Tom then resells the property to the developer and pockets a $300,000 profit. A. 5- What does the safety clause in the listing agreement do? He made $150,000 of improvements during the three years he lived in it before he sold it. At the time the agreement is signed. C. Real Estate Settlement and Procedures Act. 3- What is a good approach to use when contacting the owner of an expired listing? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? She is probably using all but which of the following tools? What is most likely their main motivation for investing? C. Once filed, it remains until terminated. 9% If the loan is for $68,000, what will Mark be assessed in points? A. 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. D. Erics broker should appoint Eric as the designated agent in this transaction. C. FSBO sellers who list with an agent will pay their own advertising costs. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. "No, you may lose the house." 6 of 10 Who typically presents an offer to the sellers? 67- Hannah is a real estate assistant. It must be in writing to be enforceable. Broker John puts $500 into his trust account. 59- Which of the following is a sellers request that an agent cannot honor? 3 of 10 Which of the following would be an example of a licensee specializing in business type? Which of these statements is true about the wraparound mortgage? First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. What should Tom do? 4. C. Knocking on doors never requires special permits. You can make a Best Offer on listings that have a Make Offer button. Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. 5 of 10 All of the following are valid listing agreements. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Wait until next week to send an activity report, hoping things will pick up. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? 7 of 50 Glenna and Amanda just bought their first home. 44 of 50 Fair Housing laws are designed to: A. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? $6,740 When should the agent have disclosed this fact? This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? C. If Bill pays off the loan early, there will be no prepayment penalty. What is the major difference between an employee and an independent contractor? 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. California: Real Estate Practice Ch7 Quiz with no answers. Jim and Jane financed the remaining $25,000 through the seller. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 3- For whom do property tax exemptions exist and for how much? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. How to Write a Purchase Agreement? B. Jim Sharp is purchasing his fathers home. Bob cannot do anything; it is out of his hands. What do many firms do to avoid confusion with their advertising plan? 3- What is the difference between CLTA and ALTA policies? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). 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? A. The salesperson entered into a buyer-broker contract with her brother. D. Will conducted an agent open house last week that was attended by 25 agents. The broker will not provide any. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 7 of 10 Which of these forms is not filled out by the seller? 8- Why is it important to have a written prospecting plan? C. When you have 200 names in your contact database. In this scenario, which of the following is not true? Rule E-1 5 of 10 You should try to attach a rider strip to your For Sale sign that has: 6 of 10 If there is no interest in the property on a given week, the agent should: A. Launch into your list of the homes special features and hope she changes her mind. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. The following table lists all costs of quality incurred by Sam's Surf Shop last year. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. What kind of mortgage might they get? university of missouri hospital salaries 2021; port orange arrests today. Refusing to make loans based on the racial composition of a neighborhood is called. What kind of agreement is this? 58- Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation? 2 of 10 Which of these statements is true? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. 5 of 10 All of these would be effective at capturing a readers attention except which? cross elasticity of demand for train rides with respect to the price of a plane ride Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). Receives special tax considerations. Ask the buyer if the buyer would like to make an offer taking the roof age into account. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? A. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Ordinary china is very fragile. It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. C. Write and sign commission checks to salespersons. 1- What is a competitive market analysis? A. If a seller changes the terms of the offer to purchase, he has created a counteroffer. C. The Bryants have not received any feedback from any showings in the past month. 77- Which of the following Internet pages might not be of particular interest to buyers? How does ALTA-R differ from ALTA? A. Their first mortgage will get paid off immediately. California: Real Estate Practice Ch12 Quiz with no answers. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} 6- What is the main reason sellers choose to sell their property without an agents help? The fees that Eric charges Paul for making the loan could be any but which of the following amounts? B. Private mortgage insurance is available for FHA loans. D. Tell the sellers its time to reevaluate the price. B. 4 of 10 If a person believes he or she has been discriminated against, how long does he or she have to file a HUD complaint? Which of the these activities does she have control over? 76- Mark believes he has been discriminated against during his home search. 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 10- What is the right to rescind and what is not covered by this rule? 8 of 10 Which of the following is a good direct mail technique? 7. B. 8 of 10 Which of these marketing tools is not considered a traditional tool? The interest rate will increase gradually over time. D. Offer something valuable to the reader. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. B. A. 2- Explain the difference between the primary and secondary mortgage markets. A. B. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? A. Retired persons are a good source of neighborhood information. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? What kind of listing agreement does Alice have with Jack? Which term is the process of joining several parcels of land into one larger parcel? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. Where is it that he likely found out the property was for sale? Answer: D- They are effectively terminating the original offer. A. Wills weekly report indicates two showings and five inquiries for the week. 10- Whats the difference between a lease purchase and a lease option? 4. The 5 of 10 Alice has decided that she will specialize in selling farm land. 8. What is the body of law that governs negotiable instruments? 