Real Estate Practice Questions
Qualified mortgage requirements are set by the ____________. a. Consumer Financial Protection Bureau b. Federal Home Loan Bank c. Federal Housing Finance Agency d. U.S. Congress
a. Consumer Financial Protection Bureau
How can joining a referral network service directly benefit your business? a. It can expand your pool of potential clients to outside your immediate area b. It can introduce you to more consumers in your local community c. It's a business expense you can deduct on your taxes d. You'll have more time to show listings
a. It can expand your pool of potential clients to outside your immediate area
The Perfect Home brokerage firm was found guilty of running deceptive ads. The Federal Trade Commission might require all of the following EXCEPT a. Letters of apology to all affected consumers b. New ads to correct previous misinformation c. Notification to consumers about deceptive ad claims d. Specific disclosures to consumers
a. Letters of apology to all affected consumers
As a security precaution, which of the following is something you should you do? a. Limit the amount of personal information you post b. Post addresses to open houses on social media sites c. Post photos of yourself with expensive jewelry or belongings d. Post that you're alone at an open house
a. Limit the amount of personal information you post
Mick focuses on originating mortgage loans at a company that has in-house loan processors and underwriters. The options he offers consumers are limited to the products his company offers. What's Mick's position? a. Mortgage banker b. Mortgage broker c. Mortgage servicer d. Real estate investor
a. Mortgage banker
Real estate professionals keep a multitude of other professionals busy during the buying and selling process. Which of these professionals or entities are most active during the construction phase of real estate? a. Appraisers b. General contractors c. Lenders d. Title companies
b. General contractors
Before you're allowed to put a lockbox on a seller's property, you must a. Ask the neighbors if they object b. Get the seller's permission c. List the property on the MlS d. Put up a for sale sign
b. Get the seller's permission
Under what circumstances may you withhold a listing from the MLS? a. If it's a hot market b. If the seller gives written permission c. If you believe you can find a buyer soon d. If you intend to purchase the property yourself
b. If the seller gives written permission
Which one of the following tasks must a licensee perform for seller clients? a. Assist the seller in finding someone who can effectively market the property b. Inform sellers of their responsibility to make all required property condition disclosures c. Set the listing price of the property based on comparable d. Tell the sellers how to deposit the buyer's earnest money into their personal checking account
b. Inform sellers of their responsibility to make all required property condition disclosures
What's another name for an escrow account? a. Closing fund b. Locked account c. Savings account d. Trust account
d. Trust account
Haley is a young professional buying her first house. Although she can afford the full listing price of the home she is making an offer on, you have advised er to offer 10% below the list price, because the market is
Cold
In what type of market is a buyer cautioned against asking for personal items?
Hot market
Julis is applying for a loan. Her lender uses her credit scores to determine whether to approve her loan application. What do Julis's scores tell the lender? a. How likely Julia is to repay the money that she's borrowed b. How many credit cards Julia has with outstanding balances c. How many homes Julia has purchased in the past d. How many loans Julia has paid off
a. How likely Julia is to repay the money that she's borrowed
Jill received a semi annual tax bill of $2,250. Property in her area is assessed at 50% of market value. If the tax rate is $3.50 per $100, what's the estimated market value of Jill's property? a. $257,143 b. $263,152 c. $307,857 d. $312,750
a. $257,143 Multiply the semi annual tax bill by two for a total tax bill ($4,500). Divide the tax bill by the tax rate (.035) for assessed value: $4,500 / .035 = $128,571.42 which is 50% of market value. Multiply the assessed value by two and round $257,143
