business planning
In order to protect sensitive documents while you are out and about, which of the following should you
Place them in the trunk of your car when you must leave them unattended.
Jake wants to purchase a new office computer and hire additional employees to help run his business. Jake will need to ______.
Plan a budget
Which of the following is a component of a vision statement?
Positive and inspiring structure
Which residential sales contract provision specifies the date by which the buyer will have unfettered access to the property?
Possession
Jed is calculating his total business expenses every month. Which of the following is a part of these expenses?
Postage costs
John wanted to start his own real estate brokerage firm. He quit his current firm, emptied his savings for office space and to hire employees. John dove right into his new business. After a couple of months of not doing well, John talked with a successful broker. What's the best advice this veteran could give John?
Prepare a written vision of your business, your goals, your mission that will include a clear picture of your products and services you will provide.
When multiple offers are received, which of the following is something a licensee should do?
Prepare net proceeds statements on all offers.
What's part of the licensee's role in the closing process?
Preparing clients for closing
Which of the following is a legitimate reason to counter an offer?
Price
Bea mails out postcards every month to her past clients and to her farm area. What type of marketing is Bea using?
Print marketing
Which of the following is a true statement about electronic documents and e-signatures?
Prior consent is required.
When does the buyer find out how much money to bring to the closing?
Prior to the closing
Which of the following is a component of calculating income?
Productivity
The marketing strategies section of your goals includes which topic?
Promotion
A listing agreement is a contract between _______.
Property sellers and their agent
What action does RESPA prevent brokers from performing
Providing kickbacks to settlement providers
What can buyers do to protect themselves from title issues when purchasing property?
Purchase title insurance.
You should try to have a face-to-face meeting with each person in your sphere _____________.
Quarterly
RESPA stands for ______.
Real Estate Settlement Procedures Act
What's the term for the amount of time a contract to perform a no deadline is specified in the contract ?
Reasonable time
As a licensee, you're helping a couple buy a new home when you come across issues that could mean there's a cloud on the title. What should you do?
Recommend the couple find another property to purchase, or ask the seller to settle the title through a quiet title action to clear any cloud before moving forward with the sale.
Conrad just closed on the house he's buying to fix up. Why should he follow up to be sure the deed has been recorded?
Recording provides constructive notice that he owns the property.
Which of the following is a buyer's agent's task or duty?
Representing the buyer's interests
The NAR Code of Ethics, Article 16, states REALTORS® should ______.
Respect the exclusive representation or brokerage relationship of others
If a buyer makes an offer that the seller finds lacking, which of the following actions is the seller most likely to take?
Respond with a written counter-offer.
What is the lender's attorney's responsibility at the closing?
Review the appraisal, survey, and inspection reports
Homebuyer Nancy has made an offer to purchase a house and has plans to schedule a home inspection. How can her agent assist her in relation to the home inspection?
Review the inspection report with her and discuss options.
Seth is a licensee working for a buyer, Britney. Britney wants to make sure the seller accepts her offer on a charming Cape Cod, so she tells Seth she wants to make a full-price, non-contingent offer right away. How should Seth respond?
"I highly recommend a home inspection contingency with your offer to protect yourself in the event there are major defects with the house
Which one of Gerry's statements to a client crosses the line into unauthorized practice of law?
"Most couples take ownership of property as joint tenants, so that's what I'd advise."
Kathlene is explaining the termination option to her buyer client. How would she explain that "time is of the essence?"
"This means that all contract deadlines will be strictly enforced. You don't want to miss these deadlines."
Ruthie is explaining the termination option to her buyer client. How would she explain that "time is of the essence" is for the discharge under operation of law option?
"This means that if the seller doesn't decide by the deadline, the buyer is no longer held to the contract."
Nancy is explaining the termination option to her buyer client. How would she explain that "time is of the essence" for the termination option?
"This means that the deadline for depositing the option fee and the time frame for the option period will be strictly enforced. You don't want to miss these deadlines."
As a licensee, you'll have several tasks you must perform for your buyer client. One of these tasks is to ______.
Review transaction documents with the buyer, clarifying anything that could be confusing, without stepping outside the scope of your license
James was purchasing some vacant land from Kindra, and asked his broker to include a "time is of the essence" provision for the settlement date. Which of these is the best response that the broker can provide?
"Unless you absolutely need to close by a certain date, I don't recommend this strategy because it locks us in to that date."
A property appraises at $320,000. If the assessment rate is 100% and the tax rate is $1 per $100, what are the semi-annual property taxes?
$1,600
The market value of your client's property is $280,000. Taxes in the area are assessed at 60% of market value. Your client's semi-annual tax bill was $1,461. What's the tax rate per 100?
$1.74
Which of these is the lender's attorney's responsibility at the closing?
Reviewing the appraisal, survey, and inspection reports
Greta is working with agent Brandon to sell some property. Nelson represents the buyer, Rigby. Of these four parties, who will pay the earnest money?
Rigby
What's one difference between an S-corporation and a C-corporation?
S-corporations are taxed differently than C-Corporations.
Which type of contract allows a buyer to legally possess the property after all of the terms and conditions have been met?
Sale agreement
Irene and Clarence are buying a home. Which document will be used to formalize this transaction?
Sales contract
Kelly bought Mason's home for $255,500. Mason had prepaid the annual property taxes of $2,650. If closing costs are calculated on a 365-day year, and the transaction closes on March 5, how much will Kelly owe Mason for property taxes? Carry numbers out four decimal places, but round to two decimal places for your final answer. The proration is calculated up to the day of closing, meaning that the buyer owns the day of closing. Be sure to include the last day of the year in your calculations.
$2,192.61
Finn wants to know how much he'll net on the sale of his property. His property sold for $385,000. He paid a real estate commission of 6%, his other closing costs totaled $3,837, and he must pay off a loan balance of $127,715. What's his net?
$230,348
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? Round to the nearest whole dollar.
$257,143
Rachel just sold her home and paid $18,427 in closing costs. Her brokerage fee, which is included in that figure, was 6%. She netted $230,063. What were her non-brokerage fee-related closing costs? Round to the nearest dollar.
$3,518
Jeffrey has accepted an offer of $310,000 for his house. The buyer is making a $50,000 down payment, and the buyer's appraisal came in at $300,000. On what number will the buyer's lender base the loan-to-value ratio?
$300,000
Tiffany, an investor, wants to net 12% profit after paying a brokerage commission of 7%. If her original purchase price was $349,000, what's the minimum offer she can accept? Round to nearest whole dollar.
$420,301
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? Round to nearest whole dollar.
$420,605
Anita's property appraised at $370,000. It is assessed at 40% of appraised value, and the tax rate is 80 mills. What are Anita's semi-annual property taxes?
$5,920
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?
$516.77
If your firm usually receives 3% of the sale price as its commission rate on a sale, and you personally share that commission 50/50 split with your broker , what is your personal commission percentage rate?
1.50%
What does Matterport provide?
3D image viewing
What's the maximum height above ground that commercial drones are permitted to fly?
400 feet
Approximately ______% of small businesses that are hacked go out of business within six months.
60
What's the maximum speed a commercial drone is allowed to fly?
99 mph
What's one benefit of Matterport?
A 3D tour option
A listing agreement is an employment contract between _______.
A broker representing the brokerage company and a seller
Jill is selling her property and hired David as her agent. David brings another client, Kirk, to see the property, which Kirk is interested in purchasing. What kind of agent is David acting as in this scenario?
