Post License Course (Barney
Fletcher)questions and solutions
Within the first five years around % of agents leave the real estate
business - Correct Answer ✔✔ - 80-90%
For buyers what are the five steps of the pre-qualification process - Correct Answer ✔✔
- 1. Urgency
2. Motivation
3. Financial Ability
4. Wants and Needs
5. Agency
For sellers what are the five steps to the first appointment - Correct
lr Answer ✔✔ - 1.
Urgency
2. Motivation
3. Concerns
4. Expectations
5. Hesitations
A person who may be willing to engage in a real estate transaction - Correct
Answer ✔✔ - Prospect
A person who is willing to perhaps have a conversation but has no real desire to
engage in a real estate transactions - Correct Answer ✔✔ - Suspect
In determining whether a person is a suspect or a prospect we must consider -
Correct Answer ✔✔ - Urgency and motivation
When setting goals, its important they be - Correct Answer ✔✔ - Specific
Measurable
Attainable
Realistic
Timely
Most common type of target market is a particular neighborhood of homes - Correct
Answer
✔✔ - Farming
A analysis can be helpful in analyzing your strengths and weaknesses,
which can sometimes help you pick the target market that is best for you -
Correct Answer ✔✔ - SWOT
,The primary objective of any type of real estate prospecting is to - Correct Answer
✔✔ - Generate an appointment
The ratio that is computed by dividing the number of homes sold in a year by the
total number of homes in the farms - Correct Answer ✔✔ - Turnover ratio
A method of prospecting that will involve the telephone, but only as part of a mix of
different types of contacts - Correct Answer ✔✔ - Circle prospecting
A agent has more control than a agent - Correct Answer ✔✔ - Listing/selling
This involves only one appointment with the prospective sellers. Licensee makes
the presentation, show the recommended price through CMA and try to get sellers
to sign the listing contract - Correct Answer ✔✔ - 1-step listing presentation
What is the best way to establish a personal brand in real estate - Correct Answer ✔✔ -
lr
To develop a good reputation
Which of the following choices is the most common way buyers find a house they
purchased
- Correct Answer ✔✔ - Internet
What is the most important part of your "brand" in your real estate career - Correct
lr
Answer ✔
✔ - Your reputation
When a real estate licensee focuses his or her prospecting efforts on a
particular neighborhood or type of buyer is the licensee's - Correct Answer ✔✔
- Target market
As a real estate agent your primary product is - Correct Answer ✔✔ - Your contacts
When the number of listings by a particular firm is divided by the total number of
listings in that neighborhood, the result is the - Correct Answer ✔✔ - Market
share
Which of the following is the best way to ask for a referral - Correct Answer ✔✔ - Who
do you know who might be looking to buy or sell a house
The process of ensuring that the interior and exterior of a home are as attractive as
possible is known as - Correct Answer ✔✔ - Staging
The types of media used to generate new business is known as the - Correct Answer
✔✔ - Promotional mix
When doing the initial tour of a house before making a listing presentation, one goal
should be to - Correct Answer ✔✔ - Get the sellers to view the property from the
standpoint of a typical buyers rather than a seller
,A buyer has made an offer on a seller's house. The offer gives the buyer 10 days to
have a licensed home inspection of the property and to cancel the offer if the
inspection reveals significant necessary repairs unknown to the buyer. This is an
example of - Correct Answer
l
✔✔ - Contingency clause
Which of the following types of sales of a personal residence would require a third-
party approval before the sale could be closed - Correct Answer ✔✔ - A
bankruptcy, a divorce, or a short sale
What is the most important factor in qualifying a prospective buyer - Correct Answer ✔✔
lr
- Whether the prospect is financially qualified to purchase a home
In deterring whether or not to issue a pre-approval letter, the lender would consider -
lr
Correct Answer ✔✔ - Principal, interest, property taxes, and insurance
What is the purpose of using an assumptive close - Correct Answer ✔✔ - To make
lr
it easier for the buyer to say yes
If the buyer and seller agreed that the buyer would purchase the patio furniture as
part of the contract, this would appear in which section of the Purchase and Sale
lr
agreement - Correct Answer ✔✔ - Special Stipulations
l
A loan point is - Correct Answer ✔✔ - One percent of the loan amount
Assuming the buyers ride in your car, the time spent in the car can be put in good use
by -
Correct Answer ✔✔ - Discussing the positive features of the neighborhood
what is the biggest difference between traditional telemarketing and circle prospecting? -
Correct Answer ✔✔ - circle prospecting requires. follow-up
under what circumstance should a real estate licensee use a 1-step listing presentation -
