Texas SAE Real Estate Law Exam Questions and Answers 100% Verified

Texas SAE Real Estate Law Exam Questions and Answers 100% Verified geographic farm - answerAn area of neighborhoods or subdivision that is serviced by your firm. marketing plan - answerA plan by which you develop to gain name recognition differentiate - answerBecoming different in your approach through growth and development Economic farm - answerAll properties in a particular price range, in the area your firm services Hot buttons - answerWords or content by which top producers are using to be successful The average turnaround response for mailers is - answer1% A brokerage needs to download the updated Do-Not-Call Registry at least every - answer31 days Most people have a sphere of influence of a least _______ people - answer150 A workable farm should contain between ______ to _______ houses - answer400 / 500 Immigrants make up ______ of Generation X's first time home buyer population - answer1/3 FTC fines telemarketing companies up to _______ for each call to a member of the Do-Not-Call registry - answer$16,000 The primary market of buyers today is the 25 to ____ year old range - answer49 The "Boom Echo" is comprised of ____ million potential future homebuyers - answer70 You should try to call at least ______ people per day from your sphere of influence and rotate alphabetically - answer5 Millennials have a _______ graduation rate - answer90% When marketing to the GI generation, you should use at least ____ point type on your marketing materials - answer12 The Greatest Generation or GI Generation, invented the term "Senior Citizen" - answerborn before 1928 (37 million) The Silent Generation - Major player in the civil rights movement - answerborn between ; (28 million) The Baby Boomers or "Me Generation", empowered by money and resources. They plan free time and vacations. - answerborn between 1946 and 1964; (74.9 million) Generation X - Latchkey kids of the working moms and dads who tended to criticize instead of connect. - answerborn between 1965 and 1980; (65.8 million) Generation Z/Millennials - Future home buyers, multicultural generation - answerborn between ; (75.4 million) The main two types of farms are - answergeographical and economic Methods for selecting a farm area include - answera. choose an area near your office b. research an average list and sales price for an area c. find out where your fellow agents are farming The best time to make cold calls are - answerIn the afternoon or early evening Activities that could help agents boost their marketing platforms include - answera. posting testimonials of satisfied clients on their websites b. posting a YouTube video of a listing c. Visiting the HOAs of the neighborhoods they work in Prospecting - answerSearching for buyers using techniques such as marketing and farming Short-term goal - answerA goal that ranges from several months to a year Mission statement - answerAn announcement of a company's long term goals Referral - answerWhen clients are contacting you and seeking you out Commission - answerA fee paid to a sales agent for transacting business or performing a service Primary sources of data used to develop your business plan often come from - answerconsumers, including closed transactions, questionnaires and email surveys Financial advisors often use the acronym SMART, ______________ when referring to financial goals - answerSpecific, Measurables, Achievable, Relevant and Timely Living expenses like rent should not account for more than ____ of your total monthly income. - answer50% When budgeting , you should include - answerliving expenses. savings, and lifestyle and entertainment The average prospect to sales ratio is ______ prospects to 1 sale - answer25 The three things an agent must do every day are - answerprospect, show, close Long term goals range from - answer5 to 10 years or more Are powerful when they describe what a company does and why - answerMission statement Can be a good source of business for your real estate sales - answerfarming, networking groups, and open houses Goals should be attainable, flexible and - answermeasurable MLS (Multiple Listing Service) - answerListing service that allows a private offer of cooperation and compensation by listing brokers to other real estate brokers PITI - answerSum of monthly principal, interest, taxes, and insurance Conventional loans - answerLoans which are neither insured nor guaranteed by the federal covernment Buyer Representation Agreement - answerThis agreement , in effect , "lists" the buyer as your client Three basic types of loans used to finance the sale/purchase of real property - answerFHA - Federal Housing Administration VA - Veterans Administration Conventional Loans The front Ratio for a Convention loans is 28%.. what is the back ratio? - answer36% Contingency fee - answerThe buyers representative is paid only if the client buys a home. Non-contingency fee - answerA fee that is the responsibility of the buyer even if they do not buy a home. Consultant fee - answerBuyer's agents can negotiate a flat fee or an hourly rate for performing certain services specific to the purchase. Three ways that an agent add value to the buying process - answercounseling, negotiating and managing the transaction Lenders will not allow a buyer to spend more than ______ of their monthly income on principal, insurance, taxes, and interest - answer28% FHA loans are often available; for 30 year periods and no secondary financing is allowed - answerwith a small down payment Conventional loans the interest rates, loan to ratio value and amortizations periods are negotiable and usually require a down payment of - answer20% According to NAR, majority of buyers under 71 take their first step of home buying by - answerlooking online for properties Agents duties to customers are - answerhonest dealing, reasonable care, and disclosure of all material facts Per TRELA, agents should present a potential party with the ________ at the first substantive discussion - answerIABS - Information about Brokerage Services Five hidden defects in real property - answerbad foundation, worn roof, poor water drainage, termite infestation and inadequate plumbing and or electric wiring Jed makes $96,500 gross yearly salary. He has no other sources of income. He is applying for a conventional loan. Using the front ratio, what is his maximum monthly house payment? - answer$2,252 A veteran must receive a _________ from the VA prior to applying for the loan; has a 30 year term; must be appraised by VA - answerCertificate of Eligibility Buyers feel that they can confide in their agents because of the agent's - answerduties of confidentiality and loyalty Net Listing - answerThe seller establishes a minimum, acceptable net price Open listing - answerA listing that gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission Senate Bill 489 - answerSubagency disclosures are more stringent due to this law Subagency - answerWhen a license holder is not associated with the seller's broker but is representing the seller through a cooperative agreement with the seller's borker Listing agreement - answerAn employment contract used by sellers to employ a real estate broker or brokerage firm, to find a buyer for their property Exclusive Agency Listing - answer1) Only one broker is authorized to sell 2) If the owner finds a buyer, no commission is owed Exclusive Right to Sell Listing - answer1) Only one broker is authorized