45 POST LICENSING COURSE QUESTIONS &
ANSWERS
Under the Americans with Disabilities Act, there must be at least one accessible parking
space for every - Answers :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, - Answers :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 - Answers :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? - Answers :The listing
expires.
The sphere of influence is NOT - Answers :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? - Answers :15
$45,000 ÷ $3,000 = 15 listings that must be sold.
The components of a full title report are - Answers :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 - Answers
: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 - Answers :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? - Answers :Highest and best use
A property's highest and best use is its most profitable legally and physically permitted
use
Social media is defined as - Answers :technology for people who want to create and
share information in the virtual communities they join.
Users of social media like Facebook and Twitter are spending more and more time on
the sites.
Open listings - Answers :may be oral, written, or implied
Any listing contract normally creates an open listing unless the contract is worded in a
manner that specifically provides for a different type of listing. While open listings may
be either written, oral, or implied, a contract does not exist until terms are negotiated.
Which is an operating expense of an income property? - Answers :Management fee
Operating expenses are divided into three categories: fixed expenses, variable
expenses, and reserves for replacement. Mortgage payment, income taxes, and
depreciation are not operating expenses.
A sales associate who asks a prospective buyer, "How many bedrooms do you need in
the house?" is - Answers :qualifying the buyer's housing objectives.
, Other information the sales associate should get from the buyers includes the features
they want in the home, how quickly they need to move, and if they must sell their
current home.
Which is NOT a requirement for a listing? - Answers :Having a self-renewing clause
A written listing agreement may not have wording that makes it self-renewing, or the
listing will be void. A copy of the listing must be given to the seller within 24 hours. Also,
if a listing is written, it must include a definite expiration date, a description of the
property, the price and terms acceptable to the sellers, the amount of commission due
upon the broker's performance, and the signature of the parties.
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 -
Answers :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? - Answers :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.
What is the most likely reason why a sales associate sets appointments with the seller
using a range of time rather than a specific time? - Answers :Because a prospective
buyer may stay longer in some houses than the sales associate had planned
ANSWERS
Under the Americans with Disabilities Act, there must be at least one accessible parking
space for every - Answers :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, - Answers :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 - Answers :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? - Answers :The listing
expires.
The sphere of influence is NOT - Answers :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? - Answers :15
$45,000 ÷ $3,000 = 15 listings that must be sold.
The components of a full title report are - Answers :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 - Answers
: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 - Answers :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? - Answers :Highest and best use
A property's highest and best use is its most profitable legally and physically permitted
use
Social media is defined as - Answers :technology for people who want to create and
share information in the virtual communities they join.
Users of social media like Facebook and Twitter are spending more and more time on
the sites.
Open listings - Answers :may be oral, written, or implied
Any listing contract normally creates an open listing unless the contract is worded in a
manner that specifically provides for a different type of listing. While open listings may
be either written, oral, or implied, a contract does not exist until terms are negotiated.
Which is an operating expense of an income property? - Answers :Management fee
Operating expenses are divided into three categories: fixed expenses, variable
expenses, and reserves for replacement. Mortgage payment, income taxes, and
depreciation are not operating expenses.
A sales associate who asks a prospective buyer, "How many bedrooms do you need in
the house?" is - Answers :qualifying the buyer's housing objectives.
, Other information the sales associate should get from the buyers includes the features
they want in the home, how quickly they need to move, and if they must sell their
current home.
Which is NOT a requirement for a listing? - Answers :Having a self-renewing clause
A written listing agreement may not have wording that makes it self-renewing, or the
listing will be void. A copy of the listing must be given to the seller within 24 hours. Also,
if a listing is written, it must include a definite expiration date, a description of the
property, the price and terms acceptable to the sellers, the amount of commission due
upon the broker's performance, and the signature of the parties.
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 -
Answers :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? - Answers :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.
What is the most likely reason why a sales associate sets appointments with the seller
using a range of time rather than a specific time? - Answers :Because a prospective
buyer may stay longer in some houses than the sales associate had planned
