Extra Final Exam 2023 With all Questions and
Answers
1. Which feature below does not pertain to energy efficiency?
a. Energy Star® appliances
b. Increased insulation in walls and roof
c. Efficient heating and cooling equipment
d. Shag carpets and marble countertops - Answer d. Shag carpets and marble
countertops
2. What protects real estate owners from challenges to their property titles?
a. Property insurance
b. Title insurance
c. Land insurance
d. Escrow insurance - Answer b. Title insurance
3. An interest-only loan offers borrowers greater purchasing power, increased
cash flow and is a popular alternative to traditional:
a. fixed rates loans.
b. straight loans
c. term loans.
d. primary loans. - Answer a. fixed rates loans.
4. The effective exchange of information is called:
a. listening.
b. communication.
c. physical or verbal cues.
d. understanding. - Answer b. communication.
5. When must you disclose your agency relationship to the seller if the property is
a residential property of one-to-four units?
Extra Final Exam 2023 With all Questions and
Answers
, Extra Final Exam 2023 With all Questions and
Answers
a. After holding an open house
b. Prior to taking a listing agreement
c. After escrow is complete
d. After the buyers move into the new property - Answer b. Prior to taking a listing
agreement
6. What is another name for an offer to purchase?
a. Escrow instructions
b. Deposit receipt
c. Unilateral contract
d. Transaction record - Answer b. Deposit receipt
7. Which segment of the industry do most licensees choose for employment? a.
Loan brokerage
b. Residential brokerage
c. Transaction coordinator
d. Property management - Answer b. Residential brokerage
8. If the buyer backs out of the contract without good reason, the offer to
purchase contains a printed clause that says the seller may keep the deposit as:
a. equity.
b. personal property.
c. liquidated damages.
d. commission. - Answer c. liquidated damages.
9. A home's curb appeal is boosted by all of the following, except:
a. mowing the lawn.
b. planting colorful flowers.
c. parking an expensive vehicle in the driveway.
Extra Final Exam 2023 With all Questions and
Answers
, Extra Final Exam 2023 With all Questions and
Answers
d. placing a new doormat outside the front door. - Answer c. parking an expensive
vehicle in the driveway.
10. According to the NAR Profile of Home Buyers and Sellers, what do buyers
frequently use to search for homes?
a. FSBO listings
b. Internet
c. Expired listings
d. Newspaper advertising - Answer b. Internet
11. To prepare a CMA for a property, collect data on at least ________ comparable
properties that are as similar as possible to the property in question. a. two
b. three
c. five
d. ten - Answer b. three
12. What is the most difficult part about estimating the value of a property?
a. Determining the condition of the market
b. Understanding the seller's motivation
c. Determining the condition of the home
d. Determining the sales price of the home. - Answer c. Determining the condition
of the home
13. What is necessary for salespeople in order to thrive in today's ultra-
competitive market?
a. An unlimited advertising budget
b. Broad-based marketing
c. Target marketing
d. Attractive yard signs - Answer c. Target marketing
14. What should the sales associate do after the open house?
Extra Final Exam 2023 With all Questions and
Answers
, Extra Final Exam 2023 With all Questions and
Answers
a. Send the sellers flowers and a gift thanking them for their time.
b. Call all the prospects who visited the open house.
c. Leave the lights on and the doors unlocked.
d. Throw the guest sign-in book away. - Answer b. Call all the prospects who
visited the open house.
15. Is the broker able to guarantee the performance of service providers? a.
Yes
b. No
c. Only in extreme cases
d. All of the above - Answer b. No
16. Which activity is not something that salespeople perform in order to produce
and maintain a consistent flow of business?
a. Training and improving product knowledge
b. Previewing properties and prospecting
c. Obtaining listings, marketing properties, and working with buyers
d. Ignoring market trends - Answer d. Ignoring market trends
17. Before writing an offer for buyers, what should the salesperson keep in mind?
a. What is the most the buyers will pay?
b. Which is more important to the buyers— price or terms?
c. Are the buyers prepared for a counteroffer from the sellers?
d. All of the above - Answer d. All of the above
18. As the business of buying and selling real estate becomes more complex, so
do the:
a. buyers and sellers.
b. required disclosures.
