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Then present the $208,000 offer. C. Be sure all requested inspections have been ordered. A purchase offer is a binding contract between the buyer, the seller and their agents. C. Once you set a goal you should never change it. buyer randy makes an offer to purchase Deposit the check into his trust fund account on the next business day. A. 6 of 11 Which of the following is not true about reverse annuity mortgages? During business hours and only after giving the tenant 24 hours notice. Who is responsible for removing the lien to clear the title? He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? 2- What types of office administration tasks are important for a licensed assistant to perform? 10- Whats the difference between a lease purchase and a lease option? 5- When must a licensee provide an agency disclosure to a prospective client? A. \text { Annual warranty cost } & 1,546,000 \\ C. A broker is not responsible for the acts of independent contractors. 3- What is the difference between CLTA and ALTA policies? 3- How could refinancing be an investment benefit? B. There are several successful agents at Johns office. However, he is objecting because the roof is 12 years old. D. Call the sellers immediately and let them know you wont be coming by. 73- Which of these is not a buying signal? Pellentesque dapibus efficitur laoreet. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? A. Hometown received $2400.00 in referrals. C. Consider child support payments in the decision. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 19- Which of the following is not an advantage of hosting an open house? You can make a Best Offer on listings that have a Make Offer button. D. She should persuade them to accept the offer. 3- When preparing a competitive market analysis, what categories of homes should an agent research? Two months later she purchased and moved into a new home that cost $145,000. 7. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. What is most likely their main motivation for investing? Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. 4- Agent Greg receives a call about one of his firms ads. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. Will placed an ad in the most recent Home Buyers Guide. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? What is important to remember about capturing the readers attention? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. What should Bob do? Mary learns that Sam is selling only half of the duplex. 46 of 50 Greg grew up in and lives in a rural area. how to type spanish accents on chromebook keyboard; one way process of communication; 47 brand franchise fitted hats; ncaa softball coaches' salaries 2019; albert pujols home run record; C. Sellers are apt to choose qualified buyers over ones who have not been qualified. C. Guarantees payment of all interest and principal on mortgage-backed securities. 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? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 1 of 10 What kind of lease contains a recapture clause? Their first mortgage will get paid off immediately. If a seller changes the terms of the offer to purchase, he has created a counteroffer. 7 of 11 In which of the following types of loans is the payment allocated only to interest? D. Broker Tom has only limited responsibility for the actions of his licensees. 5- Your listing presentation manual should be made up of two sections that address what issues? Bill cannot contact the seller. C. Salespersons must perform all of their activities on behalf of their employing broker. B. 2- Describe an open listing. 1. If an item is already correct, write C on the line provided. sam neill laura tingle split Hes no longer interested in seeing the inside and Marge agrees. C. Regulating reserves of institutions with savings accounts only. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 93- Jim has created a nice property flier for the James home. 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 D. A basis of $140,000 and no taxable gain. This broker is guilty of what prohibited activity? Give $250 to the buyer and $250 to the seller. 10- Whats the difference between a lease purchase and a lease option? 7 of 10 How might probate information help in prospecting? D. Goals must be realistic if you hope to accomplish them. There . C. Insurance agents dealing with customers. B. B. 9- What is the basic purpose of Truth in Lending Regulation Z? What kind of listing agreement does Alice have with Jack? 51- Which statement is true about a homeowners exemption? 55- Greg is approved for a Cal-Vet loan. 3- What is the difference between CLTA and ALTA policies? 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. The monthly payments increase overtime. Gives the names of lawyers who might require property assistance. What is the market value of the property? C. It creates an agency relationship. A. D. The borrower gets a note in exchange for a mortgage. A. Wills weekly report indicates two showings and five inquiries for the week. California: Real Estate Practice Chapter 17 Quiz with no answers. 43 of 50 Which one of these statements would not be considered a measurable goal? 2 of 50 Residential property includes all of the following EXCEPT which? 3 of 10 What kind of ad usually combines both institutional and product advertising? 4- Why is coordinating escrow so important and how can an assistant help? B. D. I will complete a property management seminar within the next year. of a train ride will leave the quantity demanded of train rides unchanged. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. What is the status of the contract between Sam and Mary? Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 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? D. Magazine ads are significantly more expensive than newspaper ads. D. Similar expired listings that didnt sell. 4- What items are not covered by any title insurance policy? 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 16- Dave and Nadine have decided that they want to become property investors. C. It must specify a definite termination date. 29- Which of the following is not a good direct mail technique? Goodwill is an intangible asset that results from the reputation of the business. D. Seeking buyers for others agents listings. 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. D. Property evaluations from other agents have valuable information for sellers. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). B. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. At the time the agent presents an offer. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? 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. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. 