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The final step a licensee will take when preparing a CMA is: 1. Choosing comparables 2. Estimating a reasonable selling price range 3. Making adjustments to comparables 4. Collecting and analyzing information - Answer- CORRECT ANSWER: Estimating a reasonable selling price range A broker...

Real estate is a relatively illiquid economic product, meaning: it cannot always be readily sold for cash. it is influenced by economic factors. it is in high demand. it follows growth patterns. - Answer- it cannot always be readily sold for cash In real estate, supply is the amount of proper...

Most common source of major problems in new home construction a a)foundation b)electric c)damage d)plumbing - Answer- foundation problems What is the measurement of how much is invested in a property for tax purposes a) attainment b) apex c) scope d) basis - Answer- basis Listing agr...

Price is a number that quantifies: cost. rate. value. estimation. - Answer- value. 1. Comparable properties should include similar properties that have sold within: the past 2 to 4 weeks. the past 1 to 2 months. the past 6 to 12 weeks. the past 3 to 6 months. - Answer- the past 3 to 6...

Effective gross income minus total operating expenses equals: - Answer- net operating income. Why does maintaining independent contractor status create a problem for some brokers? - Answer- It limits control over licensees. What is it called when a person reframes the issues of a conflict in s...

Loan Application form used by Fannie Mae and Freddie Mac - Answer- Uniform Residential Loan Application (Form 1003) Who is held accountable in in Universal Agency - Answer- The Principal Disadvantage of Subagency - Answer- Owes fiduciary duties to seller not the buyer. Mortgage Covenants - ...

What is created on a title if there are any problems found with the physical layout of the property or in the title search results? a cloud A loan application exists when a consumer has submitted his or her name, income, property address, estimated value of property, amount of mortgage loan so...

If an appraisal falls short of the needed value to close the deal, one of four outcomes would result. Which one of the following is NOT one of those 4? - Answer- The seller would raise the selling price in order to make up for the shortfall. Which of the following steps would not be common to com...

A married couple have prequalified for a $240,000 conventional mortgage. If they put 20% down, they can buy a house for - Answer- $300,000 What facts need not be disclosed in a real estate transaction? - Answer- The property was the site of a homicide. What is a good graphic to show a seller t...

Brokers must keep copies of transactions for: - Answer- 5 Years Designated Sales Associate is a designation used in: - Answer- Commercial Sales A licensee need not give a brokerage relationship notice when: - Answer- Holding an Open House or model home showing - void of sales actions Transa...