What percentage of your contact list should you work with at any given time? a. 10% b. 20% c. 35% d. 5%
a. 10%
A buyer requests that the warranty for the home's HVAC system be included as part of the agreement of sale. This is called an __________ a. Additional provision b. Contingency c. Extraneous clause d. Standard provision
a. Additional provision
What is the most important and defining feature of customer relationship management (CRM) software? a. Address book b. Calendar management c. Contact organizer d. MLS integration
a. Address book
Which of the following statements about real estate advertisements in Indiana is true? a. All advertising must be under the supervision and approval of a managing broker b. Associated licensees must include the name of their managing broker in all advertisements for property or services c. Classified ads for property sales don't need to identify the representing broker or company name due to space limitations d. Only managing brokers may advertise real estate services
a. All advertising must be under the supervision and approval of a managing broker
What does the FTC consider to a deceptive ad? a. Any ad likely to mislead consumers acting reasonably under the circumstances b. Any ad or business practice that causes or is likely to cause injury c. Any ad that makes a health claim d. Any ad with a claim that's clearly not true
a. Any ad likely to mislead consumers acting reasonably under the circumstances
Which of these is an example of a house style? a. Art deco b. Factory built c. One Story d. Two Story
a. Art deco
A property's market value as determined by reviewing comparable is an example of which negotiation factor? a. Authoritative standards and norms b. Bargaining style c. Goals and expectations d. Leverage
a. Authoritative standards and norms
Before starting negotiations, you should help your client identify their ________ a. BATNA b. BRATIN c. NARBAT d. TARBIN
a. BATNA
Most of our communication consists of __________ a. Body language and voice quality b. Facial expressions c. Gestures d. Words, whether written or spoken
a. Body language and voice quality
Which of the following agreement terms is typically a standard part of the sales contract? a. Buyer's option to purchase a home warranty b. Selection of a closing agent c. Specific closing instructions d. Transfer of warranty on built in appliances and HVAC systems
a. Buyer's option to purchase a home warranty
Kris is a new agent at Lakeside Reality. She was talking with Karen, who's been in the real estate business for 15 years, over coffee. Karen offered to help Kris in any way she can. What can Kris ask of Karen to help her make some new contacts for leads? a. Cohost an open house b. Learn the broker software from Karen c. Send out her weekly email blasts for her d. Shadow her while writing a listing
a. Cohost an open house
What is a suggested weekly activity to have on your schedule? a. Communicate with your market b. Prospect for new leads c. Update the MLS d. Write a community newsletter
a. Communicate with your market
Licensee Nicole contacted a seller's agent to determine if her buyer client's offer would be considered. She started the phone call with some small talk, and tried to __________, since she knows this is an important factor in a successful negotiation. a. Develop a good working relationship with the other agent b. Explain to the other agent why the market doesn't support the list price c. Make the other agent feel inadequate and unprepared d. Share some confidential information with the other agent
a. Develop a good working relationship with the other agent
Jared is working with buyer clients who wish to make an offer on a property they've just seen, but they want to make a ridiculously low offer and he's afraid they will offend the seller. What should he do? a. Explain his concern and encourage them to offer more, but be willing to write the offer if they desire. b. Tell them he won't write the offer because he knows it won't be accepted c. Tell them he won't write the offer because he's embarrassed about what the seller will think d. Write the offer as they wish but explain to the seller's agent that he thinks its ridiculously low
a. Explain his concern and encourage them to offer more, but be willing to write the offer if they desire.
