Azure tide realty 45hr pratice exam Questions And Answers

Which statement would you advise agent Jerome not use in his listing advertisement due to Fair Housing Laws? - ANS Within walking distance of the Gulf of Mexico Which of the following is correct about the inspection period? - ANS 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? - ANS 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? - ANS "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? - ANS Using 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? - ANS Preapproving the buyer. Concept that 20% of pointed action produces 80% of results is called what? - ANS Pareto's Principle Which of the following statements is true regarding license renewal? - ANS If 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? - ANS 203K 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? - ANS Can 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? - ANS Board 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? - ANS The 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? - ANS An 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? - ANS without 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? - ANS 50% 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? - ANS You 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? - ANS Always 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? - ANS So that any unpaid fees due by the seller for the HOA can be accounted for within the closing figures. Sending emails about the real estate market is an example of what? - ANS Lead generating Mortgage fraud occurs when someone deliberately falsifies information to obtain mortgage financing that would not have been granted otherwise. Which of the following scenarios is definitely NOT mortgage fraud? - ANS You are working with a husband and wife and you are under contract on a house. The husband is the president of Hustle Gym and his income is more than enough to qualify for the loan on his own and has great credit. The wife had some medical issues before they were married and has a bunch of student loans that are in repayment. She works part time at Meow and Bark Veterinary Clinic and has terrible credit. The mortgage broker calls you to let you know the wife will not be on the loan. Once the seller and buyer have negotiated repairs, you should do what? - ANS Require the seller or their agent provide you and your seller with paid receipts for all the repairs to ensure that there is no risk of unpaid work becoming attached to the property as a mechanic's lien. If you have a closing percentage of 80%, how many clients do you need to work with to close 30 deals? - ANS 38 {30÷.80=37.5 or 38 rounded} When a buyer requested to see a home that was advertised as having a $5,000 rebate from a builder and is told that that deal sold out, what is this an example of? - ANS Bait and switch Which of the following would result in a null and void license? - ANS A license that has been involuntary inactive for more than two years (after the first renewal period). Alyvia is renting a property by the year. How much notice does she have to give to cancel her lease? - ANS 60 days Agent Ronald had a customer get mad and leave negative feedback on Google. What is the best response? - ANS Reach out to the person and try to resolve the issue. Agent Bigley was doing a CMA for a 1-bedroom 1-bathroom condo with carport in Maxium Condo Building. Which of the following properties would be the best comparable? - ANS A 2-bedroom, 1 bath condo with a carport in Maxium Condo Building. Working with a buyer is time-consuming. It only makes sense to invest time with a buyer that is not only willing to purchase a home but is able to purchase a home. Asking the buyer about how they will buy the property and how much money they have to put down is important. It's a way to ________ the buyer before you start showing them houses. - ANS Prequalify