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B. Broker Alice holds an uncashed check until the offer is accepted. The check that accompanies the salesperson license application must be for what amount? B. D. I will distribute 200 business cards every month for the next six months. A rental property has a return rate of 8%. D. The first and second mortgage will be rolled into one. The purchase price, plus depreciation D. Administers special assistance programs. 8- What is an important issue for potential buyer clients to understand? 9 of 10 A reference list of alternative comparable properties is sometimes referred to as the: 10 of 10 Prospects Jim and Linda arrive with agent Bill at the first showing. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 3- What is a good approach to use when contacting the owner of an expired listing? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Answer: D- They are effectively terminating the original offer. C. Be sure all requested inspections have been ordered. 74- Which statement is not true about an agency relationship? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 4 of 10 Which of these is not an important aspect of selling? What is Gregs capital gain on the apartment? Brenda refuses. A. 2- What kind of problem can result from a straight loan? rickey smiley and grandson videos Which statement is true? A. John offers weekly training seminars. D. The appraised value prior to sale 5- Your listing presentation manual should be made up of two sections that address what issues? B. There is a crack in the basement wall. D. Supply cannot be moved to a high demand area. 7- What is the difference between an FHA loan and a VA loan? Which of these statements is true about the wraparound mortgage? Click the "Allow" button. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. C. Real estate can respond quickly to changes in the market. 18 of 50 The listing type that assures a broker that he or she will receive compensation no matter who procures the buyer is what kind of agreement? 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . C. Ask the caller when not if he or she wants to see the property. The sales agent should: Write a counteroffer stipulating the sellers' request. A. They were counting on a full-price offer and are very disappointed. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? What kind of mortgage might they get? buyer randy makes an offer to purchase. 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? 10. D. Exert pressure on the sellers to include something the other party wants. Goodwill is an intangible asset that results from the reputation of the business. B. A. A. 5 of 10 What would be the least effective way to get to know your buyers needs? Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? 5. 16- Dave and Nadine have decided that they want to become property investors. 9 of 10 All of these might be a buying signal except which? D. A shopping center might have to remodel their public restrooms. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. In addition to agent and MLS home tours, what are some other ancillary tools you can use? If checked, the seller can complete repairs after closing. \text { Annual testing cost } & 543,000 \\ Code Violations and Tax Delinquencies. What approach can their agent take to change the sellers perception of the offer? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? Which of the these activities does she have control over? A. Nam lacinia pulvinar tortor nec facilisis. Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" 44 of 50 Fair Housing laws are designed to: A. To access the website, click "Allow". 6 of 12 The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what? 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. California: Real Estate Practice Ch9 Quiz with no answers. C. Discover why some homes havent sold. Give the prospects a black copy of a purchase agreement to look over. The escrow holder will need information about the brokers commission. D. Placing a classified ad in the weekend paper. Housing and Community Development Act. Facebook Instagram. 8- What is the major difference between a CalVet loan and other loans? C. Moving closer to the agent to get a better look. The listing price of a house is $139,900. 5 of 50 Jane has been working with some buyers for several weeks. This broker is guilty of what prohibited activity? 6- What is important for the sellers to know about a counteroffer? "What would you like to offer?" The buyers family is pressuring them to purchase this home. During business hours and only after giving the tenant 24 hours notice. 4- What are the major areas of newspaper leads? C. Once you set a goal you should never change it. 10 of 10 Which proposition limited the maximum amount of tax on real property? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. \text { Annual warranty cost } & 1,546,000 \\ How does ALTA-R differ from ALTA? When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? A. 9- What required disclosure is a result of Megans Law? 4. Tell Linda that the sellers will be very disappointed if they cancel the appointment. B. Who makes the payments to a claimant from the Guaranty Fund? 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? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. Which statement is TRUE? What are some important tips for home tours? B. The price of a plane ride rises by 10 percent. 2 of 10 Which lender typically deals in interim financing? Which would NOT result from the exercise of police power? wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo 2- Explain the difference between the primary and secondary mortgage markets. 7 of 10 Which of these forms is not filled out by the seller? Housing and Community Development Act. C. The buyers are interested in another property. 4- Describe a reverse annuity mortgage. Rate of return is computed by dividing the annual net income by the rate of return. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. C. Alice is getting a conventional loan and making a 15% down payment. What is the key feature of this type of loan? D. The buyers love the landscaping improvements the sellers have made. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? A. A. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? A counteroffer represents a rejection of an offer. Step 2. Most likely, what did they get? C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. The offer with the highest price that is the most likely to close Go back to the buyer's agent and try to get the offer higher. Mortgage brokers do not lend money. Their interest rate will rise after the first few years. What kind of closing technique is Jim using? It must be in writing to be enforceable. 5 of 11 Which of these statements is true about a CalVet loan? The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Mary makes an offer to purchase a duplex from Sam. Tell the buyer to submit the offer first and then take a copy to the attorney to review. B. A. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. B. He pays rent for occupancy, plus maintenance and operating expenses. D. Avoid negative comments while hes inside the home. A. The purchase price, plus improvements, C. The fair market value at the time of sale. Has Bob acted properly? What do many firms do to avoid confusion with their advertising plan? 50- Harry has some buyers that he believes are ready to make an offer. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. dota 2 annual revenue 2020. adam foote parents. What California Fair Housing law has the manager violated? They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. A. 6 of 10 Who typically presents an offer to the sellers? 2. If the loan value is 80%, and the property was appraised at $86,500 and sold for $88,000, how much would the purchaser be permitted to borrow? A. California: Real Estate Practice Ch10 Quiz with no answers. A. A. Which of the following conditions is Paul not required to report on this form? 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. Pellentesque dapibus efficitur laoreet. B. Its a good idea for brokers to carry workers compensation coverage. 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? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 7- How can a builder help you generate leads? 36- Broker Eric secures a loan for buyer Paul. D. Gross income must be based on hours worked. 8 of 10 What does the paragraph on repairs state? 8- Why is it important to have a written prospecting plan? 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. A. by | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. Refusing to make loans based on the racial composition of a neighborhood is called. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? Will placed an ad in the most recent Home Buyers Guide. 101- Which type of loan typically carries the most loan points? 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. A. Write a counteroffer. Randy and his real estate agent, Bob, enter into a listing agreement whereby Bob may list Randy's property but Randy may also try to find a buyer Bob finds Clarice, a buyer who has enough cash to purchase the property and would like to purchase the property today. 63- Jennys home appraised for $550,000. A. Jim specializes in clients who want to buy restaurants. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? 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. C. Can perform some real estate activities without a license. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Buyer Norm just signed a purchase contract with licensee Pat. Ask the buyer if the buyer would like to make an offer taking the roof age into account. A. Eric can require that both the buyer and seller share equally in his commission. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. B. Its easier to prioritize your tasks if your goals are in writing. Terminate the first contract and accept the higher offer. 10 of 10 Which of the following statements is not true about a net listing? C. Refuse to accept the offer and check. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? C. I will open my own office within nine years. 70- Which of these items would be a credit to the buyer on the settlement statement? 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. What is this agreement called? A. A secondary bid for a property that the seller will accept if the first offer fails A. Only needs to be done periodically. What would be determined by a location survey? 9 of 10 Which of these is not a helpful homeowner tip? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Ashley should end this relationship by, : asking the seller to sign a mutual release. The home comes equipped with all furnishings. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings The lender makes payments to the borrower. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 1. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. A. 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. Lorem ipsum dolor sit amet, consecteticitur laoreet. B. What was Sam's appraisal cost for quality last year? This is not true of which duty? munich latitude compared to us; pro sun tan. cross elasticity of demand for train rides with respect to the price of a plane ride 2- Who needs title insurance and why? 65- Which of the following items is usually not prorated at closing? 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? 5- What is the Closing Disclosure? C. Use an attractive first-class stamp. D. Arrange to meet the prospect at your office. 19- Which of the following is not an advantage of hosting an open house? What is the market value of the property? buyer randy makes an offer to purchasei miss you text art copy and paste. D. Allows a broker to have as a commission anything above the minimum the seller sets. D. Greg has no fiduciary responsibilities to Kim once the listing expired. D. Have the prospects sign the disclosure about agency relationship. 2- What is floor time and why is it important? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? A. B. Enumerate the homes special features and hope they change their minds. Pellentesque dapibus efficitur laoreet. 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. What should Tim do next? Give the deposit money to the seller. D. Chris is a buyer's agent. Other than residential list three kinds of property in the real estate market. What is the major difference between an employee and an independent contractor? Given the rise in the price of a plane ride, what percentage change in the price Studying population trends in the area. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. Share that information with the sellers. 3- What is the difference between CLTA and ALTA policies? 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? B. Newsletters can be a very effective advertising forum for niche marketers. A. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. The broker will not provide any. C. The seller can do all repairs himself. It can be considered an employment contract. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. Which law extended discrimination to include handicap and familial status? Which statement is true? 6- What is the ultimate result of using the Closing Disclosure form? 1- What is escrow? D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. C. Eric may not represent the sellers interests to the detriment of the buyer. He paid $100,000 for it, and made $300,000 worth of improvements. C. If Larry verbally accepted the offer, Kirk is bound by it. Lenders are in the best position to qualify buyers. How much do you have in your savings account? escrow money must be passed back to the buyer. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. Bob should not have presented the offer after the property was under contract to another buyer. 7 of 10 Which of the following is not a national real estate trade organization? 6- According to California real estate law, how often must a broker balance his or her trust accounts? C. Participate in a tax shelter program. 5- Define the term loan-to-value ratio. The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. Give housing choices to the widest range of people. D. Whether or not the licensees attend staff meetings. \text { Annual cost of quality training } & 456,000 \\ residential transactions financed by federally related mortgage loans. 8- Under what conditions may a landlord enter a tenants property? 2- What exception exists to the duty of obedience when working with a client? The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. B. 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. 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. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 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. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. 9 of 10 Which of the following statements is not true? A. Bob Broker knows that another offer will be coming in at about the same time. In the meantime, Bill gets another offer on the property from another buyer at a higher price. 6 of 50 Broker Tami has a very low advertising budget. 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? An open listing is an exclusive contract. Who is responsible for removing the lien to clear the title? C. Once filed, it remains until terminated. 6 of 10 Which of these is an emotional reason that buyers buy property? 1- What is a competitive market analysis? $5,500 the first year, plus a maximum 2% increase in market value per year, B. B. Rewrite whole paragraphs to ensure clarity. 10- Whats the difference between a lease purchase and a lease option? What should Tom do? D. Call the sellers immediately and let them know you wont be coming by. Broker Ashley has been working for a seller for the past seven months. (Who, Whom) has been selected as the team captain? C. Exclusive-authorization-and-right-to-sell. 11- What is a public report and when must it be provided? His depreciation was $2,500 per year. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. Ordinary china is very fragile. 2 of 10 Which of these is not an AIDA characteristic? There are several steps in calculating the answer to this question. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. Hes very comfortable selling that type of property and knows he can work well with clients in that area. 5 of 10 All of these would be effective at capturing a readers attention except which? She can do all of the following except which? 6- What does the security and insurance clause of the listing agreement address? 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? B. Ken must obtain his own training. 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. A. Which statement is true? 10 of 10 All of the following are true statements about goals except which one? D. Make the headline bold and all caps. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. B. 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. C. If Bill pays off the loan early, there will be no prepayment penalty. 8- What does the Water Heater Statement of Compliance address? 5- What kind of newspaper ad could you place to solicit a listing? 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? 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. A. B. Greg has put himself in a potential dual agency situation. 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? B. The Residential Environmental Hazards Guide, B. 56- Which is not a true statement about the Agency Disclosure? On what amount will he pay capital gains tax? 3- What is a good approach to use when contacting the owner of an expired listing? A. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. The term of the loan can be shortened. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. A. Youll know how much house they can afford. B. 8- What does the Water Heater Statement of Compliance address? D. Make sure all light bulbs and lamps are working and are bright. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. The offer with the fewest contingencies If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 5 of 10 California allows a property manager to charge a non-refundable fee for which? 10 of 50 There has been very little interest in the Bowers home this past week. D. I will complete a property management seminar within the next year. 33- Which statement is true about a loan that has a negative amortization? The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. C. Clearly written contractor agreement must exist. What do you need to remember about making phone calls to potential clients? B. B. How should licensee Fred handle this offer? B. If the loan is for $68,000, what will Mark be assessed in points? Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. 84- Four years ago, Sam purchased a vacant lot for $10,000. Sam accepts the offer and executes the contract on March 1, a Sunday. Try to get Sam to accept the offer. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. D. Have the broker send a thank you for listing letter to the sellers. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? D. Purchasing loans from primary lenders. The purchase price, plus depreciation, B. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. There . A. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created?