Keller Williams Ignite Practice Exam

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• Five factors affecting value of property: which two can you change?
• When is the best chance to sell a home?
• Which of the following describes the deductions from GCI used to compute Net Commission Income?
• How are real estate taxes prorated at closing, and who is credited?
• Why should you review the financing contingency before sharing the offer news with the seller?
• Which security instrument uses a trustee and allows foreclosure without court action in many states?
• Which statement about the relationship between loan-to-value and down payment is true?
• Distinguish market value from assessed value for property tax purposes.
• In real estate terminology, what does SOI stand for?
• Which activity is described as part of prospecting?
• Timeblocking with the 3-3 method lists three blocks in what order?
• Explain the loan-to-value (LTV) ratio and its significance to lenders.
• Which energy plan area is designated for lead generation?
• What is the described effect of consistent active lead generation on a real estate business?
• Which statement is false according to the material?
• What is described as the cornerstone of lead generation?
• Which item is NOT listed as an item of value?
• Which of the following is a factor to consider when selecting comps?
• What is a primary responsibility of a real estate agent at all contingency points in a transaction?
• Under RESPA reforms, when must the Closing Disclosure be provided to the borrower?
• LinkedIn is for business-to-business connecting, NOT for marketing listings or open houses. Which is true?
• In Ignite, what does 'Your 20' refer to?
• Prospecting is described as meeting people and building purposeful (E to P) business relationships, which leads to what?
• What is title insurance, and what's the difference between lender’s and owner’s policies?
• A buyer’s note to the seller is optional and can help the buyer stand out in multiple offer situations. Which statement best reflects its use?
• What is an encumbrance?
• Which statement reflects the behavior of a successful agent regarding lead generation?
• Role-playing with agents helps you prepare for which scenarios?
• Which statement best describes a buyer's goal?
• Which item is NOT listed among the steps of a typical listing appointment?
• In a standard real estate purchase agreement, which item defines the property to be transferred?
• In the Lead Generation Funnel, which term corresponds to the 'Under Contract' stage?
• Which statement accurately describes how a mortgage differs from a deed of trust?
• What are discount points in mortgage lending?
• What is stated about Masterminds in terms of notes?
• Which statement about grandfathered status in zoning is true?
• What drives price changes in a housing market?
• Which statement is false according to the material?
• Which statement best differentiates exclusive right to sell from exclusive agency listing?
• Name the seven federally protected classes under the Fair Housing Act.
• Which platform is for business-to-business connecting, NOT for marketing listings or open houses?
• If gross commission income is $50,000, how much is paid to KWAP in the initial deduction?
• What is the Closing Disclosure and what changed in RESPA reforms?
• What is the first step when a buyer wants to make an offer on a property?
• What are the five elements required for a valid real estate contract?
• Which of the following is NOT among the listed checklists you provide during the listing process?
• What determines the listing price in a market-driven environment?
• What is blockbusting and why is it illegal?
• Which energy plan area is associated with planning and calendar?
• The Notice of Binding Agreement Date is located in which Purchase and Sale reference?
• When preparing to make an offer, which information should you request from the lender?
• In the time-blocking guidance, which activity should be generated first?
• Which of the following is NOT listed as a lead status in the material?
• Latent defects are defects that are not readily observable and must be disclosed if known.
• When is the title insurance premium typically paid?
• What is the purpose of a title search warranty and what does 'perfecting title' mean?
• In the Ignite framework, an '8 x 8' touch plan consists of
• What is an earnest money deposit and its purpose?
• How is the Market Center Cap distributed?
• In improving conversion rates, which stage should you focus on first?
• In Ignite, a 33 Touch program is described as a series of
• What should be included when presenting your client’s offer electronically to the listing agent?
• Prospecting is defined as what in the material?
• Which platform is recommended for business pages?
• Which item is included in Daily 10/4 to help with inventory knowledge?
• Which of the following is one of the three phases of the home selling process?
• Besides lead-based paint disclosures, what disclosures are commonly required in residential transactions?
