45 Hour Post Licensing Exam Questions And Answers (Verified And Updated)

45 Hour Post Licensing Exam Questions And Answers (Verified And Updated) 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? - answerThe 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? - answerThe 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 - answera title defect is found, which is difficult to remove by ordinary means. What are the benefits of restrictive covenants? - answerMaintain and enhance value What's the downside for a principal who has a single agent? - answerResponsible for the single agent's acts What is the likely cause of a contract for sale of real estate being ruled as unenforceable? - answerUnwritten agreement Aside from a property's location, what is the most important factor that influences market value? - answerHighest and best use The margin is - answerthe 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? - answerEvery year A written listing agreement with a self-renewing clause - answeris void. When you explain the pricing process during a listing presentation, you would NOT ordinarily discuss - answerthe process of closing a sale. What are the three keys to prospecting success? - answerOrganization, 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 - answerparaphrasing. Which party may pay a licensed personal assistant for selling activities? - answerIt 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 - answer13.7% // 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 - answera residential sale. Sometimes when a buyer is not quite ready and wants to think about it a while longer, the salesperson should - answerask permission to prepare the paperwork as if they were buying, then go over it. An exclusive agency listing is used when - answeran 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, - answerit 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 - answerthe 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 - answercontribution. When should the price be covered when presenting an offer? - answerLast At what rate do taxpayers pay for short-term capital gains? - answerThe investor's ordinary income tax rate A buyer can save money by making at least a 20% down payment because - answerthe buyer won't have to pay for mortgage insurance. The total room count in a house would include - answerbedrooms.