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Realestate > Post License Course 06/15 > Flashcards

Post License Course 06/15 Flashcards

1
Q

What is a transaction broker?

A

A transaction broker provides limited representation to a buyer, seller or both in a real estate transaction.

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2
Q

The single agent represents either the buyer or the seller but not both in a transaction what is the principles responsibility in a single agency relationship?

A

The principle is responsible for the acts of his single agent.

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3
Q

A single agent owes nine specific duties to a buyer or seller what is one of the responsibilities of the single agent to the buyer or seller?

A

Full disclosure, if buyer’s house is discovered to be in foreclosure you must tell the seller as a single agent.

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4
Q

Federal residential lead based hazard reduction act requires what of contractors when removing lead paint?

A

The rule requires contractors who disturb paint in these properties to be certified and follow specific work practices.

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5
Q

Accessing the do not call Registry.

A

This cannot be used to find new prospects.

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6
Q

In the junk fax protection act The law requires the person who sends a fact to do what?

A

Have an established business relationship with the recipient or written consent from the recipient.

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7
Q

What does controlling the assault of non-solicited pornography and marketing act require?

A

The Can Spam act requires that the email give recipients and opt out method

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8
Q

What is the lower capital games tax rate on investment property?

A

The rate for long-term (holding more than 12 months) Capital gains or maximum of 15%.

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9
Q

Antitrust laws prohibit any action by a party to fix prices were or inhibit competition by using unfair practices. What is another prohibited action?

A

Conspiring to boycott cut rate brokers or otherwise interfere with their business.

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10
Q

What is the requirement for licensing of a home inspector in the state of Florida?

A

1-Home inspectors must be licensed by the DBPR.
2-They must have a high school diploma.
3-Be of good character
4- Complete a minimum of 120 hours of prescribed education
5-Passed a state examination

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11
Q

Are you required to disclose when a murder, death, or suicide occurred in the house?

A

No a law change in 2003 remove the duty of a seller or licensee to disclose such incidents.

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12
Q

What is one of the definitions of family status under the familial status at?

A

Under the housing for older persons, A 1995 amendment to the fair housing act, certain 55 and older communities ARE exempt if at least 80% of the units have at least one occupant who is at least 55 years of age.

Note: 62+ CANNOT have small children.

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13
Q

Persons covered by the fair housing act.

The law applies to persons on four or more homes, multi family properties except properties with fewer than four units, one of which is occupied by the owner, brokers and sales association Who sell two or more homes a year and transactions in which a brokers involved.

A

While it appears that a private owner may be able to discriminate under the 1968 act the 1866
Act clearly prohibits racial discrimination

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14
Q

What is redlining?

A

Prohibits practices of failing or refusing to provide any person financing of loans or application requirements based on race,color religion, sex,handicap, Familial status or national origin.

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15
Q

What is not covered under American disability act?

A

Homosexuality is not a disability it is not covered under the law.

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16
Q

What is the parking area requirement under the American disability act?

A

Parking areas should have one assessable space for every 25 total spaces.

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17
Q

Listening skills-one of the most important communication skills is listening good listening takes practice and has three basic steps: what are the three?

A

1-you must hear
2- you must understand
3- you must evaluate

Note: seeing is not included

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18
Q

Body language: what does probably mean?

Pyramiding , leaning back in the chair with hands joined behind the head-the boss?

A

It probably means-I’m superior to you you have less status here.

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19
Q

What does reflecting also called matching show?

A

When reflecting what the other person has said you show

  • you have understood
  • you indicate interest in the other person
  • helps establish rapport.
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20
Q

What does parroting mean?

A

If you repeat the word exactly it’s called parenting.

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21
Q

As a new sales agent what should you practice to gain technical knowledge?

A

New sales agents should practice filling out a listing agreement on your own this helps with technical knowledge.

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22
Q

How can a license personal assistant be paid

A

Sales associate may pay salary the brokers must pay commission.

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23
Q

What is one of the most important sources of listings for new sales associate

A

The sphere of influence for new sales associate is the best source of new listings and sales.

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24
Q

The major reason why listings expire other then uncooperative owner tenant?

A

The main reason listings expire is almost always price.

