PAPER 2026 QUESTIONS WITH FULL ANSWERS
◉ A ________ is an estimate of value for a property owned by the bank.
Answer: Broker Price Opinion
◉ Properties owned by a bank due to foreclosure, deed in lieu of
foreclosure, or a short sale are called Answer: Real Estate Owned
(REO) properties
◉ Prospecting is Answer: the process of looking for new business;
this process never stops. You should spend a majority of your time
prospecting for new business.
◉ Consistency of Contacts is when you protect each day and Answer:
Prospect to the same people consistently
◉ Push Marketing is the traditional form of marketing that is used
by real estate professionals which includes: Answer: Mail outs,
flyers, newspaper ads, magazine ads, radio, TV, cold calling
◉ Pull Marketing is about developing relationships that attract your
ideal client to you, which is done by using Answer: Social media
,◉ Keep your ______ up to date. As your business hows, so will your
experience, education, and affiliations. Answer: Personal Profile
◉ Three ways to market a property are: Answer: using MLS, Direct
mail and email campaigns, and open houses
◉ What is one way to prepare a home before putting it on the
market? Answer: Brighten rooms by installing high wattage light
bulbs and turn them on.
◉ Ask relevant questions to gather information about their needs,
their timeframe, the price they may have in mind, and their level of
_______ and _______. Answer: Motivation and Expectations
◉ What questions do you ask a seller? Answer: Why are you
moving?
When would you like to be in your new home?
Do you have to sell your present home to buy a new one?
◉ What don't you ask the seller? Answer: Don't ask the seller "what
type of buyer are you looking for?"
◉ After presenting the CMA, but before giving them your opinion of
value, ask them _________. Answer: What price they had in mind.
, ◉ What is an Open Listing? Answer: When an owner agrees to pay a
commission to any broker who provides a buyer willing to purchase
the property under a price and terms agreeable to the owner.
◉ An open listing is a _______ or _______ contract. Answer: One-sided
or unilateral
◉ In an exclusive agency or exclusive listing Answer: the owner
reserves the right to sell the property himself or herself, in which
case the owner will owe no commission to the listing broker.
◉ An Exclusive Right of Sale Listing Answer: must be in writing and
signed. The owner can only list with one broker and the owner
agrees to pay the listing broker regardless of who actually finds the
buyer.
◉ An exclusive right of sale listing is a _______ contract. Answer:
Bilateral
◉ The primary mortgage market includes the following sources for
loans: Answer: Commercial Banks
Savings Associations
Life insurance companies