Retired persons are a good source of neighborhood information. What should Bob do? 38 of 50 What is the primary role of Fannie Mae? If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. C. Sharing all visitor comments two weeks before the listing ends. B. B. D. Their lender can profit from the difference in interest rates. C. Discuss alternative properties that may be interest. Only needs to be done periodically. A. 3- In what three ways can an assistant aid an agent with appointments? D. Make the headline bold and all caps. The lender makes payments to the borrower. B. 2 of 10 Which of these is not an AIDA characteristic? D. Greg has no fiduciary responsibilities to Kim once the listing expired. 50- Harry has some buyers that he believes are ready to make an offer. 9- Define a purchase money mortgage. What is the major difference between an employee and an independent contractor? 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. Go back to the buyer's agent and try to get the offer higher. Amanda loves the home and wants to make an offer. B. 6- Whats important to know about the Liquidated Damages paragraph? What will the new owners pay in property taxes? $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. 10 of 50 There has been very little interest in the Bowers home this past week. Set up a face-to-face meeting with the sellers as soon as possible. There are no offers on the property during the 6-month listing period and the listing expires. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? One day later. B. How are properties affected by the local economy? 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? cross elasticity of demand for train rides with respect to the price of a plane ride 3. How would you classify this essay (high or low comedy)? Tell the buyer about the other offer and urge the buyer to skip the attorney. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. A. 1 of 10 Broker Alice has hired several independent contractors in her firm. A. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. 5 of 10 All of the following are valid listing agreements. A. What do many firms do to avoid confusion with their advertising plan? Which of the following would be the least likely place for them to obtain a loan? 9 of 10 Which of these is not a helpful homeowner tip? Which of these statements is true about the wraparound mortgage? Buyer Jim asks if he can visit the property for a second time. Which area of specialization would she fall into? C. Bake muffins or cinnamon rolls to create a homey feel. The seller must file a bill of sale with the county clerk. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 5 of 11 Which of these statements is true about a CalVet loan? Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 4. 73- Which of these is not a buying signal? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? D. Exert pressure on the sellers to include something the other party wants. 8- What is the major difference between a CalVet loan and other loans? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 4. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? D. The UCC is a body of law that standardizes a number of business practices. C. Your plan for finding the buyer a home. During a phone call, a salesperson discusses showing a property to a prospect. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. Which of these actions might have caused their upset? 1- What is important to know about unlicensed real estate assistants? Give the deposit money to the seller. B. 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? 62- When agent Hal shows a home he should never: A. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. You had a 9% loss. 93- Jim has created a nice property flier for the James home. Which statement is true? Gross income must be based on production. 4- What is a good method for estimating what a seller will net from the sale of the property? B. I will do two practice listing presentations per week with an experienced agent for the next two months. 4- What are the major areas of newspaper leads? A. Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. A. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 2 of 10 A competitive market analysis contains information about all of the following items except which? Has Bob acted properly? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. What should a licensees written employment agreement contain? 3 of 10 All of these items are important to include on your weekly activity report except which? The sales agent should: Write a counteroffer stipulating the sellers' request. B. A. California: Real Estate Practice Ch10 Quiz with no answers. 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. D. Tell the sellers its time to reevaluate the price. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 5. 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. 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? B. university of missouri hospital salaries 2021; port orange arrests today. 8- What is an important issue for potential buyer clients to understand? During business hours and only after giving the tenant 24 hours notice. Elaine parks across the street from the home and Mike is disappointed by what he sees. C. Make up some statistics to share with the Bowers. D. The property is in a state fire responsibility area. D. Brenda has not violated any fiduciary duty. A. John offers weekly training seminars. A. Jake is getting a VA loan with no down payment. A. The original loan becomes subordinate to the wraparound. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. chris kelly rock 92 net worth. C. Is not necessary if the verbal presentation is strong. A. What is most likely their main motivation for investing? 7 of 10 Which of the following is not a national real estate trade organization? D. Offer something valuable to the reader. She is probably using all but which of the following tools? 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? 8 of 10 Which of the following is a good direct mail technique? 104- Lorna and Hal have obtained a growing equity mortgage for their new home. A. Generates leads for new listings. Which one is illegal in many states? B. Course Hero is not sponsored or endorsed by any college or university. 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. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. C. Refuse to accept the offer and check. A. 5- What does the safety clause in the listing agreement do? 4 of 10 Which of the following would be the least desirable phone handling technique? 