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chapter 3 quiz questions only - answers will be revealed with any Post-License subscriptions
1 of 10 - Which of the following is NOT an exception to the Do-Not-Call laws?
You can call someone you have conducted business with within the last 18 months.
You can call in response to advertisements or signs.
You can call as long as you block your company name and number.
You can call for up to three months after someone has inquired about your services.
2 of 10 - You are trying to select a "farm" area and you have narrowed the choices down to four areas, as follows. Among the alternatives, which would be the best choice?
A high-end neighborhood on the other side of town. It may only have 50 homes, but the higher sales commissions will make up for it.
An area about five miles from your office that has 250 homes.
A new subdivision with 30 new homes.
An area close to your own house, where the 125 homes are similar to yours and familiar to you.
3 of 10 - What should you give to potential customers when prospecting door-to-door?
A sample CMA (Competitive Market Analysis)
Your business plan
Your resume
Your business card
4 of 10 - Once you have sent your friends and family a letter of introduction regarding your real estate practice?
You should not call them.
You should follow-up with a phone call in 7 - 10 days.
You should wait a week to see if anyone calls you. If they do not, you should send them another letter.
You should follow-up with a phone call in a day or two.
5 of 10 - If you prefer meeting people face-to-face, select a neighborhood and go knocking on doors. When you go, you should?
Carry a copy of your business plan to show prospective clients.
Dress professionally
Find out the owners' names so that you can address them by name when they answer the door.
Dress casually so people feel more comfortable.
6 of 10 - What is the primary advantage of selling your own home without an agent?
That you know more about real estate than an agent
That you do not have to pay $1000's in the form of a commission
More expansive marketing exposure
That the Real Estate Recovery Fund will pay you up to $100 a month
7 of 10 - When someone whose previous listing expired tells you mistakes the previous agent made?
Point out how unprofessional their previous agent was, and promise to do better.
Defend the other agent. You guys have to stick together!
Comment on the action, not the agent, and explain how a different action might produce different results next time.
Ignore the comments and just sell them on your marketing plan.
8 of 10 - What type of legal notice would most likely provide leads?
Foreclosures
Subpoenas
Eminent domain
Patents
9 of 10 - Which of the following is most important to have on a licensee's personal website?
A picture of the licensee and their family
Information on the licensee's farming zone
The licensee's contact information
A list of past transactions
10 of 10 - When prospecting FSBOs?
Let them know that the house will sell for a lower price because it is not being marketed by an agent.
Take a C.M.A. (Competitive Market Analysis) and give them a listing price.
Call and ask if you can view the house and ask if they are willing to work with you if you find a buyer.
Tell them you have a buyer, even if you do not. It is the easiest way to get your foot in the door.
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1 of 10 - What does it mean to "qualify" a seller in real estate?
To see if you will enjoy working with that person
To find out if the seller is truly ready to sell
To avoid working with minority sellers
To see if the property is valuable enough to list
2 of 10 - You are scheduled for "floor time" tomorrow. What is "floor time"?
When an agent is assigned janitorial duties
When an agent has to clean a client's house before a showing
When an agent is in the office to receive phone calls from prospective clients
When all the agents of a brokerage are required to be in the office at the same time
3 of 10 - You are creating a form to track your performance as a Real Estate agent. What activity should not be included on the form?
Contacting FSBOs. As a new agent, you do not have enough experience or confidence to contact them yet.
Contacting friends and family. They know you are in real estate. If they need anything, they will call you.
Floor time. Because it is scheduled by your office, and you can use the time for other things; it does not need to be tracked.
Contacting buyers from open houses. Everyone who came through the house got your business card and a flyer with your name and number on it. If anyone is interested in the house, they will contact you.
4 of 10 - When you are developing your Target Market Summary, you should?
Select the area where there are a lot of homes already on the market, because that means it is an active area.
Select the area with the most expensive homes, because the commissions will be higher.
Select an area where homes have not been listed or sold in a year or two; some of those people must be getting ready to move soon!
Select an area with which you are familiar and in which you are comfortable.
5 of 10 - You have been an agent for six months. You are reviewing your activities and their results. You find that you are getting one listing appointment for every 20 expired listings you call. You also find that you are getting one for every ten FSBOs you call. You should?
Increase calls to Expireds and learn how to get their business.
Spend less time on Expireds and more on FSBOs, since that is where you are getting the best results.