A dual agent
A complete drone package for real estate video use requires a 4K camera, flight control software, flight controller, three-axis gimbal, live video, and ______.
A flying platform
What's a sphere of influence as it relates to the real estate professional?
A group of people who may refer business to you
Which of the following statements best describes a sales contract?
A legally binding, written contract between a property's potential buyer and seller
Which of the following is a type of agency agreement?
A listing agreement
Which of the following is true of agency agreements?
A listing agreement is an express agreement.
Taylor knows that, to have a successful real estate business, she'll need a website. This expense is considered ______.
A marketing expense
______ is a helpful security tool that stores and manages logins and passwords.
A password manager
What do program developers typically include in program updates to fix any known problems or bugs?
A patch
Brenda wants to stay focused and accomplish her list of items she schedules daily. Which of the following is the best option that will help her manage her time?
A planner or schedule that lists priorities
What credentials must a commercial drone operator possess?
A remote pilot certificate
What's a trio?
A report that shows the parcel map, owner of record, and property profile
Melanie manages the records in her brokerage office. Which of the following is vital to Melanie with regards to record management?
A secure storage area for storing records
What's a password manager?
A security tool that stores logins and passwords
Jennifer is selling her property and hired Larry as her agent. Jane brings her client, Andrew, a prospective buyer, to see Jennifer's property. What is Larry's role in this scenario?
A seller's agent
The total cost of a cyberattack and data breach to a small real estate business could result in ______.
A significant monetary loss, identity theft, legal fees, fines and penalties, and damage to the firm's reputation
As a provision of her sales contract, Dora is having a professional measure the lot lines and dimensions of the property. What is Dora having done?
A survey
Which of the following may be used to verify, clarify, correct, or create the legal description for a property?
A survey
What's a marketable title?
A title that is clear and free of encumbrances
Beverly, a real estate licensee, doesn't represent either party to a specific real estate transaction. She merely helps the parties handle the paperwork. What role is Beverly taking in this transaction?
A transactional broker
Which document is used to provide a summary of the title history?
Abstract of title
Which of the following provides a summary of the title history?
Abstract of title
In their purchase agreement, seller Roger agrees to all the terms that buyer Nadia proposed. This is called _______.
Acceptance
The sole purpose of marketing is to ______.
Acquire leads
What's the term for a notice given directly to and received by a person?
Actual notice
What three features do most CRM packages include?
Address books, contact organization, and communication tools
This malware type tracks both on and offline activities or redirects users' online activity through the hackers' systems so they can display ads everywhere users go online, even safeguarded sites.
Adware
The ESIGN Act requires that consumers ______ before electronic records can be used in the same way hard copy counterparts may.
Affirmatively consent to their use
Millie is a buyer who has given her agent an earnest money check for $10,000 with an offer to purchase. When will the check be deposited?
After the seller accepts the purchase offer
A listing agreement is a type of _______.
Agency agreement
Can you recognize which of the following is identity theft?
Alex's credit card number was copied at the gas station and then used to pay for the thief's own gas.
Which of these must be periodically updated to ensure the most recent versions are installed?
All devices, operating systems, browsers, programs, and apps
Small business owners are most concerned about protecting ______.
All forms of confidential and sensitive information
Which devices are susceptible to technology and data threats?
All of these technology devices
Typically, numbers and letters are combined to create strong passwords. What's the combination of numbers and letters called?
Alphanumeric
Which type of password would deliver the most security?
Alphanumeric
What's required to access transactional documents on the cloud?
An Internet connection
Which of these statements about an abstract of title is correct?
An abstract is a condensed history of all recorded documents impacting on title.
What's a quiet title action?
An action to locate and notify all who may have some claim on the title, and determine the validity of all claims
Which of the following is more likely to act as a closing agent?
An attorney or title company representative
Jeung gave her agent an earnest money check, and the seller accepted Jeung's offer. What will happen to the check now?
An escrow agent will hold the funds in a trust account until the agreement's terms are satisfied.
A good use of live streaming would be __________.
An event
What's a drone?
An unmanned aerial vehicle
Barry is purchasing a property for which he's obtaining financing. If the property doesn't appraise for at least the agreed-upon sales price, what contingency will protect Barry's earnest money?
Appraisal contingency
Richard has decided to add text messaging to his box of buyer communication tools. His best bet is to _______.
Ask if it's okay to send texts before doing so
Prior to signing the closing documents, the parties should have already ______.
Assured themselves that the conditions and contingencies of the purchase agreement have been met
When does the seller's broker receive commission?
At or just after the closing
When is the mortgage loan commitment or title insurance contract signed?
At the closing
When is the seller paid the full amount of the purchase price for the property?
At the closing
Automatic MLS email feeds should be sent to buyers ______,
At whatever schedule they request
Which of the following is an example of a vision statement?
Become a leading player in all our activities. Offer solutions to residential issues.
Fred wants to set himself apart in the market place. In order to do this Fred will need to ______.
Become an expert and specialize in a specific area
Which of the following would be an appropriate marketing department goal statement?
Become the top annual sales producer in our firm's region.
Port of Ben's financial strategy for his business My main business expense be rent for office space and payroll expenses that I anticipate are for third party vendors, office supplies, and My employees and will comimit to using the highest possible accounting standards available would like to set the standard for accounting practices. What section is his strategy missing?
Ben is missing the investment his financial strategy
Part of Ben's financial strategy for his business reads, "My main business expense will be rent for office space and payroll. Other expenses that I anticipate are fees for third party vendors, office supplies, and taxes. My employees and I will commit to using the highest possible accounting standards available. In fact I would like to set the standard for accounting practices." What section is his strategy missing?
Ben is missing the investment section of his financial strategy.
Live streaming is ________.
Best for time-sensitive events
To create a well balanced plan which of the following should you ?
Block out time for your family and your personal life
To create a well balanced time management plan, which of the following should you include?
Block out time for your family and your personal life.
Which of the following would be a good idea in order to manage your time wisely?
Block out time in your for phone calls and emails
Licensee Louie obtained written acceptance of an offer to purchase real estate. Now he must within a reasonable time deliver true, legible copies of the purchase and sale contract, signed by the seller and the buyer, to ______.
Both the buyer and seller
Licensee Phil obtained written acceptance of an offer to purchase real estate. Now he must within a reasonable time deliver true, legible copies of the purchase and sale contract, signed by the seller and the buyer, to ______.
Both the buyer and seller
Creating a unique identity in the marketplace to stand out from completion is called ______.
Branding
You set yourself apart from others agents by placing a large picture of yourself and your phone number on the side of your car. This marketing strategy is an attempt to create ______.
Branding
Breanna signed a purchase offer stating she'd buy Kathy's home for $150,000. Kathy rejected that offer but said she'd sell it to Breanna for $200,000. Breanna agreed to these terms, and they added their signatures. Which of the following statements is correct?
Breanna accepted the offer Kathy made.
You represent a in the purchase of a new construction property. Where's your best bet for obtaining a floorplan?
Builder
At closing, who pays for and receives clear title for the property being purchased?
Buyer
Before closing, the ______ should get a home inspection.
Buyer
Before closing, the ______ should get an appraisal of the property if the transaction's being financed.
Buyer
The ______ is usually responsible for ordering and reviewing the survey of the property.
Buyer
At the closing table, who examines all documents for buyers and represents their best interests?
