Post License Course (Barney Fletcher)

The primary objective of any type of real estate prospecting is to

Generate an appointment

When doing the initial tour of a house before making a listing presentation, one goal should be to

Get the sellers to view the property from the standpoint of a typical buyers rather than a seller

Which of the following choices is the most common way buyers find a house they purchased

Internet

A ______ agent has more control than a _____ agent

Listing/selling

Which of the following actions by a licensee who is working with a consumer as a non-client could cause the creation of an agency by implication? a. Filling in the blanks on a pre-printed offer to purchase real property. b. Showing homes to a consumer which meet the consumer's specified needs and desires. c. Making arrangements for a home inspection to take place. d. Making a recommendation about whether to make or accept a counteroffer.

Making a recommendation about whether to make or accept a counteroffer.

When the number of listings by a particular firm is divided by the total number of listings in that neighborhood, the result is the

Market share

A person who may be willing to engage in a real estate transaction

Prospect

A ______ analysis can be helpful in analyzing your strengths and weaknesses, which can sometimes help you pick the target market that is best for you

SWOT

If the buyer and seller agreed that the buyer would purchase the patio furniture as part of the contract, this would appear in which section of the Purchase and Sale agreement

Special Stipulations

When setting goals, its important they be

Specific Measurable Attainable Realistic Timely

The process of ensuring that the interior and exterior of a home are as attractive as possible is known as

Staging

The state law that specifies which types of contracts must be in writing to be enforceable is called the:

Statute of Frauds.

A person who is willing to perhaps have a conversation but has no real desire to engage in a real estate transactions

Suspect

When a real estate licensee focuses his or her prospecting efforts on a particular neighborhood or type of buyer is the licensee's

Target market

What is the purpose of using an assumptive close

To make it easier for the buyer to say yes

What is the purpose or effect of the equal dignities rule?

To require that if the underlying contract must be in writing, any related contracts must be in writing.

What is the most important factor in qualifying a prospective buyer

Whether the prospect is financially qualified to purchase a home

What is the most important part of your "brand" in your real estate career

Your reputation

Which of the following documents may include a question about the applicant's race? Select one: a. A mortgage application only; b. A rental application only; c. Both a mortgage application and a rental application; d. Neither a mortgage application nor a rental application.

a. A mortgage application only;

Larry Licensee runs an ad for one of his listings. The ad contains the phrase "nearby St. Andrew Roman Catholic Church." This would be considered:

a. Acceptable advertising if true;

The purpose of the Fair Housing Amendments Act of 1988 was to: Select one: a. Add two new protected classes; b. Repeal the Civil Rights Act of 1866; c. Remove two protected classes; d. Establish complaint procedures.

a. Add two new protected classes;

Which of the following phrases in a rental advertisement would be deemed discriminatory against the disabled? Select one: a. Attractive independent living; b. Walking distance to shopping; c. Accessible for the disabled; d. None of the above. Feedback

a. Attractive independent living;

A victim of discriminatory conduct files a lawsuit and wins the case. Part of the judgment in the case is for emotional distress and loss of a housing opportunity. This part of the judgment is called: Select one: a. Consequential damages; b. Punitive damages; c. Injunctive relief; d. Declaratory relief.

a. Consequential damages;

Fred and Wilma gave a listing contract to Broker Bob to sell their home and both signed the contract. Prior to receiving any offers, Fred died in an unfortunate bowling accident. What is the effect of Fred's death on the listing contract? Select one: a. The contract remains in effect. b. The contract would be automatically terminated by law. c. The contract would be in default. d. The contract would only be enforceable in a community property state.

a. The contract remains in effect.