An example of a no tolerance Loan Estimate item is a. Homeowners insurance b. Loan application fee c. Origination points d. Recording fees
a. Homeowners insurance
Bill makes sure to say "real estate, real estate, real estate" when he takes his friends to lunch. "We discussed real estate" he says. "Now I ca write the meal off on my taxes." Is this true? a. No, because this doesn't constitute a discussion of real estate b. Only if no personal discussions took place c. Yes, because he discussed real estate d. Yes, up to 25% of the cost of the meal may now be deducted
a. No, because this doesn't constitute a discussion of real estate
What do you need to know in order to plot your CE schedule? a. Required hours and approximate time to complete them b. What classes you will take c. What the passing rate is d. Who is in your classes
a. Required hours and approximate time to complete them
Often strategies and tactics are used interchangeably; however in business they mean different things. Which of the following statements describes the difference between business strategies and tactics? a. Strategies define what the company want to do, and the tactics define how it's going to do it b. Strategies focus on present business practices while and tactics focus on future achievements and successes c. Strategies state what the company will focus on to fulfill its mission, and tactics are plans to achieve certain goals d. Tactics are decided at the leadership level while strategies are defined and carried out by department managers and staff
a. Strategies define what the company want to do, and the tactics define how it's going to do it
How will the buyer or seller know where and when the closing is being held? a. Their agents will inform them of the date once it's set b. The lender will inform them according to MDIA rules and regulations c. The seller will set the time and date and is responsible for notifying all parties d. The title insurance company will inform them of a date once the title search is complete
a. Their agents will inform them of the date once it's set
Privacy tools are available on most social networking sites. How can they be used to protect your personal safety? a. They can allow you to control what pictures and information other people see b. They can allow you to upload your photos faster c. They can help you to avoid posting provocative pictures of yourself d. They can make your online information completely private
a. They can allow you to control what pictures and information other people see
A landlord with a strict no pets policy won't rent to a woman who uses a service animal to assist with her epilepsy. Which os the following is a true statement? a. This is discrimination based on disability b. This is discrimination based on familial status c. This isn't discriminatory because service animals are restricted to the vision impaired d. This isn't discriminatory if the no pets policy is universally applied
a. This is discrimination based on disability
What's the primary purpose of the federal Fair Housing Act? a. To protect buyers' and renters' right to have choices in housing without discriminatory limitation b. To protect communities that have worked hard to develop their own neighborhood's rights c. To protect property owners' right to make choices related to the disposition of their property d. To protect real estate professionals from penalty when working with discriminatory clients
a. To protect buyers' and renters' right to have choices in housing without discriminatory limitation
Kathlene is explaining the termination option to her buyer client. How would she explain that "time is of the essence?" a. "This means that all contract deadlines will be strictly enforced. You don't want o miss these deadlines." b. "This means that the timeframe for all contingency periods must be three days" c. "This means that you can negotiate the time period for this option with the seller." d. "This means that you must comply with these terms within a reasonable amount of time"
a."This means that all contract deadlines will be strictly enforced. You don't want o miss these deadlines."
You average one client from every 10 leads, and each client represents 85% of a closed transaction. Each transaction you close has an average dollar value of $6,000. Using the funnel, how much can you expect to earn from every 10 leads? a. $12,000 b. $5,100 c. $6,000 d. $8,200
b. $5,100
You average one client from every seven leads, and each client represents 80% of a closed transaction. Each transaction you close has an average dollar value of $9,000. How much can you expect to earn from every seven leads? a. $2,700 b. $7,200 c. $8,000 d. $9,000
b. $7,200
Which of the following would be a receipt you should save for tax purposes? a. A ticket for a sporting event b. A toll fee for a business trip c. Breakfast out with your football buddy d. Entry fee to a museum
b. A toll fee for a business trip