Buyer's attorney
Who at the closing table examines all documents for buyers or sellers and represents their best interests?
Buyer's or seller's attorney
Which of these is most likely to be the list of individuals who attend a closing meeting?
Buyer, seller, licensees who represent the buyer and seller, lender, closing officer
Which of the following is a true statement about property photos?
Buyers often use photos to decide whether to see a property in person.
Which of the following situations entitles Gary to commission with a 30-day protection clause?
Buyers who viewed the property while it was listed with Gary made an accepted offer 10 days after the listing expired.
How would you qualify a member of your sphere?
By asking if they know someone to whom they would refer real estate business
How do brokers/licensees obtain their commission?
By providing the attorney or closing agent with a broker statement that shows how much each broker should receive
This technology tool allows you to convert a photo of a document from a smartphone to a PDF.
CamScanner
Which document establishes path and proof of ownership?
Chain of title
Which of the following shows the path of ownership of a property?
Chain of title
Some groups of people are more vulnerable to lead poisoning and its effects than others. Of those listed, who is most vulnerable?
Children
Technology poses risks for everyone, but real estate licensees need to be especially careful. Which of the following is true about risks related to computer systems?
Client data can be exposed when a brokerage's computer system is compromised.
Terry is trying to figure his monthly business expenses. Which of the following would be considered a business expense?
Client gifts for closings
Closing statements are usually prepared by the _________.
Closing agent
When the buyer and seller both have costs to pay, which form shows who pays what?
Closing disclosure
Which document(s) will the closing agent deliver to the buyer and seller after the closing?
Closing documents for the appropriate side of the transaction
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 her to offer 10% below the list price, because the market is ______.
Cold
In what type of market could a buyer's strategy be to ask the seller to pay closing costs?
Cold market
In what type of market could the buyer's strategy be to offer 10% below list price?
Cold market
Which of the following is a key component in calculating how much commission an agent needs to generate to meet monthly expenses?
Commission structure
What is not a characteristic of a strong password?
Common names or phrases
A licensee has several tasks to perform for seller clients. One of these tasks is to ______.
Communicate all offers and counter-offers to the sellers
Most CRM software consists of three basic features. Which of the following is one of those features?
Communication tools
Which of the following describes marketing to one's sphere?
Connecting with your own network of family and friends
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?
Consideration
What type of notice results from publicly recording a title transfer?
Constructive notice
Which of the following is true about title to a property?
Constructive notice to the public of interest in a parcel of real estate occurs when the deed is recorded and physical possession of the property is taken.
Which of the following is true about ownership or title to a property?
Constructive notice to the public of real property ownership occurs when the deed is recorded.
Real estate licensee William is preparing a sale agreement that will include an unusual circumstance. What's his best course of action?
Consult an attorney.
What should be done if a buyer notes any issues during the final walk-through before closing?
Contact the seller's agent immediately to resolve the issue before closing.
Which document is used to fix an error in the title history?
Correction deed
A real estate agent's budget should always include ______.
Cost of office space
Cindy wants to achieve maximum productivity in real estate. Cindy should ______.
Create a schedule
When running a business, part of creating your own vision includes ______.
Creating something from nothing
A ______ is an amount that shows up on the closing statement in the party's favo
Credit
Fraud that takes advantage of information stored electronically is known as ______.
Cyberfraud
A ______ can leave you and your clients vulnerable to fraud.
Data breach
Likely, you'll spend most of your time with CRM software on which one of the following activiti
Data entry
A ______ is a charge that a transactional party must pay at closing.
Debit
What's the term for a charge that either party has to pay at closing?
Debit
What gets recorded and serves as public notice of ownership?
Deed
Which document is used to establish proof of ownership?
Deed
Which of the following is used to establish proof of ownership?
Deed
You've just received a trio from a title company. It contains an assessor's map, property profile, and ______.
Deed
When sorting through your sphere of influence, what do you do with the "D" category contacts?
Delete
Which task is NOT the responsibility of an escrow officer?
Determine how earnest money is to be distributed in case of a dispute.
What's purpose does the mayoral campaign serve?
Determines whether someone belongs in your sphere of influence
Home inspector Murray is explaining to first-time buyers what he looks for during a home inspection. What is his primary goal?
Document health and safety issues that may affect both the cost and enjoyment of the home.
What's the role of the mortgage contingency in a sales contract?
Document the type of and timeline for financing, and outlines what to do if financing falls through.
Which of the following is not one of the guidelines for marketing to your sphere?
Don't advertise anywhere else.
John works bar to network. He tells everyone meets about his business. He listens conversations just enough to find opening to discuss real estate opportunities. He regularly invites people to dinner so he con market to them. He hands his business card to everyoneJohn isn't developing . Which choice would be the best advice for John?
Don't market constantly
Which of the following rules apply to commercial drone operation?
Drones must be kept within visual sight of the operator.
Which of the following technology tools allows you to share data within a secure, cloud-based system?
Dropbox
______ allows licensees to access transactional documents from any device, provided Internet connection is available.
Dropbox
Which of the following properties requires a lead disclosure?
Duplex built in 1959
What must sellers provide prospective buyers of homes built prior to 1978, in addition to the appropriate disclosure form?
EPA lead safety pamphlet
Buyers may provide assurance they won't back out of the sale by offering to deposit _______ money that will be kept in escrow until the conditions are met at closing.
Earnest
Ray is editing photos of his client's property before he attaches them to the MLS posting. Which of the following should he do??
Edit out the cat.
Per RESPA kickback guidelines, which of the following items may be legally accepted?
Educational and promotional CDs
If you're obtaining consumer consent to use electronic documents in a transaction, you must obtain the consumer's signature ______.
Electronically
Which of the following types of online communication is probably used most often in real estate transactions?
Which of these tasks must a licensee perform for buyer clients?
Ensure that the buyer receives copies of all signed paperwork.
A licensee must perform which of the following tasks for a buyer client?
Ensure the buyer understands the importance of due diligence, including a professional inspection of the property.
Which of the following is often a seller's agent's duty?
Ensure the collection of the earnest money deposit from the buyer.
Which one of the following tasks must licensees perform for seller clients?
Ensure the collection of the earnest money deposit from the buyer.
What's the licensee's responsibility for closing documents after the closing?
Ensuring that the firm's transaction file is complete
How is the broker's commission usually paid out?
Escrow creates checks for both agents' brokerages, which in turn cut checks to the agents for their commission split.
This technology tool can be thought of as a digital Post-It Note that can be made to appear on any device where the tool is installed.
Evernote
In which type of listing agreement does a seller contract with one listing agent but reserve the right to locate the buyer and only pay the listing agent if an agent locates the buyer?
Exclusive agency
Kirby has a listing agreement with Bob. If Kirby or another agent locates the buyer, Kirby gets his listing commission. However, if Bob locates the buyer, Kirby does not earn a commission. What type of listing agreement do they have?
Exclusive agency
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 they have?
Exclusive right-to-sell
What's one of the things a licensee must do in order to prepare a client for closing?
Explain who will be at the closing and what to expect.
What type of title insurance covers defects of an incorrect survey and boundary encroachments?
Extended title insurance
A sphere of influence will include ______.
Family
Which of these actions is allowed but avoids the licensee illegally practicing law?
Filling in blanks on an association-approved purchase contract
Sarah maintains listings for homes in the $ 500,000 to $ 1 million dollar range. During the first two months of a listing period she advertises at local gas stations and fast food restaurants. She doesn't include the price of the properties and hasn't received any responses from her advertisements. What's wrong with Sarah's marketing strategy?
