Power House Training Exam 31 Questions with Verified Answers
Which of the following is not a method for selecting a farm area that is discussed in the
... [Show More] text? - CORRECT ANSWER Choose the most expensive homes so your commission will be bigger
When is the best time to make cold calls? - CORRECT ANSWER In the afternoon or early evening
Which of the following activities could help agents boost their marketing platforms? - CORRECT ANSWER Posting the testimonials of satisfied clients on their websites
Posting a YouTube video of a listing
Visiting the HOAs of the neighborhoods they work in
Which of the following statements is true? - CORRECT ANSWER Mission statements are powerful when they describe what the company does and why.
Besides personal referrals, ______ can be a good source of business for your real estate sales. - CORRECT ANSWER Farming
Networking groups
Open Houses
Goals should be attainable, flexible, and ________. - CORRECT ANSWER Measurable
Joel makes $96,500 gross yearly salary. He has no other sources of income. He is applying for a conventional loan. Using the front ration, what is his maximum monthly house payment? (96,500/12 = 8041.67 * 28% = - CORRECT ANSWER $2,252
A veteran must receive _______ from the VA prior to applying for the loan. - CORRECT ANSWER Certificate of eligibility
Buyers feel that they can confide in their agents because of the agent's__________ - CORRECT ANSWER Duties of confidentiality and loyalty
Potential buying signals include - CORRECT ANSWER Asking to view the property again
asking about monthly payments on a specific property
measuring rooms to determine fit for furniture
Sarah is applying for a conventional loan, and has a gross annual income of $158,250.
What maximum house payment does she qualify for using front ratio?
What is the maximum she can qualify for using the back ratio?
Assuming that she has total fixed monthly obligation of $1,760, what is the maximum house payment that she can qualify for? - CORRECT ANSWER 3,692.50
$13,187.50 × 36% = $4,747.50 (PITI
+ other obligations
Based upon the back ratio, Sarah's
combined house payment and regular
obligations cannot exceed $4,747.50
per month. Therefore, her maximum house payment is: $4,747.50 -
$1,760.00 = $2,987.50
Karen has been a real estate agent for two years. She has been working with a buyer, Henry, for several months now. They have been through listing after listing, but Henry always has at least one objection about each property that she shows him. Finally, after showing Henry dozens of properties, Karen locates the perfect property that meets ALL of Henrys critieria. After the showing, Henry admits that it is his "dreamhouse," but again voices objections over price. He tells karen that he feels as though she is pressuring him to make the most important decision at this point of his life, and that he just might not be ready to take on that much debt. Ge also fears that he might not be able to sell the house if he needs to.
Which statement most accurately describes Henry?
What strategy could Karen employ when dealing with Henrys objections?
Karen works successfully through Henrys objections, and he agrees to take the - CORRECT ANSWER Henry is probably a first-time buyer who is just nervous about purchasing a home.
She could respond to his objections with questions in order to determine his real concerns
These are all things that karen should do to ensure that she serves henrys best interests.
Who is the procuring cause of a real estate transaction? - CORRECT ANSWER The first broker who sells the property
Which statement regarding net listings is false? - CORRECT ANSWER Net listings are considered unethical and are illegal in Texas
Net listings are the preferred listing amongst brokers
Net listing always produce the best price and brokerage service for the seller
The act of removing outdated wallpaper and painting over unusual wall colors is referred to as _____ - CORRECT ANSWER Neutralizing
Which of the following does not need to be included in a listing agreement? - CORRECT ANSWER The REALTORs headshot and bio
Assume that ABC Realty has listed the Jones house for sale, and the listing agent is Sally Brown. Jim Williams works for XYZ Realty and is working with a buyer named Harriet Green who has decided she would like to purchase the Jones home. Harriet Green is not being represented by XYZ Realty. Now, lets plug the players into the definition above and gain the clarification we need to understand this definition of subagency from a compliance and practical perspective. Jim williams is a license holder not associated with the sellers broker. Jim williams is associated with XYZ Realty and the sellers broker is ABC Realty. Jim Williams and XYZ are representing the jones family, and so is ABC Realty.
Who is the buyer in the jones family scenario?
Based on the information give, the seller is ______ client.
Who is representing the buyer? - CORRECT ANSWER Harriet Green
Both ABC & XYZ Realty
No one is representing the buyer
Which of the following is discussed in the text as a factor that can shape a persons sense of morality? - CORRECT ANSWER School experience
The code of ethics and standards of practice is designed for _______ to adhere to. - CORRECT ANSWER REALTORS
Where can you find the Canons of Professional ethics and conduct for real estate license holders? - CORRECT ANSWER Rules of the commission
Which of the following should you consider before you negotiate for a seller? - CORRECT ANSWER Consider time constraints for both buyer and seller
Which of the following is an item that is typically credited to the seller? - CORRECT ANSWER Prepaid items
When does the transaction process begin? - CORRECT ANSWER When the negotiations have ended and the contract has been signed by all parties
Which of the following is NOT one of the social media big four? - CORRECT ANSWER Active Rain X
Before using Facebook, creating a ________ will help you build an online persona and develop the professional relationships desired for your business. - CORRECT ANSWER Posting Plan
On which social media site is job history, job skills, and education the most important? - CORRECT ANSWER LinkedIn
A ________ should be someone that you wish to emulate and that espouses the level of success and philosophy that you respect. - CORRECT ANSWER Mentor
What does GRI stand for? - CORRECT ANSWER Graduate REALTOR Institute
Which of the following designations/courses are helpful and informative for real estate agents? - CORRECT ANSWER E-Pro
ABR
CRS
Open Listing - CORRECT ANSWER Gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission.
Net listings - CORRECT ANSWER Outlawed in many states. But legal in Texas. The seller establishes a minimum, acceptable price [Show Less]