chap 9 Flashcards
Where can agent’s find buyer leads…?
AOpen houses
BCalls from ‘For Sale’ signs
COnline advertising
DAll of the above
all of the above
Which of the following refers to an agent who is assigned to answer phone calls from prospective buyers that call the brokerage office…?
ACold Calling
BFloor Time
CClosing
DMarketing
floor time
A prospective buyer who calls an agent after seeing their ad in a newspaper can generally afford to spend more than the listing price of the property…?
AT (True)
BF (False)
true
What questions may a lender ask when trying to pre-qualify a borrower…?
AEstimated income
BAssets
CEstimated expenses
DAll of the above
all of the above
A formal application is needed to obtain which of the following from a lender…?
APre-qualification letter
BPre-approval letter
CClosing letter
DPre-commitment letter
pre qualification letter
Ideally, an offer on a property should be submitted with which of the following….?
ALine of credit from a bank
BPre-approval letter from a lender
CProof of funds letter from the buyer’s bank
DEscrow letter from the buyer
pre approval letter from a lender
Where do most home buyers begin their search for a new home…?
ANewspapers
BThe internet
CMagazines
DWalking a prospective neighborhood
the internet
The real estate market is cyclical…?
AT (True)
BF (False)
true
What is a typical reason why people choose to buy a home rather than rent…?
APride of ownership
BAppreciation
CTax benefits
DAll of the above
all of the above
Real estate is considered a liquid asset…?
AT (True)
BF (False)
false
A real estate agent is not allowed to give ………..advice to their clients?
AMarketing
BAdvertising
CTax
Dhome staging
tax
Which of the following is considered a tax deduction…?
APrincipal paid on a mortgage
BEarnest money
CInterest paid on a mortgage
DA down payment
interest paid on a mortage
Most prospective buyers who attend an open house do not make an offer on the house…?
AT (True)
BF (False)
true
Most prospective buyers purchase the initial house they inquiry about…?
AT (True)
BF (False)
false
Most homebuyers tend to buy with their emotions…?
AT (True)
BF (False)
true
A borrower’s total monthly mortgage payment divided by their gross monthly earnings equals a lender’s…?
ABack-end ratio
BFront-end ratio
CLoan-to-value ratio
DCredit ratio
front end ratio
What does a lender typically want to see as a front-end ratio for a borrower…?
A28 percent (%)
B36 percent (%)
C42 percent (%)
D50 percent (%)
28
Which of the following ratios by a lender indicates what portion of a person’s monthly income goes toward paying debts….?
ABack-end ratio
BFront-end ratio
CLoan-to-value ratio
DCredit ratio
back end ratio
What does a lender typically want to see as a back-end ratio for a borrower…?
A28 percent (%)
B36 percent (%)
C42 percent (%)
D50 percent (%)
36
Lenders typically consider long-term debt as debt that will not be paid off in at least…?
A1 month
B3 months
C6 months
D12 months
6
Which type of income is typically used in a lender’s front-end ratio…?
ANet income
BGross income
CRecurring income
DTaxable income
gross income
Buyers typically know exactly what type of property they want to buy…?
AT (True)
BF (False)
false
Agents should try to setup an immediate phone call with new email leads…?
AT (True)
BF (False)
true
Which of the following is received from a prospective buyer who calls an agent after seeing their number on a ‘For Sale’ sign…?
AFloor call
BAd call
CSign call
DCold call
sign call
