Azure tide realty 45hr practice exam
Questions and Answers Graded A+
Which statement would you advise agent Jerome not use in his listing advertisement
due to Fair Housing Laws? - answer Within walking distance of the Gulf of Mexico
Which of the following is correct about the inspection period? - answer the buyer may
choose to walk away from the contract for any reason.
Someone could be heard crying for help from an apartment. Which statement is true? -
answer Because it is an emergency, the owner may enter.
You have just concluded a buyer presentation with Taylor. She likes you and you
helped her sister buy a house 6 months ago. She is really excited about getting started.
You put the buyer broker agreement in front of her, but you notice she looks very
worried and did not sign it right away. You ask her if she has any questions. She
immediately says, "Yes, I don't know how I am going to pay you for helping me. A guy at
work said he had to pay his real estate agent $10,000. I only have money for the down
payment because you helped me get the 1st time home buyer program. I guess I will
have to wait until I can save up some money. Which of the following statements cover
steps number 4 & 5 of objection handling? - answer"You don't have to worry about that
because my commission is paid by the seller at closing. Since you don't have to pay me
yourself, wouldn't it make sense to work together?"
Steering is described as what? - answerUsing a protected class as a basis to decide
where to show someone property.
A loan officer has done a brief interview with a buyer without verifying documentation
such as income. What is this called? - answerPreapproving the buyer.
Concept that 20% of pointed action produces 80% of results is called what? -
answerPareto's Principle
Which of the following statements is true regarding license renewal? - answerIf the
licensee fails to renew the license by the first renewal term, the licensee cannot recover
it.
You have shown your buyer's what they say is their dream home. However, it needs
some repairs. The house is a foreclosure and has been vacant for almost a year. One
bathroom is missing the toilet, the roof has a leak, the kitchen counters are gone and a
, few other more minor issues. The buyers will qualify for any loan and have more than
enough to put down; whatever is required. Which of the following is the best loan for
them? - answer203K
Assistance with price, advertising, providing signage, inclusion in MLS, inclusion on
websites, holding open houses, showing of the property, use of a lockbox, presenting
and managing offers, contract negotiations, and transaction closing assistance - are all
tasks that what? - answerCan be contracted individually on a Limited Brokerage
Services Addendum.
Per the statute - when a condominium is sold, specific documents must be provided
from the seller to the buyer. The re-seller must provide the buyer with 7 different
required documents. (Not including new requirements for possible Milestone Inspection
or Structural Integrity Reserve Study documents.) Which of the following is not one of
those 7 documents? - answerBoard of Directors Contact Information
October was preparing an advertisement for her seller and included the phrase "2.9%
interest available." What else does she have to include in the advertisement? -
answerThe amount or percentage of the down payment, the terms of repayment, and
the annual percentage rate.
Buyer Betty was buying a home in a flood zone and was also securing a loan. Which is
a true statement? - answerAn elevation certificate will be required in order for an
insurance quote and binder to be provided.
During the inspection period, how can a buyer walk away from the deal? -
answerwithout penalty for any reason
Spending 85% of your time prospecting for sellers, according to the National
Association of Realtors® will produce what percentage of buyers? - answer50%
You are advertising that you will give buyers $500 of your commission at closing.
Jessica, an agent with another brokerage, calls you and says you can NOT advertise
giving buyer's money back at closing. Under RESPA and TILA, who is right and why? -
answerYou are right, because it is allowed if handled correctly and disclosed to all
parties.
The licensee may take on legal liability of an inspection by referring the buyer or seller
to a specific inspector/inspection company. To help insulate yourself from liability you
should do what? - answerAlways give the client a list of at least 3 names
What is the purpose of the estoppel certificate prior to closing on a property with a
homeowner's association? - answerSo that any unpaid fees due by the seller for the
HOA can be accounted for within the closing figures.
Questions and Answers Graded A+
Which statement would you advise agent Jerome not use in his listing advertisement
due to Fair Housing Laws? - answer Within walking distance of the Gulf of Mexico
Which of the following is correct about the inspection period? - answer the buyer may
choose to walk away from the contract for any reason.
Someone could be heard crying for help from an apartment. Which statement is true? -
answer Because it is an emergency, the owner may enter.
You have just concluded a buyer presentation with Taylor. She likes you and you
helped her sister buy a house 6 months ago. She is really excited about getting started.
You put the buyer broker agreement in front of her, but you notice she looks very
worried and did not sign it right away. You ask her if she has any questions. She
immediately says, "Yes, I don't know how I am going to pay you for helping me. A guy at
work said he had to pay his real estate agent $10,000. I only have money for the down
payment because you helped me get the 1st time home buyer program. I guess I will
have to wait until I can save up some money. Which of the following statements cover
steps number 4 & 5 of objection handling? - answer"You don't have to worry about that
because my commission is paid by the seller at closing. Since you don't have to pay me
yourself, wouldn't it make sense to work together?"
Steering is described as what? - answerUsing a protected class as a basis to decide
where to show someone property.
A loan officer has done a brief interview with a buyer without verifying documentation
such as income. What is this called? - answerPreapproving the buyer.
Concept that 20% of pointed action produces 80% of results is called what? -
answerPareto's Principle
Which of the following statements is true regarding license renewal? - answerIf the
licensee fails to renew the license by the first renewal term, the licensee cannot recover
it.
You have shown your buyer's what they say is their dream home. However, it needs
some repairs. The house is a foreclosure and has been vacant for almost a year. One
bathroom is missing the toilet, the roof has a leak, the kitchen counters are gone and a
, few other more minor issues. The buyers will qualify for any loan and have more than
enough to put down; whatever is required. Which of the following is the best loan for
them? - answer203K
Assistance with price, advertising, providing signage, inclusion in MLS, inclusion on
websites, holding open houses, showing of the property, use of a lockbox, presenting
and managing offers, contract negotiations, and transaction closing assistance - are all
tasks that what? - answerCan be contracted individually on a Limited Brokerage
Services Addendum.
Per the statute - when a condominium is sold, specific documents must be provided
from the seller to the buyer. The re-seller must provide the buyer with 7 different
required documents. (Not including new requirements for possible Milestone Inspection
or Structural Integrity Reserve Study documents.) Which of the following is not one of
those 7 documents? - answerBoard of Directors Contact Information
October was preparing an advertisement for her seller and included the phrase "2.9%
interest available." What else does she have to include in the advertisement? -
answerThe amount or percentage of the down payment, the terms of repayment, and
the annual percentage rate.
Buyer Betty was buying a home in a flood zone and was also securing a loan. Which is
a true statement? - answerAn elevation certificate will be required in order for an
insurance quote and binder to be provided.
During the inspection period, how can a buyer walk away from the deal? -
answerwithout penalty for any reason
Spending 85% of your time prospecting for sellers, according to the National
Association of Realtors® will produce what percentage of buyers? - answer50%
You are advertising that you will give buyers $500 of your commission at closing.
Jessica, an agent with another brokerage, calls you and says you can NOT advertise
giving buyer's money back at closing. Under RESPA and TILA, who is right and why? -
answerYou are right, because it is allowed if handled correctly and disclosed to all
parties.
The licensee may take on legal liability of an inspection by referring the buyer or seller
to a specific inspector/inspection company. To help insulate yourself from liability you
should do what? - answerAlways give the client a list of at least 3 names
What is the purpose of the estoppel certificate prior to closing on a property with a
homeowner's association? - answerSo that any unpaid fees due by the seller for the
HOA can be accounted for within the closing figures.