Extra Final Exam 2023 With all Questions and
Answers
Answers
1. Which feature below does not pertain to energy efficiency?
a. Energy Star® appliances
b. Increased insulation in walls and roof
c. Efficient heating and cooling equipment
d. Shag carpets and marble countertops - Answer d. Shag carpets and marble
countertops
2. What protects real estate owners from challenges to their property titles?
a. Property insurance
b. Title insurance
c. Land insurance
d. Escrow insurance - Answer b. Title insurance
3. An interest-only loan offers borrowers greater purchasing power, increased
cash flow and is a popular alternative to traditional:
a. fixed rates loans.
b. straight loans
c. term loans.
d. primary loans. - Answer a. fixed rates loans.
4. The effective exchange of information is called:
a. listening.
b. communication.
c. physical or verbal cues.
d. understanding. - Answer b. communication.
5. When must you disclose your agency relationship to the seller if the property is
a residential property of one-to-four units?
Extra Final Exam 2023 With all Questions and
Answers
, Extra Final Exam 2023 With all Questions and
Answers
a. After holding an open house
b. Prior to taking a listing agreement
c. After escrow is complete
d. After the buyers move into the new property - Answer b. Prior to taking a listing
agreement
6. What is another name for an offer to purchase?
a. Escrow instructions
b. Deposit receipt
c. Unilateral contract
d. Transaction record - Answer b. Deposit receipt
7. Which segment of the industry do most licensees choose for employment? a.
Loan brokerage
b. Residential brokerage
c. Transaction coordinator
d. Property management - Answer b. Residential brokerage
8. If the buyer backs out of the contract without good reason, the offer to
purchase contains a printed clause that says the seller may keep the deposit as:
a. equity.
b. personal property.
c. liquidated damages.
d. commission. - Answer c. liquidated damages.
9. A home's curb appeal is boosted by all of the following, except:
a. mowing the lawn.
b. planting colorful flowers.
c. parking an expensive vehicle in the driveway.
Extra Final Exam 2023 With all Questions and
Answers
, Extra Final Exam 2023 With all Questions and
Answers
d. placing a new doormat outside the front door. - Answer c. parking an expensive
vehicle in the driveway.
10. According to the NAR Profile of Home Buyers and Sellers, what do buyers
frequently use to search for homes?
a. FSBO listings
b. Internet
c. Expired listings
d. Newspaper advertising - Answer b. Internet
11. To prepare a CMA for a property, collect data on at least ________ comparable
properties that are as similar as possible to the property in question. a. two
b. three
c. five
d. ten - Answer b. three
12. What is the most difficult part about estimating the value of a property?
a. Determining the condition of the market
b. Understanding the seller's motivation
c. Determining the condition of the home
d. Determining the sales price of the home. - Answer c. Determining the condition
of the home
13. What is necessary for salespeople in order to thrive in today's ultra-
competitive market?
a. An unlimited advertising budget
b. Broad-based marketing
c. Target marketing
d. Attractive yard signs - Answer c. Target marketing
14. What should the sales associate do after the open house?
Extra Final Exam 2023 With all Questions and
Answers
, Extra Final Exam 2023 With all Questions and
Answers
a. Send the sellers flowers and a gift thanking them for their time.
b. Call all the prospects who visited the open house.
c. Leave the lights on and the doors unlocked.
d. Throw the guest sign-in book away. - Answer b. Call all the prospects who
visited the open house.
15. Is the broker able to guarantee the performance of service providers? a.
Yes
b. No
c. Only in extreme cases
d. All of the above - Answer b. No
16. Which activity is not something that salespeople perform in order to produce
and maintain a consistent flow of business?
a. Training and improving product knowledge
b. Previewing properties and prospecting
c. Obtaining listings, marketing properties, and working with buyers
d. Ignoring market trends - Answer d. Ignoring market trends
17. Before writing an offer for buyers, what should the salesperson keep in mind?
a. What is the most the buyers will pay?
b. Which is more important to the buyers— price or terms?
c. Are the buyers prepared for a counteroffer from the sellers?
d. All of the above - Answer d. All of the above
18. As the business of buying and selling real estate becomes more complex, so
do the:
a. buyers and sellers.
b. required disclosures.
Extra Final Exam 2023 With all Questions and
Answers
