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CA Real Estate Practice > Ch 9 CA RE Practice > Flashcards

Ch 9 CA RE Practice Flashcards

1
Q

How to get customer list?

A

Floor time, for sale sign caller, mailers, newsletter,

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2
Q

What’s opportunity give agents to acquire leads?

A

Floor time

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3
Q

How long for you to respond back to Internet lead/prospect per studies?

A

1 minute

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4
Q

The biggest complaint of consumer of real estate agent:

A

RE agent not calling back clients

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5
Q

Every prospect is important due to call back and follow up…

A

repeat business, multiple referral, lifetime customer

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6
Q

Lead generation websites?

A

Trulia, Realtor, or Zillow

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7
Q

How to talk to new client via phone who just saw your number on the sign?

A

Smile before picking up the phone, get contact info. Do not sell them on the house. Say “Great I am “name” and I am happy to help you. I am about to give you somewhat confidential info, may I get your cell number. Great it’s 4bd 280K, is that your price range?

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8
Q

How does your voice influence how many clients you get?

A

Your energy in your voice and intention will determine how many leads you get. Don’t be fearful or pushy. Don’t talk fast.

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9
Q

What is the difference between pre-qualification and pre-approval letter?

A

Pre-qualification is a 10 minute over the phone of income and debts to see how much the borrow is qualified. Pre-approval is where the lender verifies in depth all income and more likely to get the loan. Pre-approval should be submitted with contract.

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10
Q

The seller is interested in which letter pre-qualification and pre-approval?

A

pre-approval

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11
Q

When meeting a new buyer for the first time, what are some safety measures?

A

1) Bring someone with you on the initial meeting to show homes i.e. kids, friend, or spouse
2) Meet up at the first home
3) Go during day time hours
4) Let the buyer go in the house first so your back is not against the wall

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12
Q

Why is the response time critical for real estate agent to prospective clients?

A

They may be repeat lifetime clients and receive multiple referrals from their friends and family.

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13
Q

If a buyer ask, I want to move into a nice neighborhood, Chinatown, avoid low rent area, avoid poor area, I don’t want a bunch of kids running around, or want to be near the church. How do you handle that?

A

Be sure not to violate civil rights law. It is not us to judge the area. I am not sure of the rent in the area, but what are you pre-approval for? I can show you neighborhood within that price range.

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14
Q

What is the total monthly mortgage payment, property taxes, insurance divided by the total gross monthly income ratio called?

A

At least 28% Front end ratio that the lender wants to see for pre-approval

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15
Q

What is monthly long term debt/gross annual income ratio called?

A

Back in ratio at least 36% that the lender wants to see for pre-approval

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16
Q

How do you prepare for showings for buyers to ensure a smooth process?

A
  • Make appointments a few days ahead for the ones that requested for and may be rentals. Say you will be in the area around 12 to 1pm. Gave a 1 hour window. Don’t know how long the buyer will spend looking at each homes.
  • Print out the map and list of homes that will be shown. Give a copy to the buyers.
  • Show homes with a lock box in between appointments
  • When going into each home announce yourself just in case someone is in the home.
17
Q

What does the stats say about sale sign callers?

A

They usually cannot afford the home.

18
Q

What is the goal when you get a prospect caller or an email?

A
  • For the caller, get their cell number first before giving any info.
  • For the email, ask for their cell number to give more info.
19
Q 
Which of the following refers to an agent who is assigned to answer phone calls from prospective buyers that call the brokerage office…?
Cold Calling
Floor Time
Closing
Marketing
A

Floor Time

20
Q 
Which of the following is a step above pre-qualification…?
Pre-approval
Commitment
Closing
Inquiry
A

Pre-approval

21
Q

A prospective buyer who calls an agent after seeing their ad in a newspaper can generally afford to spend more than the listing price of the property…?
T (True)
F (False)

A

T (True)

22
Q 
A formal application is needed to obtain which of the following from a lender…?
APre-qualification letter
BPre-approval letter
CClosing letter
DPre-commitment letter
A

BPre-approval letter

23
Q

Ideally, an offer on a property should be submitted with which of the following….?
ALine of credit from a bank
BPre-approval letter from a lender
CProof of funds letter from the buyer’s bank
DEscrow letter from the buyer

A

B Pre-approval letter from a lender

24
Q 
A borrower's total monthly mortgage payment divided by their gross monthly earnings equals a lender's…?
ABack-end ratio
BFront-end ratio
CLoan-to-value ratio
DCredit ratio
A

BFront-end ratio

25
Q 
What does a lender typically want to see as a front-end ratio for a borrower…?
A28 percent (%)
B36 percent (%)
C42 percent (%)
D50 percent (%)
A

28 percent (%)

26
Q 
Which of the following ratios by a lender indicates what portion of a person’s monthly income goes toward paying debts….?
ABack-end ratio
BFront-end ratio
CLoan-to-value ratio
DCredit ratio
A

ABack-end ratio

27
Q 
What does a lender typically want to see as a back-end ratio for a borrower…?
A28 percent (%)
B36 percent (%)
C42 percent (%)
D50 percent (%)
A

B 36 percent (%)

28
Q 
Lenders typically consider long-term debt as debt that will not be paid off in at least…?
A1 month
B3 months
C6 months
D12 months
A

6 months

29
Q

Agents should try to setup an immediate phone call with new email leads…?
AT (True)
BF (False)

A

(True)

30
Q 
Which of the following is a step above pre-qualification…?
APre-approval
BCommitment
CClosing
DInquiry
A

Pre-approval

31
Q 
Which of the following involves a lender verifying the purchaser’s credit, down-payment, and employment history…?
APre-qualification process
BInquiry process
CClosing process
DPre-approval process
A

Pre-approval process

CA Real Estate Practice (13 decks)

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