Barney Fletcher Study guides, Class notes & Summaries

For buyers what are the five steps of the pre-qualification process - ANSWER 1. Urgency 2. Motivation 3. Financial Ability 4. Wants and Within the first five years around ___% of agents leave the real estate business - ANSWER 80-90% 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...

deed - ANSWER the instrument used to transfer real property Title - ANSWER Ownership and the owner's rights Real Estate - ANSWER Land + improvements (appertenances) Physical Characteristics of Land - ANSWER 1. Immovable 2. Indestructable 3. Non-Homogenous (unique) Economic Characteristics of Land - ANSWER 1) Situs 2) Improvements 3) Fixed Investment 4) Scarcity Personal Property - ANSWER anything that

In doing a market analysis, you find a recently sold property where the owners had just gone through a divorce. It was listed for $60,000 for 3 months but sold for $40,000. Would you use this as a comparable? A. no, because it had only been listed for 3 months B. no, because of the divorce, it was not an arms length agreement C. yes, you would use the actual sales price of $40,000 D. yes, because it was a comparable type property - ANSWER B. no, because of the divorce, it was not an arms l...

Assemblage - ANSWER combining two or more contiguous parcels of real estate into a single parcel under one ownership plottage - ANSWER an increase in value resulting from assemblage fixture - ANSWER personal property that is permanently attached to real property and goes with the property when its sold what makes something a fixture - ANSWER if object was fixed or installed with the intention of improving the home appurtenances - ANSWER when new fixtures are attached ex. heat/air, ro...

A seller wants to list the property with a broker, but wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing? A. an exclusive agency listing B. an exclusive right to sell listing C. an open listing D. all listings - ANSWER B. an exclusive right to sell listing Mr. Smith listed his farm with broker Bob. Although Smith did not tell him, Bob knew he had to sell due to poor health. Wha...

Which would NOT be used in the capitalization approach? A. gross income B. operating expenses C. reproduction cost D. allowance for vacancy - ANSWER C. reproduction cost A property had a land value of $40,000, a 2,000 square feet structure with a rebuilding cost of $70 per square foot, depreciation of $5,000 due to functional obsolescence and $1,500 due to physical depreciation. What would be the estimate of value for this property using the cost approach? A. $133,500 B. $140,000 C...

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