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25
How to choose an area to farm
Not, low price range
26
Where do most sales associates locate FSBO's ?
Most for sale by owners are located in the classified ads by the sales associate.
27
What is not included in Power prospecting?
Not technical knowledge.
28
What are targeted strangers?
Not targeted friends they must be strangers.
29
What is the most important point to remember when prospecting and making contacts?
Be consistent. Set the same time every day to make your contacts. Stick to the schedule.
30
Opinion of value versus certified appraisal?
An appraisal must be professionally, competently completed, and comply with the uniform standards of professional appraisal practice. Failure to do so leaves the licensee open to civil liability and disciplinary action. A licensee involved in the listing or selling her property should not prepare an appraisal for that property
31
What is the definition of conformity in the neighborhood of single-family homes?
Subdivision restrictions covenants are designed to promote the principle of conformity to maintain the enhanced values
32
What is the definition of contribution in neighborhoods of single-family houses?
Contribution is any improvement to a property, with a vacant land our building, is worth only what it adds to the properties market value.
33
What is the definition of CIA and CBS?
CIA means if comparable is inferior, Add | CBS means if comparable is better, subtract
34
What is the additional major segment of the presentation not listed in the book?
Not, having at least six months experience in making listing presentations
35
When explaining the pricing process what would you not include?
requirements of the fair housing act during the pricing process.
36
Why is the pricing pyramid valuable?
Chart helps sellers visualize the affect pricing have on the activity level the household. the lower the price the more buyers will be attracted.
37
While estimating net proceeds to sellers what is the safest way to show A full months interest?
The safest policy, if the loan is current, is to show a charge for a full months interest.
38
What is one problem of showing the property that for sale by owners have?
If the home has only average curb appeal but the inside is nicer than average without knowing about the good features inside a buyer might drive-by and never look at it.
39
When dealing with for sale by owners what is one issue you should point out to the homeowner regarding writing a prompt contract for an interested buyer
You may raise the question of how quickly a good, but busy, attorney could get a contract written when the buyers ready to buy.
40
What is an open listing?
An open listing maybe oral, written, or implied but cannot be listed on the MLS.
41
What is an exclusive-agency listing-exclusive listing?
In an exclusive-agency listing, the owner appoints the broker but reserves the right to sell the property without paying a commission to the broker if the broker has not introduced identified the buyer. This type of listing maybe listed on the MLS.
42
What is not included in the Florida laws regulating listing agreement?
There is no requirement to state a minimum commission rate in Florida.
43
When listing or staging a home what should you not do?
Don't push your personality with unique decorating touches.
44
What is the definition of residential sale?
Property with four units or fewer including condominium.
45
What does the sales associate hope to gain from a buyer with advertising?
The sales associate is always trying to get The appointment with the buyer.
46
When responding to an advertising placed by a sales agent what is the buyer usually trying to get from the sales associate?
An address not an appointment .
47
What are the buyers housing objectives other than what are the features - do they want to home - how quickly do they need to move - must buy or sell my current home - if they are leasing now when does that lease expire - have the buyers already spoken to a lender and been preapproved - is there a specific area they want?
They are not looking for you to find out how much cash is available for a down payment that has to do with financing.
48
When qualifying buyers what is one of the first things you should do if you know the buyer has to sell a home before buying a new home
If the buyer currently owns a home that must be sold one of the first actually should be to look at their home and make a listing presentation
49
When scheduling an appointment to show the buyer the property what should you be sure to do in terms of their time?
The time schedule for each showing should not be fixed but should be flexible and fall within the range.
50
Entering and showing property-when highlighting a properties the sales associate must remember the most important words in any sales presentation in this order.
Fact Bridge Benefit Picture (overall)
51
What is a requirement in the Statue of Frauds to make a contract enforceable?
They must be in writing and signed by the party against whom enforcement is sought.
52
What is the purpose of FAR residential sale and purchase contract and FAR/BAR contract for sale and purchase?
Both contracts are similar and are intended for use In routine transactions involving the sale of single family dwellings or unimproved Real property.
53
Why is the "time is of the essence" provision in the contract so important legally?
If I party fails to perform the duties or promises made within the exact time limits in the contract, because an automatic default.
54
Residential sale and purchase contract-Sellers names should be shown in the manner in which title is held showing marital status of each seller.
If the buyer later decided to take title in some other manner and this is permitted by the contract, and appropriate assignment or amendment to the contract should obtained at or before closing.
55
The legal description of the property to be sold is in and essential provision of the contract. Where should you not get your information from?
Not reliant on tax role descriptions. The tax rolls are filled with errors an abbreviated descriptions that could be regarded as legally insufficient.
