POST LICENSE COURSE (BARNEY FLETCHER) E
m m m m m
XAM NEWEST 2024 ACTUAL EXAM 350
m m m m m
QUESTIONS AND CORRECT DETAILED ANS
m m m m
WERS (VERIFIED ANSWERS) |ALREADY GR
m m m m
ADED A+ m
Within mthemfirstmfivemyearsmaround
%mof magentsmleavemthemreal mestatembusiness
- ANSWER>>80-90%
m m
Formbuyersmwhatmaremthemfivemstepsmof mthempre-qualification mprocessm-
mANSWER>>1.mUrgency
2. Motivation
3. Financial mAbility
4. WantsmandmNeeds
5. Agency
Formsellersmwhatmaremthemfivemstepsmtomthemfirstmappointmentm-mANSWER>>1.mUrgency
2. Motivation
3. Concerns
4. Expectations
5. Hesitations
Amperson mwhommaymbemwillingmtomengagemin mamreal mestatemtransaction m-
mANSWER>>Prospect
Amperson mwhomismwillingmtomperhapsmhavemamconversationmbutmhasmnomreal mdesiremtomenga
gemin mamreal mestatemtransactionsm-mANSWER>>Suspect
In mdeterminingmwhethermampersonmismamsuspectmormamprospectmwemmustmconsiderm-
mANSWER>>Urgencymandmmotivation
When msettingmgoals,mitsmimportantmtheymbem-
mANSWER>>SpecificmMeasurable
AttainablemRea
listicmTimely
Mostmcommon mtypemof mtargetmmarketmismamparticularmneighborhoodmof mhomesm-
mANSWER>>Farming
Am
analysismcanmbemhelpfulminmanalyzingmyourmstrengthsmandmweaknesses,mwhich
mcan msometimesmhelpmyou mpickmthemtargetmmarketmthatmismbestmformyou m-
mANSWER>>SWOT
,Themprimarymobjectivemof manymtypemof mrealmestatemprospectingmismtom-
mANSWER>>Generate man mappointment
Themratiomthatmismcomputedmbymdividingmthemnumbermof mhomesmsoldminmamyearmbymthemtotal
mnumbermof mhomesmin mthemfarmsm-mANSWER>>Turnovermratio
Ammethodmof mprospectingmthatmwillminvolvemthemtelephone,mbutmonlymasmpartmof mammixmofmdif
ferentmtypesmof mcontactsm-mANSWER>>Circlemprospecting
Am agentmhasmmoremcontrol mthan mam agentm-mANSWER>>Listing/selling
Thisminvolvesmonlymonemappointmentmwith mthemprospectivemsellers.mLicenseemmakesmthem
presentation,mshowmthemrecommendedmpricemthroughmCMAmandmtrymtomgetmsellersmtomsign
mthemlistingmcontractm-mANSWER>>1-stepmlisting mpresentation
Whatmismthembestmwaymtomestablish mampersonal mbrandmin mreal mestatem-
mANSWER>>Tomdevelop mamgoodmreputation
Which mofmthemfollowingmchoicesmismthemmostmcommon mwaymbuyersmfindmamhousemtheympurc
hasedm-mANSWER>>Internet
Whatmismthemmostmimportantmpartmof myourm"brand"min myourmreal mestatemcareerm-
mANSWER>>Yourmreputation
When mamreal mestatemlicenseemfocusesmhismormhermprospectingmeffortsmonmamparticul
armneighborhoodmormtypemofmbuyermismthemlicensee'sm-mANSWER>>Targetmmarket
Asmamreal mestatemagentmyourmprimarymproductmism-mANSWER>>Yourmcontacts
When mthemnumbermof mlistingsmbymamparticularmfirmmismdividedmbymthemtotal mnumbermof mlistin
gsmin mthatmneighborhood,mthemresultmismthem-mANSWER>>Marketmshare
Which mof mthemfollowingmismthembestmwaymtomaskmformamreferral m-
mANSWER>>Whomdomyou mknow mwhommightmbemlooking mtombuymormsell mamhouse
Themprocessmof mensuringmthatmtheminteriormandmexteriormof mamhomemaremasmattractivemasmpo
ssiblemismknown masm-mANSWER>>Staging
Themtypesmof mmediamusedmtomgeneratemnew mbusinessmismknown masmthem-
