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. Visiting a neighborhood with a co-worker could make you feel more comfortable. The price elasticity of demand for C. Make up some statistics to share with the Bowers. An assistant should never be left with the task of taking photos of a new listing. What should a licensees written employment agreement contain? The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. What will they have to pay the lender? B. D. Allows viewing access to strangers. A. Greg is violating the duties he owes to his new buyer. It was terminated when Mary delivered the recission to Sam. 10 of 10 A competitive market analysis is an attempt to: A. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. A. I will make two new contacts every day this week. In the past year they have referred two dozen people who have purchased flooring from New Age. She should advise them to let the offer expire with no action so the buyers will get nervous. Bob cannot do anything; it is out of his hands. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 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? 5 of 10 Which of these is not a true statement? 3- What is a good approach to use when contacting the owner of an expired listing? D. In most situations, an assistant should not have the responsibility of in-person contact with clients. What should Bill do? buyer randy makes an offer to purchase. B. Enumerate the homes special features and hope they change their minds. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. Prices of properties currently on the market, C. Properties that were listed but did not sell. Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs Give the prospects a black copy of a purchase agreement to look over. C. If Bill pays off the loan early, there will be no prepayment penalty. Give the deposit money to the seller. D. The interest payment is always smaller then the amount allocated to the principal. He made $150,000 of improvements during the three years he lived in it before he sold it. Write a counteroffer. Step 2. 6 of 10 Which of these is an emotional reason that buyers buy property? Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. 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? A. B. Entails entering into two agreements simultaneously. D. Interest rates are typically fixed rate. 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? D. Meet with the buyers lender to ensure theyre getting a good deal. Start in the room with the best features. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. Be open-minded. B. 1 of 10 Gail is a licensed real estate assistant. Documents showing your affiliations with real estate organizations. \end{array} A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? Share that information with the sellers. What should agent Phil do? 1. 2- Who needs title insurance and why? What should Jake do? 1- What is an important thing to remember about listing agreements? 2- When establishing rapport, whats one of the best ways to get to know your buyers? This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. A. 5. 8- What is an important issue for potential buyer clients to understand? 8- What is the major difference between a CalVet loan and other loans? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. C. Brenda could be liable for a breach of the listing terms. Ask questions of the prospects children. 3- For whom do property tax exemptions exist and for how much? 1 of 10 Which of the following actions by an agent would most probably upset the sellers? 5- Your listing presentation manual should be made up of two sections that address what issues? 9- What is the basic purpose of Truth in Lending Regulation Z? C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. B. Ken must obtain his own training. Supervises the Truth in Lending Act. Click the "Allow" button. 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? Bob Broker represents Sam Seller. Use as little white space as possible. The sales agent should: Write a counteroffer stipulating the sellers' request. Bob receives an offer from a buyer that is 12% below Sam's asking price. However, he is objecting because the roof is 12 years old. Needs a license to perform activities that are not strictly administrative in nature. D. Broker Tom has only limited responsibility for the actions of his licensees. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? Make no recommendations and let the sellers decide on their own. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. How long does he have to file a complaint with the Department of Housing and Urban Development? What kind of lease does Jim have? C. Use an attractive first-class stamp. 9 of 10 Janet is an unlicensed assistant. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? The loan will be distributed to them gradually. Why or why not? 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? Lorem ipsum dolor sit amet, consecteticitur laoreet. Rule 21 D. Will conducted an agent open house last week that was attended by 25 agents. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. D. The appraised value prior to sale The offer with the highest price that is the most likely to close D. Reduces the monthly payment for a borrower during the initial years. 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? Mortgage bankers bring borrowers and lenders together. B. 12. How would Grants lease at this time be classified? B. He asks his real estate agent if she could tell him how to go about building a house on the land. Lenders are in the best position to qualify buyers. Enter your offer. A. What kind of mortgage might they get? 3- What signals do buyers use to indicate they may be willing to make a purchase? B. Pam is not liable since it was summer and the heating problem was not obvious. Harry has some buyers that he believes are ready to make an offer. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? A. A. They were counting on a full-price offer and are very disappointed. D. The buyers love the landscaping improvements the sellers have made. escrow money must be passed back to the buyer. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. Find a home that meets FHA requirements. B. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 76- Mark believes he has been discriminated against during his home search. How much do you have in your savings account? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? D. Is permissible in amounts under $50. Underline the correct pronoun in parentheses in the following sentence. 64- Which of the following is not a form of personal advertising? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? Brenda refuses. What are members of NAR required to do? D. After the agent has had time to make copies at the office. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. The lender makes payments to the borrower. Give as much detailed information about the property as you can. Gross income must be based on production. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. You bought if for the listing price plus 10% and sold it for the listing price. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 7 of 10 Which of the following is not a national real estate trade organization? D. Whether or not the licensees attend staff meetings. the buyer is not allowed to make a counteroffer. Retain the check for use with a future sales contract offer. Prior to bringing an offer to purchase. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . C. The fair market value at the time of sale 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? Tell the buyer to submit the offer first and then take a copy to the attorney to review. A. D. Administers special assistance programs. Launch into your list of the homes special features and hope she changes her mind. Tell the buyer about the other offer and urge the buyer to skip the attorney. View an objection as the buyers request for more information. 5 of 10 How many properties should be included for comparison in a competitive market analysis? D. Have the broker send a thank you for listing letter to the sellers. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. 7- Name three benefits of listing a home with an agent that you could share with sellers. 7- Name three benefits of listing a home with an agent that you could share with sellers. They agree on a price and both parties execute the contract. B. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Which statement is true? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. B. B. D. Greg has no fiduciary responsibilities to Kim once the listing expired. 10 of 10 All of the following are true statements about goals except which one? 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? C. Classified ads placed on the property, D. Number of hits on the company website. A. 5. B. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 31- Patrick has a written independent contractor agreement with his broker Tami. You had a 9% loss. 4- Agent Greg receives a call about one of his firms ads. Which of the following is Kirk himself not likely to do during the application process? What should Bob do? Facebook Instagram. B. C. Once you set a goal you should never change it. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Which of the following items can Matt not add to the original cost when doing the computation? A. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 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? Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. B. Exclusive-authorization-and-right-to-sell agreement. Their interest rate will rise after the first few years. 2- What is important to remember about multiple offers? 67- Hannah is a real estate assistant. 3 of 10 Jake has received two offers on one of his listings. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). A broker may advertise that he or she is an escrow agent. 11- What is a public report and when must it be provided? At the end of the term, the loan balance will be negative. B. Whoever brings the buyer will get the commission. C. I will open my own office within nine years. Buyer Jim asks if he can visit the property for a second time. 8 of 10 Which of the following is a good direct mail technique? 2- What is floor time and why is it important? B. Rewrite whole paragraphs to ensure clarity. B. 4- What are the major areas of newspaper leads? 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? 81- Jake has decided to specialize in working with clients who purchase schools. A. Wills weekly report indicates two showings and five inquiries for the week. Buyer Norm called and rescinded the offer. At the end of the term, the loan balance will be negative. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 21- Which form of advertising is considered the most cost-effective method for selling a home? B. 1. What kind of a mortgage do they have? 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? \hline \text { Annual inspection costs } & \$ 155,000 \\ 6- When is a lender required to terminate a borrowers private mortgage insurance? 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. Give a discount to families with children. 1 of 10 Which of the following types of agency is not allowed in California? California: Real Estate Practice Chapter 17 Quiz with no answers. 4 of 10 All of these are true of prospecting except: A. Mary learns that Sam is selling only half of the duplex. The other 75% came from an hourly wage paid by Tami. What economic factors affect the real estate market as well as other goods and services? California: Real Estate Practice Ch3 Quiz with no answers. C. Mortgage bankers are a large source of residential loans in California. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? D. Buyers of FSBO homes are usually the ones who save money. 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. 6- According to California real estate law, how often must a broker balance his or her trust accounts? D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. $90,000 5- What is the Closing Disclosure? A secondary bid for a property that is for more than the first offer What kinds of insurance do brokers normally require of their employees? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. Covers more than one piece of property. The purchase price, plus improvements, C. The fair market value at the time of sale. 101- Which type of loan typically carries the most loan points? Which of the following would be the least likely place for them to obtain a loan? Deposit the check into his trust fund account on the next business day. A. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? C. Gather listing forms for her employer. "No, you may lose the house." 68- Greg and Joyce have an adjustable rate mortgage on their home. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? How can you prepare your sellers for receiving offers? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? D. Must start out as a part-time employee. 3 of 10 A listing presentation can be compared to: 4 of 10 All of the following are benefits of listing with an agent except which? A. 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. Broker John puts $500 into his trust account. C. Clearly written contractor agreement must exist. D. Tell the sellers its time to reevaluate the price. 2. C. Real estate can respond quickly to changes in the market. A. What should Bob do? A. Ken is responsible for his own taxes, while the broker pays Sarahs. 