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45 HOUR POST LICENSING EXAM
CORRECT 100%
Question : A married couple have prequalified for a
$240,000 conventional mortgage. If they put 20% down, they can buy a house for
Correct answer: $300,000
Question : What facts need not be disclosed in a real
estate transaction?
Correct answer: The property was the site of a homicide.
Question : What is a good graphic to show a seller that
there will be more activity if the property is competitively priced?
Correct answer: The pricing pyramid
Question : A home sells for $310,500. Expenses of the
sale are $4,800. The brokerage fee is $18,630. Prorations for taxes and interest are $5,036. The mortgage payoff is $181,500. What are the seller's proceeds from the sale?
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Correct answer: $100,534
Question : Filing a suit to quiet title is used when
Correct answer: a title defect is found, which is difficult
to remove by ordinary means.
Question : What are the benefits of restrictive covenants?
Correct answer: Maintain and enhance value
Question : What's the downside for a principal who has a
single agent?
Correct answer: Responsible for the single agent's acts
Question : What is the likely cause of a contract for sale
of real estate being ruled as unenforceable?
Correct answer: Unwritten agreement
Question : Aside from a property's location, what is the
most important factor that influences market value?
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Correct answer: Highest and best use
Question : The margin is
Correct answer: the percentage added to the index of an
adjustable-rate mortgage that results in the calculated rate.
Question : A home sells for $370,000. The mortgage
payoff is $262,500. What is the seller's equity?
Correct answer: $107,500
Question : How often do mortgage loan originators need
to have a criminal background check?
Correct answer: Every year
Question : A written listing agreement with a self-
renewing clause
Correct answer: is void.
Question : When you explain the pricing process during a
listing presentation, you would NOT ordinarily discuss
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Correct answer: the process of closing a sale.
Question : What are the three keys to prospecting
success?
Correct answer: Organization, numbers, and consistency
Question : A sales associate, to test his understanding of
what the customer has said, uses words that are similar, but not exactly the same as the customer's. This is called
Correct answer: paraphrasing.
Question : Which party may pay a licensed personal
assistant for selling activities?
Correct answer: It is not legal to pay a personal
assistant—whether licensed or unlicensed—a portion of a real estate commission.
Question : In a relatively new neighborhood with 524
homes, 72 houses were sold. The turnover index in this neighborhood is