Real Estate Test Questions with Verified Answers Latest Update 2024 (Already Passed)
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Real Estate Test Questions with Verified Answers Latest Update 2024 (Already Passed)
In contrast to land that has buildings on it, vacant land is ______. - Answers Harder to finance
Camille is a young, ambitious professional who works downtown. Which of the following new construction properties w...
Real Estate Test Questions with Verified Answers Latest Update 2024 (Already Passed)
In contrast to land that has buildings on it, vacant land is ______. - Answers Harder to finance
Camille is a young, ambitious professional who works downtown. Which of the following new
construction properties would probably be of most interest to her? - Answers City condo
Bessie is a(n) ______ buyer who focuses on distressed properties and deep discounts. She often pays
with cash - Answers Investor
Owning a condo on a golf course is Tom's goal, and Erma is happy to be along for the ride. The condo
association takes care of maintenance, and Tom is steps away from the clubhouse at all times. What
better way to spend their golden years? What type of buyers are Tom and Erma? - Answers Retirees
The MLS is a good source for data when researching a subject property. What information will you find
there? - Answers Former sales price
How do inventory rates work as a market indicator? - Answers They show how long it takes to sell the
supply of homes on the market.
You've just received a trio from a title company. It contains an assessor's map and property profile, and
______. - Answers Deed
What do investors call an investment in vacant land?_. - Answers Dead money
Vacant land is land that has no ______. - Answers Buildings
How would you perform a market analysis on a fixer or distressed property? - Answers Follow the same
procedure as you would for a non-distressed property.
James has a new listing, and in doing his research, he viewed the former listing. What would he find
there? - Answers Amenities at time of listing
Which if these is NOT an issue that can occur with new construction properties? - Answers Financing for
first-time buyers
Which of the following statements about new construction properties is true? - Answers New
construction rarely appeals to older buyers.
______ rely on their knowledge from previous home buying experiences. This experience helps them to
identify what they're looking for in a new property, which is often more space or a newer home with a
good location and extra living space. - Answers Trade-up buyers
Buyers in this category want to purchase smaller homes, likely because their children have moved out or
because their financial situation has changed. Many look for smaller properties that can offer the same
quality of living as the property they're moving from. - Answers Trade-down buyers
, Which of the following is one of the primary reasons that developers like to invest in unimproved land? -
Answers It's easier to build on a blank canvas than it is to retrofit existing infrastructure.
______ often have a fixed income, but they may have large down payments from selling prior homes.
Accessible properties with little to no maintenance tend to be attractive to these buyers. - Answers
Retirees
You've just received a potential listing referral from a licensee friend in another city. Besides calling the
sellers, what's one thing you can do right at the beginning to start getting a feel for the property? -
Answers Check Google Maps to get an idea of the property's street view, landscaping, lot privacy, and
neighboring properties.
These types of buyers want to purchase larger or newer homes. They're fairly knowledgeable because
they've purchased before. - Answers Trade-up buyers
Which of the following information can be found in a subject property's former listing on the MLS? -
Answers Amenities at time of listing
Misti, your client, is looking at a three-bedroom, two-bathroom home in a brand new suburban
neighborhood. Misti is a young professional who works downtown. What do you tell her? - Answers
"You'll want to get a home inspection, even though it's new construction."
Owner-occupied fixers requiring major work may be eligible for ______. - Answers Rehabilitation loans
Clem, a licensee, told his buyers of a new construction property that they wouldn't have to worry about
a home inspection. Is this correct? - Answers No. New construction may have repair issues.
Which of the following may be the result of building delays on a new construction? - Answers A delay in
closing
Bessie is a(n) ______ buyer who focuses on distressed properties and deep discounts. She often pays
with cash. - Answers Investor
Percy wants to buy unimproved land. When he contacted his lender, he was surprised to find that he
would need a 50% down payment. Why is that? - Answers There's more risk financing unimproved land.
You can't move land, and location plays a huge role in the value of real estate. This refers to the ______
of the real estate market. - Answers Immobility
Shane is preparing a CMA. He may need to make an adjustment to a comparable for which item of
difference from the subject property? - Answers Busy street
A buyer has assembled quite a list of repairs he'd like the seller to make. The seller, fearing she might
lose this buyer, agrees to every item on the list. In what type of market is this concern most valid? -
Answers cold
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