POST LICENSE FINAL EXAM QUESTIONS & ANSWERS
What term describes the interest rates for a whole year? - Answers :annual percentage
rate (APR)
If a grantee takes title to a property "subject to" a mortgage, who is responsible for
making the mortgage payments? - Answers :the seller
In relation to fair housing laws, reasonable accommodations are - Answers :exceptions,
changes, or adjustments to the rules for a person with a disability
Directing home buyers toward or away from houses in a certain neighborhood to
preserve or alter the makeup of the neighborhood is discriminatory called - Answers
:steering
When working with buyers, if an agent gets a positive response when asking if the
buyers are serious about buying a home, its a good time to have them - Answers :sign a
buyer agency agreement
When negotiation strategy uses a set of techniques that attempts to improve the quality
of a negotiated agreement by taking advantage of the fact that different parties often
value various outcomes differently - Answers :integrative negotiation
"walk in their shoes" is a negotiation strategy that means one should be - Answers
:open to other's views and attempt to approach an issue from the perspective of others
A face-to-face meeting with your clients to discuss an offer - Answers :avoids agent
abandonment issues
What type of technology allows any two individuals in the world who have computers to
access to place a "face to face" meeting with each other? - Answers :video calling
What type of survey gives the estimated location of a home and improvements on the
lot with the accuracy of the plus or minus one tenth of a foot? - Answers :stake
How can a seller determine that a mortgage payoff amount listed on the settlement
statement is accurate? - Answers :the amount should match the amount quoted by the
seller's lender
Money that the buyer or seller receives at closing is known as - Answers :a credit
Who is generally responsible for insuring that the closing disclosure is delivered to that
buyer no later than three business days before consummation? - Answers :the creditor
All exclusive listing contracts must contain a - Answers :definite termination date
, In an exclusive right to sell property listing agreement, if a deposit is forfeited by a
prospective buyer, the buyer and seller must - Answers :sign a written agreement
What is the most probable price a property would bring in an arm's length sale under
normal conditions in an open and competitive market? - Answers :fair market value
When pricing a home to sell, what should be considered a seller's credit? - Answers
:items paid for in advance
The cap amount for penalties violating the fair and accurate credit transactions act is -
Answers :no cap
Blockbusting is defined as - Answers :making a profit by inducing owners to sell by
telling them that persons of a protected class are moving into the neighborhood
Lead can get into the body through breathing lead dust, swallowing lead dust, eating
paint chips or - Answers :eating soil
Failure to comply with an EPA subpoena could result in - Answers :civil penalities
Who provides consumers with access to plain english information about mortgages and
- Answers :the consumer financial protection bureau
What describes the number of persons employed in a business that represent the
economic foundation of an area? - Answers :base employment
Many agents refer to "average days on market" which is derived by adding all the days
on market of each listing and dividing by the number of - Answers :MLS listings
When preparing a CMA, an agent will choose comparable properties in each category
and compare them to - Answers :the seller's property
What should an agent give a seller so that the seller can set the price of his or her
home? - Answers :a listing range
If the loan is a conventional loan, then it is subject to the rules of - Answers :the home
valuation code of conduct (HVCC)
Which of the following is a task an unlicensed person can legally perform? - Answers
:oversee repairs
The reciprocal salesperson or reciprocal broker must pass the reciprocal license
examination offered by the commission within how many months following the
completion of the reciprocal pre-licensed course? - Answers :6 months
What term describes the interest rates for a whole year? - Answers :annual percentage
rate (APR)
If a grantee takes title to a property "subject to" a mortgage, who is responsible for
making the mortgage payments? - Answers :the seller
In relation to fair housing laws, reasonable accommodations are - Answers :exceptions,
changes, or adjustments to the rules for a person with a disability
Directing home buyers toward or away from houses in a certain neighborhood to
preserve or alter the makeup of the neighborhood is discriminatory called - Answers
:steering
When working with buyers, if an agent gets a positive response when asking if the
buyers are serious about buying a home, its a good time to have them - Answers :sign a
buyer agency agreement
When negotiation strategy uses a set of techniques that attempts to improve the quality
of a negotiated agreement by taking advantage of the fact that different parties often
value various outcomes differently - Answers :integrative negotiation
"walk in their shoes" is a negotiation strategy that means one should be - Answers
:open to other's views and attempt to approach an issue from the perspective of others
A face-to-face meeting with your clients to discuss an offer - Answers :avoids agent
abandonment issues
What type of technology allows any two individuals in the world who have computers to
access to place a "face to face" meeting with each other? - Answers :video calling
What type of survey gives the estimated location of a home and improvements on the
lot with the accuracy of the plus or minus one tenth of a foot? - Answers :stake
How can a seller determine that a mortgage payoff amount listed on the settlement
statement is accurate? - Answers :the amount should match the amount quoted by the
seller's lender
Money that the buyer or seller receives at closing is known as - Answers :a credit
Who is generally responsible for insuring that the closing disclosure is delivered to that
buyer no later than three business days before consummation? - Answers :the creditor
All exclusive listing contracts must contain a - Answers :definite termination date
, In an exclusive right to sell property listing agreement, if a deposit is forfeited by a
prospective buyer, the buyer and seller must - Answers :sign a written agreement
What is the most probable price a property would bring in an arm's length sale under
normal conditions in an open and competitive market? - Answers :fair market value
When pricing a home to sell, what should be considered a seller's credit? - Answers
:items paid for in advance
The cap amount for penalties violating the fair and accurate credit transactions act is -
Answers :no cap
Blockbusting is defined as - Answers :making a profit by inducing owners to sell by
telling them that persons of a protected class are moving into the neighborhood
Lead can get into the body through breathing lead dust, swallowing lead dust, eating
paint chips or - Answers :eating soil
Failure to comply with an EPA subpoena could result in - Answers :civil penalities
Who provides consumers with access to plain english information about mortgages and
- Answers :the consumer financial protection bureau
What describes the number of persons employed in a business that represent the
economic foundation of an area? - Answers :base employment
Many agents refer to "average days on market" which is derived by adding all the days
on market of each listing and dividing by the number of - Answers :MLS listings
When preparing a CMA, an agent will choose comparable properties in each category
and compare them to - Answers :the seller's property
What should an agent give a seller so that the seller can set the price of his or her
home? - Answers :a listing range
If the loan is a conventional loan, then it is subject to the rules of - Answers :the home
valuation code of conduct (HVCC)
Which of the following is a task an unlicensed person can legally perform? - Answers
:oversee repairs
The reciprocal salesperson or reciprocal broker must pass the reciprocal license
examination offered by the commission within how many months following the
completion of the reciprocal pre-licensed course? - Answers :6 months
