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? What approach can Greg use to discourage the person from calling other agents? Sam asks Bob what the price is. The offer with the highest price that is the most likely to close C. Recommend a counteroffer back to list price. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. C. The same amount will go towards the principal every month. Bill is purchasing a 6-family apartment building. \hline 1- What is escrow? 8 of 10 Which of these is a free form of advertising? 7- Name three benefits of listing a home with an agent that you could share with sellers. D. Allows a broker to have as a commission anything above the minimum the seller sets. A broker may advertise that he or she is an escrow agent. Give the deposit money to the seller. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. 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. 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. Hold both offers because he heard that a full-price offer is on its way. 3- How could refinancing be an investment benefit? Is there a contract between the buyer and seller? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 8- Under what conditions may a landlord enter a tenants property? Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? A. It helps to identify buyer and seller needs. 6- What is the main reason sellers choose to sell their property without an agents help? What are some important tips for home tours? California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. D. The advertiser must prove he was grandfathered in as a licensee. Answer: A- No, Bob Should have submitted the offer. Which statement is true? What is the key feature of this type of loan? C. Once filed, it remains until terminated. 5 of 10 How many properties should be included for comparison in a competitive market analysis? B. C. Supervises the Federal Housing Authority. ", Answer: A- "What would you like to offer? B. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. What approach can Greg use to discourage the person from calling other agents? Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. 8 of 10 Which statement is true about a real estate assistant? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? How should licensee Fred handle this offer? A. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. What kind of closing technique is Jim using? C. The buyers and sellers agents will sign the escrow instructions. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Give the prospects a black copy of a purchase agreement to look over. A. John offers weekly training seminars. Which statement is true? They were counting on a full-price offer and are very disappointed. A. B. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. This form is the first step in any real estate deal. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Which of these expenses is not associated with owning a home? Offer to Purchase Form - Fill Out and Sign Printable PDF Template | signNow 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. The original loan becomes subordinate to the wraparound. C. Neither Sarah nor Ken can get employer-provided health insurance. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? How are properties affected by the local economy? Mary makes an offer to purchase a duplex from Sam. Ask the buyer if the buyer would like to make an offer taking the roof age into account. C. Greg has violated the duty of confidentiality to Kim. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? Who will pay the points? buyer randy makes an offer to purchase - nubblesitesolutions.com Possession date. D. Administers special assistance programs. C. Moving closer to the agent to get a better look. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. Start in the room with the best features. Is critical to your success in real estate. \text { Annual rework cost } & 34,679 \\ D. This action is deliberate misrepresentation. D. Lends good visual support to what the agent is saying. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? B. 5- What kind of newspaper ad could you place to solicit a listing? buyer randy makes an offer to purchase - 740alvarado.com C. Payments will not be enough to retire the loan. buyer randy makes an offer to purchase. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. The borrower gives the lender a note and a mortgage in exchange for the funds. 3- Differentiate between mortgage brokers and mortgage bankers. Name four traditional marketing tools that you should use with every listing you get. \end{array} Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 31- Patrick has a written independent contractor agreement with his broker Tami. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? The borrower makes payments of interest only over the term of the loan. The D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. A counteroffer represents a rejection of an offer. Discourage Sam from accepting an offer so far below Sam's asking price. C. I will open my own office within nine years. Make no recommendations and let the sellers decide on their own. Will placed an ad in the most recent Home Buyers Guide. 6 of 10 Which booklet is not part of the Combined Hazards Book? 3- In what three ways can an assistant aid an agent with appointments? The purchase price, plus improvements 70- Which of these items would be a credit to the buyer on the settlement statement? Other than residential list three kinds of property in the real estate market. In the past year they have referred two dozen people who have purchased flooring from New Age. Write a counteroffer. They will have to make a very high down payment. The advertiser can be sentenced to up to a year in prison. 7 of 10 How might probate information help in prospecting? C. Eric may not represent the sellers interests to the detriment of the buyer. D. Is best left to experienced brokers. 28- Abby applies for a federally-related loan to purchase a home. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} $6,740 What should Tim do next? 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. B. The sales agent should: Write a counteroffer stipulating the sellers' request. 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. Last year, about 25% of his income came from sales commissions. The offer with the fewest contingencies A. Kirk doesnt have the right to withdraw the offer so soon. Free Purchase Agreement | PDF & Word | Legal Templates C. They can make payments directly to the original lender. 9 of 10 Which of the following statements is not true? Buyer Randy makes an offer to purchase one of Broker Tom's 4- Amanda calls broker Tim to schedule a showing of one of his listings. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. 6- What is important for the sellers to know about a counteroffer? rickey smiley and grandson videos What kinds of things should you include in a weekly activity report? 19- Which of the following is not an advantage of hosting an open house? 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? 2- What types of office administration tasks are important for a licensed assistant to perform? $90,000 Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 2- Name one advantage and one disadvantage of telephone contacts. 8 of 10 Which of the following will give you comparative market data the fastest? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? What was Sam's appraisal cost for quality last year? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? buyer randy makes an offer to purchase This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. D. I will complete a property management seminar within the next year. How much do you have in your savings account? B. The check that accompanies the salesperson license application must be for what amount? D. All adjustable rate mortgages have negative amortization. A. CSP-Conlutas Central Sindical e Popular . 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. It took effect when Sam accepted Mary's offer. 37- When dealing with the sale of a business, which is not a true statement? A. C. Real Estate Settlement and Procedures Act. 12- What are grant programs typically used for? C. Is not necessary if the verbal presentation is strong. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? Attend weekly staff meetings at the office. Broker Ashley has been working for a seller for the past seven months. Instead, Bob terminates the relationship with Mary. What should a licensees written employment agreement contain? A. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. 5- If lenders intend to sell mortgages in the secondary market, what must they do? The buyers family is pressuring them to purchase this home. C. Find a lender who is willing to do FHA loans. Buyers looking at FSBO homes are usually looking for a bargain. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. California: Real Estate Practice Chapter 13 Quiz with no answers. D. All repairs must be in compliance with existing building codes. 3 of 10 How long must trust account records be kept? Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 2- Explain the difference between the primary and secondary mortgage markets. 4. 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? 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 secondary bid for a property that is less than the first offer Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. The monthly net rental is $600. B. 5 of 10 California allows a property manager to charge a non-refundable fee for which? Before completing the form, discuss the following important points with the home seller: Price. B. His depreciation was $2,500 per year. Which of these actions might have caused their upset? Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. You had a 9% loss. California: Real Estate Practice Chapter 17 Quiz with no answers. Prior to bringing an offer to purchase. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a A. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? C. Real estate can respond quickly to changes in the market. Recommend a counteroffer back to list price. Secure documents that are public information from the courthouse and other sources available to the public. California: Real Estate Practice Ch7 Quiz with no answers. D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. B. 9- What required disclosure is a result of Megans Law? 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 2 of 10 Which of these is not an AIDA characteristic? 8 of 10 Which of the following circumstances would concern you about working for Broker John? 3- When preparing a competitive market analysis, what categories of homes should an agent research? What would you say about Alexs actions? 42 of 50 Alex makes an offer to purchase one of Bills listings. A. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. What should Tom do? C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. Plastic dishes last a long time because they are unbreakable. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. C. The date the lender receives her application. Needs a license to perform activities that are not strictly administrative in nature. At time of license renewal, what is the renewal charge for a salespersons license? B. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. B. He pays rent for occupancy, plus maintenance and operating expenses. Facebook Instagram. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 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. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? What kinds of things should he be looking for? A. At the time the agreement is signed. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. A. The lender makes payments to the borrower. 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. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 4- Amanda calls broker Tim to schedule a showing of one of his listings. A. 7- What makes up a mortgage? 57- Under federal income tax law, the basis for a personal residence is which of the following: Use the yes-but technique to handle the objection. Be a deal maker. He made $150,000 of improvements during the three years he lived in it before he sold it. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 3 of 10 All of these items are important to include on your weekly activity report except which? Loan terms are from 15 to 25 years. 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. "Let's make a low ball offer?" 4 of 10 Which of these is not an important aspect of selling? Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. 1- What is a competitive market analysis? New Age purchased a new coffee maker the office was in need of. How would Grants lease at this time be classified? 9- What is the basic purpose of Truth in Lending Regulation Z? B. Which of the following would be considered an intermediate goal? What kind of mortgage are they looking for? D. Allows viewing access to strangers. When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? 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. 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. Use an attractive first-class stamp. Skip the activity report for that week. 10 of 10 Which of these Internet pages might be of particular interest to sellers? C. The owner has 45 days to pay the new property taxes. Rule 21 Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. B. 12. What do you need to remember about making phone calls to potential clients? Who is responsible for removing the lien to clear the title? She is probably using all but which of the following tools? A. 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? residential transactions financed by federally related mortgage loans. 3- What is the difference between CLTA and ALTA policies? 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? Hes no longer interested in seeing the inside and Marge agrees. buyer randy makes an offer to purchase - cspconlutas.org.br B. Click the "Allow" button. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? He has put up $50,000 in preferred stock as earnest money. D. The appraised value prior to sale 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. She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. Given the rise in the price of a plane ride, what percentage change in the price What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? Buyer Norm just signed a purchase contract with licensee Pat. Lenders are in the best position to qualify buyers. Tom violated the law by not providing notice of information that would affect Fred, When a broker received an unexpected bill, he deposited a client's earnest money check into his personal account to cover the expense. 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? The sellers want the earnest money check made payable to them instead. Present the higher-priced offer first. 2- When establishing rapport, whats one of the best ways to get to know your buyers? Wait until next week to send an activity report, hoping things will pick up. C. Give the tenant a 3-day notice to pay or quit. 10 of 10 Which of the following is not a possible benefit of investing in real property? [Solved] Buyer Randy makes an offer to purchase one of Broker Tom's D. Purchasing loans from primary lenders. It can be considered an employment contract. What kind of closing technique is Harry using? 7- What are the capital gains exclusions associated with the sale of a personal residence? D. The UCC is a body of law that standardizes a number of business practices. 7 of 11 In which of the following types of loans is the payment allocated only to interest? The listing price of a house is $139,900. A. B. Newsletters can be a very effective advertising forum for niche marketers. D. Have the broker send a thank you for listing letter to the sellers. 10 of 50 There has been very little interest in the Bowers home this past week. A secondary bid for a property that is for more than the first offer B. Which is a true statement? Housing and Community Development Act. 41 of 50 What was the important ruling in Jones v. Mayer? Answer: D- They are effectively terminating the original offer. 33 of 50 Sal bought a personal residence for $150,000. 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? California: Real Estate Practice Ch12 Quiz with no answers. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? D. Exclusive-authorization-and-right-to-sell agreement. C. Clearly written contractor agreement must exist. 6. B. 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?" Pellentesque dapibus efficitur laoreet. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? 5- What actions can the sellers take regarding the purchase offer? Lorem ipsum dolor sit amet, consecteticitur laoreet. In this case, multiply the monthly income ($600) by 12.
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