Some CRM system integrate with your _______, making it easy to keep track of meetings and appointment. a. Accounting software b. Calendar c. Email program d. Lead management software
b. Calendar
Which of the following shows the path of ownership of a property? a. Abstract of title b. Chain of title c. Deed d. Survey
b. Chain of title
Which of the following is used to establish proof of ownership? a. Abstract of title b. Deed c. Survey d. Title insurance policy
b. Deed
Norma, a real estate licensee, is working with the buyers in a transaction. She suspects mortgage fraud. What should she do? a. Confront the seller and the seller's agent b. Discuss the situation with her broker c. Hire an attorney to investigate d. Threaten to terminate the transaction
b. Discuss the situation with her broker
Your friend Ed tells you that he's just entered into a designated agency relationship with his seller clients. What does this mean? a. Ed is not a licensed broker, but his clients have authorized in writing that he can enter into an agency relationship with them b. Ed's broker appointed him to represent only the sellers in a transaction c. Ed will give some of the work to another licensee at his brokerage d. Ed will represent both his seller clients and the buyer who's ready to make an offer
b. Ed's broker appointed him to represent only the sellers in a transaction
Jay has a listing agreement with Maury. Even if Maury finds the buyer during the listing term, Jay has earned his listing commission. What type of listing agreement do the have? a. Exclusive agency b. Exclusive right to sell c. Full d. Open
b. Exclusive right to sell
What are the two places you should concentrate your marketing efforts before all others? a. Billboards and bus benches b. Craigslist and Facebook c. Radio and TV advertising d. Sphere and farm
d. Sphere and farm
Andrea and Jim were planning to list their home with Cheryl, but just let her know they no longer wish to work with her. When Cheryl mentioned that listing agreements are legally binding, Andrea and Jim reminded her that their agreement is not legally binding. What would be the reason for this? a. It wasn't notarized b. Jim didn't sign it c. They changed their minds about the asking price d. They want to list it for 90 days not 60
b. Jim didn't sign it
Your buyers love the 1891 Victorian they have under contract, but they want to get both the water and the paint tested as soon as possible. What are they testing for in both water and paint? a. Asbestos b. Lead c. Mold d. Radon
b. Lead
Which of these is a useful seller strategy for inciting buyer interest in any market? a. Price at or just above market b. Price below market c. Price well above market d. Refuse to specify a list price
b. Price below market
Sylvia is sitting pretty. She managed to convince the appraiser to appraise the property she recently purchased for mored than it was worth, and then she was able to sell the property very quickly. The profit she made from the sale, even after paying off the appraiser, was considerable. Not bad for a few hours work. Which type of mortgage fraud scheme is this an example of? a. Inflated appraisal b. Property flipping c. Silent second d. Straw buyers
b. Property flipping
Who or what entity must keep records of all funds deposited into the custodial or trust account that indicate the date and from whom the broker received the funds, the date deposited, the date any withdrawals are made, and other necessary information? a. The bank of deposit b. The broker c. The buyer d. The seller
b. The broker
In a buyer agency relationship, who does the licensee represent? a. Both the seller and the buyer b. The buyer c. The listing firm and the buyer d. The seller
b. The buyer
What's the purpose of pre-qualification? a. To be pre approved b. To determine in which price range the buyer should shop c. To determine the market value of the home d. To guarantee the seller that the buyer can qualify for a loan
b. To determine in which price range the buyer should shop
The screening process for becoming a Counselor of Real Estate includes which of the following components? a. A criminal records check b. A financial background review c. A personal interview d. A presentation by the candidate
c. A personal interview
Dean and Michael have an oral contract. Dean said he would sell Michael his bike in return for Michael's vinyl album collection. What does the record collection represent? a. An executed contract b. A valid contract c. Consideration d. Michael's legal competence
c. Consideration
Roberto is developing his mission statement. It should a. Be identical to his vision statement b. Be modeled after that of his closest competitor c. Define his company's objectives and approach to meet those objectives d. Describe the desired future position of his company
c. Define his company's objectives and approach to meet those objectives
