Term
| What do you do on an initial appointment |
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Definition
Provide and explain the Consumer Notice
Discuss the expectations and concerns regarding the purchase of property
Complete buyer's representation agreement and obtain the buyer's signature
Determine if buyer has been preapproved, if not get buyer's agreeent to get pre-approved
Discuss mrotgage loan alternatives and max. loan amount
Discuss cash needs and availability
Compare the purchaser's expectations w/financial position and discuss issues related to this
Agree on a search strategy |
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Term
| When presenting a property |
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Definition
Offer the property as a colution the the expectations
Confirm that the property is on targer or clarify what doesn't meet expectations but also what does
If necessary adjust your analysis of their expectations or work to adjust the purchaser's expectations
If necessary show another property as a solution to their needs |
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Term
| When the purchaser is ready to make an offer: |
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Definition
Prepare and review the estimate of settlement costs to the purchaser
prepare and review the purchase agreement, making recommendations that are necessary to protect the buyer's interests
Make a copy of all documents for the purchaser
Present the offer to the seller/agent |
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
The use of untruthful/misleading advertising is ok under certain circumstances |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
A licensee may not advertise nor solicit for prospective buyers or tenants without the consent of the owner of the property |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
A rental listing referral agent may publish infomation about a rental property even when the owner or property manager requests that such info not be published |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
The business name and telephone number of the broker must appear in all advertising. This includes all e-mails and on each page in a web site |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
If an advertisement includes the name and/or telephone number of a licensed employee, the broker's and sales associate's business anme and telephone number must be EQUAL in size |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
The unauthorized use of any trade marked or copyrighted term is considered misleading advertising |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
Licensees may not solicit for listings with such frequency as to consitute harassment |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
It is ok for licensees to solicit in such a way as to make sellers believe that they HAVE to sell or face trouble, ie. panic selling |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
A broker who sells or leases his own real estate must disclose that he is a real estate broker in the ad |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
A liscensee who sells or leases his or her own real estate must disclose that she is a liscensee in the ad |
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Definition
FALSE:
If they list w/a broker they do not, if they are a FSBO they do |
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
Soliciting selling or offering for sale real prperty by offering free lots or conducting lotteries or contests or offering prizes to deceptively influence a purchers is considered mi |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
An advertisement that states sales volume or production can refer to any transaction |
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Definition
| FALSE only to closed transactions |
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
An ad about production or market position must identify the municipality that the market comprises |
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Definition
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Term
TRUE/FALSE according to PA Real Estate Commission's Rules/Regulations
An ad about the number of offices can include only offices that are licensed in PA |
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Definition
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Term
| Buyer must have sufficient cash for... |
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Definition
the closing costs
down payment (not ernest money) amount varies according to the maximum loan to value ratio |
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Term
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Definition
the percentage of the property value that is finaced
loan-to-value ratio = Mortgage loan amount% Property value
Property value=appraised value or sale price, whichever is LESS |
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Term
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Definition
| the total montly housing expense(PITI)may not exceed a certain percentage of the borrower's gorss verifiable monthly income. Most commonly 28% |
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Term
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Definition
the borrower's total montly debt (existing montly debt and a new housing expense payment) may not exceed a certain percentage of the borrowers gross verifiable montly income.
Most commonly 36% |
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Term
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Definition
| company that invented credit scoring. FICO score 200-800 |
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Term
| Agreement of sale must have: |
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Definition
date
names of buyer and seller
description of the property and interest to be conveyed
the sale price
the dates for payment and conveyance
statement that the broker is agent for whom
the zoning classification of the property
a satement requiring broker to escrow deposit money
a statement that the real estate recovery fund exists to reimburse a person
A statement that access to a public road may require issuance of a highway occupancy permit from DOT |
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Term
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Definition
| a common contingency on a purcahse aggreement. It states that the amount of mortgage loan, maximum interest rate and minimum term, a mortgage committement date and nature and extent of assistance that the broker will render to the buyer. If the mortgage cannot be obtained under those terms the sales agreement is voidable |
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Term
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Definition
Zoning variance, certifications for room, plumbing, heating, well, septic,
the sale of another property
the approval or disapproval of another person |
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Term
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Definition
| Invisible, undetectable to the unaided gas which is cancer causing |
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Term
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Definition
| Urea Formaldehyde Foam Insulation |
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Term
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Definition
| presence or historical presence of termites, carpenter ants etc. |
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Term
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Definition
| Principle interest tax and insurance. used to calculate total montly housing expense |
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