The Sherman Antitrust Act prohibits each of the following activities, EXCEPT: Select one: a. Commingling. b. Price fixing. c. Boycotts. d. Tying arrangements

a. commingling

A listing agreement may be terminated by: Select one: a. The seller b. The buyer's broker c. The salesperson that obtained the listing d. Death of the salesperson

a. the seller

A real estate licensee represents himself to a customer as the agent of a seller without the knowledge of the seller. The customer makes an offer on the property, which the licensee then presents to the seller. The seller accepts the offer and agrees to pay a commission to the licensee. This is an example of:

agency by ratification

the person hired to represent the principal

agent

When HUD sends a complaint to a respondent, that respondent has how many days to submit an answer to the complaint? Select one: a. 5 days; b. 10 days; c. 15 days; d. 30 days;

b. 10 days;

The death of a seller would terminate which of the following contracts? Select one: a. A purchase contract. b. A listing contract. c. Both of the above. d. None of the above.

b. A listing contract

One of the recent emerging issues in Fair Housing complaints has been the issue of excluding applicants on the basis of having a record of criminal convictions. Why is this the case? a. There is a new protected class of people with criminal convictions; b. African-Americans and Latinos have a disproportionately higher rate of having criminal conviction records than Caucasians. c. There is an increasing interest in prison reform; d. Due to provisions of the Dodd-Frank Act.

b. African-Americans and Latinos have a disproportionately higher rate of having criminal conviction records than Caucasians.

When legal dual agency exists, the agent is required to maintain the confidences of: Select one: a. The buyer only. b. Both the seller and the buyer. c. The seller only. d. Neither the buyer nor the seller.

b. Both the seller and the buyer.

In what circumstance is the owner required to pay any costs associated with a reasonable accommodation? Select one: a. In no cases; b. In all cases; c. Only if the owner receives operating subsidies from the government, such as Section 8 vouchers; d. Only if the property was built after 1991.

b. In all cases;

In 1968 the Supreme court ruled in the Jones vs. Mayer Co. case. The courts' decision upheld the law which provides protection on the basis of: Select one: a. Sexual discrimination; b. Racial discrimination; c. Discrimination on the basis of national origin d. Religious discrimination

b. Racial discrimination;

The duty of an agent to follow the instructions of the client applies to each of the following instructions, EXCEPT:

. "Do not reveal to any buyers that my roof leaks."

Which of the following clauses in an offer to purchase a property would be most attractive to a buyer who makes several simultaneous offers to purchase a residence when the buyer can only purchase one of them?

. An unrestricted right to terminate the contract for a limited period of time.

What is the greatest risk in a case where a buyer's agent submits offers on several homes simultaneously?

. The buyer could be contractually obligated to buy more than one house and could face damages if defaulting on any of the contracts.

When entering into listing contracts, REALTORS® must advise sellers/landlords of:

1) the REALTOR®'s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities; 2) the fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and 3) any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)

Which of the following types of sales of a personal residence would require a third-party approval before the sale could be closed

A bankruptcy, a divorce, or a short sale

The 1988 Amendment to the Federal Fair Housing Act, Title VIII, declared it unlawful to discriminate: Select one: a. Against households with children under 18 years of age; b. On the basis of age; c. Because of sexual orientation; d. On the basis of the sex of the buyer or renter

Against households with children under 18 years of age;

What offers must a listing broker present to a seller?

All offers received prior to closing.

Broker Bob has a buyer agency agreement with Buyer Bill. The agreement calls for Buyer Bill to pay a 3% commission upon closing of the purchase of a home. Buyer Bill purchases Seller Sally's house. Seller Sally gave an exclusive right to sell listing agreement to Broker Betty and agreed to pay a 6% commission. In a typical transaction of this nature, how much commission will Buyer Bill have to pay to Broker Bob?

nothing

In determining whether a person is a suspect or a prospect we must consider

Urgency and motivation

Which of the following is the best way to ask for a referral

Who do you know who might be looking to buy or sell a house

A disparate impact case has gone to trial. The plaintiffs have shown that a particular policy has had a disparate impact on a particular protected class. However, the defendant has shown that the policy serves a legitimate business necessity. What will be the next step?

c. The plaintiff will have to show that other policies might have served the same business necessity with less disparate impact on protected classes;

Which of the following choices would be an example of a member of the "familial status" protected class under the Fair Housing Amendments Act? Select one: a. Any married couple; b. A single mother with a 19-year old child; c. A married couple with two grown children; d. A pregnant woman.

d. A pregnant woman.

acts as agent for an agent and has the same duties and obligations as the agent

subagent

when answering a phone call, which of the following choices would be a key objective

to not only give information, but to get information from the caller as well

represents the principal in all aspects of the principal's dealings,

universal agent

Adeline is selling her own home as a For Sale By Owner (FSBO). On Sunday, a full price offer is made by an Asian couple. Adeline refuses the offer made by the couple. On Monday, Adeline accepts an offer, $4000 below the asking price from a Caucasian family. Has Adeline violated any laws and if so which one?

