Knowledge Test Out Flashcards
What are 4 steps to 4:2?
Rapport
Motivation
Dissatisfaction
Future Promise
How is motivation different than dissatisfaction?
Motivation is the why dissatisfaction is the what.
Examples of Permission to Question
“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?”
What are 3 areas you can gain agreement on during Mutual Purpose?
House Type
House Price
Time Frame
How do you overcome a misunderstanding?
Explain it!
How do you overcome a drawback?
Outweigh it!
What are 4 areas you prequalify around?
Income
Debt
Credits
Assets
5 areas that you can close around in new home sales?
Area Community Builder Floor plan Homesite
Give an example of offering a pre-qualification:
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?
Creative ways to cover closing costs?
Gift Funds
Savings plan
Financing closing costs (up to $2k)
Advantages of FHA Financing?
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
Advantages of Conventional Financing?
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
Explain 5/1 ARM?
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.
Minimum down for VA?
0%
Minimum down for FHA?
3.5%
Minimum credit score for FHA financing?
580
Square feet in an acre?
43,560
Best practices for demoing homesite?
Use a measuring tape Take cones to paint picture Walk Homesite Know direction Understand grading Explain setbacks Point out easements
Base SQ FT of Estero Bay?
2771
Energy Saving features of home
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.
Explain build smart to customer?
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.
Ways Ryan Homes differs from competition?
- 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
Better to buy than rent
Tax savings Pride of ownership Equity Ability to make changes now + in future Eliminates concern of rising rent
Tampa’s hand money policy
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
What’s is HERS score
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.
Manufacturers we use and their warranties
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
Realtors paid on ?
Base price of home
What form do you complete if your customer needs to change lots after writing contract?
Lot transfer addendum
How many days do we allow for changes to the MSS? What about flooring and wiring?
7 days to MSS
14-30 for flooring and wiring selections
0 for Ayersworth
Who needs a copy of the contract once it’s written?
Office administrator (Debbie Clark) NVRM LO Realtor Customer SMR
What is a standard “non-standard”?
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)
What are 4 different pivotal statuses?
Prospect
Buyer
Owner
Lost Sale
Explain Pre-Paids
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.
What is a CDD?
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.
Draw the symbol of a recessed can light as you would see on a blueprint
A circle
What information can you pull from the starts memo?
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
When should you schedule a pre-con? Who attends?
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.
3 customer involvement meetings during the construction process?
Pre-con : required for buyer
Pre-drywall : strongly recommended
Pre-settlement: requires for buyer
3 things to set expectations for with your customers at time of contract?
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)
Ask permission to pre-qual
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.