Correct Answer ✔✔ - if the homeowner insists on it
what is the most common reason why new licensees hate making cold calls on
the telephone - Correct Answer ✔✔ - fear of rejection
which of the following contact methods is most likely to get people to remember
you - Correct Answer ✔✔ - send a handwritten thank you note after a phone
conversation
when answering a phone call, which of the following choices would be a key
objective - Correct Answer ✔✔ - to not only give information, but to get
information from the caller as well
, what type of software is designed specifically to avoid "one and done" prospecting -
Correct Answer ✔✔ - customer relationship management (CRM)
when trying to get a listing from a seller whose previous listing was expired,
which of the following choices are recommended to solicit a listing contract
from that seller - Correct Answer ✔✔ - provide a free service, such as
analysis of current market conditions
situations where on party represents another party - Correct l Answer ✔✔ - law of
agency
the laws regarding agency come from what three sources in the US - Correct Answer
✔✔ - common law, statutory law, and administrative or regulatory law
stems from British laws which applied to the colonies before the Revolutionary
War (precedents) - Correct Answer ✔✔ - Common law
l
laws passed by the state legislature or the Congress and signed by the governor. -
Correctl
Answer ✔✔ - statutory laws
refers to the rules and regulations adopted by various regulatory bodies - Correct
Answer ✔
✔ - Administrative or regulatory law
the person who hires the agent to represent them in a transaction - Correct
Answer ✔✔ - principal
the person hired to represent the principal - Correct Answer ✔✔ - agent
in real estate practice, the is considered the agent - Correct Answer ✔✔ - broker
represents the principal in all aspects of the principal's dealings, - Correct l
Answer ✔✔ - universal agent
less authority than a universal agent but may represent the principal in an ongoing
series of continuous events, usually in one general field of endeavor. In real
estate, property managers - Correct Answer ✔✔ - general agent
represents the principal in one specific transaction. - Correct Answer ✔✔ - special
agent
acts as agent for an agent and has the same duties and obligations as the
agent - Correct Answer ✔✔ - subagent
a position of trust and must put the interest of his client (Steve) above those of all
others, including and especially those of himself. - Correct Answer ✔✔ - fiduciary
obligations
Fletcher)questions and solutions
Within the first five years around % of agents leave the real estate
business - Correct Answer ✔✔ - 80-90%
For buyers what are the five steps of the pre-qualification process - Correct Answer ✔✔
- 1. Urgency
2. Motivation
3. Financial Ability
4. Wants and Needs
5. Agency
For sellers what are the five steps to the first appointment - Correct
lr Answer ✔✔ - 1.
Urgency
2. Motivation
3. Concerns
4. Expectations
5. Hesitations
A person who may be willing to engage in a real estate transaction - Correct
Answer ✔✔ - Prospect
A person who is willing to perhaps have a conversation but has no real desire to
engage in a real estate transactions - Correct Answer ✔✔ - Suspect
In determining whether a person is a suspect or a prospect we must consider -
Correct Answer ✔✔ - Urgency and motivation
When setting goals, its important they be - Correct Answer ✔✔ - Specific
Measurable
Attainable
Realistic
Timely
Most common type of target market is a particular neighborhood of homes - Correct
Answer
✔✔ - Farming
A analysis can be helpful in analyzing your strengths and weaknesses,
which can sometimes help you pick the target market that is best for you -
Correct Answer ✔✔ - SWOT
,The primary objective of any type of real estate prospecting is to - Correct Answer
✔✔ - Generate an appointment
The ratio that is computed by dividing the number of homes sold in a year by the
total number of homes in the farms - Correct Answer ✔✔ - Turnover ratio
A method of prospecting that will involve the telephone, but only as part of a mix of
different types of contacts - Correct Answer ✔✔ - Circle prospecting
A agent has more control than a agent - Correct Answer ✔✔ - Listing/selling
This involves only one appointment with the prospective sellers. Licensee makes
the presentation, show the recommended price through CMA and try to get sellers
to sign the listing contract - Correct Answer ✔✔ - 1-step listing presentation
What is the best way to establish a personal brand in real estate - Correct Answer ✔✔ -
lr
To develop a good reputation
Which of the following choices is the most common way buyers find a house they
purchased
- Correct Answer ✔✔ - Internet
What is the most important part of your "brand" in your real estate career - Correct
lr
Answer ✔
✔ - Your reputation
When a real estate licensee focuses his or her prospecting efforts on a
particular neighborhood or type of buyer is the licensee's - Correct Answer ✔✔
- Target market