Adeline has violated the Civil Rights Act of 1866;

refers to the rules and regulations adopted by various regulatory bodies

Administrative or regulatory law

This involves only one appointment with the prospective sellers. Licensee makes the presentation, show the recommended price through CMA and try to get sellers to sign the listing contract

1-step listing presentation

For sellers what are the five steps to the first appointment

1. Urgency 2. Motivation 3. Concerns 4. Expectations 5. Hesitations

For buyers what are the five steps of the pre-qualification process

1. Urgency 2. Motivation 3. Financial Ability 4. Wants and Needs 5. Agency

Within the first five years around ___% of agents leave the real estate business

80-90%

Recent years have seen increasing complaints centering on fair housing problems having to do with REO properties. What is typically the complaint? Select one: a. Excessive numbers of foreclosures in minority neighborhoods; b. Failure to prevent squatters from taking over the property; c. REOs located in African-American and Latino neighborhoods receive less upkeep and maintenance than those in Caucasian neighborhoods; d. It is too difficult to sell REO properties in minority neighborhoods.

c. REOs located in African-American and Latino neighborhoods receive less upkeep and maintenance than those in Caucasian neighborhoods;

Assuming the buyers ride in your car, the time spent in the car can be put in good use by

Discussing the positive features of the neighborhood

Most common type of target market is a particular neighborhood of homes

Farming

A loan point is

One percent of the loan amount

What is the best way to establish a personal brand in real estate

To develop a good reputation

The ratio that is computed by dividing the number of homes sold in a year by the total number of homes in the farms

Turnover ratio

A method of prospecting that will involve the telephone, but only as part of a mix of different types of contacts

Circle prospecting

Act was designed to ensure that persons of any race could sign and enforce contracts and could buy and sell and lease property.

Civil Rights act of 1866

stems from British laws which applied to the colonies before the Revolutionary War (precedents)

Common law

A buyer has made an offer on a seller's house. The offer gives the buyer 10 days to have a licensed home inspection of the property and to cancel the offer if the inspection reveals significant necessary repairs unknown to the buyer. This is an example of

Contingency clause

In deterring whether or not to issue a pre-approval letter, the lender would consider

Principal, interest, property taxes, and insurance

The types of media used to generate new business is known as the

Promotional mix

As a real estate agent your primary product is

Your contacts

what is the most common reason why new licensees hate making cold calls on the telephone

fear of rejection

This means that the agent is required to act in the best interest of the client and must not put anyone else's interests ahead of those of the client.

loyalty

An apartment complex has a "no pets" policy. Mary is a blind person who applies to rent a unit, but she wants to have her certified guide dog live in the apartment with her. This request: Select one: a. Can only be granted if the landlord agrees to remove "no pets" policy; b. Should be considered "reasonable accommodation;" c. Should be considered a "reasonable modification;" d. Cannot be granted.

b. Should be considered "reasonable accommodation;"

in real estate practice, the ______ is considered the agent

broker

REALTOR® A has a listing on a seller's home and the seller has accepted an offer. The offer is contingent upon the sale of the buyer's current home. REALTOR® B has a buyer who has made an offer. Under the Code of Ethics, what should listing REALTOR® A do? a. Ignore REALTOR® B's offer since the seller's home is already under contract. b. Reveal the existence of the contract but not the contingency. c. Reveal the existence of the contract and the contingency. d. Present the second offer to the seller without disclosing the existence of the offer or the contingency. Feedback

c. Reveal the existence of the contract and the contingency.

