Post Real estate

Your seller wants to net $100,000 after the 5% commission is paid. Assuming no closing costs, at what price does the home need to sell for the seller to net this amount?

$105,263.16

Ben is purchasing a home and reviewing a loan amortization chart. If the home price is $330,000 and he's financing $300,000, once he finds the factor (number that intersects his interest rate and term on the amortization chart), what number does he multiply by that factor?

300

If a seller knew of an encroachment but did not disclose it, what might happen?

A lawsuit may occur.

What does an appraiser's report provide to the lender?

A property's value at a certain point in time

Determine which of the following statements regarding agency is true.

Accounting is considered a fiduciary duty.

In Georgia, buyer representation agreements ______.

Aren't limited to any a state-specified form

Miller toured a home during a pre-inspection that had 3 bedrooms, 2.5 baths. The tax records show 3 bedrooms, 2 baths. Miller should ________.

Ask the seller about the discrepancy

A buyer has just called you for the first time. Why should you ask how the buyer got your name?

Buyer pre-qualification purposes

Which of the following situations is a concern related to buying short-sale properties?

Buyers may be responsible for any liens against the title.

Which of the following would NOT be a benefit of a pre-listing appointment?

Determining list price

Why might a buyer opt for a non-exclusive agreement with a broker?

Due to a perception that working with multiple brokers could yield more potential properties.

When an appraisal report will be more than four months old on the date of the note and mortgage, what is the appraiser required to do?

Inspect the exterior of the property and review current market data

Jamal is preparing a CMA after conducting a pre-listing appointment. He notes that, while the seller said the home was 3,000 square feet, the tax records say 2,753. Jamal should ______.

Investigate the disparity

Which of these is a fundamental fiduciary duty?

Loyalty

To achieve your desired outcome, it should be ________.

Measurable

What are commissions, brokerage fees, and service income examples of?

Non-trust funds

______ is an acronym that can help you remember an agent's fiduciary duties.

OLD CAR

Often, an inspector will identify an issue that needs to be evaluated by a specialist. Which of the following would likely apply?

Pooling water

If a foreclosed property doesn't move at auction, it reverts to the bank and is considered to be ______.

Real estate owned (REO)

What should Maggie do to avoid antitrust law violations?

Stress that she sets her own rates based on the services she provides.

Which party decides how much earnest money should be put down for the transaction?

The buyer

You must know ________ before you can measure results.

The result you want

For the greatest flexibility of behavior, and the most control in negotiations, it is best to have at least ________ choices.

Three

A buyer with a 30-year, $400,000 loan at a 7% interest rate has a monthly principal and interest payment totaling $2,661.21. If $2,333.33 is interest, how much is applied to principal?

$327.88

A buyer with a $350,000 loan has a monthly principal and interest payment of $2,102.36. If $1,801.23 is interest, what's the new principal balance after the first payment is applied?

$349,698.87

A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest payment totaling $2,042.71. What's the total amount the borrower will pay back over the life of the loan?

$367,687.80

To help protect her affiliated licensees and herself from risk, what should Deanna include in her office policy manual?

Advertising guidelines

Which one of these situations represents the illegal practice of redlining?

Based on the neighborhood's demographics, Hunter, a mortgage broker, refused to underwrite mortgage applications from applicants who want to buy in specific neighborhoods.

Which of the following is exempt from E&O insurance coverage?

Criminal activity

You're creating marketing materials for your new listing. The entire home has Brazilian tigerwood floors throughout, but they're in poor shape and need refinishing. It's best if you ______ in your descriptions.

Don't mention the floors

What are clients who now have greater access to information starting to expect from real estate professionals?

Greater value

Distressed properties can, and often do, ______ neighboring homes.

Lower the property value of

In order to be a proactive person rather than a reactive person when facing conflict, consider ________ rather than constraints.

Possibilities

Which of these is the best explanation of the loan prequalification process?

Prequalification is a lender's assessment of what a borrower might be able to afford to pay for a monthly mortgage loan.

Lucas, a landlord, repeatedly refuses to abide by an EPA order that he abate lead-based paint hazards in one of his rental properties. Which of the following penalties are federal authorities permitted to impose?

Prison

What's one way that licensees help the parties avoid loan fraud (and other potential problems)?

Put everything in the contract or agreement.

Which of the approaches to value used by appraisers is most like that used by licensees when helping clients determine an appropriate list price?

Sales comparison

Which of the following is true about disclosure if the parties sign an exclusive buyer brokerage agreement?

The broker must keep all buyer information confidential unless the buyer explicitly permits disclosure or the broker is legally bound to do so.

Who must provide the buyer and seller with a copy of the closing disclosure?

The buyer's lender

To whom may an appraiser reveal a property's value estimate?

The client

Jermaine is using the cost approach to estimate a specific property's value. What's he using to determine this property's value?

The cost to acquire the land and construct a reproduction of the structures on the property

Determine which of the following statements regarding copyright and fair use is true.

The fair use doctrine does not stipulate a maximum word usage.

What must occur in order for fraud to be proven in court?

The misrepresentation has to be material and involve false information that another party relied on.

What's the difference between a Georgia exclusive and a non-exclusive buyer's agreement?

The only difference is whether the buyer is working with one broker or multiple brokers.

Your buyer clients had a home inspection done, and it turns out that the air conditioning is about to give out. It needs to be replaced as soon as possible. What advice do you provide to your buyers?

They should ask the sellers to replace the air conditioner or issue a credit.

You're with your buyer client Yasmin at a final walk-through of the house she's buying. Which of the following are you primarily there to determine?

To make sure the property hasn't deteriorated since you and Yasmin last saw it

In which situation would loan fraud occur?

When a lender makes an inappropriate loan due to a false picture of the buyer's financial position

When does a borrower NOT need to provide tax returns to get preapproved for a loan?

When she is a full-time salaried employee

After making a listing presentation to a prospective seller client, you learn they are meeting with a few more licensees before deciding which licensee gets their listing. You know these competitors. Which action best demonstrates good faith?

You tell the seller you hope they'll decide to work with you.

You've begun working with a new buyer client, and your formulating a desired outcome of the relationship. Regarding your outcome, which of these statements is true?

Your outcome must be an appropriate size.