As a real estate agent your primary product is - Correct Answer ✔✔ - Your contacts
When the number of listings by a particular firm is divided by the total number of
listings in that neighborhood, the result is the - Correct Answer ✔✔ - Market
share
Which of the following is the best way to ask for a referral - Correct Answer ✔✔ - Who
do you know who might be looking to buy or sell a house
The process of ensuring that the interior and exterior of a home are as attractive as
possible is known as - Correct Answer ✔✔ - Staging
The types of media used to generate new business is known as the - Correct Answer
✔✔ - Promotional mix
When doing the initial tour of a house before making a listing presentation, one goal
should be to - Correct Answer ✔✔ - Get the sellers to view the property from the
standpoint of a typical buyers rather than a seller
,A buyer has made an offer on a seller's house. The offer gives the buyer 10 days to
have a licensed home inspection of the property and to cancel the offer if the
inspection reveals significant necessary repairs unknown to the buyer. This is an
example of - Correct Answer
l
✔✔ - Contingency clause
Which of the following types of sales of a personal residence would require a third-
party approval before the sale could be closed - Correct Answer ✔✔ - A
bankruptcy, a divorce, or a short sale
What is the most important factor in qualifying a prospective buyer - Correct Answer ✔✔
lr
- Whether the prospect is financially qualified to purchase a home
In deterring whether or not to issue a pre-approval letter, the lender would consider -
lr
Correct Answer ✔✔ - Principal, interest, property taxes, and insurance
What is the purpose of using an assumptive close - Correct Answer ✔✔ - To make
lr
it easier for the buyer to say yes
If the buyer and seller agreed that the buyer would purchase the patio furniture as
part of the contract, this would appear in which section of the Purchase and Sale
lr
agreement - Correct Answer ✔✔ - Special Stipulations
l
A loan point is - Correct Answer ✔✔ - One percent of the loan amount
Assuming the buyers ride in your car, the time spent in the car can be put in good use
by -
Correct Answer ✔✔ - Discussing the positive features of the neighborhood
what is the biggest difference between traditional telemarketing and circle prospecting? -
Correct Answer ✔✔ - circle prospecting requires. follow-up
under what circumstance should a real estate licensee use a 1-step listing presentation -
Correct Answer ✔✔ - if the homeowner insists on it
what is the most common reason why new licensees hate making cold calls on
the telephone - Correct Answer ✔✔ - fear of rejection
which of the following contact methods is most likely to get people to remember
you - Correct Answer ✔✔ - send a handwritten thank you note after a phone
conversation
when answering a phone call, which of the following choices would be a key
objective - Correct Answer ✔✔ - to not only give information, but to get
information from the caller as well
, what type of software is designed specifically to avoid "one and done" prospecting -
Correct Answer ✔✔ - customer relationship management (CRM)
when trying to get a listing from a seller whose previous listing was expired,
which of the following choices are recommended to solicit a listing contract
from that seller - Correct Answer ✔✔ - provide a free service, such as
analysis of current market conditions
situations where on party represents another party - Correct l Answer ✔✔ - law of
agency
the laws regarding agency come from what three sources in the US - Correct Answer
✔✔ - common law, statutory law, and administrative or regulatory law
stems from British laws which applied to the colonies before the Revolutionary
War (precedents) - Correct Answer ✔✔ - Common law
l
laws passed by the state legislature or the Congress and signed by the governor. -
Correctl
Answer ✔✔ - statutory laws
refers to the rules and regulations adopted by various regulatory bodies - Correct
Answer ✔
✔ - Administrative or regulatory law
the person who hires the agent to represent them in a transaction - Correct
Answer ✔✔ - principal
the person hired to represent the principal - Correct Answer ✔✔ - agent
in real estate practice, the is considered the agent - Correct Answer ✔✔ - broker
represents the principal in all aspects of the principal's dealings, - Correct l
Answer ✔✔ - universal agent
less authority than a universal agent but may represent the principal in an ongoing
series of continuous events, usually in one general field of endeavor. In real
estate, property managers - Correct Answer ✔✔ - general agent
represents the principal in one specific transaction. - Correct Answer ✔✔ - special
agent
acts as agent for an agent and has the same duties and obligations as the
agent - Correct Answer ✔✔ - subagent
a position of trust and must put the interest of his client (Steve) above those of all
others, including and especially those of himself. - Correct Answer ✔✔ - fiduciary
obligations