33- Which statement is true about a loan that has a negative amortization? 5. What does the net operating income of a property represent? 10 of 10 All of the following are true statements about goals except which one? 9- Define a purchase money mortgage. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 6 of 50 Broker Tami has a very low advertising budget. A. You can use a reverse telephone directory to get the names of residents. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. 12. Hes very comfortable selling that type of property and knows he can work well with clients in that area. Which of the following statements is not true? 1 of 10 Which of the following actions by an agent would most probably upset the sellers? A buyer mails an offer to an out-of-town seller. 8- Under what conditions may a landlord enter a tenants property? B. 5. Which of these actions might have caused their upset? 11- What is a public report and when must it be provided? The original loan becomes subordinate to the wraparound. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. At the end of the term, the loan balance will be negative. Encourage Sam to make a counteroffer at 2% below Sam's asking price. Answer: A- Proceed as if the buyer has decided to make an offer. 78- Nancy bought her home last year for $425,000. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. "What would you like to offer?" Who is responsible for removing the lien to clear the title? A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. 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. D. Amanda smiles at Jim when she sees the whirlpool tub. B. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? \text { Annual testing cost } & 543,000 \\ 10- Whats the difference between a lease purchase and a lease option? B. 58- Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 69,200 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. Checking your browser. 2- What exception exists to the duty of obedience when working with a client? Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. She sold the property and several months later the buyer sued Pam for not disclosing the problem. B. 1- What is an important thing to remember about listing agreements? Give the sellers a copy of some homeowners tips. The adjusted cost basis of the first home was $140,000. 7- What is the difference between an FHA loan and a VA loan? 12- What are grant programs typically used for? B. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Gross income must be based on production. D. Exclusive-authorization-and-right-to-sell agreement. D. Have the prospects sign the disclosure about agency relationship. The lender makes payments to the borrower. Give the deposit money to the seller. Better yet, try to avoid deal breakers. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? There is a crack in the basement wall. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz 2- Name one advantage and one disadvantage of telephone contacts. 101- Which type of loan typically carries the most loan points? 9- What required disclosure is a result of Megans Law? Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. Is critical to your success in real estate. What is important to remember about capturing the readers attention? D. Meet with the buyers lender to ensure theyre getting a good deal. 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. 1.555.555.555 | frontier airlines crash history. 73- Which of these is not a buying signal? A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. What property type will he be dealing with? A. Kirk doesnt have the right to withdraw the offer so soon. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? You had a 9% loss. In the meantime, Bill gets another offer on the property from another buyer at a higher price. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. The Residential Environmental Hazards Guide, B. A. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? When You Should Make a Purchase Offer - The Balance B. Rewrite whole paragraphs to ensure clarity. What kind of mortgage are they looking for? D. Buyers of FSBO homes are usually the ones who save money. C. Is not necessary if the verbal presentation is strong. 7- What makes up a mortgage? buyer randy makes an offer to purchase. What should Bob do? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. D. Similar expired listings that didnt sell. 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. B. : The Commission could suspend or revoke Rob's license. What would you say about Sallys behavior? Local ordinance requires a 20-foot rear and front setback. 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. A rental property has a return rate of 8%. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? Secure documents that are public information from the courthouse and other sources available to the public. 8 of 10 Which of the following circumstances would concern you about working for Broker John? A. I will complete the GRI certification in the next four years. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? What percent of loss did you have? Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? He must withdraw his representation of one of the parties. Properties are very liquid and can move quickly. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. During a phone call, a salesperson discusses showing a property to a prospect. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? Making An Offer To Buy A Business - 6 Key Considerations - Forbes He sounds really excited about this property. The offer with the highest price How can you prepare your sellers for receiving offers? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? A. buyer randy makes an offer to purchase. D. Exert pressure on the sellers to include something the other party wants. A. He pays rent for occupancy, plus maintenance and operating expenses. He has put up $50,000 in preferred stock as earnest money. Ask questions of the prospects children. 8 of 10 Which of these statements about counteroffers is not true? B. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). buyer randy makes an offer to purchase - fridarestaurant.com 63- Jennys home appraised for $550,000. Housing and Community Development Act. 80- Which of the following is an example of commingling? The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? D. The loan must be repaid before the borrowers death. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. C. Discuss alternative properties that may be interest. What should Bob do? Tom thereupon submits a full-price offer to the owner and purchases the property. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 31- Patrick has a written independent contractor agreement with his broker Tami. Which of the following statements is not true? 7- Agent Jim needs to do a visual inspection of his listing. B. D. After the agent has had time to make copies at the office. C. Alice is getting a conventional loan and making a 15% down payment. 