Funds in the escrow account may be dispersed for any of the following reasons EXCEPT when: Select one: a. All principals to the transaction agree in writing to the disposition. b. A court orders disbursement of the funds. c. The seller demands forfeiture of the earnest money deposit. d. The transaction is consummated.

c. The seller demands forfeiture of the earnest money deposit.

A broker has the buyer's earnest money deposit deposited in an escrow account. The amount of the deposit exceeds the amount of the broker's commission for the sale. The broker may remove his commission on this sale ONLY: Select one: a. When the buyer moves into the property. b. When the seller moves out of the property. c. When the closing is completed. d. Whenever the seller says it is ok to do so.

c. When the closing is completed.

Brokers must hold their client's funds in a/an: Select one: a. Office safe. b. Savings account. c. Trust or escrow account. d. Special account managed by the Board of Realtors.

c. trust or escrow account

what is the biggest difference between traditional telemarketing and circle prospecting?

circle prospecting requires. follow-up

When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until

closing or execution of a lease unless the seller/landlord has waived this obligation in writing.

the laws regarding agency come from what three sources in the US

common law, statutory law, and administrative or regulatory law

what type of software is designed specifically to avoid "one and done" prospecting

customer relationship management (CRM)

The maximum fine for an individual for a violation of the Sherman Antitrust Act is: Select one: a. $0, since individuals are not subject to the Act - only companies are subject to the Act. b. $250,000. c. $500,000. d. $1,000,000

d. $1,000,000

A broker could return the buyer's deposit from the escrow account back to the buyer in which of the following cases? Select one: a. The offer expired without any acceptance by the seller. b. The seller rejected the buyer's offer. c. The transaction was cancelled because of the buyer's inability to meet the financing contingency and the seller consented to returning the deposit. d. Each of the above.

d. Each of the above.

Who is required to comply with the Civil Rights Act of 1866?

d. Everyone, without exception.

A REALTOR® has a listing on a client's house. The sellers are getting a divorce and need to sell the home quickly. Under what circumstances can the REALTOR® reveal this fact to a potential buyer?

d. Only after getting informed consent from the seller.

If a prospective buyer (who is of a minority group) asks an agent to show her properties, the agent should: Select one: a. Show her properties in areas that are predominantly of the same minority group; b. Refer her to an agent in the firm of the same minority; c. Advise her that the firm does not handle people of her minority group and refer her to another brokerage d. Show her any property for which she is financially qualified

d. Show her any property for which she is financially qualified

Under common law, a broker who has a listing is in a position of trust and must put his or her interests above those of all others. This describes what type of obligation?

fiduciary

a position of trust and must put the interest of his client (Steve) above those of all others, including and especially those of himself.

fiduciary obligations

REALTORS® may represent the seller/landlord and buyer/tenant in the same transaction only after

full disclosure to and with informed consent of both parties.

less authority than a universal agent but may represent the principal in an ongoing series of continuous events, usually in one general field of endeavor. In real estate, property managers

general agent

under what circumstance should a real estate licensee use a 1-step listing presentation

if the homeowner insists on it

If you are showing property you are listing and tell a prospective buyer that "...this property is the best for you," the relationship created could be interpreted as:

implied agency

situations where on party represents another party

law of agency

Agents are only required to follow the ________instructions of their client.

lawful

the person who hires the agent to represent them in a transaction

principal

when trying to get a listing from a seller whose previous listing was expired, which of the following choices are recommended to solicit a listing contract from that seller

provide a free service, such as analysis of current market conditions

A seller contacted 3 brokers and asked each to suggest the listing price for his property. Broker A said $78,000. Broker B said $79,000. Broker C said $91,000. The seller listed with Broker C and the house later sold for $76,000. Broker C is guilty of violating which of his or her agency responsibilities?

reasonable care

In simple terms, this means that the licensee must perform the duties of the agent as would a competent real estate professional and without any negligence.

reasonable care and diligence

which of the following contact methods is most likely to get people to remember you

send a handwritten thank you note after a phone conversation

represents the principal in one specific transaction.

special agent

laws passed by the state legislature or the Congress and signed by the governor.

statutory laws