As a buyer's or seller's agent, which of these activities is your fiduciary responsibility during the bargaining phase of the negotiation process? a. Accept terms from the other agent that are aligned with your client's goals b. Demand more from the other party than you concede c. Develop suggest solutions with the other agent that you'll bring to your clients for acceptance or rejection d. Sign an agreement that best supports the position your client has defined for you
c. Develop suggest solutions with the other agent that you'll bring to your clients for acceptance or rejection
Which of the actions is allowed but avoids they licensee illegally practicing law? a. Advising a landlord clint of his legal rights and responsibilities b. Charging a $10 scrivener's fee for preparing transaction documents c. Filing in blanks on an association approved purchase contract d. Striking provisions in a contract that don't apply to a transaction
c. Filing in blanks on an association approved purchase contract
Which of the following entities buys loans primarily through thrifts? a. Fannie Mae b. FHLB c. Freddie Mac d. Ginnie Mae
c. Freddie Mac
In which of the following scenarios might a buyer be a candidate for a subprime loan? a. Clarissa has a small down payment, an excellent credit score, and a loan to vale ratio lower than Fannie Mae standards b. Jeanine has a small down payment, a low loan to blame ratio, and a low debt to income ratio c. Jerry has a large down payment and a debt to income ration higher than Fannie Mae standards d. Robert has a large down payment, a low loan to value ratio, and a low debt to income ratio
c. Jerry has a large down payment and a debt to income ration higher than Fannie Mae standards
Luis, a listing agent, wants to post an ad for his new listing. Which of the following phrases is acceptable under fair housing guidelines? a. Asian grocery nearby b. Catholic neighborhood c. Large fenced backyard d. Walking distance to mosque
c. Large fenced backyard
What do the letters in LEED certification represent? a. Lacking in Energy and Efficiency Design b. Lacking in Environmental Efficiency Design c. Leadership in Energy and Environmental Design d. Leadership in Energy Efficiency Design
c. Leadership in Energy and Environmental Design
The ________ usually represent the lender at a closing a. Broker for the buyer b. Broker for the seller c. Lender's attorney d. Title insurance representative
c. Lender's attorney
Which professionals are most utilized by the buyer prior to closing? a. Lenders and real estate agent only b. Lenders, title companies, and home inspectors only c. Lenders, title companies, appraisers, and home inspectors d. Title companies and home inspectors
c. Lenders, title companies, appraisers, and home inspectors
Which of the following statements about a boiler based heating system is true? a. Electric boilers are more cost effective to operate b. Hot water systems are more efficient than steam systems c. Steam systems are costlier to operate because of evaporation d. Steam systems use a small amount of water to create a large quantity of heat
d. Steam systems use a small amount of water to create a large quantity of heat
The ________ is the federal act that deals with telephone solicitation a. Bitphone b. Telecommunication Device Act of 2003 c. Telecommunications Information Act d. Telephone Consumer Protection Act
d. Telephone Consumer Protection Act
Leo's client is looking for a property with at least 2,500 finished square feet. He finds a 2,200 square foot property with all the other features the client is looking for and purposely fails to mention the square footage. His client agrees to look at the property, falls in love with it, and wants to make an offer. Which of these statements accurately represents Leo's level of misrepresentation in this situation? a. Because Leo didn't state the square footage, he's not guilty of misrepresentation b. It's the buyer's responsibility to ensure that the property has the proper square footage, so Leo's in the clear c. Leo obviously knew about the square footage and intentionally didn't mention it. He's guilty of intentional misrepresentation d. Leo omitted a material fact. This is considered unintentional misrepresentation
c. Leo obviously knew about the square footage and intentionally didn't mention it. He's guilty of intentional misrepresentation
As you discuss a possible agreement with the buyer's agent, you sense that your client is more willing to walk away if the deal isn't to her liking. Which negotiation factor is working in your favor? a. Bargaining style b. Collaboration c. Leverage d. Mutual Gain
c. Leverage
Freddie Mac and Frannie Mae set guidelines for conforming loans. Which of these are qualifying guidelines? a. Down payment requirement, loan to value ration, housing income ration and length of employment b. loan amount, loan payment requirement, housing debt to income ratio, and marital status c. Loan amount, down payment, loan to value ratio, and housing debt to income ratio d. Loan amount, down payment requirement, loan to value ratio, and property square footage