• What is the recommended order after establishing the ONE Thing?
• Which statement best describes how price is determined in the market?
• Staging involves which of the following?
• Active lead generation yields which outcome when done consistently?
• Which element best describes 'Your outlook' in Ignite?
• Which of the following is NOT listed as one of the Four Skills?
• What is dual agency, and what ethical concerns does it raise?
• What is a comparative market analysis (CMA) and how is it used?
• What constitutes a material fact requiring disclosure in a real estate transaction?
• When is Private Mortgage Insurance (PMI) typically required?
• What happens to earnest money if the buyer breaches?
• Name common financing options in real estate transactions.
• Which statement describes the relation of the ONE Thing to revenue?
• What does due diligence mean in a real estate transaction?
• Why are HOA fees disclosed in residential transactions?
• COLD-AC stands for which set of fiduciary duties?
• Which sequence correctly lists the three blocks of Timeblocking 3-3?
• Prorations in closing refer to what?
• Which of the following is NOT one of the Six Personal Perspectives?
• In creating your database, what are the two steps described?
• After receiving an offer, what should you do with the offer before presenting it to your client?
• Which statement about market value and appraised value is true?
• Contrast a general warranty deed with a special warranty deed.
• How is market value determined?
• Define eminent domain and condemnation.
• Which closing costs are typically paid by the seller, and which by the buyer?
• Which statement best captures a seller's goal?
• Which describes a life estate?
• Within the Six Personal Perspectives, which concept describes focusing on the most productive portion of efforts?
• Which of the following is listed as an item of value?
• In the Lead Generation Funnel, the 'Agreements' stage corresponds to which status?
• Explain the difference between tenancy in common and joint tenancy with right of survivorship.
• In the listing appointment, which item is primarily focused on presenting market data to the client?
• Which statement best describes targeted marketing as described in the material?
• What describes a mortgage?
• Compare bilateral and unilateral real estate contracts with examples.
• Name the three basic freehold estates in real property.
• Which statement reflects the #1 priority regarding leads?
• If a lead does not meet criteria, what should you do to stay top of mind?
• What is escrow and what role does it play in closing?
• In a real estate purchase agreement, contingencies such as financing, inspection, and appraisal are used to:
• What is the difference between a fixture and a trade fixture?
• What is the difference between actual notice and constructive notice in regards to recorded documents?
• What elements are typically required for an option contract to be enforceable?
• What is the difference between an appraisal and a BPO?
• What are the four steps of a CMA?
• Which statement reflects one of the six critical pricing strategies?
• Which option represents one of the three phases of the home selling process?
• Which option is NOT listed under Coaching in the material?
• What is the defining question of the ONE Thing concept?
• Which of the following is NOT a stated function of a database?
• What are the key rules for advertising real estate to comply with fair housing and honesty standards?
• The size of your database will determine the size of your bank account. True or false?
• Which document contains the legal description and reveals the names of the individuals on title?
• What does the term GCI stand for?
• What is the difference between real property and personal property, and how does a fixture become real property?
• When should you set expectations for how often you will communicate with a client during the listing period?
• When drafting a counteroffer, what should you specify at the top of the form?
• What is zoning, and what are variances and conditional uses?
• In the revenue sequence, what is described as the 'ONE Thing'?
• What is the goal of touch campaigns in Ignite?
• Under Masterminds, what is stated about notes?
• What is the difference between an option to renew and an option to purchase in lease agreements?
• What are the two major components of a listing appointment?
• What is required by the lead-based paint disclosure rule?
• Which of the following is a part of the Action Plan?
• In condemnation proceedings, who pays for just compensation?
• Which statement about blocking time to pull energy from the five areas is accurate?
• Which statement reflects the purpose of Accountability in the Four Skills?
• Which statement best describes the difference between a fee simple absolute and a defeasible fee (defeasible/conditional) in terms of ownership?
• If a Lead is HOT, what should you do?
• Which practice is described as 'live by a calendar' in the time-management guidance?
