He just sold it for $13,000. Have you been pre-qualified or pre-approved by a lender yet? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? 8- What does the Water Heater Statement of Compliance address? The monthly net rental is $600. D. Their lender can profit from the difference in interest rates. If checked, the seller can complete repairs after closing. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. A. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. Rule E-1 He made $150,000 of improvements during the three years he lived in it before he sold it. 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 5 of 10 All of these would be effective at capturing a readers attention except which? Hes no longer interested in seeing the inside and Marge agrees. 2 of 10 Which of these is not a good technique to get the name of a caller who is reluctant to give you that information? One offer is for $208,000; the other is for $200,000. A. B. Answer: D- They are effectively terminating the original offer. The borrowers family in case of his or her death, B. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. 42- Alice is planning her career and setting her goals. This is not true of which duty? B. A. 10 of 50 There has been very little interest in the Bowers home this past week. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? What kinds of insurance do brokers normally require of their employees? Sam accepts the offer and executes the contract on March 1, a Sunday. A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. 8 of 10 When is the first installment of property taxes due? B. 12. 8- What actions does a lender take to sell a mortgage in the secondary market? Randy gives Tom an earnest money check for $1,000 and asks Tom to hold it until June 30, regardless of the date the seller accepts the offer. C. Jim and Amanda whisper and frown when they see the basement. A counteroffer represents a rejection of an offer. Which of the following is true, if you are licensed as a referral agent? 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? C. Find a lender who is willing to do FHA loans. 6- What is the main reason sellers choose to sell their property without an agents help? D. Exert pressure on the sellers to include something the other party wants. Which of the following items can Matt not add to the original cost when doing the computation? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. 1 of 10 What kind of lease contains a recapture clause? 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? Lorem ipsum dolor sit amet, consectetur adipiscing elit. Deposit the check into his trust fund account on the next business day. B. Jim Sharp is purchasing his fathers home. What economic factors affect the real estate market as well as other goods and services? C. Analyzing the income potential of the property. C. Payments will not be enough to retire the loan. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. yellowbrick scholarship reviews. B. What is the market value of the property? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 9 of 10 A shopping center would be primarily categorized as what type of property? B. B. B. What kind of closing technique is Jim using? A. Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. Tell Linda that the sellers will be very disappointed if they cancel the appointment. The salesperson entered into a buyer-broker contract with her brother. Which statement is true? Mary wants to terminate the contract. A. D. She should persuade them to accept the offer. 5 of 10 What would be the least effective way to get to know your buyers needs? A broker may require licensees to carry high levels of automobile insurance. 10- What is the right to rescind and what is not covered by this rule? A. Mike has changed jobs six times in the past six months. D. All adjustable rate mortgages have negative amortization. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. They were counting on a full-price offer and are very disappointed. To learn more about the real estate business, D. To make more money than a real estate agent. C. It keeps your name in front of potential buyers and sellers. Return the earnest money to buyer Norm. Course Hero is not sponsored or endorsed by any college or university. 2. How are properties affected by the local economy? A counteroffer by a seller to a buyer turns the seller from offeree to offeror. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 105- Agent Alice has received an offer that she believes is not in the sellers best interest. $5,500 the first year, plus a maximum 2% increase in market value per year, B. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Why is it important for licensees to understand the Americans with Disabilities Act? She put 20% down and got a mortgage for the remainder. Possession date. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? \hline \text { Annual inspection costs } & \$ 155,000 \\ California: Real Estate Practice Ch12 Quiz with no answers. Start in the room with the best features. D. Preparing flyers and promotional materials for the brokers approval. Given the rise in the price of a plane ride, what percentage change in the price 30- Being prepared to handle incoming phone calls means all of the following except which? D. Buyers of FSBO homes are usually the ones who save money. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. B. Sandy and Bill are putting 30% down on their home purchase. What kinds of things should he be looking for? Mary makes an offer to purchase a duplex from Sam. 8- Under what conditions may a landlord enter a tenants property? 6- What is the ultimate result of using the Closing Disclosure form? 8 of 10 Which of the following circumstances would concern you about working for Broker John? They agree on a price and both parties execute the contract. Sexta, 26 de novembro de 2021 . Enter your offer. 36- Broker Eric secures a loan for buyer Paul. Negotiate agreements regarding commission structuring. 5 of 10 California allows a property manager to charge a non-refundable fee for which? Mary makes an offer to purchase a duplex from Sam. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. D. A basis of $140,000 and no taxable gain. 3 of 10 Sara just bought her first new home. Course Hero is not sponsored or endorsed by any college or university. For what type of loan is the borrower applying? Elaine parks across the street from the home and Mike is disappointed by what he sees. C. Shows property addresses that should be excluded from prospecting. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Will placed an ad in the most recent Home Buyers Guide. How should Jan's licensee handle the offer? 1- When is an agency relationship created? is 0.4. Which is a true statement? At the end of the term, the loan balance will be negative. 6- Whats important to know about the Liquidated Damages paragraph? 9% D. Goals must be realistic if you hope to accomplish them. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . What is the result? B. Secure documents that are public information from the courthouse and other sources available to the public. 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? C. The borrower pays a fixed rate of interest. 