c. Loan amount, down payment, loan to value ratio, and housing debt to income ratio
Your buyer clients Donna and Mike are submitting an offer on a home where the seller is moving to another state and wants to expedite the closing process. What would be a good strategy for structuring an offer in this case? a. Include an escalation clause b. Make a full price offer c. Offer a quick close d. Waive the appraisal
c. Offer a quick close
Kendra made an offer on Sam's property. Sam rejected Kendra's offer, but made a counter offer. Kendra is now considering the counter. What role does Kendra have in this scenario? a. Examiner b. Executor c. Offeree d. Offeror
c. Offeree
Which agency is charged with enforcing fair housing laws and holding all parties accountable for compliance with these laws and regulations? a. Office of Civil Rights b. Office of Equal Credit Opportunity c. Office of Fair Housing and Equal Opportunity d. Office of Housing and Community Development
c. Office of Fair Housing and Equal Opportunity
As part of their ethical responsibilities, CRE designees must cooperate with __________ whenever possible and assist in carrying out the mission of the Counselors of Real Estate a. Financial professionals b. Law enforcement c. Other CREs d. Therapists
c. Other CREs
Sandy absolutely, positively hates stairs. Which style of home might appeal to her? a. Colonial b. Gothic revival c. Ranch d. Split level
c. Ranch
Prior to closing who should request a loan payoff statement a. The buyer b. The lender c. The seller d. The title insurance representative
c. The seller
What's the purpose of the mortgage contingency section in the agreement of sale? a. To identify whether the seller currently holds a mortgage on the property b. To provide a place in the Agreement of Sale for the buyer to apply for a mortgage loan c. To provide a place in the contract where the buyer can indicate whether the sale of the property is contingent upon their obtaining a loan d. To provide information about the lenders that offer good rates on mortgage loans if the buyer needs a loan
c. To provide a place in the contract where the buyer can indicate whether the sale of the property is contingent upon their obtaining a loan
As Chuck introduces himself to the other party at the negotiation, he says, "I believe we have a friend in common. I used to work wit your business partner, Pete, several years ago. "Why is Chuck doing this? a. To make himself seem important in the other party's eyes b. To make the other party feel uncomfortable c. To quickly develop a working relationship through a common business acquaintance d. To quickly establish dominance in the negotiation through a networking connection
c. To quickly develop a working relationship through a common business acquaintance
Dani is in love with the ranch style home on Cardinal Avenue, says she simply must have it, and is willing to pay cash. The seller is concerned about an appraisal. Which of the following would be a good strategy for structuring her offer? a. Include on escalation clause b. Offer a quick close c. Waive the appraised d. Waive the inspection
c. Waive the appraised
What does attending real estate events show fellow real estate professionals? a. You have an empty calendar b. You're desperate for business c. You're invested in your business d. You're new to the area
c. You're invested in your business
Consumers in the __________ range have an above average credit score. They tend to qualify for better interest rates than those in the acceptable category a. 649-699 b. 700-739 c.740-799 d. 800+
c.740-799
Your clients received a check for $395,000 when they sold their property, which they owned free and clear. Their closing expenses were $4,575 and they paid 5% in brokerage fees. What was the sales price of their property? a. $402,650 b. $402,750 c. $420,575 d. $420,605
d. $420,605 100% - 5% = 95% (.95) and $395,000 + $4,575 (before commission) = $399,575. $399,575/.95 = 420,605
The market value for Jessie's property is $410,000. It's assessed at 55%, and the tax rate is $2.75 per $100. What are Jessie's monthly property taxes? a. $485.75 b. $490.32 c. $512.67 d. $516.77
d. $516.77 Divide $2.75 tax rate by 100 to get .0275. Multiply market value (410,000) by the assessment rate (.55) to get a $225,500 assessed value. Multiply the assessed value by the tax rate (.0275) to get $6,201.25 annual property taxes. Divide by 12 to get $516.77
Consumers in the _________ range are well above the average credit score and generally have an easy time getting approved for new credit a. 500+ b. 600+ c. 700+ d. 800+
d. 800+