75- All but which of the following is NOT an AIDA feature? 28- Abby applies for a federally-related loan to purchase a home. 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. Present the higher-priced offer first. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? Present the offer and tell the seller that the check needs to be held until June 30. : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. The ordinance also requires a 10-foot side set back. Attend weekly staff meetings at the office. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? \end{array} 32 of 50 Alice is an employee of Mid-State Realty Services. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? Lorem ipsum dolor sit amet, consecteticitur laoreet. Answer: D- Avoid telling him the price by setting up an immediate appointment. 22- Jane sold her personal home for $148,000. C. Clearly written contractor agreement must exist. B. Rewrite whole paragraphs to ensure clarity. C. Greg has violated the duty of confidentiality to Kim. 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? C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 8 of 10 Which statement is true about a real estate assistant? Retain the check for use with a future sales contract offer. $6,740 3 of 10 All of these items are important to include on your weekly activity report except which? 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? Loan terms are from 15 to 25 years. C. How much time the licensees must spend in the office. D. Buyer indemnity and seller protection. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Encourage the buyer to get the attorney to review it quickly. There is nothing that can offset this problem. What does that mean? In this case, multiply the monthly income ($600) by 12. Other than residential list three kinds of property in the real estate market. Establish a homes fair market value. 11- What are the penalties for violating Regulation Z? B. What economic factors affect the real estate market as well as other goods and services? C. Maintaining the office filing system. What will they have to pay the lender? A. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 12. ", Answer: A- "What would you like to offer? 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. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. C. Your plan for finding the buyer a home. "Let's make a low ball offer?" What is the major difference between an employee and an independent contractor? A. The price elasticity of demand for She sold the property and several months later the buyer sued Pam for not disclosing the problem. 41 of 50 What was the important ruling in Jones v. Mayer? He just sold it for $13,000. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? How are properties affected by the local economy? A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. Answer: D- They are effectively terminating the original offer. 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? Mary makes an offer to purchase a duplex from Sam. 1. 41- Agricultural land includes all of the following EXCEPT which? A. What kind of loan do they have? D. Chris is a buyer's agent. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. A. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. 3 of 10 Jake has received two offers on one of his listings. 44 of 50 Fair Housing laws are designed to: A. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. D. The casement windows have broken seals. 92- Which of the following situations is not exempt from the seller disclosure requirement? One offer is for $208,000; the other is for $200,000. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 64- Which of the following is not a form of personal advertising? A. 37 of 50 Which of the following economic characteristics is true? 6 of 10 Which of the following is not a true statement? 10- Which disclosures are NOT required to be made when selling residential property? D. I will distribute 200 business cards every month for the next six months. 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? Refusing to make loans based on the racial composition of a neighborhood is called. Here are the steps to follow to make an offer to purchase: Step 1. What kind of closing technique is Jim using? In the meantime, Bill gets another offer on the property from another buyer at a higher price. B. Sandy and Bill are putting 30% down on their home purchase. A. Youll know how much house they can afford. A broker may require licensees to carry high levels of automobile insurance. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? 101- Which type of loan typically carries the most loan points? Answer: B- The contract is voidable due to mutual mistake. B. A. Jim specializes in clients who want to buy restaurants. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Who should Tommy recommend the owner consult with before making a decision? He succeeds in setting up an appointment to meet with the caller. Sending cards and newsletters is a good way to keep in contact with clients and prospects. The purchase price, plus improvements, C. The fair market value at the time of sale. C. The seller can do all repairs himself. B. 1. 2- Who needs title insurance and why? A. \text { Annual rework cost } & 34,679 \\ Bob writes the offer but is too embarrassed to submit it. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. 1 of 10 Which of these statements is not true? Lorem ipsum dolor sit amet, consectetur adipiscing elit. 4- Describe a reverse annuity mortgage. 6- What is the main reason sellers choose to sell their property without an agents help? 1 of 10 Which figure represents the amount of income available as a return to an investor? What California Fair Housing law has the manager violated? A. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. D. Offer something valuable to the reader. 6 of 10 Who typically presents an offer to the sellers? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. California: Real Estate Practice Chapter 14 Quiz with no answers. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? A. 36- Broker Eric secures a loan for buyer Paul. B. C. The home sits on an earthquake fault zone. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? B. 3 of 10 Which of the following would be an example of a licensee specializing in business type? 6- What does the security and insurance clause of the listing agreement address? This best describes. D. After the agent has had time to make copies at the office. Make sure all required disclosures have been done. 8 of 10 What does the paragraph on repairs state? What should Elaine do? Offer to mail the caller a set of fliers on interesting properties. The borrowers family in case of his or her death, B. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. C. Refuse to accept the offer and check. 