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Real Estate Practice
Terms in this set (100)
Which feature below does not pertain to energy efficiency?
Shag carpets and marble countertops
What protects real estate owners from challenges to their property titles?
An interest-only loan offers borrowers greater purchasing power, increased cash flow and is a popular alternative to traditional:
fixed rate loans
The effective exchange of information is called:
When must you disclose your agency relationship to the seller if the property is a residential property of one-to-four units?
Prior to taking a listing agreement
What is another name for an offer to purchase?
Which segment of the industry do most licensees choose for employment?
If the buyer backs out of the contract without good reason, the offer to purchase contains a printed clause that says the seller may keep the deposit as:
A home's curb appeal is boosted by all of the following, except:
parking an expensive vehicle in the driveway
According to the NAR Profile of Home Buyers and Sellers, what do buyers frequently use to search for homes?
To prepare a CMA for a property, collect data on at least ____ comparable properties that are as similar as possible to the property in question.
What is the most difficult part about estimating the value of a property?
Determining the condition of the home
What is necessary for salespeople in order to thrive in today's ultra-competitive market?
What should the sales associate do after the open house?
Call all the prospects who visited the open house.
Is the broker able to guarantee the performance of service providers?
Which activity is not something that salespeople perform in order to produce and maintain a consistent flow of business?
Ignoring market trends
Before writing an offer for buyers, what should the salesperson keep in mind?
All of the above. a) What is the most the buyers will pay? b) Which is more important to the buyers - price or terms? c) Are the buyers prepared for a counteroffer from the sellers?
As the business of buying and selling real estate becomes more complex, so do the
Which of the following is not part of the agency disclosure process?
In order to be valid, a goal must be:
A loan made by lenders without any governmental guarantees is called a:
When the sellers and buyers reach an agreement about the sale of the property, they:
order a chain of title
Which of the following is not a time management tip that would be helpful for a sales associate?
Begin work at various times of the day
Which roof is featured in Second Empire style and has nearly vertical sides with a flat top?
To divide or distribute expenses proportionately is to ____ expenses.
The cost incurred when borrowing money is known as:
As a real estate salesperson, it is important to project:
a positive attitude
The written employment contract between a broker and a seller is called:
the listing agreement
What is known as the reasonable effort to provide accurate and complete information about a property?
In addition to their employing broker, the person who provides quality support, advice, and counseling to new licensees is known as a:
The first thing a new salesperson should create when beginning a real estate sales career is:
a contact list
Susan is a new sales associate. What should she do to prepare for an open house?
All of the above. a) Wear professional attire. b) Park her vehicle away from the house. c) visit the house prior to the open house
Which of the following are ways to advertise on the World Wide Web?
All of the above. a) Banner and sidebar ads, b) Pop-ups, c) Interstitial ads
A detailed schedule that shows the seller everything you will do to market the property is called a:
property marketing plan.
When is a good time to present your commission to the seller?
While you are explaining the costs in the net sheet
What does it take to create interest in a property, causing it to sell at a top price?
Consistent property marketing
Which statement about buyers is true?
All of the above a) Buyers do not have to work exclusively with one salesperson. b) Buyers choose their own real estate salesperson. c) Buyers may work with as many salespeople as they wish
What warns prospective buyers that certain "hazards may limit your ability to develop the real property, to obtain insurance, or to receive assistance after a disaster"?
Natural Hazard Disclosure Statement (NHD)
What is the period of time called when all parties are held accountable for the terms of the agreement such as disclosures, financing, property inspection, title, search, etc?
What statements define the terms of an agreement and give the other party cause to void an offer if the terms are not met?
In order to ensure future business after a closing, sales associates should:
do all of the above. a) ask their clients if they are satisfied with the way the transaction was handled. b) send them a thank you note or gift. c) ask for referral business
A broker who obtains a listing from a seller to act as an agent for compensation is called a:
As part of the ongoing expenses of being a sales associate, the first thing to do is set aside money for:
federal and state income taxes
A borrower who wants an FHA loan would apply directly to:
an FHA-approved lender
What is the first step in the closing process, usually done by the listing salesperson?
What should you use as a guide when creating an action plan for real estate
Overlapping horizontal boards made from wood, vinyl, or aluminum that are applied to the house are referred to as:
Which document is used to verify the legal ownership of property, show any liens against the property, and describe any easement or CC&Rs?
Preliminary Title Report
The security pledged for repayment of a loan is called:
Which insurance policy covers various claims for mistakes, neglect, or carelessness in the normal business activities of a real estate brokerage?
Errors and omissions insurance
Which of the following protects the broker's commission?
Laura is the salesperson at an open hose. She notices one woman lingering in the home. What should Laura do?
Ask the guest if she is interested in buying the home.