8- What is an important issue for potential buyer clients to understand? This would be the maximum the purchaser would be permitted to borrow. Give a discount to families with children. List the details of all parties involved. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? 10 of 10 Which of the following is not a possible benefit of investing in real property? 2- What kind of problem can result from a straight loan? She tells them that this action could decrease their property values. 2 of 12 Which of the following statements is not true about the Federal Reserve? An open listing is an exclusive contract. C. I will get three new listings this month. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Jim has decided to specialize in what area of real estate? 10 of 10 Which proposition limited the maximum amount of tax on real property? D. The casement windows have broken seals. Documents showing your affiliations with real estate organizations. 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 does that mean? A. 1- What are the five aspects that are involved in any selling approach? Sexta, 26 de novembro de 2021 . Allows the agent to determine community market trends. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 5 of 11 Which of these statements is true about a CalVet loan? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. D. Do not show the home between 10 a.m. and noon on Sundays. 4- What is the agreement that a broker can enter into with a buyer? 8- What actions does a lender take to sell a mortgage in the secondary market? The lender gives a mortgage to the borrower and gets funds in exchange. B. 5- What is the Closing Disclosure? B. What kind of a mortgage do they have? This action is legal but very unprofessional. buyer randy makes an offer to purchase 1- What is important to know about unlicensed real estate assistants? C. Participation in the MLS increases a licensees inventory. D. Avoid negative comments while hes inside the home. 3- What is the difference between CLTA and ALTA policies? 53- Greg sold an apartment building he owned for 20 years. B. What should Tim do next? buyer randy makes an offer to purchasei miss you text art copy and paste. 16 juin 2022 why do babies clap their feet. One day later. Over 300 California Real Estate Practice Exam questions to pass Tests! the buyer is not allowed to make a counteroffer. 2. C. How much time the licensees must spend in the office. Retain the check for use with a future sales contract offer. If checked, the seller can complete repairs after closing. What will they have to pay at closing for the points? Rule F-1. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? C. Participate in a tax shelter program. A secondary bid for a property that the seller will accept if the first offer fails C. Can perform some real estate activities without a license. B. Alice knows everything about the exclusive east side neighborhoods. A. Which statement is true? D. Lends good visual support to what the agent is saying. FREE Offer to Purchase Real Estate Form - RealtyPact C. Use an attractive first-class stamp. He says to them, "Would you prefer to take possession on September 1 or October 1?" 4- What are the major areas of newspaper leads? Buyer Jim asks if he can visit the property for a second time. 3- When making your presentation, what topics should you cover? D. The date Abby makes the request to receive the booklet. Broker Alice holds an uncashed check until the offer is accepted. C. The seller can do all repairs himself. 41 of 50 What was the important ruling in Jones v. Mayer? Change the locks on the tenants apartment. 10- Which disclosures are NOT required to be made when selling residential property? What is the primary criticism that sellers have about their agents? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Set up a face-to-face meeting with the sellers as soon as possible. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? Brenda refuses. Buyer Randy makes an offer to purchase one of Broker Tom's How much did Sam gain or lose on the sale? D. All repairs must be in compliance with existing building codes. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. 2- Explain the difference between the primary and secondary mortgage markets. B. Pam is not liable since it was summer and the heating problem was not obvious. C. Identifies buyers for other properties. Before completing the form, discuss the following important points with the home seller: Price. 11- What is a public report and when must it be provided? B. 13 of 50 What is the most common reason that owners try to sell their homes themselves? 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? A. B. 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? A. Answer: D- Avoid telling him the price by setting up an immediate appointment. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 100- What does the Real Estate Disclosure Law refer to? 56- Which is not a true statement about the Agency Disclosure? Pellentesque dapibus efficitur laoreet. Has Bob acted properly? B. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. Use the yes-but technique to handle the objection. What should Tom do? 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. Virtual tours are a very expensive marketing tool to use. 5- What actions can the sellers take regarding the purchase offer? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? The buyers family is pressuring them to purchase this home. Last year, about 25% of his income came from sales commissions. A. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? 7- Name three benefits of listing a home with an agent that you could share with sellers. There are several successful agents at Johns office. 3- What signals do buyers use to indicate they may be willing to make a purchase? C. Broker Harry deposits $1000 into his brokerage business account. The loan will be distributed to them gradually. 8- When does a purchase offer become a legal contract? C. Brenda could be liable for a breach of the listing terms. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? C. Tangible assets transferred in the sale include inventory, fixtures and equipment. \text { Annual rework cost } & 34,679 \\ D. I will distribute 200 business cards every month for the next six months. D. There is a loan protection plan included with the loan. 57- Under federal income tax law, the basis for a personal residence is which of the following: For what type of loan is the borrower applying? Not waste anymore time on this house, the buyer will never make an offer. B. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? A. The offer with the fewest contingencies 6- What is important for the sellers to know about a counteroffer? C. The date the lender receives her application. 103- Kirk and Sandy obtained a wraparound mortgage. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? B. Its a good idea for brokers to carry workers compensation coverage. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. A. A. B. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? A. Eric can require that both the buyer and seller share equally in his commission. fairbanks ice dogs standings . 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property?
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