mANSWER>>Promotional mmix
When mdoingmtheminitialmtourmofmamhousembeforemmakingmamlistingmpresentation,monemgoalms
houldmbemtom-
mANSWER>>Getmthemsellersmtomview mthempropertymfrommthemstandpointmofmamtypicalmbuyer
smrathermthan mamseller
,Ambuyermhasmmademanmoffermonmamseller'smhouse.mThemoffermgivesmthembuyerm10mdaysmtom
havemamlicensedmhomeminspectionmofmthempropertymandmtomcancelmthemoffermif mtheminspecti
on mrevealsmsignificantmnecessarymrepairsmunknownmtomthembuyer.mThismisman mexamplemof
m-mANSWER>>Contingency mclause
Which mof mthemfollowingmtypesmof msalesmof mampersonal mresidencemwouldmrequiremamthird-
partymapproval mbeforemthemsalemcouldmbemclosedm-
mANSWER>>A mbankruptcy,mamdivorce,mormamshortmsale
Whatmismthemmostmimportantmfactormin mqualifyingmamprospectivembuyerm-
mANSWER>>Whethermthemprospectmismfinanciallymqualified mtompurchase mamhome
In mdeterringmwhethermormnotmtomissuemampre-approval mletter,mthemlendermwouldmconsiderm-
mANSWER>>Principal,minterest,mpropertymtaxes,mandminsurance
Whatmismthempurposemof musingman massumptivemclosem-
mANSWER>>To mmakemitmeasiermformthembuyermtomsaymyes
If mthembuyermandmsellermagreedmthatmthembuyermwouldmpurchasemthempatiomfurnituremasmpa
rtmof mthemcontract,mthismwouldmappearminmwhichmsectionmofmthemPurchasemandmSalemagree
ment
-mANSWER>>Special mStipulations
Amloan mpointmism-mANSWER>>Onempercentmof mthemloan mamount
Assumingmthembuyersmrideminmyourmcar,mthemtimemspentminmthemcarmcanmbemputminmgoodmus
embym-mANSWER>>Discussingmthempositivemfeaturesmof mthemneighborhood
whatmismthembiggestmdifferencembetweenmtraditional mtelemarketingmandmcirclemprospecting?
- ANSWER>>circlemprospectingmrequires.mfollow-up
undermwhatmcircumstancemshouldmamrealmestatemlicenseemusemam1-stepmlistingmpresentation
- ANSWER>>if mthemhomeownerminsistsmon mit
whatmismthemmostmcommon mreasonmwhymnew mlicenseesmhatemmakingmcoldmcallsmonmthemtel
ephonem-mANSWER>>fearmof mrejection
which mof mthemfollowingmcontactmmethodsmismmostmlikelymtomgetmpeoplemtomremembermyou m-
mANSWER>>send mamhandwritten mthankmyou mnotemaftermamphonemconversation
when mansweringmamphonemcall,mwhichmofmthemfollowingmchoicesmwouldmbemamkeymobjectivem
-mANSWER>>tomnotmonlymgiveminformation,mbutmtomgetminformationmfrommthemcallermasmwell
whatmtypemof msoftwaremismdesignedmspecificallymtomavoidm"onemandmdone"mprospectingm-
mANSWER>>customermrelationship mmanagementm(CRM)
, when mtryingmtomgetmamlistingmfrommamsellermwhosempreviousmlistingmwasmexpired,mwhichmof mt
hemfollowingmchoicesmaremrecommendedmtomsolicitmamlistingmcontractmfrommthatmsellerm-
mANSWER>>provide mamfreemservice,msuch masmanalysismof mcurrentmmarketmconditions
situationsmwheremon mpartymrepresentsmanothermpartym-mANSWER>>law mof magency
themlawsmregardingmagencymcomemfrommwhatmthreemsourcesmin mthemUSm-
mANSWER>>common mlaw,mstatutorymlaw,mandmadministrative mormregulatorymlaw
stemsmfrommBritish mlawsmwhichmappliedmtomthemcoloniesmbeforemthemRevolutionarymWarm(pr
ecedents)m-mANSWER>>Common mlaw