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. What is the result? A. Greg is violating the duties he owes to his new buyer. D. Convince a seller to list with you. C. Ask the caller when not if he or she wants to see the property. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Give an example of a specific short-term goal. B. D. Meet with an inspector at a listing. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 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. 7. Prices of properties currently on the market, C. Properties that were listed but did not sell. How much do you have in your savings account? A. 96- Which statement is not true about a listing contract? 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? What law creates an automatic lien on a commercial property, subject to the listing agreement? The seller must file a bill of sale with the county clerk. D. The appraised value prior to sale 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? B. What percent of loss did you have? A. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. Which of these expenses is not associated with owning a home? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. A. However, she believes the sellers will not be willing to accept the offering price. 5 of 10 The principles of an agency relationship include all of these factors except which one? A. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? If a seller is in a multiple offer situation, how do you determine the best offer? D. All adjustable rate mortgages have negative amortization. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Use the yes-but technique to handle the objection. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. D. Broker Gina puts $150 into her trust account. D. Their loan payments will gradually increase. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? 1- When is an agency relationship created? B. B. Licensee Pat was in transit to the cooperating licensee's office with the offer. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. 47 of 50 Which of the following would not qualify as a 1031 exchange? buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . D. Hold both offers because he heard that a full-price offer is on its way. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. 6- Whats important to know about the Liquidated Damages paragraph? B. Allows quick repayment of the loan through accelerated payments. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. What is the key feature of this type of loan? During a phone call, a salesperson discusses showing a property to a prospect. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 81- Jake has decided to specialize in working with clients who purchase schools. Rule F-1. Referral fee to a homeowners insurance agent. An apartment building for a vacant lot, B. Tell the buyer about the other offer and urge the buyer to skip the attorney. 6. Buyer Jim asks if he can visit the property for a second time. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. D. There is a loan protection plan included with the loan. $90,000 C. Write and sign commission checks to salespersons. A. B. Hes very comfortable selling that type of property and knows he can work well with clients in that area. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. To learn more about the real estate business, D. To make more money than a real estate agent. Checking your browser. 10 of 10 Which of these Internet pages might be of particular interest to sellers? You can use a reverse telephone directory to get the names of residents. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. 17 of 50 Kathy is a personal assistant at Action Realty. 4- Why is it important to talk to the sellers about the buyers? One day later. Step 2. The broker will owe fiduciary responsibilities to the seller as well as the buyer. Maximize the return to the property management firm. 8 of 10 Which of the following will give you comparative market data the fastest? 2 of 10 Which of these statements is true? 6- What is important for the sellers to know about a counteroffer? C. The lender gives the borrower a mortgage and funds. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. A. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? What should Jake do? When should the agent have disclosed this fact? 1- What is escrow? 3- What signals do buyers use to indicate they may be willing to make a purchase? List the details of all parties involved. She tells them that this action could decrease their property values. 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. It can provide a steady stream of future clients. The home is listed at $210,000. D. Administers special assistance programs. They agree on a price and both parties execute the contract. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? Name and define the two forms of advertising. 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. A. D. Purchasing loans from primary lenders. View an objection as the buyers request for more information. 7- Agent Jim needs to do a visual inspection of his listing. 4- Explain the documentary transfer tax. D. An exclusive listing must always be at least 30 days long. D. Is best left to experienced brokers. 4- Why is it important to talk to the sellers about the buyers? How much did Sam gain or lose on the sale? The sales agent should: Write a counteroffer stipulating the sellers' request. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. C. Print postage labels from your computer. Which statement is true ? A. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. D. Call the sellers immediately and let them know you wont be coming by. 76- Mark believes he has been discriminated against during his home search. If the loan is for $68,000, what will Mark be assessed in points? 9 of 10 A shopping center would be primarily categorized as what type of property? 11- What is a public report and when must it be provided? B. Greg has put himself in a potential dual agency situation. C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. 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? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 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? What should Bob do? B. 4- What is a good method for estimating what a seller will net from the sale of the property? Example 1. B. D. A shopping center might have to remodel their public restrooms. B. Covers more than one piece of property. 7 of 50 Glenna and Amanda just bought their first home. cross elasticity of demand for train rides with respect to the price of a plane ride A. Ken is responsible for his own taxes, while the broker pays Sarahs. C. A counteroffer can give the buyers an out if they want one. B. Exclusive-authorization-and-right-to-sell agreement.