Sarah needs to know her market better.
While working with a buyer client, Jeffrey filled in the blanks on the purchase agreement, drafted an early occupancy addendum, and assured his buyer that she was "fully protected" and would get her earnest money back if the sale didn't close. He encouraged her to hire an attorney to review the contract and addendum, and invoiced her for a nominal $15 fee to prepare transaction documents. Which of these tasks would NOT be considered unauthorized practice of law?
Filling in the contract blanks
What responsibility does the seller's agent have to the seller?
Seek a sale at the best price at terms acceptable to the seller.
Who grants title to the property being sold and receives payment?
Seller
Janet and Marcia's business accounts regularly go into the negative. Banking fees, penalties, and difficulty in obtaining a line of credit have caused them to face financial disaster. What accounting technique would help stabilize this business?
Set up a budget and practice financial discipline.
Your buyer is interested in a property, but isn't ready to make an offer yet. How can you best keep tabs on the property's status?
Set up a hot sheet on MLS to track it.
Which of the following is a key component of a business plan?
Setting a SMART goal
RESPA prohibits kickbacks between which parties?
Settlement service providers
Mavis is a buyer's agent working with Blaine, an unrepresented seller. Mavis's buyer, Cintra, makes an offer on Blaine's property. Mavis assists Blaine with the paperwork. What's Mavis's relationship to the parties?
She's an agent to Cintra, and the seller is her customer.
Terrell's staff has defined the firm's current place in the market and has analyzed the competition. This information is the _____ component of the marketing plan.
Situation analysis
Approximately 60% of hacked small businesses close up shop within ______ months.
Six
This technology tool allows you to mark up digital photos to point out features or issue
Skitch
This technology tool allows you to mark up digital photos to point out features or issues.
Skitch
Which of the following is a free tool created by Evernote that allows you to mark up digital photos?
Skitch
Which type of businesses are the most likely to be the target of a cyberattack?
Small businesses
______ are the easiest targets and yield lucrative results for scheming thieves.
Smaller businesses
Susie wants to run her own real estate brokerage to be her own boss. Which of the following is a benefit of being the boss?
Flexible work hours
TruPlace and RoomSketcher are both examples of _______.
Floorplan software
Which of the following is true about floorplans?
Floorplans help buyers visualize the layout in a way that photos ca
Buyers are often interested in which floorplans can illustrate .
Flow and layout
When structuring an offer, if a seller's need is related to obtaining a specific price, what can a buyer offer to meet the seller's need?
Full price or more than full price
Which of the following closing activities occurs on the day of closing?
Funds are transferred.
Ned represents Sofia in the sale of her townhome. Luciana represents Sofia's buyer, Arturo. What is Sofia's relationship to Luciana?
Sofia is Luciana's customer.
Ned and his brothers share the business profits equally, account for their earnings on their own personal tax returns, and don't have a board of directors or officers. What type of business do they have?
General partnership
What is the definition of a legally competent party?
Someone who has the legal and mental capacity to enter into a contract
Before you're allowed to put a lockbox on a seller's property, you must ______.
Get the seller's permission
To create a complete virtual tour of a property, drone video footage can be combined with the drone's ground-based cousin, the _______.
Glidecam
Barb is notified every time the neighborhood her buyers are interested in is mentioned online. Barb has likely subscribed to _______.
Google Alerts
Shane is trying to decide where to spend his marketing dollars. He should spend it where first?
Sphere of influence
Which of these is a category of malware?
Spyware
Which of the following is a cloud storage option?
Google Drive
Which type of account does every Gmail user have, making it easy to share files between users?
Google Drive
Which doud storage option is already available to account holders?
Google drive
______ is software that gives hackers access to information people's computer activities by transmitting data covertly from their hard drive.
Spyware
The Nicholsons just bought a mid-century modern home that will require lead paint abatement. Tom and Genna, their three-year-old daughter Grace, and Genna's mom Pat are waiting to move into the split level until the abatement is complete. Who would be at the most risk of adverse lead effects if they moved in before the abatement was finished?
Grace
Which of the following is true about hard copy data?
Hard copy data warrants protection.
Regarding the legality of digital signatures, they ______.
Have the same legal weight as one in ink
Donald and Martina decided to purchase a newly built home, and their agent, Ed, recommended that they get a professional home inspection done. The couple tell Ed that they thought inspections were only for older homes. How should Ed respond to that?
He should remind them that every dwelling, no matter the age or size, should have a home inspection.
As a best practice for communicating with buyer clients, buyer agents should ______
Stay in touch with buyers at least once per week
Your client, Risa, is about to attend her first closing. Which of these activities can she expect to occur on the day of closing?
Her loan funds will be transferred.
Anita is a new buyer. Luckily, ______ will help her before the sale and can reimburse her after the sale if a title issue arises.
Her title insurance
Hard copies of business data should be _______ the primary place of business.
Stored away from
Sue, the seller, and Carl, the buyer, are preparing to close on their transaction. Who is responsible for reviewing the settlement statement before closing?
Sue and Carl
Donald is purchasing a property and wants to determine whether any encroachments exist. Which of the following will help him make this determination?
Survey
In reference to a real estate transaction, which of these terms does NOT refer to the process in which title is actually conveyed and proceeds disbursed?
Termination
Lisa purchased an older home with a large backyard that's perfect for her pack of collies to romp in. Six months after she bought the property, a total stranger knocked on her door and told her he's the true property owner. After investigating, it turns out the person who sold Lisa the property had forged the deed without the true owner's knowledge. What's true about Lisa's situation?
Her title insurance policy may protect her from loss.
Chaz represents the buyer in a transaction that has just closed. How will he typically be paid?
His brokerage will receive a commission check from closing; his broker will compensate Chaz according to the terms of their agreement.
Sam is trying to figure out how much income he needs to make every month. Which of the following will help him calculate these figures?
His commission structure
Your buyer clients Jen and Tony really like the patio set and bedroom furniture in the house you've just shown them. However, you've suggested that they not ask for them as part of the offer to purchase, because the market is ______.
Hot
In what type of market is a buyer cautioned against asking for personal items?
Hot market
Which form of buyer communication sends the licensee updates on MLS activity pertaining to specific properties the buyer client is looking at?
Hot sheet feature on MLS
What's a key consideration when evaluating online transaction management software?
How easy it is for clients to use
When you multiply the average revenue per transaction by the number of the average closed transactions you expect to produce, what's the result?
How much you can expect to make per month/year if you close sales at your target frequency
Which choice indudes all four requirements for a good business goal?
I want to obtain two referrals a week
Which choice includes all four requirements for a good business goal?
I want to obtain two referrals a week.
Carrie's brokerage suffered a data breach, and confidential client information was stolen off the network. Carrie's client Milan later discovered that someone had used his information to obtain several new credit cards. Milan is a victim of ______.
Identity theft
What's it called when someone deliberately misrepresents information that consequently causes another person to suffer damages?
Identity theft
Under what circumstances may seller legally terminato con exclusive right sell agreement before its listing term has passed?
If the listing broker ogrees in writing to the termination
Georgina is an escrow agent who's holding funds for several transactions. Which of these statements about how she'll disburse these funds is true?
If the transaction doesn't close, Georgina will disburse the earnest money as instructed by the parties or according to state law.
