45 Hour Post License Final Exam with precise
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detailed answers |
If |an |appraisal |falls |short |of |the |needed |value |to |close |the |deal, |one |of |four |outcomes |would |result. |
Which |one |of |the |following |is |NOT |one |of |those |4? |- |CORRECT |ANSWER-The |seller |would |raise |the |
selling |price |in |order |to |make |up |for |the |shortfall.
Which |of |the |following |steps |would |not |be |common |to |complete |a |mail |away |closing? |- |CORRECT |
ANSWER-the |agent |would |sign |on |the |absent |persons |behalf
Your |buyers' |lender |tells |you |that |your |buyer |will |qualify |for |a |loan |up |to |$359,000. |The |lender |
advised |you |that |this |was |based |on |the |house |not |located |in |a |flood |zone |and |no |more |than |$150 |a |
month |in |HOA |fees. |The |buyer |was |searching |online |and |found |a |house |located |in |a |popular |
neighborhood. |When |you |pull |the |listing |information |you |discover |that |the |house |is |only |$336,000 |
but |is |in |a |Flood |Zone |"A" |and |HOA |fees |are |$300 |a |month. |Which |is |the |best |course |of |action |to |
take? |- |CORRECT |ANSWER-Contact |the |buyer's |lender |to |review |the |information |about |the |property |
and |schedule |a |showing |to |coincide |immediately |after |the |expected |response |time |from |the |lender.
What |is |the |formula |to |calculate |how |many |leads |are |needed |to |generate |clients? |- |CORRECT |
ANSWER-Clients |Required |÷ |Lead |Conversion |%
Stacey |hired |a |real |estate |licensee |to |advertise |a |home |for |sale |in |the |MLS |and |to |handle |the |
contract. |However, |the |seller |planned |to |handle |their |own |showings |and |open |houses |and |did |not |
want |to |pay |the |agent |for |those |services. |Which |type |of |listing |agreement |would |be |appropriate? |- |
CORRECT |ANSWER-Limited |listing |agreement
Asking |a |client: |"What's |the |one |thing |that |is |keeping |you |from |moving |forward?" |is |an |example |of |
___. |- |CORRECT |ANSWER-isolate |the |objection
You |are |working |with |Alana, |a |buyer, |that |wants |to |purchase |a |resale |condo |anywhere |on |Longboat |
Key. |She |has |narrowed |it |down |to |2 |units |in |different |condo |developments. |As |the |buyer's |agent, |you
|should |make |sure |she |gets |____ |within |3 |days |for |whichever |condo |she |enters |into |a |contract. |- |
CORRECT |ANSWER-Most |recent |year-end |financial |report, |Governance |form
, A |buyer |received |a |clear |to |close |from |his |lender. |Which |of |the |following |would |NOT |still |need |to |be |
completed? |- |CORRECT |ANSWER-earnest |money |deposit
Per |the |statute |- |when |a |condominium |is |sold |or |re-sold, |specific |documents |must |be |provided |from |
the |seller |to |the |buyer. |The |seller |of |new |condo's |must |provide |the |buyer |with |5-6 |different |required |
documents. |Re-seller |must |provide |the |buyer |with |7 |different |required |documents. |Which |of |the |
following |is |only |required |on |new |condominium |sales? |- |CORRECT |ANSWER-Estimated |Operating |
Budget
You |are |working |with |buyers, |Tina |and |Jeff. |You |explain |to |them |you |will |provided |them |a |list |of |up |
to |20 |houses |that |most |closely |match |their |wants |and |needs. |They |need |to |narrow |the |list |down |to |
the |top |6. |You |tell |them |you |will |show |them |6 |different |houses. |If |they |buy |one |of |those |6 |you |will |
give |them |$600 |out |of |your |commission. |Under |RESPA |and |TILA |this |is |___. |- |CORRECT |ANSWER-
Okay, |if |handled |correctly |and |disclosed |to |all |parties.
Real |estate |agent |Belle |was |arrested |for |theft |while |in |California. |Which |of |the |following |is |true |
regarding |the |situation? |- |CORRECT |ANSWER-Agent |Belle |would |have |up |to |30 |days |to |report |the |
violation |to |the |DBPR.
A |couple |is |in |town |on |a |"buying" |trip. |You |pick |out |homes |listed |in |the |multiple |listing |service |based |
on |a |needs |assessment |and |spend |the |weekend |showing |them |houses. |One |home |is |of |interest |to |
them, |yet |they |leave |town |without |making |an |offer. |You |agree |to |send |them |other |options |by |email. |
The |next |day |they |call |and |ask |you |to |find |answers |they |now |have |regarding |the |home |they |had |seen
|and |favored. |Upon |contacting |the |listing |agent, |the |agent |informs |you |that |another |real |estate |agent
|has |contacted |her |for |the |same |buyers. |However, |that |agent |has |not |actually |shown |them |the |house.
|If |the |buyers |purchase |the |home |using |the |other |agent, |what |is |the |likely |outcome? |- |CORRECT |
ANSWER-Your |broker |would |pursue |payment |from |the |listing |broker |siting |procuring |cause.
Agent |Cinderella |just |got |her |real |estate |license |but |wasn't |ready |to |start |working |as |an |agent |yet. |
Which |of |the |following |should |she |not |do? |- |CORRECT |ANSWER-Don't |worry |about |the |45-hour |post-
license |course |until |she |starts |working.
Agent |May |wanted |to |become |a |broker-associate. |Steps |to |do |so |include |all |of |the |following |except: |-
|CORRECT |ANSWER-*1) |Take |a |63-hour |pre-licensing |sales |course.*
2) |Have |completed |2 |out |of |the |previous |5 |years |as |an |active |real |estate |sales |associate |licensee, |
either |within |or |outside |of |Florida.