lawsmpassedmbymthemstatemlegislaturemormthemCongressmandmsignedmbymthemgovernor.m-
mANSWER>>statutory mlaws
refersmtomthemrulesmandmregulationsmadoptedmbymvariousmregulatorymbodiesm-
mANSWER>>Administrative mormregulatorymlaw
themperson mwhomhiresmthemagentmtomrepresentmthemmin mamtransaction m-
mANSWER>>principal
themperson mhiredmtomrepresentmthemprincipal m-mANSWER>>agent
in mreal mestatempractice,mthe ismconsideredmthemagentm-mANSWER>>broker
representsmthemprincipal min mallmaspectsmof mthemprincipal'smdealings,m-
mANSWER>>universal magent
lessmauthoritymthanmamuniversal magentmbutmmaymrepresentmthemprincipal minman mongoingms
eriesmof mcontinuousmevents,musuallyminmonemgeneral mfieldmof mendeavor.mIn mreal mestate,mpr
opertymmanagersm-mANSWER>>general magent
representsmthemprincipal min monemspecificmtransaction.m-mANSWER>>special magent
actsmasmagentmforman magentmandmhasmthemsamemdutiesmandmobligationsmasmthemagentm-
mANSWER>>subagent
amposition mof mtrustmandmmustmputmtheminterestmof mhismclientm(Steve)mabovemthosemof mall mot
hers,mincludingmandmespeciallymthosemof mhimself.m-mANSWER>>fiduciarymobligations
Thismmeansmthatmthemagentmismrequiredmtomactminmthembestminterestmof mthemclientmandmmus
tmnotmputmanyonemelse'sminterestsmaheadmof mthosemof mthemclient.m-mANSWER>>loyalty
Agentsmaremonlymrequiredmtomfollow mthe
instructionsmofmtheirmclient.m
-mANSWER>>lawful
m m m m m
XAM NEWEST 2024 ACTUAL EXAM 350
m m m m m
QUESTIONS AND CORRECT DETAILED ANS
m m m m
WERS (VERIFIED ANSWERS) |ALREADY GR
m m m m
ADED A+ m
Within mthemfirstmfivemyearsmaround
%mof magentsmleavemthemreal mestatembusiness
- ANSWER>>80-90%
m m
Formbuyersmwhatmaremthemfivemstepsmof mthempre-qualification mprocessm-
mANSWER>>1.mUrgency
2. Motivation
3. Financial mAbility
4. WantsmandmNeeds
5. Agency
Formsellersmwhatmaremthemfivemstepsmtomthemfirstmappointmentm-mANSWER>>1.mUrgency
2. Motivation
3. Concerns
4. Expectations
5. Hesitations
Amperson mwhommaymbemwillingmtomengagemin mamreal mestatemtransaction m-
mANSWER>>Prospect
Amperson mwhomismwillingmtomperhapsmhavemamconversationmbutmhasmnomreal mdesiremtomenga
gemin mamreal mestatemtransactionsm-mANSWER>>Suspect
In mdeterminingmwhethermampersonmismamsuspectmormamprospectmwemmustmconsiderm-
mANSWER>>Urgencymandmmotivation
When msettingmgoals,mitsmimportantmtheymbem-
mANSWER>>SpecificmMeasurable
AttainablemRea
listicmTimely
Mostmcommon mtypemof mtargetmmarketmismamparticularmneighborhoodmof mhomesm-
mANSWER>>Farming
Am
analysismcanmbemhelpfulminmanalyzingmyourmstrengthsmandmweaknesses,mwhich
mcan msometimesmhelpmyou mpickmthemtargetmmarketmthatmismbestmformyou m-
mANSWER>>SWOT
,Themprimarymobjectivemof manymtypemof mrealmestatemprospectingmismtom-
mANSWER>>Generate man mappointment
Themratiomthatmismcomputedmbymdividingmthemnumbermof mhomesmsoldminmamyearmbymthemtotal
mnumbermof mhomesmin mthemfarmsm-mANSWER>>Turnovermratio
Ammethodmof mprospectingmthatmwillminvolvemthemtelephone,mbutmonlymasmpartmof mammixmofmdif