Joy is having a spot survey done to satisfy the title insurance company's requirement for a(n) ______.
Improvement location certificate
Some technical experts believe that, just as video has become de rigeur on the web, ultimately all of our interactions with the digital realm will be _________.
In 3D and virtual reality
In a North Dakota real estate contract, "time is of the essence" means that the parties agree to proceed ______ and not unduly delay the process.
In good faith
Where are underground storage tanks primarily found?
In older homes and former industrial sites
The marketing plan should be developed ____.
In support of the mission statement and business plan.
To protect your commission, a listing agreement should be ______.
In writing
Which of the following represents an objective that supports the marketing goal of "be the top annual sales producer in our firm's region"?
Increase sales by 20%.
Industry regulations, such as RESPA, can affect your business by _______.
Indirectly affecting real estate and limiting how you may conduct business
Which one of the following tasks must a licensee perform for seller clients?
Inform sellers of their responsibility to make all required property condition disclosures.
Nicholas is working with a buyer client who wants a special clause added to his purchase contract. How should Nicholas handle this?
Instruct the client to hire an attorney to draft the clause.
Which of the following is considered unauthorized practice of law?
Interpreting the legal consequences of a client's actions
Which offer would be the most appealing to a seller?
It depends on the seller's needs and motivations.
What major impact did the ESIGN Act have on digital signatures?
It gave them the same legal weight as signatures written in ink.
Why is a home inspection recommended?
It gives the buyer a snapshot in time of the home's condition.
When a website has an S in the "http" portion of the URL, such as: "https://www.google.com," what does it mean?
It is a secure website.
What is true about hard-copy data?
It must be kept safe.
When property changes hands, the deed is recorded. There's a fee for recording. What is the benefit to the grantee of having the deed recorded?
It puts the public on notice regarding ownership.
Janet's vision statement for her business reads, "I want to be so successful that I'm rich, and by rich I mean rolling in it." What's wrong with this vision statement?
It's lacking a clear destination.
What happens to an initial offer from the buyer after a seller counters?
It's no longer in play.
Which of the following is a true statement about a real estate licensee's sphere of influence?
It's where most marketing time should be spent.
Jerry tries to sell a property to everyone he meets, and often ends the relationship when the "sale" falls through. What mistake is Jerry making?
Jerry's mistake is that he has misunderstood the purpose of marketing.
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?
Jim didn't sign it.
Julie is a real estate agent who wants to beat out her competition and take all their business. Which of the following best describes Julie?
Julie is using scarcity mentality.
Janet is unsure about proper record retention strategies, but she wants to safeguard sensitive documents. What should she do?
Keep all transactional documents for three years and shred unneeded documents that contain confidential information.
The Real Estate Settlement Procedures Act focuses on two primary areas. Besides certain disclosure requirements, what does RESPA regulate?
Kickbacks/referral fees
Part of analyzing your market segment is ______.
Knowing your geographic market
Buyer Kristin has a buyer agency agreement with Carlotta, a licensee. Kristin's brother, Dalton, is going to showings with Kristin and working to help her decide which house is the best fit. Who is/are Carlotta's client(s)?
Kristin
Luis, a listing agent, wants to post an ad for his new listing. Which of the following phrases is acceptable under fair housing guidelines?
Large fenced backyard
Larry is a real estate agent in a transaction with Charlie, who works for a separate brokerage. Larry has a disagreement with Charlie regarding some items in a contract. What should Larry do to handle the situation with Charlie?
Larry should work for a win-win outcome for his client.
A vision statement _________.
Lays out what the future looks like for an organization
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?
Lead
Which statement about lead-related health problems is true?
Lead may cause behavioral problems, learning disabilities, seizures, and, in extreme cases, death.
Which of the following actions concerning tenant rights should real estate licensees take?
Learn and understand tenant rights.
Everything in your office is potentially at risk from thieves and other criminals. Because of this, what should you never do?
Leave clients unattended in the office.
After the buyer and seller have signed their contract, the buyer's agent calls you. She has just found out that her client may have been under the influence of alcohol when he signed the contract. What contract element is now in question?
Legal purpose
The ______ usually represents the lender at a closing.
Lender's attorney
Who usually represents the lender at a closing?
Lender's attorney
Lillie is developing a solid business plan with which to run her business. Lillie knows she will need to address her financial situation. Which of the following is the most important factor for Lillie to consider regarding her finances?
Lillie will need to consider her monthly expenses to do business, including production and promotion costs.
A title examiner has decided to limit the title search to the last 50 years. What type of title examination is this considered?
Limited search
What's the term for a title examination that searches title history going back fewer than 60 years?
Limited search
An agency agreement between the property seller and the brokerage that represents the seller is called a ______.
Listing agreement
Which of the following is one strategy to help prevent a data breach
Locking your computer when you're not using it
Which of the following is one strategy to help prevent a data breach?
Locking your computer when you're not using it
Which of these is a penalty for practicing law without a license in Florida?
Loss of license
Which of these passwords would you consider to be most secure and take the longest for a hacker to decipher?
M0ndaYsRGrat#!.
______ describes viruses, worms, Trojan horse attacks, and ransomware.
Malware
_________ is software intended to damage or disable computers and computer systems.
Malware
Compliance with federal fair housing laws is ______.
Mandatory
What does Skitch, a free tool created by Evernote, allow you to do?
Mark up digital photos
Which of the following is a duty that seller agents owe to clients?
Market and sell the property.
Which of the following is part of the budget planning?
Marketing expenses
Which of the following provides a 3D tour option?
Matterport
It used to take six promotional contacts (ads, etc.) to make an impression on an individual. Now it takes ______.
More
A good business strategy includes ______.
Networking
Which of the following is a true statement about the use of floorplans when marketing your listings?
New construction properties often have floorplans available.
Which following is a neighborhood networking site where you can learn information about a neighborhood ?
NextDoor
You represent only one party to a transaction. What form must be provided to the party you don't represent?
No Brokerage Relationship Notice
Jared, a seller, has found his own buyer and wants to terminate his exclusive right-to-sell listing agreement with Sue, his listing broker. Can he do so without penalty?
No, because the listing agreement is contractually binding.
Fetneh is a salesperson with ABC Brokerage. She writes purchase offers on two different properties for her investor buyer client. Both offers call for an earnest money deposit of $2,000. Her client writes one check for $2,000 to ABC Brokerage. Fetneh makes two copies of the same check for the offers to be presented to the respective sellers. Is this appropriate?
No. Each offer must be accompanied by its own earnest money funds.
Why is it important to ask buyers how often they want to receive an MLS listing feed?
Not all buyers are in the same hurry to buy.
What's the problem with the following goal"want all of my clients to be approved for whatever amount they ideally want to get into whatever house they want"
Not measurable specific
If an appraisal contingency is in place, what happens when a property appraises higher than the agreed-upon sales price?
Nothing will happen.
In her purchase agreement, buyer Kami includes a definite, clearly stated proposal to buy Steve's house. This is an example of the ______ element of a contract.
Offer
Your buyer clients are submitting an offer on a newly built home in a very trendy part of town. The seller requires that the home be sold for at least $450,000. What is a good strategy for structuring the offer in this case?
Offer full price or more.
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?
Offeree
Brynn's listing agent told potential buyers that all offers on Brynn's property would be considered at 5 p.m. on May 3. By that date and time, there were four offers. The persons making these offers are the _______.
