Knowledge Test Out

Question 1

What are 4 steps to 4:2?

Answer 1

Rapport
Motivation
Dissatisfaction
Future Promise

Question 2

How is motivation different than dissatisfaction?

Answer 2

Motivation is the why dissatisfaction is the what.

Question 3

Examples of Permission to Question

Answer 3

“May I ask you a few quick questions so I can best direct you to the right home that we offer and save you time today?”

“Would it be alright if I ask you a few questions so that I can point you in the right direction and we can make the most of our time together?”

Question 4

What are 3 areas you can gain agreement on during Mutual Purpose?

Answer 4

House Type
House Price
Time Frame

Question 5

How do you overcome a misunderstanding?

Answer 5

Explain it!

Question 6

How do you overcome a drawback?

Answer 6

Outweigh it!

Question 7

What are 4 areas you prequalify around?

Answer 7

Income
Debt
Credits
Assets

Question 8

5 areas that you can close around in new home sales?

Answer 8

Area
Community
Builder
Floor plan
Homesite

Question 9

Give an example of offering a pre-qualification:

Answer 9

Would you mind if I ask you some questions about your income, current bills, assets and credit so I can help to find what home price feels good and works for you?

Question 10

Creative ways to cover closing costs?

Answer 10

Gift Funds
Savings plan
Financing closing costs (up to $2k)

Question 11

Advantages of FHA Financing?

Answer 11

Can qualify for lower score (580)
Lower down payment (3.5%)
Can push to higher DTI ratio 
Can use non-occupant co-signer (family only)
Can use up to 6% seller concessions
One year ch 13 BK, Two years ch 7
Foreclosures 3 yrs

Question 12

Advantages of Conventional Financing?

Answer 12

No monthly MI (20%)
10% down LPMI
No upfront MI
MI falls off once 78% LTV reaches
Lower interest rates for higher scores
Can buy investment home

Question 13

Explain 5/1 ARM?

Answer 13

5 years fixed at lower rate
After 5 years, rate moves towards note rate (no more than 1% per year)
Will adjust for 5 years then stay fixed.

Question 14

Minimum down for VA?

Answer 14

0%

Question 15

Minimum down for FHA?

Answer 15

3.5%

Question 16

Minimum credit score for FHA financing?

Answer 16

580

Question 17

Square feet in an acre?

Answer 17

43,560

Question 18

Best practices for demoing homesite?

Answer 18

Use a measuring tape 
Take cones to paint picture
Walk Homesite
Know direction
Understand grading
Explain setbacks
Point out easements

Question 19

Base SQ FT of Estero Bay?

Answer 19

2771

Question 20

Energy Saving features of home

Answer 20

Programmable thermostats
Low-e, vinyl wrapped windows
Dual pane oxygen filled windows
Insulated exterior doors
Low flow toilets
Blown attic insulation
Mastic around 
Foam insulation around wiring on exterior walls.

Question 21

Explain build smart to customer?

Answer 21

It’s our whole house building approach to lessen our impact on the environment while producing the highest level of energy savings and efficiency. We build quality homes that provide comfort and efficiency while also reducing waste.

Question 22

Ways Ryan Homes differs from competition?

Answer 22

• Turn key process allowing customers to easily purchase homes with in-house financing and settlement.
• all of our builds are personalized.
• 1-2-10 warranty that’s self serviced
• Our SMR’s are trained in mortgage finance
• Our PM’s provide customer interaction during build.
• Only national builder to stay financially positive during downturn

Question 23

Better to buy than rent

Answer 23

Tax savings
Pride of ownership
Equity
Ability to make changes now + in future
Eliminates concern of rising rent

Question 24

Tampa’s hand money policy

Answer 24

3.5% on FHA
5% conventional
$3,000 VA/USDA/Down Pay’t asst.
15% on investor or 2nd home
10% cash w/ proof of funds

Question 25

What’s is HERS score

Answer 25

Home Energy Ratings Score Calculates how much you save in energy bills compared to a 10 yo house. The lower the score, the better and its measured on 100 point scale. Home with HERS score of 56 would save you 44% more energy than a ten year old home.

Question 26

Manufacturers we use and their warranties

Answer 26

Plygem windows: 10 yr panes, lifetime casings Timberlake Cabinets : 5 yrs GE appliances: 1 year manufacturer Delta Faucets: lifetime on finishes Certainties shingles: 30 yr architect. 20 2-tab

Question 27

Realtors paid on ?

Answer 27

Base price of home

Question 28

What form do you complete if your customer needs to change lots after writing contract?

Answer 28

Lot transfer addendum

Question 29

How many days do we allow for changes to the MSS? What about flooring and wiring?

Answer 29

7 days to MSS 14-30 for flooring and wiring selections 0 for Ayersworth

Question 30

Who needs a copy of the contract once it’s written?

Answer 30

``` Office administrator (Debbie Clark) NVRM LO Realtor Customer SMR ```

Question 31

What is a standard “non-standard”?

Answer 31

An option not listed on the MSS but still available through the division with a pre-set price and option code (found on the divisions Standard Non-Standard list)

Question 32

What are 4 different pivotal statuses?

Answer 32

Prospect Buyer Owner Lost Sale

Question 33

Explain Pre-Paids

Answer 33

Pre-pairs cover the cost of the upfront CDD, insurance, HOA and interest required at time of closing. Typically 3 months CDD / HOA are gathered, 12 months of CDD and HOA and the number of days of interest is determined by the time of the month the customer is closing.?these items will be covered after closing in the PITI mortgage payment.

Question 34

What is a CDD?

Answer 34

Community Development District . This is where the developer took out a loan to build infrastructure, amenities, etc within a community and the purchasers of the homes pay it back over the course of 20-30 years.

Question 35

Draw the symbol of a recessed can light as you would see on a blueprint

Answer 35

A circle

Question 36

What information can you pull from the starts memo?

Answer 36

``` Purchase date Customer name House type The week & month that home will/ has start(ed) Loan status Loan program Status of permitting Permit # Any outstanding OPs or hand money ```

Question 37

When should you schedule a pre-con? Who attends?

Answer 37

Within 2-3 weeks of the home starting once plans become available. Must be done before home starts SMR schedules the meeting Attendees are SMR, buyers, PM and realtor.

Question 38

3 customer involvement meetings during the construction process?

Answer 38

Pre-con : required for buyer Pre-drywall : strongly recommended Pre-settlement: requires for buyer

Question 39

3 things to set expectations for with your customers at time of contract?

Answer 39

Loan approval time Interest rates (floating until locked) Construction timeline Possible delivery delays (weather) Allowable timeframe for changes to be made Deposit schedule Closing dates and how scheduled (by who?) Safety on construction site SMR schedule and availability Things around job site ( broken windows, dead grass, water in tubs, water in house before dried in)

Question 40

Ask permission to pre-qual

Answer 40

Has anyone taken the time to sit down and go over some information to figure out what price works well and feels good for you? I would just need to ask you a few questions about your income, credit, debt and assets to get that.