4- What is the agreement that a broker can enter into with a buyer? Suggest that the buyer look at a different house. 5. D. This action is deliberate misrepresentation. B. C. Is not necessary if the verbal presentation is strong. How would Grants lease at this time be classified? 4- What items are not covered by any title insurance policy? Find things in the home a seller needs to repair. 1- What is goodwill as it relates to a business? five letter words with l; jaiswal surname caste; pros and cons of herzberg theory; sechrest funeral home obituaries; curious george stuffed animal 1975; cornerstone staffing application 0 What kind of mortgage might they get? A secondary bid for a property that the seller will accept if the first offer fails Bob Broker represents Mary Buyer. of a train ride will leave the quantity demanded of train rides unchanged. They will have a number of new expenses as a result of this purchase. Which term is the process of joining several parcels of land into one larger parcel? A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. The term of the loan can be shortened. 14- Value includes which of the following aspects? 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. D. The advertiser must prove he was grandfathered in as a licensee. 5 of 11 Which of these statements is true about a CalVet loan? Receives special tax considerations. 2 of 10 Which of these statements is true? Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? Mortgage brokers do not lend money. Allows the agent to determine community market trends. What should you keep in mind when developing your marketing plans? Not waste anymore time on this house, the buyer will never make an offer. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. Who should Tommy recommend the owner consult with before making a decision? $90,000 Studying population trends in the area. If a seller is in a multiple offer situation, how do you determine the best offer? 3- How could refinancing be an investment benefit? Bob Broker knows that another offer will be coming in at about the same time. 6- Whats important to know about the Liquidated Damages paragraph? 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? D. Kirks offer to Larry is legally cancelled. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? How does ALTA-R differ from ALTA? A. A. B. This action is legal but very unprofessional. Call Us Today! D. The casement windows have broken seals. List the details of all parties involved. What should Bob do? 29 of 50 What is one way the Federal Reserve System regulates the money supply? D. An exclusive listing must always be at least 30 days long. 6 of 50 Broker Tami has a very low advertising budget. C. The broker must conduct the escrow personally and not delegate any escrow activities. C. Prepare additional documentation to take to the presentation. Who will pay the points? 65- Which of the following items is usually not prorated at closing? 4- Agent Greg receives a call about one of his firms ads. D. Purchasing loans from primary lenders. He refuses to rent the other unit to families with children. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. 2- Explain the difference between the primary and secondary mortgage markets. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? A. B. The second mortgage has now become the primary loan. B. 6- According to California real estate law, how often must a broker balance his or her trust accounts? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 2- When establishing rapport, whats one of the best ways to get to know your buyers? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? A. Ken is responsible for his own taxes, while the broker pays Sarahs. 7- What is the difference between an FHA loan and a VA loan? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. 7- What does the net operating income of a property represent? How much did Sam gain or lose on the sale? A. Other than residential list three kinds of property in the real estate market. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? California: Real Estate Practice Chapter 18 Quiz with no answers. C. Clearly written contractor agreement must exist. D. Will conducted an agent open house last week that was attended by 25 agents. What should Elaine do? D. Must start out as a part-time employee. D. Avoid negative comments while hes inside the home. A. 4. 1- What is a competitive market analysis? 2 of 10 Assistants who are asked to be available for tasks in the field rather than in the office are referred to as: 3 of 10 Which of these items on a resume accompanying an application for an assistants position should be kept brief? 8- When does a purchase offer become a legal contract? escrow money must be passed back to the buyer. "Let's make a low ball offer?" A. The owner has 30 days to notify the county assessor. C. Neither Sarah nor Ken can get employer-provided health insurance. B. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. What California Fair Housing law has the manager violated? 12- What are grant programs typically used for? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? Go back to the buyer's agent and try to get the offer higher. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. California: Real Estate Practice Chapter 13 Quiz with no answers. Deposit the check into his trust fund account on the next business day. They will have to make a very high down payment. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. What will the new owners pay in property taxes? 7 of 10 When the broker and seller agree that the broker can receive commission for a specified number of days after the listing expires if selling to a named party on a list, its referred to by what term? A. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 5 of 10 Which of the following is not a source of information for professional ethics codes? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? At time of license renewal, what is the renewal charge for a salespersons license? 4- Agent Greg receives a call about one of his firms ads. Be a deal maker. 2- List the three Institute of Real Estate Management property management designations. What is the primary criticism that sellers have about their agents? The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 44 of 50 Fair Housing laws are designed to: A. B. Newsletters can be a very effective advertising forum for niche marketers. 4- Why is coordinating escrow so important and how can an assistant help? 4- Explain the documentary transfer tax. : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. During business hours and only after giving the tenant 24 hours notice. What will they have to pay the lender? C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. Bill is purchasing a 6-family apartment building. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. The broker will owe fiduciary responsibilities to the seller as well as the buyer. D. Broker Tom has only limited responsibility for the actions of his licensees. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. Give housing choices to the widest range of people. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? Find a home that meets FHA requirements. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. A purchase offer is a binding contract between the buyer, the seller and their agents. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. Select Review offer. 5- Your listing presentation manual should be made up of two sections that address what issues? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? Alex Jones owns a duplex and lives in one unit. 2- What is important to remember about multiple offers? 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? 8 of 10 Which of the following will give you comparative market data the fastest? California: Real Estate Practice Sample of Final Course Exam. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. What should Tom do? Present the higher-priced offer first. 8- What is the major difference between a CalVet loan and other loans? 4 of 10 Which of the following is NOT a condition of the safe harbor test? 3- What is the difference between CLTA and ALTA policies? B. What kind of loan do they have? 1- What is a competitive market analysis? 4- Why is it important to talk to the sellers about the buyers? Regulates reserve requirements for all institutions that offer checking accounts. Broker Alice holds an uncashed check until the offer is accepted. The purchase price, plus depreciation, B. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. Whoever brings the buyer will get the commission. Bob Broker represents Sam Seller. Last year, about 25% of his income came from sales commissions. What should Jake do? D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? Which of the following statements is not true? C. Accept commissions from referral agents. Then present the $208,000 offer. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. 24 of 50 Tim thinks his buyers are ready to make an offer. The date Abby receives the good faith estimate. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? A. Eric can require that both the buyer and seller share equally in his commission. Here are the steps to follow to make an offer to purchase: Step 1. Encourage the buyer to get the attorney to review it quickly. Giving information about a listing to prospective buyers. Gross income must be based on production. C. Maintaining the office filing system. rickey smiley and grandson videos 4- What is the agreement that a broker can enter into with a buyer? A. I think theyre asking a fair price., C. What do you think would be a fair price?, D. The comps say that this price is right on target.. 4- What are the major areas of newspaper leads? This broker is guilty of what prohibited activity? 5- What actions can the sellers take regarding the purchase offer? 5- Define the term loan-to-value ratio. A. C. If Bill pays off the loan early, there will be no prepayment penalty. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. Before the sale can get finalized, the owner would require you to first meet certain conditions. Randy gives Tom an earnest money check for $1,000 and asks Tom to hold it until June 30, regardless of the date the seller accepts the offer. A. 1- What are the five aspects that are involved in any selling approach? 33- Which statement is true about a loan that has a negative amortization? 8- What is an important issue for potential buyer clients to understand? In this scenario, which of the following is not true? D. Call the sellers immediately and let them know you wont be coming by. The offer with the fewest contingencies B. Pam is not liable since it was summer and the heating problem was not obvious. B. Which of the following activities would she not be authorized to perform? D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. B. C. Sharing all visitor comments two weeks before the listing ends. It is determined by who pays the compensation. Lenders are in the best position to qualify buyers. sam neill laura tingle split A. Loan terms are from 15 to 25 years. At the time the agent presents an offer. What kind of lease does Jim have? A rental condominium for a recreational vehicle. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). D. Ensure fair real estate negotiations. The following table lists all costs of quality incurred by Sam's Surf Shop last year. 6. What do you need to remember about making phone calls to potential clients? 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. B. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 73- Which of these is not a buying signal? A. Kirk doesnt have the right to withdraw the offer so soon. Explain the method used to write good advertising. 5- Your listing presentation manual should be made up of two sections that address what issues? 92- Which of the following situations is not exempt from the seller disclosure requirement? 8 of 10 What does the paragraph on repairs state? 2- Name one advantage and one disadvantage of telephone contacts. B. The lender gives a mortgage to the borrower and gets funds in exchange. 88- Sally and Dan must pay 2 points on their new $65,000 loan. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Bob writes the offer but is too embarrassed to submit it. Attend weekly staff meetings at the office. D. Convince a seller to list with you. D. The owner has 45 days to file a change in ownership statement. 3 of 10 Which paragraph of the purchase agreement states that if the buyer defaults after acceptance, he or she may be liable for the brokers commission? B. B. Exclusive-authorization-and-right-to-sell agreement. 4- Whats a bonus closing and whats important to keep in mind about this technique? What is meant by the term sphere of influence? A. I will complete the GRI certification in the next four years. What was Sam's appraisal cost for quality last year? 6- What is important for the sellers to know about a counteroffer? Documents showing your affiliations with real estate organizations. The sales agent should: Write a counteroffer stipulating the sellers' request At time of license renewal, what is the renewal charge for a salespersons license? The loan value is based on the appraised value, not the sale price. B. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 5 of 10 RESPA applies to all of the following EXCEPT which? 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? : The Commission could suspend or revoke Rob's license. Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. 2- Name one advantage and one disadvantage of telephone contacts. A. Ask questions of the prospects children. Give the prospects a black copy of a purchase agreement to look over. 11- What is a public report and when must it be provided? 63- Jennys home appraised for $550,000. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. This form is the first step in any real estate deal. 3- What signals do buyers use to indicate they may be willing to make a purchase? B. A. Salesperson Harry can solicit his own listings. The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. What would we call Hannah? Which of the following statements is true? A. A. B. What should Tim do next? A. 29- Which of the following is not a good direct mail technique? Buyer Jim asks if he can visit the property for a second time. A. 1 of 10 Which of the following types of agency is not allowed in California?