45 Hour Post Licensing Exam with verified solutions.

A married couple have prequalified for a $240,000 conventional mortgage. If they put 20% down, they can buy a house for $300,000 What facts need not be disclosed in a real estate transaction? 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? 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? $100,534 Filing a suit to quiet title is used when a title defect is found, which is difficult to remove by ordinary means. What are the benefits of restrictive covenants? Maintain and enhance value What's the downside for a principal who has a single agent? Responsible for the single agent's acts What is the likely cause of a contract for sale of real estate being ruled as unenforceable? Unwritten agreement Aside from a property's location, what is the most important factor that influences market value? Highest and best use The margin is 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? $107,500 How often do mortgage loan originators need to have a criminal background check? Every year A written listing agreement with a self-renewing clause is void. When you explain the pricing process during a listing presentation, you would NOT ordinarily discuss the process of closing a sale. What are the three keys to prospecting success? Organization, numbers, and consistency 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 paraphrasing. Which party may pay a licensed personal assistant for selling activities? It is not legal to pay a personal assistant—whether licensed or unlicensed—a portion of a real estate commission. In a relatively new neighborhood with 524 homes, 72 houses were sold. The turnover index in this neighborhood is 13.7% // 7%. 72 houses sold ÷ 524 total homes = .137 or 13.7% The Florida Realtors®/Florida Bar Residential Contract for Sale and Purchase is best for a residential sale. Sometimes when a buyer is not quite ready and wants to think about it a while longer, the salesperson should ask permission to prepare the paperwork as if they were buying, then go over it. An exclusive agency listing is used when an owner lists with a broker on the basis that if the property is sold by a broker, the broker is entitled to a commission, but if the owner sells his own property, he owes no commission. If a selling sales associate attempts to present an offer without the listing agent being present, it would likely alienate the seller because the seller has more trust in the listing sales associate. A single agent broker must give a brokerage relationship disclosure when a transaction is the sale of a duplex. 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 contribution. When should the price be covered when presenting an offer? Last At what rate do taxpayers pay for short-term capital gains? The investor's ordinary income tax rate A buyer can save money by making at least a 20% down payment because the buyer won't have to pay for mortgage insurance. The total room count in a house would include bedrooms. The four basic loan processing procedures are checking the borrower's ability to repay, appraising collateral's property value, preparing loan documents, and checking the title of the collateral.