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detailed answers |
If |an |appraisal |falls |short |of |the |needed |value |to |close |the |deal, |one |of |four |outcomes |would |result. |
Which |one |of |the |following |is |NOT |one |of |those |4? |- |CORRECT |ANSWER-The |seller |would |raise |the |
selling |price |in |order |to |make |up |for |the |shortfall.
Which |of |the |following |steps |would |not |be |common |to |complete |a |mail |away |closing? |- |CORRECT |
ANSWER-the |agent |would |sign |on |the |absent |persons |behalf
Your |buyers' |lender |tells |you |that |your |buyer |will |qualify |for |a |loan |up |to |$359,000. |The |lender |
advised |you |that |this |was |based |on |the |house |not |located |in |a |flood |zone |and |no |more |than |$150 |a |
month |in |HOA |fees. |The |buyer |was |searching |online |and |found |a |house |located |in |a |popular |
neighborhood. |When |you |pull |the |listing |information |you |discover |that |the |house |is |only |$336,000 |
but |is |in |a |Flood |Zone |"A" |and |HOA |fees |are |$300 |a |month. |Which |is |the |best |course |of |action |to |
take? |- |CORRECT |ANSWER-Contact |the |buyer's |lender |to |review |the |information |about |the |property |
and |schedule |a |showing |to |coincide |immediately |after |the |expected |response |time |from |the |lender.
What |is |the |formula |to |calculate |how |many |leads |are |needed |to |generate |clients? |- |CORRECT |
ANSWER-Clients |Required |÷ |Lead |Conversion |%
Stacey |hired |a |real |estate |licensee |to |advertise |a |home |for |sale |in |the |MLS |and |to |handle |the |
contract. |However, |the |seller |planned |to |handle |their |own |showings |and |open |houses |and |did |not |
want |to |pay |the |agent |for |those |services. |Which |type |of |listing |agreement |would |be |appropriate? |- |
CORRECT |ANSWER-Limited |listing |agreement
Asking |a |client: |"What's |the |one |thing |that |is |keeping |you |from |moving |forward?" |is |an |example |of |
___. |- |CORRECT |ANSWER-isolate |the |objection
You |are |working |with |Alana, |a |buyer, |that |wants |to |purchase |a |resale |condo |anywhere |on |Longboat |
Key. |She |has |narrowed |it |down |to |2 |units |in |different |condo |developments. |As |the |buyer's |agent, |you
|should |make |sure |she |gets |____ |within |3 |days |for |whichever |condo |she |enters |into |a |contract. |- |
CORRECT |ANSWER-Most |recent |year-end |financial |report, |Governance |form
, A |buyer |received |a |clear |to |close |from |his |lender. |Which |of |the |following |would |NOT |still |need |to |be |
completed? |- |CORRECT |ANSWER-earnest |money |deposit
Per |the |statute |- |when |a |condominium |is |sold |or |re-sold, |specific |documents |must |be |provided |from |
the |seller |to |the |buyer. |The |seller |of |new |condo's |must |provide |the |buyer |with |5-6 |different |required |
documents. |Re-seller |must |provide |the |buyer |with |7 |different |required |documents. |Which |of |the |
following |is |only |required |on |new |condominium |sales? |- |CORRECT |ANSWER-Estimated |Operating |
Budget
You |are |working |with |buyers, |Tina |and |Jeff. |You |explain |to |them |you |will |provided |them |a |list |of |up |
to |20 |houses |that |most |closely |match |their |wants |and |needs. |They |need |to |narrow |the |list |down |to |
the |top |6. |You |tell |them |you |will |show |them |6 |different |houses. |If |they |buy |one |of |those |6 |you |will |
give |them |$600 |out |of |your |commission. |Under |RESPA |and |TILA |this |is |___. |- |CORRECT |ANSWER-
Okay, |if |handled |correctly |and |disclosed |to |all |parties.
Real |estate |agent |Belle |was |arrested |for |theft |while |in |California. |Which |of |the |following |is |true |
regarding |the |situation? |- |CORRECT |ANSWER-Agent |Belle |would |have |up |to |30 |days |to |report |the |
violation |to |the |DBPR.
A |couple |is |in |town |on |a |"buying" |trip. |You |pick |out |homes |listed |in |the |multiple |listing |service |based |
on |a |needs |assessment |and |spend |the |weekend |showing |them |houses. |One |home |is |of |interest |to |
them, |yet |they |leave |town |without |making |an |offer. |You |agree |to |send |them |other |options |by |email. |
The |next |day |they |call |and |ask |you |to |find |answers |they |now |have |regarding |the |home |they |had |seen
|and |favored. |Upon |contacting |the |listing |agent, |the |agent |informs |you |that |another |real |estate |agent
|has |contacted |her |for |the |same |buyers. |However, |that |agent |has |not |actually |shown |them |the |house.
|If |the |buyers |purchase |the |home |using |the |other |agent, |what |is |the |likely |outcome? |- |CORRECT |
ANSWER-Your |broker |would |pursue |payment |from |the |listing |broker |siting |procuring |cause.
Agent |Cinderella |just |got |her |real |estate |license |but |wasn't |ready |to |start |working |as |an |agent |yet. |
Which |of |the |following |should |she |not |do? |- |CORRECT |ANSWER-Don't |worry |about |the |45-hour |post-
license |course |until |she |starts |working.
Agent |May |wanted |to |become |a |broker-associate. |Steps |to |do |so |include |all |of |the |following |except: |-
|CORRECT |ANSWER-*1) |Take |a |63-hour |pre-licensing |sales |course.*
2) |Have |completed |2 |out |of |the |previous |5 |years |as |an |active |real |estate |sales |associate |licensee, |
either |within |or |outside |of |Florida.