• Before posting on social media, you should know which rules?
• Why is recording a deed important?
• In CMA, how should the price recommendation feel to the seller?
• Entering the terms of the offer in which system is essential for accurate record-keeping and client review?
• What should you do with leads who do not meet the criteria of needing your services now or in the near future?
• What does 'Capper in Training' refer to in Ignite?
• Market Dynamics: If supply is high and demand is down, what happens to prices?
• A BPO is typically used for which purpose?
• Which listing type would require a broker to be paid a commission even if the owner sells the property themselves?
• Which activity is part of the Millionaire Real Estate Agent Energy Plan?
• What is a stated benefit of focusing on listings to win the seller?
• Which contingency is most commonly used to allow a buyer to back out if the property fails to meet conditions found during a review?
• Which factor is NOT listed as a factor to watch when evaluating market value?
• The locally set market price affects which aspects of a buyer's engagement?
• What is a net listing and why is it restricted or illegal in many states?
• How is lien priority determined, and what liens typically have priority?
• Which of the following is listed as a benefit of prospecting?
• For the 4-1-1 Productivity Tool, how many hours per month are recommended for monthly goal revisiting and refinement?
• Which statement best describes the function of a database in real estate practice?
• In the Lead Generation Funnel, what is the stage immediately after Leads?
• Which of the following is NOT listed as one of the 4 Powerful Habits of Real Estate?
• Advertising standards require what?
• The purpose of a touch campaign is for which contacts?
• What is the goal of daily lead generation with a database?
• Which item is included in the provided checklists?
• Which statement about RESPA is true?
• METS and HAVE NOT METS refer to what?
• In the revenue-focused guidance, which activity should be pursued first?
• Which phrase is Gary Keller's mantra?
• How should your database be composed?
• When blocking time to pull energy, which time is specified?
• Which item is explicitly labeled under Masterminds in the material?
• In a real estate transaction, which scenario would dual agency potentially be prohibited by state regulations?
• What is an option contract in real estate?
• What is the purpose of disclosing known defects and title issues in real estate transactions?
• Which benefit of prospecting relates to market shifts?
• Which statement describes an option contract in real estate?
• Why prequalify the seller before listing?
• What does the abbreviation 'E to P' stand for in Ignite's Six Personal Perspectives?
• Which activity is part of the Prepare phase in Timeblocking 3-3?
• What is the expected outcome of consistent active lead generation?
• What is a title search and why is it performed?
• To Qualify a Lead, what is the essential action?
• Explain easement by necessity and easement by prescription.
• Sphere of Influence stands for what?
• Which element is included in an offer that wins?
• What are the 4 Cs of Prospecting?
• Which sequence is described as the correct order for revenue and maintenance?
• What does Prospecting mean in this material?
• What best describes what successful real estate agents do with lead generation?
• Price per square foot is a valuable tool only when comparables are very close together in terms of features, age, condition, and location.
• Lead-based paint disclosures include a 10-day period for risk assessment/inspection.
• Which of the following is a listed method to find sellers?
• What is the expected impact of pricing a home well?
• Which statement best describes financing in an offer that wins?
• Which principle is described by 'If you erase, you must replace'?
• In the next edition of Millionaire Real Estate Agent, Gary recommends increasing touches per year to what number?
• What is Keller Williams' mission?
• Which statement correctly distinguishes an appurtenant easement from an easement in gross?
• Which of the following is listed as an Item of Value in the touch campaigns?
• Which of the following is required for an easement by prescription to arise?
• What does the KW Mobile App item indicate about notes?
• What should you verify with the buyer’s lender to support a strong offer?
• Which loan option is typically fixed-rate for the life of the loan and not government-insured?
• Which statement best describes grandfathered zoning uses?
• What typically happens to buyer interest after the first month on market?
• Closing is defined as what?
• What is the purpose of feeding your database?
• Which of the following is NOT part of the Simple Formula Successful Agents Follow?
• In real estate financing, which statement best describes a financing contingency?
• Under RESPA, which practice is prohibited?