56
In Platted subdivisions what minimum description should not be included?
They should be no reference to section Township range.
57
In complete agreement with (the exception for brokerage agreements) what is the only agreement between parties?
Handwritten portions of the agreement supersedes preprinted portions if the two conflict.
58
In a default in dispute resolution what happens if the seller defaults?
The buyers can cancel the contract
59
Since the redesign of the good faith estimate into 2008 which must be given to the bar at the time of the loan application or within three business days after the receipt of the loan application. How was the GFE form change?
Effective July 1, 2010 the GFE form was change from a 1 page document to a 3 page document
60
If your customer decides to sleep on the offer and does not write an offer what should you suggest?
You should suggest that, even if they end up sleeping on the decision it might be helpful if they had the contract filled out.
61
I should you present an offer to another agent seller?
You should present it with the listing agent as you are the only one that can answer questions about the buyer and give the buyers a face to the sellers. You should never do this without the other agents permission.
62
When presenting an offer what should you always include?
You should always include the banks preapproval letter and a copy of the offer
63
When presenting an offer what should be the last thing you include?
Save the offer price until last.
64
Why is a hand written note of valuable tool when presenting an offer
It is a technique to help seller favor your buyer.
65
Page 238 figure 11–3 PITI a worksheet
The answer on the quiz is $1606.97
66
What does biweekly mortgage mean?
It is a total of 26 payments each year, or the equivalent of 13 monthly payment manually. The extra months payment each year reduces the principal faster.
67
What does index (indicator of cost of value) mean?
The margin also called a spread is the percentage added to the index. Example APR 8% +2 would be the index margin.
68
What does that equal opportunity act require?
The act requires fair consideration of consumer loan applications from women
69
What is not included in the loan processing procedure?
You do not determine a buyer's house and objectives at this phase is financing only.
70
Why Is the Nominee loans considered a fraud case by the FBI?
The nominee loans is when theidentify of the borrower is concealed through the use of a nominee (also called a straw buyer) allows the borrower to use the nominees name and credit history to apply for a loan. In other words the person applying for the loan is using another person's identity and credit history to obtain a loan
71
To protect themselves from becoming a victim of mortgage fraud, consumers should do the following
Never signed any loan document that contains blanks, leaving the consumer vulnerable to fraud.
72
All mortgage licensing insured under Chapter 494 must be renewed annually by December 31 via NMLS. What is always done at renewal?
Criminal background check and a credit report are required for each renewal.
73
What can mortgage brokers not do and why?
Mortgage brokers are the go-between the lender and the borrower. The mortgage broker cannot forgive a loan balance even if they didn't follow the exact requirements of the law. They do not have the authority to forgive anything
74
In anticipation of issuing to loan the loan officer security title report on the collateral property what are the components of a full title report?
1-a survey 2-circle inspection of the collateral property 3-in search of the records to determine all the interested parties in the property Note: a credit report is not part of the process
75
And difficult cases where cloud over the title how much she clear that cloud from the title?
In certain instances where clouds are difficult to remove by ordinary means, they must be cleared by filing suit to quiet title
76
When Must a binder/earnest money deposit be given to the broker by the sales agent?
The sales associate must give earnest money deposit to the broker no later than the end of the next business day which is 5 PM
77
When the sales agent brings the closing papers to the buyer or seller to review prior to closing what is not part of that process?
The sales associate should not checked out plumbing, air-conditioning etc. to see if things are in working order. That should be done by inspector prior to 24 hours of closing
78
Who pays prepaid interest?
Test answer is when closing 6/7 the buyers will be charged the interest from 6/7-6/30 even though the day of closing goes to the seller.
79
What is not included in post closing duties
A walk-through inspection that should be done prior
80
In cyclic fluctuation when does contraction begins?
It begins immediately after recession. Confidence in the economy is shaken,And consumers reduce spending in anticipation of low earnings
81
In cyclic fluctuation to find recovery.
Recovery is when two successive quarters increases the GDP
82
In terms of investment property what is residential income property?
It is a single-family home and is usually in the investors initial purchase
83
Estimate operating expenses. This is the next step to calculate the properties operating expenses. Operating expenses are divided into three categories fixed expenses, variable expenses, and reserve for replacement what is not included in those?
It does not include that service otherwise known as mortgage payment.
84
In an investment property necessary reserves for replacements or what
They are used for wearing out a major components. I am
85
As a graduate of the Institute of real estate management – IREM what are you awarded?
They awarded the prestigious designation of certified property management-CPM in recognition of the professional status as a property manager
86
In an apartment or condo investment property what is a show list?
Michelle lives should doesn't need a few specific apartments in the building that are available currently For inspection by prospects

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