Spend less time on FSBOs, since you get listing appointments easily with them, and focus more on something else, like pursuing buyers. Diversify your time.
Stop qualifying buyers.
6 of 10 - One of your least favorite things to do is write your monthly newsletter. But it has to be out by the end of the week, and you have scheduled yourself time to work on it today. Where should it be on your "to-do" list?
First on the list so you can get it over with and move on to things you enjoy.
Scheduled between two things you enjoy doing.
The very bottom, so you can put it off as long as possible.
Re-scheduled for tomorrow, since it does not have to be out until the end of the week anyway.
7 of 10 - According to the course, people should have
Three months' salary in savings.
$5,000 cash stashed within your home.
90% of their investment portfolio as stocks.
A $1,000,000 life insurance policy.
8 of 10 - A possible client walks into your office and says he wants to buy a house. He has not talked to a mortgage agent yet, but he says he can pay 25% down and already knows how much of a monthly payment he can afford. He wants to move in the next 90 days. What should your next step be?
Advise him to speak with a mortgage agent and get, at minimum, pre-qualified, but preferably pre-approved for a loan.
Get the details about the kind of house he wants so you can start the search.
Set appointments to show him some homes you think he would really like.
Have him sign an Exclusive Buyer's Agent Agreement.
9 of 10 - Which of the following is a benefit of developing a Business and Marketing Plan?
It will impress your sellers at listing appointments.
It will help you set clear goals and stay focused.
It guarantees you will be a millionaire.
It will give you something to do until you find clients to work with.
10 of 10 - In a licensee's personal business budget, a trade association fee would qualify as what type of expense?
One-time expense
Operating expense
Capital expense
Closing Expense
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chapter 4 quiz questions only - answers will be revealed with any Post-License subscriptions
1 of 10 - When developing a marketing plan for the CMA you should?
Include how often you intend to hold open houses.
Estimate the number of visitors you expect at each open house.
Include a "highest" and "lowest" suggested list price.
Estimate how long it will take for the house to sell.
2 of 10 - When determining market value of a home, "conformity" means?
That the homes in a particular neighborhood should be similar in size and style.
The homes in a particular neighborhood should have all been built by the same builder, at the same time.
The exteriors of the homes should be painted in the same color scheme and the landscaping should be similar.
If one home has a fireplace, they should all have fireplaces.
3 of 10 - If your sellers have painted their living rooms walls a bright blue, you should?
Say nothing and hope potential buyers like the color.
Compliment them on their "bold statement."
Suggest they hang a large picture or tapestry that will cover the wall.
Suggest they paint over it with a more subtle, neutral color.
4 of 10 - When selecting comparable homes, which of these criteria should be the same or similar?
Hardwood floors
Swimming pool
Year built
Floor Plan
5 of 10 - What is one benefit you CANNOT offer to someone who lists with you?
The security of knowing that strangers will not be walking through the house alone.
A guarantee that the house will sell in 60 days or less.
Better exposure for the listing.
Someone who is familiar with the process and all the paperwork involved in selling a house.
6 of 10 - The benefit of including in your CMA similar homes that listed but did not sell is?
It keeps your client from getting his hopes up about selling his house quickly.
It makes your client aware that his property is overpriced.
The expired listings did not sell for reasons other than price.
It shows your clients that comparable but expired listings may have been overpriced.
7 of 10 - A house was listed for $400,000 and it sold for 93% of its listing price. There was no mortgage lien on the property. The brokers' commission was 7% of the sales price. Other closing costs came to 1% of sales price. What was the seller's net?
$372,000
$368,280
$345,960
$342,240
8 of 10 - Which of the following questions will not help you determine a home's best list price?
How much do you think your home is worth?
What year was your home built?
How many bedrooms does your home have?
Does your home have a fireplace?
9 of 10 - In deriving a listing price for a seller, you have done a market search, but the comparable homes you have found have all been on the market for 6 - 9 months. You should?
Use the same criteria, but search homes that sold two years ago, since the market was better then.
Exclude "On the Market" houses altogether from your CMA.
Use the comparables' values you found, but set the suggested listing price a little lower to account for the comparables' longer time-on-market.
Use the comparables you found, and price the house as you normally would. Your client's house is unique enough that it will still attract buyers.
10 of 10 - According to what theory should an aged house be demolished and replaced with high-rise condominiums?
The Pac-man Syndrome
Highest and Best Use
Eminent domain
The Density Reduction Theory