Offerors
Which of the following is the best way to describe the element of consideration in contracts?
One party promises to do (or not do) something and the other party promises something of value in return.
Richard is trying to determine the number of sales he needs to make per month to meet his expenses. His sales market's average sale price is $90,000. His monthly expenses are $2,200. He makes an average of 3% commission and splits that commission with his broker 50/50. On average, how many sales per month does he need to meet expenses?
One-point-seven
According to the National Association of REALTORS 2017 report, 89% of buyers use ____ to determine whether to see a property.
Online photos
According to the National Association of REALTORS 2017 report, 89% of buyers use se property
Online photos
What type of listing agreement provides the sellers with the opportunity to enter into listing contracts with multiple agents and still reserve the right to sell the property themselves, owing no commission?
Open
In which type of listing agreement will a seller contract with multiple agents and only pay commission to the agent who locates a buyer?
Open listing
CRM software is used by agents to ______.
Organize contacts
Question 1 CRM software is used by agents to ______.
Organize contacts
Which title insurance policy will cover an owner's legal expenses when problems with title occur?
Owner's policy
A ______ is a piece of a software upgrade intended to fix a problem with a computer program.
Patch
Paul is having trouble expanding his sphere of influence. He doesn't really have family around, he's single and stays home most weekends, and when he's around people, he'll briefly mention his occupation and then timidly ask for a referral. When he gets turned down, which is often, he dejectedly goes home and wonders what's wrong with his real estate business. What could Paul do to help develop a regular referral stream?
Paul should join a volunteer organization or participate in some community activity.
A closing agent has several duties to perform both before and after the closing. Which of the following is a task the closing agent must complete after the closing?
Pay the existing loan off
Lucy is working as a real estate agent in her own brokerage office. Lucy's responsibilities include ______.
Paying taxes
Which of the following statements is prohibited under fair housing law?
Perfect for a couple without kids
Because there were no deadlines specified in the contract, Myron didn't think there was a problem with his waiting to apply for a loan to help purchase the property. He was therefore a little surprised and not very happy when the seller sued him for breach of contract, stating that the delay was impacting the seller's ability to purchase a new home. What did Myron fail to do?
Perform his contractual obligations within a reasonable time.
When a contract doesn't provide specific dates for when the terms need to be met, what should the parties assume regarding performance of the contract?
Performance must take place within a "reasonable time."
Jeremiah sends emails and tries to get the recipients to divulge confidential information. This is known as ______.
Phishing
Janice is leaving the office to meet a client for a showing. She will be stopping for lunch on the way. Her briefcase contains confidential client information she will need for the meeting, and she wants to make sure it is secure. What should she do?
Place it in the trunk of the car while she is not in public view.
Terry posts advertisements for his business everywhere he can, hands out pamphlets at malls, stores, restaurants, and on the street. On Saturdays and Sundays, he starts calling everyone on a leads generation list he purchased. When asked what he can do for a specific client he says "I can get you your dream home." Terry notices that despite all his hard work he doesn't do very well. What could help Terry improve his marketing?
Terry needs to focus on what makes him distinct and expert among all his competitors.
After a few meetings, the Stinsons sign a listing agreement with broker Vera so she can sell their house. The house has already generated interest from a potential buyer named Sergei, who has spoken with Vera about the house's square footage and potential as an investment. Which of the following is true about this situation?
The Stinsons and Vera have an agency agreement.
Which of the following is the most important, defining feature of CRM software?
The address book
Who closes on the cooperative brokerage agreement?
The agents for the buyer and seller
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?
The broker
From whom or what entity do licenses receive compensation for brokerage services once a transaction is closed?
The brokerages for both sides receive their share brokerage fees and disburse license shares them
From whom or what entity do licensees receive compensation for brokerage services once a transaction is closed?
The brokerages for both sides receive their share of brokerage fees and disburse licensee shares to them.
Before closing, ______ should provide evidence of a lender's and owner's title insurance policy.
The buyer
Before closing, who is generally responsible for obtaining an appraisal, completing the loan application, ordering a home inspection, and securing homeowners insurance?
The buyer
In a buyer agency relationship, who does the licensee represent?
The buyer
Prior to closing, who should review the Loan Estimate?
The buyer
Who's generally responsible for ordering and reviewing a survey of the property?
The buyer
Who's responsible for doing the final walk-through of a property?
The buyer and the buyer's agent
Who closes on the mortgage loan commitment at closing?
The buyer and the lender's attorney
Who should review the settlement statement before closing?
The buyer and the seller
Which of the following actions occurs prior to closing?
The buyer obtains a binder for insurance coverage on the new home.
What's a closing in its simplest form?
The buyer receives title to the property and the seller receives consideration for
It's closing day! What's likely to happen?
The buyer's loan funds will be transferred.
Both parties must sign a multitude of documents at closing. Funds must change hands. Who keeps all of this straight?
The closing agent
Who's responsible for conducting the closing meeting?
The closing agent
You're about to attend your client's closing. Who will conduct the closing meeting?
The closing agent
Katelyn wants to include an inspection contingency in her purchase offer. Her agent explains that the inspection contingency will document which of the following?
The date by which all inspection issues must be addressed
Who's responsible for conducting the closing meeting?
The dosing agent
Debra's listing agent, Raj, just called to tell her that he'd received an offer on her house and an earnest money check for $4,500. "I'm on my way over to go through the offer with you. I think you'll like it!" Debra's excited, and she knows exactly what she wants to spend that $4,500 on. What's wrong with Debra's thought process?
The earnest money doesn't belong to Debra. It will be held in an escrow account.
Which party at closing requires the property to be free and clear of encumbrances and requires title insurance and hazard insurance?
The lender
Who or what entity requires the property to be free and clear of encumbrances and requires that title insurance and hazard insurance be provided at closing?
The lender
Who reviews transactional documents for accuracy prior to or at closing and requires the property to be free and clear of defects before approving the buyer's loan application?
The lender's attorney
When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale?
The licensee is permitted to list other properties for sale, even if they're competing properties.
Who's responsible for verifying that a client knows what documentation to bring to closing?
The licensee who's representing the client
Which of the following is a legitimate and legal way that an exclusive right-to-sell listing agreement may terminate without the seller owing a commission?
The listing agent stops working on the listing.
Luke is creating the marketing strategies of his business. He should include ______.
The market in which he'll work
The Yorks just received an offer on the home that is well below listing price. The offer states that there must be a response within a "reasonable time". However, the Yorks are having trouble making a decision and the "reasonable time" comes and goes. What does this mean for the Yorks?
The offer has expired.
What type of database program is best for keeping track of your sphere of influence?
The one you'll consistently use
In a sales contract, what does "time is of the essence" mean?
The parties agree to meet their deadlines.
Kevin, your buyer client, signed a contract to buy Lydia's home. The contract states that "time is of the essence." You correctly advise Kevin that this means ______.
The parties are agreeing to proceed in good faith without unduly delaying the process
Who is the offeror in a contract?
The person making the offer
Who is an offeree in a contract?
The person who accepts or rejects the offer
Which option is true if a deed is not recorded after closing?
The property's legal ownership can be challenged.
Which of the following would be considered a seller credit on the closing statement?
The purchase price
What's the purpose of the appraisal contingency in a sales contract?
The purpose is to protect the buyer. If the property doesn't appraise, the buyer may terminate and get their earnest money back.
