principal - Answer- agent
in real estate practice, the ______ is considered the agent - Answer- broker
represents the principal in all aspects of the principal's dealings, - Answer- universal
agent
less authority than a universal agent but may represent the principal in an ongoing
series of continuous events, usually in one general field of endeavor. In real estate,
property managers - Answer- general agent
represents the principal in one specific transaction. - Answer- special agent
acts as agent for an agent and has the same duties and obligations as the agent -
Answer- subagent
a position of trust and must put the interest of his client (Steve) above those of all
others, including and especially those of himself. - Answer- fiduciary obligations
This means that the agent is required to act in the best interest of the client and must
not put anyone else's interests ahead of those of the client. - Answer- loyalty
Agents are only required to follow the ________instructions of their client. - Answer-
lawful
