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Delaware Salesperson Pre-Licensing Course Exam Prep: Buyers, Sales Contract, Financing, and Appraisals Questions and Answers $11.49   Add to cart
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Delaware Salesperson Pre-Licensing Course Exam Prep: Buyers, Sales Contract, Financing, and Appraisals Questions and Answers
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Delaware Salesperson Pre-Licensing Course Exam Prep: Buyers, Sales Contract, Financing, and Appraisals Questions and Answers Purpose of qualifying buyers - ANSWER-To determine buyers' readiness to buy and that they're not already exclusively represented by another agent Main purpose of the bu...

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  • November 4, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • delaware salesperson pre licensing course exam pre

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  • Real Estate
  • Real Estate

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Delaware Salesperson Pre-Licensing

Course Exam Prep: Buyers, Sales

Contract, Financing, and Appraisals

Questions and Answers


Purpose of qualifying buyers - ANSWER✔✔-To determine buyers' readiness to buy and that they're not

already exclusively represented by another agent


Main purpose of the buyer presentation - ANSWER✔✔-To build trust


Buyer representative activities - ANSWER✔✔-Help schedule home inspections, show properties, review

the closing statement, communicate with the buyer's lender to ensure the loan is in process (only with

the buyer's permission), and attend the closing


Home affordability calculators - ANSWER✔✔-A good starting point to help buyers determine how much

house they can reasonably afford


Credit score - ANSWER✔✔-A number that signifies credit risk to lenders


Credit report - ANSWER✔✔-Explains how the credit bureaus have arrived at your credit score, and

contains a record of both positive and negative impacts to credit


Three companies that track credit for lenders - ANSWER✔✔-TransUnion, Equifax, and Experian


FICO score - ANSWER✔✔-The most widely used credit score


Copyright ©Stuvia International BV 2010-2024 Page 1/6

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


The Fair and Accurate Credit Transactions Act of 2003 - ANSWER✔✔-Requires credit bureaus provide

consumers with a free copy of their credit report annually


Loan pre-approval - ANSWER✔✔-Provides buyers with advance approval for financing; requires a

mortgage application, financial documents, credit history, and financial resource verification


Three contingencies that protect buyers from bad purchasing decisions - ANSWER✔✔-Appraisal,

financing, and inspection contingencies


Purpose of the home inspection - ANSWER✔✔-To disclose defects in the property that could materially

affect its safety, livability, or resale value


Purpose of a title search - ANSWER✔✔-To uncover claims against a property's title


Breach - ANSWER✔✔-Failing to meet the terms of the contract


CIS - ANSWER✔✔-Consumer Information Statement; A disclosure explaining agency law to consumers


Default - ANSWER✔✔-When one or both parties fails to meet the contract obligations


Counter-offer - ANSWER✔✔-An offer that rejects an original offer and proposes new terms


Effective date of a sales contract - ANSWER✔✔-The date on which both parties sign the contract,

agreeing to its terms


Exclusions - ANSWER✔✔-Items to be excluded from the property sale (e.g., washer and dryer)


Financing contingency - ANSWER✔✔-Buyer indicates whether the purchase is contingent upon obtaining

financing, and if so, under what terms




Copyright ©Stuvia International BV 2010-2024 Page 2/6

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