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