If home repairs are agreed upon in the sales contract, who's responsible for making them?
The seller
In a seller agency relationship, which party does the licensee represent?
The seller
Prior to closing, who should request a loan payoff statement?
The seller
Licensee Randy is in a seller agency relationship with Brent, a seller. The buyer is Tim. Who is Randy's client?
The seller (Brent)
In a buyer agency relationship, what relationship does the seller have to the licensee?
The seller is the licensee's customer.
Which of the following best describes a net listing?
The seller specifies a desired price for the property and agrees to pay the broker any amount received that's more than that price.
Which of the following would be considered a seller debit in the closing statement?
The seller's current mortgage payoff
In a typical transaction, which of these title defects is unlikely to cause a problem for the buyer?
The seller's existing mortgage
Jacqueline found a ready, willing, and able buyer for her client's condo, with a sales price of $20,000 more than the asking price. However, the appraisal came in just under the asking price. Which number will the lender use to calculate the loan-to-value ratio?
The smaller number
Janet is analyzing her market segments. She'll include ______.
The specific location
"Time is of the essence" means _______.
The stated timeframes are inflexible and must be adhered to
During the closing, whose job is it to deliver the title commitment after ensuring the title is marketable and without defect?
The title company representative
______ delivers the evidence of a clear title at the closing.
The title insurance representative
Paula is bidding on a property that's being sold at a foreclosure auction. She's excited about the great deal she's getting on the property after she finds out she submitted the winning bid. What could cause Paula's great deal to turn into a nightmare?
The title to the property may have hidden issues that could cost her a lot of money to clear.
How will the buyer or seller know where and when the closing is being held?
Their agents will inform them of the date once it's set.
How will the buyer or seller know where and when the closing is being held?.
Their agents will inform them of the date once it's set.
The two best places for licensees to spend their marketing dollars are in their sphere of influence and in ______.
Their farm area
What special concern do foreclosed properties often present?
There could be hidden title issues.
Which is true about a video walk-through of a property?
They can be done with a smart phone
When Mark and Chrissy discovered that the seller of their recently purchased home had committed title fraud, they were told their title insurance policy wouldn't cover the legal costs to clear the title to their property. What's the most likely reason for this?
They didn't purchase owner's title insurance.
Which of the following statements is true about septic systems?
They differ in the way they are installed.
Which of the following is true about net listings?
They often involve a conflict of interest.
An excerpt of Brad's operational strategies section in his business plan reads, "My agency will connect first home buyers with special government loans that will enhance their ability to fulfill dream of home ownership.What important part of his Operational Strategy is this excorp demonstrating?
This describes the services agency
Jared's brand name is "Century Twenty." His logo is a brown background with yellow text that spells out "Century Twenty." Jared doesn't understand why people often confuse him with another real estate company. Some of the people become angry and hostile when they realize his company isn't the same as his branding. What's wrong with Jared's branding?
This isn't really branding, but if he's trying to develop a brand, it isn't unique, colorful, or creative.
Jared's brand name is "Century Twentylogo is brown background with yellow that spells out Twenty." Jared doesn't understand why people often confuse with another real estate company Some of the people become angry and hostile when they realize his company isn't the as his branding. What's wrong with Jared's branding?
This really branding, but it he's trying to develop unique colorful , or creative
Many real estate contracts contain the phrase ______, reminding the parties to avoid unnecessary delays to the transaction, and to adhere to all contract dates.
Time is of the essence
Lincoln knows how many transactions he needs to do to meet his revenue goals. Which of the following is a key element to help him meet his goal?
Time management
Which term is used to define a search of public records going back at least 60 years to establish a property's title history?
Title examination
Which of the following protects the owner against financial loss if the real estate title has defects?
Title insurance
Which of the following protects the owner against financial loss if the real estate title has defects?=
Title insurance
Your client, Ray, is worried about title issues that may arise after closing. Remind Ray of his secret protection: ______.
Title insurance
Which of these statements about title insurance is true?
Title insurance coverage includes the service of a "title search" prior to the close of the sale.
Which of the following insures the policy owner against financial loss if the title to the real estate has covered defects?
Title insurance policy
Which of the following will be issued only if title is acceptable and an attorney provides a certificate of title opinion?
Title insurance policy
Who delivers the evidence of a clear title at the closing?
Title insurance representative
Which document provides the buyer with data about the property's title record, legal description, and other matters that may need to be acted upon in order to obtain a marketable title?
Title report
Why is it important to publicly record a deed?
Title representatives and attorneys who perform title searches look for documents that are publicly recorded.
Jeff has filed a quiet title suit against Roger. What's the purpose of this suit?
To clear up a cloud on title
What's the purpose of the title search?
To collect evidence that the title is a marketable title, meaning it's clear and free of encumbrances
What's the purpose of a survey?
To determine whether encroachments exist and to determine the boundaries of the property
Sampson is acting as a buyer agent. What duties does he owe the seller in the transaction?
To disclose the agent's relationship with the buyer
Why does a lender require title insurance from the borrower for a mortgage?
To ensure the collateral for the loan is secure and free of encumbrances
What's the purpose of a chain of title?
To establish history of past ownership
Which of the following is a best reason to forecast financials?
To plan for future expenses
Regina closed on the sale of her house to Tom on Thursday, then went to a second closing on Friday and sold it to Martin. How could the title company in Martin's transaction have missed the fact that Tom had purchased the property?
Tom's title company didn't have time to record Tom's deed before Regina closed with Martin.
A person who facilitates the paperwork, but doesn't actually represent either party to the transaction, may be a ______.
Transactional broker
A sale is ______.
Transferring goods or services for remuneration
Sally is a real estate agent focused on creating a business plan with a vision of abundance mentality. Which of the following is an example of abundance mentality?
Treat everyone with integrity
A program intended to breach a computer system while seemingly appearing to be harmless is a __________.
Trojan horse
What's another name for an escrow account?
Trust account
Lucinda uses several apps on her smartphone throughout each day to help with her real estate transactions. She's prompted to update several apps. What should she do?
Update the apps.
Which method will increase the likelihood that your password will be compromised?
Use a default password.
Darcy and her buyer client Josh are reviewing Josh's offer before they submit it to the seller. Which of these actions is Darcy safe to take without potentially crossing into unauthorized practice of law?
Use standard, approved language in contingencies, addenda, and additional provisions areas.
Regarding documentation, which of the following actions can help a licensee avoid being accused of unauthorized practice of law?
Using approved fill-in-the-blank forms
Leads programs are
Usually a waste of time and money
A program that infects a device, spreads to other files on the device, and then spreads to other devices when infected files are shared or copied is a _________.
Virus
If a contract is for an illegal purpose, it's ______.
Void
If a contract is accepted under duress, it is _______.
Voidable by the victim
Jody wants to network with new people to build her client base. Which of the following is a networking activity?
Volunteering at organizations
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?
Waive the appraisal.
If a seller is concerned about an appraisal, what can a buyer do to address this need when structuring the offer?
Waive the appraisal.
Prior to the closing, one final inspection should take place. This is also known as the final ________.
Walk-through
Aside from paint, lead most commonly appears in ______.
Water pipes
What are the three areas of technology where licensees are most exposed to litigation risks?
Websites, social networking, and emails
Which of these would be a breach of Margo's fiduciary duty of confidentialit
When asked by the buyer's agent if the seller was firm on his price, Margo said, "Everything's negotiable," and winked at the other agent.