People commonly refer to a real estate firm as a real estate agency, but it is actually a(n)
An unsolicited email message from a real estate agent that offers the agent's services to recipients on a mailing list is a:
commercial email message
Initially, sales associates should hold open house in neighborhoods where they:
know the market
What should a well-designed website include?
all of the above. a) local points of interest, b) community pages, c) City history
Once the listing appointment is set, start preparing and gather the information needed to make a comprehensive
The first broker to obtain a buyer who meets the terms of the listing, and whose offer is accepted by the seller, earns the commission. What is that agent known as?
The procuring cause of the sale
One of the most important factors for customer satisfaction is:
If the buyer is not working with the sales associate or broker exclusively, what must the selling agent (who may also be the listing agent) provide?
A written disclosure regarding the agency relationship before the buyer makes an offer to purchase.
What form is used to disclose the condition of the property?
Transfer Disclosure Statement
Most real estate agents earn commissions when transactions close. what is a commission?
A fee based on a percentage of a property's sales price
What statement is used to disclose facts about a particular piece of property that could materially affect the property's value and desirability?
Transfer Disclosure Statement
Every single agency relationship has:
a principal, an agent, and a third party.
You are the listing sales associate. Once the seller has accepted an offer, you should:
help the seller meet all terms of the purchase contract in a timely manner.
A group of people who are most likely to seek your services or purchase your product is a:
Typically, junior loans include:
All of the above. a) home equity loans. b) home equity lines of credit. c) seller financing
The process in a real estate transaction in which agreed-on costs are paid and legal title is transferred from seller to buyer in exchange for consideration is called:
What can you use to schedule all activities necessary to reach your goals?
A time management plan
Which of the following housing styles has become one of the most common styles in the United States?
How could a real estate sales associate best prepare for a listing appointment with a seller?
All of the above. a) Prepare a comparative market analysis, b) send the seller a pre-listing package. c) prepare a property marketing plan
All counteroffers must be:
A realistic start-up budget for a real estate salesperson should include:
only what is necessary to get started
You should advise the seller to prepare his or her home for sale by:
scheduling a professional home inspection
If a buyer raises an objection about purchasing a home, what should a sales associate ask the buyer?
All of the above. a)"there must be a good reason for your hesitation. Do you mind if I ask what it is?". b) "what else do you need to move forward" c) In addition to that, is there any other reason for your hesitation?
Although this is the most efficient use of prospecting time, many salespeople resist:
Which tip could be used to help you write an effective and appealing ad?
Neither a nor b. - a) Ask the present owner what he or she likes best about the home. b) Write the ad to target a specific audience (comfort or status)
Which of the following is an example of outdoor advertising?
Real estate salesperson Chris obtained a listing from James. Chris found a "ready, willing, and able" buyer who met all terms of the listing and presented an offer to James. Which of the following statements is true?
When escrow closes, James will pay the promised commission to Chris's brother.
Which type of communication is important when servicing a listing?
All of the above. a) Personal visits. b) Phone calls. c) Email
What is a form of online publication that allows end users to engage in conversations related to the content on a website?
In a dual agency, the broker is the listing agent and the:
What should a licensee do if a seller asks questions regarding legal, tax, insurance, or title implications?
Tell the seller to seek professional advice?
Which of the following is not true regarding the use of the Internet in real estate transactions?
Home sellers do not like the increased visual marketing and instant access.
An offer is not a binding contract between a buyer and a seller unitl:
the seller sign it and the buyer have been notified of the seller's acceptance.
As a salesperson, what is the goal of an initial meeting with a buyer?
To learn as much as possible about the buyer's needs.
Which housing style displeases some critics because of its mix and match look that they say is oversized, pretentious, and without style?
What marketing piece identifies a salesperson's credentials and successes?
The process of evaluating a borrower's risk factors before a lender makes a loan is known as:
If you fail to make your monthly payment, a lender may take ownership of your home using which legal process?
What is the purpose of analyzing market activities and creating an income funnel?
To determine if a marketing plan is effective
What is a characteristic of the A-Frame style?
It is ideal for cold, snowy regions
Of the following, what should a sales associate do to present a winning and professional listing presentation?
Bring a net sheet, cover letter, and advertising samples
Ideally, the most effective way to present an offer is:
When selling a 10-year old unit in a common interest development such as condominiums, stock cooperatives, or planned developments, which form must be used?
Homeowner Association Information Request
Which firms are usually owned by private parties or partnerships, and may have many offices in one area?
Large independent firms
What could a well-prepared salesperson use to qualify a buyer?
A buyer's profile
First impressions are crucial to building a strong relationship between a sales associate and a prospect. Good first impressions are created by:
doing all of the above. a) speaking clearly with a "smile" in your voice. b) being enthusiastic, sincere, and respectful. c) being empathetic and apologetic if the prospect raises any concerns
What is similar to an office preview, but is open to all members of the MLS
Using a radio and television as advertising methods can be:
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