ferentmtypesmof mcontactsm-mANSWER>>Circlemprospecting
Am agentmhasmmoremcontrol mthan mam agentm-mANSWER>>Listing/selling
Thisminvolvesmonlymonemappointmentmwith mthemprospectivemsellers.mLicenseemmakesmthem
presentation,mshowmthemrecommendedmpricemthroughmCMAmandmtrymtomgetmsellersmtomsign
mthemlistingmcontractm-mANSWER>>1-stepmlisting mpresentation
Whatmismthembestmwaymtomestablish mampersonal mbrandmin mreal mestatem-
mANSWER>>Tomdevelop mamgoodmreputation
Which mofmthemfollowingmchoicesmismthemmostmcommon mwaymbuyersmfindmamhousemtheympurc
hasedm-mANSWER>>Internet
Whatmismthemmostmimportantmpartmof myourm"brand"min myourmreal mestatemcareerm-
mANSWER>>Yourmreputation
When mamreal mestatemlicenseemfocusesmhismormhermprospectingmeffortsmonmamparticul
armneighborhoodmormtypemofmbuyermismthemlicensee'sm-mANSWER>>Targetmmarket
Asmamreal mestatemagentmyourmprimarymproductmism-mANSWER>>Yourmcontacts
When mthemnumbermof mlistingsmbymamparticularmfirmmismdividedmbymthemtotal mnumbermof mlistin
gsmin mthatmneighborhood,mthemresultmismthem-mANSWER>>Marketmshare
Which mof mthemfollowingmismthembestmwaymtomaskmformamreferral m-
mANSWER>>Whomdomyou mknow mwhommightmbemlooking mtombuymormsell mamhouse
Themprocessmof mensuringmthatmtheminteriormandmexteriormof mamhomemaremasmattractivemasmpo
ssiblemismknown masm-mANSWER>>Staging
Themtypesmof mmediamusedmtomgeneratemnew mbusinessmismknown masmthem-
mANSWER>>Promotional mmix
When mdoingmtheminitialmtourmofmamhousembeforemmakingmamlistingmpresentation,monemgoalms
houldmbemtom-
mANSWER>>Getmthemsellersmtomview mthempropertymfrommthemstandpointmofmamtypicalmbuyer
smrathermthan mamseller
,Ambuyermhasmmademanmoffermonmamseller'smhouse.mThemoffermgivesmthembuyerm10mdaysmtom
havemamlicensedmhomeminspectionmofmthempropertymandmtomcancelmthemoffermif mtheminspecti
on mrevealsmsignificantmnecessarymrepairsmunknownmtomthembuyer.mThismisman mexamplemof
m-mANSWER>>Contingency mclause
Which mof mthemfollowingmtypesmof msalesmof mampersonal mresidencemwouldmrequiremamthird-
partymapproval mbeforemthemsalemcouldmbemclosedm-
mANSWER>>A mbankruptcy,mamdivorce,mormamshortmsale
Whatmismthemmostmimportantmfactormin mqualifyingmamprospectivembuyerm-
mANSWER>>Whethermthemprospectmismfinanciallymqualified mtompurchase mamhome
In mdeterringmwhethermormnotmtomissuemampre-approval mletter,mthemlendermwouldmconsiderm-
mANSWER>>Principal,minterest,mpropertymtaxes,mandminsurance
Whatmismthempurposemof musingman massumptivemclosem-
mANSWER>>To mmakemitmeasiermformthembuyermtomsaymyes
If mthembuyermandmsellermagreedmthatmthembuyermwouldmpurchasemthempatiomfurnituremasmpa
rtmof mthemcontract,mthismwouldmappearminmwhichmsectionmofmthemPurchasemandmSalemagree
ment
-mANSWER>>Special mStipulations
Amloan mpointmism-mANSWER>>Onempercentmof mthemloan mamount
Assumingmthembuyersmrideminmyourmcar,mthemtimemspentminmthemcarmcanmbemputminmgoodmus
embym-mANSWER>>Discussingmthempositivemfeaturesmof mthemneighborhood
whatmismthembiggestmdifferencembetweenmtraditional mtelemarketingmandmcirclemprospecting?