5 of 10 Which of the following is not a source of information for professional ethics codes? 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? If the loan is VA guaranteed, no down payment is required. What is most likely their main motivation for investing? 8- Why is it important to have a written prospecting plan? B. How are properties affected by the local economy? 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. Answer: C- Try to get Sam to accept the offer. What should Tom do? C. Alice is getting a conventional loan and making a 15% down payment. 5- What actions can the sellers take regarding the purchase offer? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Jim and Jane financed the remaining $25,000 through the seller. The following table lists all costs of quality incurred by Sam's Surf Shop last year. D. Exclusive-authorization-and-right-to-sell agreement. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 11 of 11 Which of the following is a low loan-to-value ratio? The date Abby receives the good faith estimate. It never was effective since Sam had not notified Mary of the acceptance. B. Will placed an ad in the most recent Home Buyers Guide. Mary makes an offer to purchase a duplex from Sam. B. 42- Alice is planning her career and setting her goals. 7- How can a builder help you generate leads? 3 of 10 What kind of ad usually combines both institutional and product advertising? Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 4- What is a good method for estimating what a seller will net from the sale of the property? 11- What is a public report and when must it be provided? Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. The sellers want the earnest money check made payable to them instead. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? What do you need to remember about making phone calls to potential clients? fairbanks ice dogs standings . 103- Kirk and Sandy obtained a wraparound mortgage. 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. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 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? D. Brenda has not violated any fiduciary duty. The offer with the fewest contingencies Point out that the roof is not leaking despite its age. A. 10 of 10 Which of these is not an exemption to fair housing law? B. 9 of 50 Which of the following is a credit to the seller on the settlement statement? California: Real Estate Practice Ch8 Quiz with no answers. What would you say about Alexs actions? B. D. Amanda smiles at Jim when she sees the whirlpool tub. B. 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. 30- Being prepared to handle incoming phone calls means all of the following except which? A secondary bid for a property that is less than the first offer 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. : The Commission could suspend or revoke Rob's license. 2 of 10 Which of these statements is true? 3- In what three ways can an assistant aid an agent with appointments? 55- Greg is approved for a Cal-Vet loan. Properties are very liquid and can move quickly. 43 of 50 Which one of these statements would not be considered a measurable goal? Sam accepts the offer and executes the contract on March 1, a Sunday. 1 of 10 All of the following are good approaches for handling objections except which? Give housing choices to the widest range of people. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 65- Which of the following items is usually not prorated at closing? 2- What kind of problem can result from a straight loan? The ordinance also requires a 10-foot side set back. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? 2- When establishing rapport, whats one of the best ways to get to know your buyers? 1- What is a competitive market analysis? 3. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? B. She tells them that this action could decrease their property values. 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 24 of 50 Tim thinks his buyers are ready to make an offer. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. How much did Sam gain or lose on the sale? What would we call Hannah? 105- Agent Alice has received an offer that she believes is not in the sellers best interest. B. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? What is the status of the contract between Sam and Mary? C. Clearly written contractor agreement must exist. Which of these forms of advertising is she most likely to avoid? C. Jim and Amanda whisper and frown when they see the basement. D. Gross income must be based on hours worked. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. D. I will distribute 200 business cards every month for the next six months. C. Neither Sarah nor Ken can get employer-provided health insurance. Explain. What is meant by the term sphere of influence? A broker may require licensees to carry high levels of automobile insurance. This action is legal but very unprofessional. wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo The adjusted cost basis of the first home was $140,000. Answer: B- Encourage the buyer to get the attorney to review it quickly. C. The borrower pays a fixed rate of interest. Mary wants to terminate the contract. B. Offer to mail the caller a set of fliers on interesting properties. 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. Call Us Today! 6- What does the security and insurance clause of the listing agreement address? In this case, multiply the monthly income ($600) by 12. How should licensee Fred handle this offer? 7- Agent Jim needs to do a visual inspection of his listing. 5- How do life insurance companies get involved in the investment market? D. Arrange to meet the prospect at your office. 3- Differentiate between mortgage brokers and mortgage bankers. Lorem ipsum dolor sit amet, consectetur adipiscing elit. C. It creates an agency relationship. Donec aliquet. On what amount will they pay capital gains tax? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 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. 1 of 10 What kind of lease contains a recapture clause? 6- What is the main reason sellers choose to sell their property without an agents help? Is depreciation accounted for by a hospital? Give $250 to the buyer and $250 to the seller. Attend weekly staff meetings at the office. 7 of 10 Which disclosure form gives detailed information about the propertys condition? 8 of 10 Which of these marketing tools is not considered a traditional tool? Does not need to be familiar with office policy. They were counting on a full-price offer and are very disappointed. 74- Which statement is not true about an agency relationship? Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property.
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