45 Post Licensing Course Correct Questions & Answers(GRADED A+)

Under the Americans with Disabilities Act, there must be at least one accessible parking space for every - ANSWER 25 spaces The accessible parking space should be eight feet wide for a car, with a five-foot access aisle. At least one space must be van accessible (eight feet wide with an eight-foot access aisle and at least 98 inches of vertical clearance). The accessible spaces should be the closest available to the accessible entrance. When at least 80% of units in a complex have at least one occupant who is at least 55 years of age, - ANSWER the owners can advertise it as "adults only." " While such communities can legally ban children, they still may not discriminate on the basis of race, color, national origin, religion, sex, or disability. The Civil Rights Act of 1866 prohibits discrimination based on - ANSWER race For many years, the law was not widely enforced, but in 1968, the U.S. Supreme Court upheld the law in the case of Jones v. Mayer. Subsequent court actions requiring compliance with the law have been numerous and successful. What usually happens when a listed property is overpriced? - ANSWER The listing expires. The listing prices of properties that do not sell demonstrate the resistance level of buyers to overpriced listings. In almost every case, the expired listing has been priced too high for the amenities offered. A woman had a fourth bedroom built onto her house last year that cost $75,000. A recent appraisal valued the bedroom at $52,000. This demonstrates the principle of - ANSWER contribution. Any improvement to a property, whether to vacant land or a building, is worth only what it adds to the property's market value. An improvement's contribution to the value of the entire property may be greater or smaller than its cost. Which is NOT a requirement for a successful listing presentation? - ANSWER Must be younger than 60 years old The presentation will be successful only if you: - know that all the parties who need to sign your listing are available; -are fully prepared to list the property, meaning you must have all the forms ready for signature when the parties agree to list; -know this presentation thoroughly; -know about the house you are trying to list by using the information you gathered from the tax appraiser's office, the plat books, or from your own personal inspection; -have prepared a CMA to help you show the sellers a fair value for their house and protect you from the overpriced listing—a nemesis that will cost you time and aggravation and make for unhappy customers; -have your information organized in a businesslike fashion and your mind organized, as well; -are properly dressed and professional in appearance and manner; and -are on time for the appointment. The sphere of influence is NOT - ANSWER a farm area. For a new sales associate, the sphere of influence is the best source of new listings and sales. Your sphere of influence will include family, friends, and past customers. A sales associate wants to earn at least $45,000 next year. If the average commission from listings sold is $3,000, how many listings must she sell in order to achieve that portion of her goals? - ANSWER 15 $45,000 ÷ $3,000 = 15 listings that must be sold. The components of a full title report are - ANSWER a survey, a physical inspection of the collateral, and a search of the records. The components of a full title report are a survey, a physical inspection of the collateral, and a search of the records to determine all the interests in a property. A sales associate, to test his understanding of what the customer has said, uses words that are similar, but not exactly the same as the customer's. This is called - ANSWER paraphrasing If you repeat the words exactly, it's called parroting. Rephrasing in your own words is called paraphrasing. A single agent broker must give a brokerage relationship disclosure when a transaction is - ANSWER the sale of a duplex. A single agent in a residential sales transaction must give a brokerage relationship notice to potential buyers or sellers before or at the time of entering into a listing agreement or before the showing of property, whichever occurs first. A residential sale is defined as: -property with four units or fewer, -unimproved residential property intended for use of four units or fewer, or -agricultural property of 10 acres or less. Aside from a property's location, what is the most important factor that influences market value? - ANSWER Highest and best use A property's highest and best use is its most profitable legally and physically permitted use The accessible parking space should be eight feet wide for a car, with a five-foot access aisle. At least one space must be van accessible (eight feet wide with an eight-foot access aisle and at least 98 inches of vertical clearance). The accessible spaces should be the closest available to the accessible entrance.