- ANSWER>>circlemprospectingmrequires.mfollow-up
undermwhatmcircumstancemshouldmamrealmestatemlicenseemusemam1-stepmlistingmpresentation
- ANSWER>>if mthemhomeownerminsistsmon mit
whatmismthemmostmcommon mreasonmwhymnew mlicenseesmhatemmakingmcoldmcallsmonmthemtel
ephonem-mANSWER>>fearmof mrejection
which mof mthemfollowingmcontactmmethodsmismmostmlikelymtomgetmpeoplemtomremembermyou m-
mANSWER>>send mamhandwritten mthankmyou mnotemaftermamphonemconversation
when mansweringmamphonemcall,mwhichmofmthemfollowingmchoicesmwouldmbemamkeymobjectivem
-mANSWER>>tomnotmonlymgiveminformation,mbutmtomgetminformationmfrommthemcallermasmwell
whatmtypemof msoftwaremismdesignedmspecificallymtomavoidm"onemandmdone"mprospectingm-
mANSWER>>customermrelationship mmanagementm(CRM)
, when mtryingmtomgetmamlistingmfrommamsellermwhosempreviousmlistingmwasmexpired,mwhichmof mt
hemfollowingmchoicesmaremrecommendedmtomsolicitmamlistingmcontractmfrommthatmsellerm-
mANSWER>>provide mamfreemservice,msuch masmanalysismof mcurrentmmarketmconditions
situationsmwheremon mpartymrepresentsmanothermpartym-mANSWER>>law mof magency
themlawsmregardingmagencymcomemfrommwhatmthreemsourcesmin mthemUSm-
mANSWER>>common mlaw,mstatutorymlaw,mandmadministrative mormregulatorymlaw
stemsmfrommBritish mlawsmwhichmappliedmtomthemcoloniesmbeforemthemRevolutionarymWarm(pr
ecedents)m-mANSWER>>Common mlaw
lawsmpassedmbymthemstatemlegislaturemormthemCongressmandmsignedmbymthemgovernor.m-
mANSWER>>statutory mlaws
refersmtomthemrulesmandmregulationsmadoptedmbymvariousmregulatorymbodiesm-
mANSWER>>Administrative mormregulatorymlaw
themperson mwhomhiresmthemagentmtomrepresentmthemmin mamtransaction m-
mANSWER>>principal
themperson mhiredmtomrepresentmthemprincipal m-mANSWER>>agent
in mreal mestatempractice,mthe ismconsideredmthemagentm-mANSWER>>broker
representsmthemprincipal min mallmaspectsmof mthemprincipal'smdealings,m-
mANSWER>>universal magent
lessmauthoritymthanmamuniversal magentmbutmmaymrepresentmthemprincipal minman mongoingms
eriesmof mcontinuousmevents,musuallyminmonemgeneral mfieldmof mendeavor.mIn mreal mestate,mpr
opertymmanagersm-mANSWER>>general magent
representsmthemprincipal min monemspecificmtransaction.m-mANSWER>>special magent
actsmasmagentmforman magentmandmhasmthemsamemdutiesmandmobligationsmasmthemagentm-
mANSWER>>subagent
amposition mof mtrustmandmmustmputmtheminterestmof mhismclientm(Steve)mabovemthosemof mall mot
hers,mincludingmandmespeciallymthosemof mhimself.m-mANSWER>>fiduciarymobligations
Thismmeansmthatmthemagentmismrequiredmtomactminmthembestminterestmof mthemclientmandmmus
tmnotmputmanyonemelse'sminterestsmaheadmof mthosemof mthemclient.m-mANSWER>>loyalty
Agentsmaremonlymrequiredmtomfollow mthe
instructionsmofmtheirmclient.m
-mANSWER>>lawful