Chaz represents the buyer in a transaction that has just closed. How will he typically be paid? a. He will be paid at closing by cashier's check from the buyer b. He will paid at closing by cashier's check from the seller c. He will be paid by the buyer directly, or, if there is a cooperative compensation in place, by the seller d. His brokerage will receive a commission check from closing; his broker will compensate Chaz according to the terms of their agreement
d. His brokerage will receive a commission check from closing; his broker will compensate Chaz according to the terms of their agreement
The tone of voice you use matters _________ the words you say a. About the same as b. Because of c. Less than d. More than
d. More than
With which organization are Counselors of Real Estate affiliated? a. Association of Foreign Investors in Real Estate b. Building Owners and Managers Association c. CCIM Institute d. National Association of REALTORS
d. National Association of REALTORS
A licensed real estate agent and his client fulfill the listing agreement, and the common law agency relationship is terminated. At what point is the agent's fiduciary duty of confidentiality to this client terminated? a. After 30 days b. After one year c. Immediately d. Never
d. Never
A budget _________ means that the amount budgeted for a specific line item has been overspent a. Deficiency b. Deficit c. Overage d. Overrun
d. Overrun
What's a recommended way to understand the opposing party's underlying emotions and evaluate the reasons behind their stated goals? a. Behave in ways that cause the other parties to work outside of their comfort zones b. Disclose your client's bottom line in order to receive similar information from the other agent c. Lean all you can about negotiation strategies the other party may be using d. Pay attention, listen carefully, and repeat back what you hear
d. Pay attention, listen carefully, and repeat back what you hear
What are the four phases of the negotiation process? a. Marketing, offering, selling, closing b. Opening, strategizing, bargaining, closing c. Planning and preparation, offering, persuasion, acceptance d. Planning and preparation, opening, bargaining, closing
d. Planning and preparation, opening, bargaining, closing
Which of the following is an example of an inquiry initiated by a creditor (without the consumer's permission) that may appear on a credit report? a. Application for a mortgage loan b. Application for consumer credit c. Consumer review of credit report d. Pre approved credit
d. Pre approved credit
Carrie likes to share information with the opposing party in a negotiation, which helps her develop creative solutions that provide value for everyone at the table. Her bargaining style is most likely a. Accommodating b. Competitive c. Compromising d. Problem solving
d. Problem solving
If a buyer makes an offer that the seller finds lacking, which of the following actions is the seller most likely to take? a. Ask the seller's agent to talk with the buyer's agent b. Call the buyer to negotiate better terms c. Increase the asking price d. Respond with a written counter offer
d. Respond with a written counter offer
Irene and Clarence are buying a home. Which document will be used to formalize this transaction? a. Buyer agency agreement b. Listing agreement c. Option contract d. Sales contract
d. Sales contract
When licensees market property by saying, "Act now, this property won't last!" they're using the principle of ____________ to influence buyers to make an offer. a. Authority b. Consensus c. Liking d. Scarcity
d. Scarcity
The negotiation principle of _______ is useful because parties in a negotiation tend to have strong emotions, or be driven by ego a. Creating options for mutual gain b. Focusing on interests, not positions c. Insisting on using objective d. Separating the people from the problem
d. Separating the people from the problem
A licensee is having a conflict with her broker for arguing against working with a long time client who has been practicing subtle forms of housing discrimination. Which of the following statements is true about this situation? a. The brokerage isn't liable for any discriminatory actions in housing practiced by its client b. The licensee could be subject to penalties from the licensing board c. The licensee is overreacting, since fair housing law covers only blatant forms of discrimination d. The licensee may face consequences for her action, but she's doing the right thing
d. The licensee may face consequences for her action, but she's doing the right thing
You've looked at several CRM systems, but they're much more robust than you need. You'd like one that's specific to real estate so it will wok with the leads you get from the web as well as from other sources. What's your best bet? a. Create one, because there's nothing on the market like that b. Hire a programmer to customize a generic, off the shelf CRM c. Pay an IT services firm to build a custom CRM for you d. Try out one of the several real estate CRM systems that exist on the market today
d. Try out one of the several real estate CRM systems that exist on the market today