45 Hour Post Licensing Exam

A married couple have prequalified for a $240,000 conventional mortgage. If they put 20% down, they can buy a house for - Answer- $300,000 What facts need not be disclosed in a real estate transaction? - Answer- The property was the site of a homicide. What is a good graphic to show a seller that there will be more activity if the property is competitively priced? - Answer- The pricing pyramid A home sells for $310,500. Expenses of the sale are $4,800. The brokerage fee is $18,630. Prorations for taxes and interest are $5,036. The mortgage payoff is $181,500. What are the seller's proceeds from the sale? - Answer- $100,534 Filing a suit to quiet title is used when - Answer- a title defect is found, which is difficult to remove by ordinary means. What are the benefits of restrictive covenants? - Answer- Maintain and enhance value What's the downside for a principal who has a single agent? - Answer- Responsible for the single agent's acts What is the likely cause of a contract for sale of real estate being ruled as unenforceable? - Answer- Unwritten agreement Aside from a property's location, what is the most important factor that influences market value? - Answer- Highest and best use The margin is - Answer- the percentage added to the index of an adjustable-rate mortgage that results in the calculated rate. A home sells for $370,000. The mortgage payoff is $262,500. What is the seller's equity? - Answer- $107,500 How often do mortgage loan originators need to have a criminal background check? - Answer- Every year A written listing agreement with a self-renewing clause - Answer- is void. When you explain the pricing process during a listing presentation, you would NOT ordinarily discuss - Answer- the process of closing a sale. What are the three keys to prospecting success? - Answer- Organization, numbers, and consistency A