When does offer and acceptance occur?
When both parties sign a contract with a full understanding of the terms.
Buyer Susie's a little nervous about the $20,000 earnest money check she just deposited with the title company. When should she expect to see this money applied toward her purchase of the property?
When conditions are met at closing
Martin must provide the No Brokerage Relationship Notice in which situation?
When his buyer client make an offer on a For Sale by Owner home
Sondra thinks the new business contract she signed with her business partner is valid. Both parties are legally competent, the contract has a legal purpose, an offer was made and accepted, and a fee has been negotiated and documented. Which essential element of a valid contract has Sondra not yet considered?
Whether consent was voluntary
Burt terminated his exclusive right-to-sell listing agreement with Scott, his listing broker, without cause. Burt may legally do this as long as he's ______.
Willing to pay Scott's commission anyway
Christina purchased a house from Thomas. When did she officially gain ownership of the property?
With the transfer of deed from the seller to the buyer
The difference between a dabbler and a professional is that a dabbler works in the profession of real estate; a professional ______..
Works on the business
Unauthorized practice of law and acting outside the scope of one's expertise are similar issues. Which of the following circumstances specifically relates to the unauthorized practice of law?
Writing contract addenda or additional provisions that cover unfamiliar circumstances
Mary is preparing a purchase offer for her buyer client. It's a pretty standard offer: a little less than list price, with the seller paying a little toward the buyer's closing costs. Mary fills in the blanks on a standard form used in her brokerage firm based on the current situation. Is this okay?
Yes, Mary can use the standard forms that her brokerage uses (assuming these forms were originally created or approved by an attorney).
Albert owns a drone that he's used for fun, and he's really good at it. A friend suggested that he offer services to real estate licensees as a side gig. Can he use his drone to take aerial photos and videos of listings
Yes, but only after he obtains his remote pilot certificate
May listing agreements be terminated without penalty?
Yes, if both the listing broker and the seller's agree in writing
Roberto, a licensee, filled in the blanks on a standard form used in his brokerage firm. Is this okay?
Yes, licensees can use standard forms originally created or approved by an attorney.
Your 15-year-old son just signed a contract joining a health club, which costs $50 a month. Is this contract valid?
Yes, the contract is valid.
Is there an age requirement for commercial drone operation?
Yes, the operator must be at least 16 years old.
If an RV park refuses to rent a lot to a family because they're African-American, is the management in violation of fair housing law?
Yes, this is discrimination based on color and race, which are federally protected classes.
What's the primary advantage to storing documents on the cloud?
You can access data from anywhere
Which is a benefit of having your own business?
You can create your own vision.
Your briefcase contains confidential client information. Which of the following is true about leaving it in the car?
You should place it in the trunk while you are not in public view.
Frankie is writing an advertisement for her new listing. Which of the following adheres to federal fair housing guidelines?
You won't believe the view from this three-story investment chateau tucked in the mountains.
You're completing the business plan worksheet. Which item is included on the worksheet to help you get on track?
Your current position
To be sure of internet security, which of the following should you look for at the beginning of your browser's address bar when you're working online?
https:
If online security is a concern, which of the following websites would be the safest?
https://www.google.com
______ is an example of a weak password.
starwarsfan
Jack works on his schedule to produce his productivity. Which of the following is the best option to stay focused?
Schedule contacts with his sphere of influence
A crucial component of any business plan is ______.
A budget
Liz is creating a business plan and needs to know how much money she will need to run her business. Which of the following is true?
A budget is a crucial component of a business plan.
On his desk, Bob has client files, phone messages, and invoices from creditors. How would you classify a phone bill?
A general record
Which of the following is true of goal setting?
A goal must be specific and measurable.
A network group is identified as ______.
A group to which you belong
Who or what is a licensee's sphere of influence?
A list of contacts, both personal and professional, who already know and trust the licensee
Which of the following is a RESPA violation?
Accepting a referral fee from a title company
Janet receives a call about a property she has listed. Janet gives the caller information about the property and sets up an appointment to show the property. Janet has the opportunity to ______.
Acquire a client
When should a marketing plan be developed for your brokerage?
After determining the overall direction of the firm
Lyn runs a brokerage and maintains a master file for all the office transactions. The file must be maintained for how long?
As long as Lyn's state requires
How often should licensees keep in touch with members of their sphere of influence?
At least monthly
Victor wants to know what his business will look like in the future. Which of the following will help him?
Budget figures
Henry will need to track his clients and customers. Which of the following would he best use?
CRM software
Valerie is filling out her personal expense worksheet and will need to include ______
Car loan payment
The firm's target market information in the marketing plan includes which of the following?
Demographics
In order to figure out how much income you need to generate, you should ______.
Determine how many closed transactions per month and year you will need
In the beginning, 60% of your business will come from your sphere. After a couple of years in the business, ______.
Even a higher percentage will come from your sphere
Second in line to a sphere of influence for impact on your real estate business is ______.
Farm area
Tasha is concentrating on her marketing strategy and building a client database. Tasha will obtain clients by which of the following?
Generating a solid referral stream
Which of the following is a component of a business plan?
Goals and objectives
Generating referrals includes ______.
Going beyond what is expected
Which of the following is a way to add to your sphere of influence?
Hosting a housewarming party for a client
Luke's advertising expenses are $800 a month. On which worksheet should Luke list this expense?
Marketing expense
Mario's business plan includes all of his operating expenses. Which of the following would be included in the budget?
Marketing expenses
In SWOT analysis, which of the following might be a threat to your business plan?
New city ordinance
About what percentage should a licensee spend on advertising?
No more than 30% of income
One mistake that new real estate licensees frequently make regarding their "sphere" is ____________________.
Not promoting their services to friends and family
A marketing plan should include ______.
Number of contacts needed to make a sale
Marketing strategies of your business plan includes ______.
Promoting your services
What's one thing that you should always ask for, relative to your business, when talking to members of your sphere of influence?
Referrals
Christian has identified the market in which he wants to work. Which of the following is included in identifying his market?
Rental vacancies
Sandy has decided she wants to market to renters only. Now she will need to find clients. She will place these people into groups. Which of the following is a category to group people?
Sphere of influence
In order of priority, where should a licensee spend marketing dollars?
Sphere of influence, farm area, website
Which of the following is a component of a marketing plan for a brokerage?
Strategies and tactics
Brad is working on his schedule of daily activities that will generate business. In order to achieve productivity projections. Brad will need to ______.
Streamline his activities
Terry is creating a budget for her business. The budget should include ______.
The cost of hiring staff
Phil is creating his budget for his real estate business. Which of the following is the best option for Phil to consider in regards to his budget?
The cost of office space
Dan wants his budget to reflect the cost of his business cards. This is included on which worksheet?
The marketing expenses worksheet
When Stacy's clients ask her if she can recommend a mortgage broker, she promptly gives them the name of the best mortgage broker she knows, Gary Jones. Later, she always receives a check from Gary as payment for the referral. Is this legal or illegal under the Real Estate Settlement Procedures Act?
This is illegal under RESPA because it's considered a kickback between settlement service providers.
What is the purpose of developing a marketing plan for your brokerage?
To analyze the competition.
Jerome is completing the worksheet for his personal budget. He should complete this worksheet ______.
To determine how much income he will need for himself and his household
Jeff wants to strengthen his position when selling real estate. Answers to which of the following questions will allow him to set goals?
What are your competitive advantages?