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 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? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? Minimize expenses while maximizing profits for the owner. Most likely, what did they get? 101- Which type of loan typically carries the most loan points? Only after receiving the tenants consent. 6- How does a limited partnership differ from a general partnership? B. 84- Four years ago, Sam purchased a vacant lot for $10,000. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. A. 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? 9 of 10 All of these might be a buying signal except which? The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? 10- Whats the difference between a lease purchase and a lease option? 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. 8- When does a purchase offer become a legal contract? A. 4- Whats a bonus closing and whats important to keep in mind about this technique? C. When you have 200 names in your contact database. California: Real Estate Practice Sample of Final Course Exam. On what amount will he pay capital gains tax? B. C. Explain your marketing plan to the sellers. D. The borrower gets a note in exchange for a mortgage. 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. 43 of 50 Which one of these statements would not be considered a measurable goal? 92- Which of the following situations is not exempt from the seller disclosure requirement? California: Real Estate Practice Ch7 Quiz with no answers. What is this called? 3- When preparing a competitive market analysis, what categories of homes should an agent research? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. California: Real Estate Practice Ch5 Quiz with no answers. Ask the buyers to sign a real estate transfer disclosure statement. 7- Agent Jim needs to do a visual inspection of his listing. A secondary bid for a property that the seller will accept if the first offer fails What percent of commission the licensees can charge. B. 3- What is the difference between CLTA and ALTA policies? dota 2 annual revenue 2020. adam foote parents. 1- What is an important thing to remember about listing agreements? 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? Facebook Instagram. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? B. 4 of 10 All of these are true of prospecting except: A. 3- Differentiate between mortgage brokers and mortgage bankers. D. Arrange to meet the prospect at your office. A. Pellentesque dapibus efficitur laoreet. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? How much do you have in your savings account? 6 of 10 Which of the following is not an item that a buyer usually pays at closing? An assistant should never be left with the task of taking photos of a new listing. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. 3- What is the difference between CLTA and ALTA policies? B. Rewrite whole paragraphs to ensure clarity. 7- Name three benefits of listing a home with an agent that you could share with sellers. A. Jim specializes in clients who want to buy restaurants. 5- What is the Closing Disclosure? 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. 29 of 50 What is one way the Federal Reserve System regulates the money supply? Local ordinance requires a 20-foot rear and front setback. 9 of 50 Which of the following is a credit to the seller on the settlement statement? What is the market value of the property? A. A. Kirk doesnt have the right to withdraw the offer so soon. C. Payments will not be enough to retire the loan. Rule F-1. 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. Entails entering into two agreements simultaneously. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). Nam lacinia pulvinar tortor nec facilisis. Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. 5- If lenders intend to sell mortgages in the secondary market, what must they do? D. Call the sellers immediately and let them know you wont be coming by. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? D. Convince a seller to list with you. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? B. At the time the agent presents an offer. 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. D. The appraised value prior to sale Deposit the check into his trust fund account on the next business day. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. Answer a question with a question when possible. B. Buyers looking at FSBO homes are usually looking for a bargain. What approach can Greg use to discourage the person from calling other agents? B. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Bob writes the offer but is too embarrassed to submit it. On what amount will they pay capital gains tax? 2- What kind of problem can result from a straight loan? C. Tangible assets transferred in the sale include inventory, fixtures and equipment. Which is true? How much did Sam gain or lose on the sale? Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. Answer: A- No, Bob Should have submitted the offer. Answer: D- They are effectively terminating the original offer. What law creates an automatic lien on a commercial property, subject to the listing agreement? 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? Deposit the check into his trust fund account on the next business day. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 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. D. Buyer indemnity and seller protection. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. 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? What is the key feature of this type of loan? A. 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. 67- Hannah is a real estate assistant. From whom may a salesperson receive compensation for performed activities? Negotiate agreements regarding commission structuring. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? B. What should Bob do? Their first mortgage will get paid off immediately. The purchase price, plus depreciation A. 5 of 10 California allows a property manager to charge a non-refundable fee for which? 1 of 10 Which of these statements is not true? What does the net operating income of a property represent? What kind of closing technique is Jim using? If the lot measures 100' x 200', which is the total allowable square footage of a single story building? Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. There is nothing that can offset this problem. Whoever brings the buyer will get the commission. 5- When must a licensee provide an agency disclosure to a prospective client? Who would be exempt under New Jersey fair housing law? Listen carefully to everything your prospects say and repeat some specifics back at appropriate times so that they know you have heard what they said. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? Norm gave Pat a $500 earnest money check. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. B. I will practice my listing presentations. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? 8- What does the Water Heater Statement of Compliance address? A. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? The buyers family is pressuring them to purchase this home. California: Real Estate Practice Chapter 14 Quiz with no answers. What kind of closing technique is Jim using? A. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. A. Prices of properties currently on the market, C. Properties that were listed but did not sell. 5- What does the safety clause in the listing agreement do? C. Exclusive-authorization-and-right-to-sell. Bob receives an offer from a buyer that is 12% below Sam's asking price. Deposit the check into his trust fund account on the next business day. C. If Larry verbally accepted the offer, Kirk is bound by it. 8- What does the Water Heater Statement of Compliance address? Hometown received $2400.00 in referrals. B. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. Try to get Sam to accept the offer. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. What should Bob do? Which term is the process of joining several parcels of land into one larger parcel? B. Enumerate the homes special features and hope they change their minds. C. Print postage labels from your computer. She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? Which statement is true? How should Jan's licensee handle the offer? 1- What is a competitive market analysis? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? He says to them, "Would you prefer to take possession on September 1 or October 1?" Broker Ashley has been working for a seller for the past seven months. It never was effective since Sam had not notified Mary of the acceptance. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. the buyer is not allowed to make a counteroffer. 7 of 50 Glenna and Amanda just bought their first home. Encourage the buyer to get the attorney to review it quickly. Virtual tours are a very expensive marketing tool to use. How long must a broker be licensed in order to apply for a temporary broker's license? D. There is a loan protection plan included with the loan. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? This best describes. 07 Jun. 5 of 50 Jane has been working with some buyers for several weeks. Use the yes-but technique to handle the objection. California: Real Estate Practice Chapter 17 Quiz with no answers. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 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? 3 of 10 How long must trust account records be kept? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. New Age purchased a new coffee maker the office was in need of. 2- List the three Institute of Real Estate Management property management designations. B. Anasayfa; Hakkmzda. The owner has 30 days to notify the county assessor. 4- Whats a bonus closing and whats important to keep in mind about this technique? Answer: D- Avoid telling him the price by setting up an immediate appointment. Explain. What should Tim do next? An apartment building for a vacant lot, B. Name four traditional marketing tools that you should use with every listing you get. 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. A. I will make two new contacts every day this week. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? D. Preparing flyers and promotional materials for the brokers approval. $90,000 The borrower makes payments of interest only over the term of the loan. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Instead, Bob terminates the relationship with Mary. 12- What are grant programs typically used for? At time of license renewal, what is the renewal charge for a salespersons license? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. 7- What is the difference between an FHA loan and a VA loan? Which law extended discrimination to include handicap and familial status? However, he is objecting because the roof is 12 years old. D. The loan must be repaid before the borrowers death. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. B. A. B. 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. What property type will he be dealing with? The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. Underline the correct pronoun in parentheses in the following sentence. 8. What should Tom do? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 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. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. Ask the buyer if the buyer would like to make an offer taking the roof age into account. Make no recommendations and let the sellers decide on their own. Which of the following items can Matt not add to the original cost when doing the computation? What do you need to remember about making phone calls to potential clients? D. Will conducted an agent open house last week that was attended by 25 agents. The salesperson entered into a buyer-broker contract with her brother. For purposes of federal income tax, which statement is true? Will placed an ad in the most recent Home Buyers Guide. A. C. Accept commissions from referral agents. 5- Define the term loan-to-value ratio. PRACTICE QUESTIONS), >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. C. Real estate can respond quickly to changes in the market. Give credit to all potential borrowers. The following table lists all costs of quality incurred by Sam's Surf Shop last year. It took effect when Sam accepted Mary's offer. Launch into your list of the homes special features and hope she changes her mind. What is Gregs capital gain on the apartment? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. A. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? A. D. Do not show the home between 10 a.m. and noon on Sundays. Write a contingent counteroffer. Which of the following would be considered an intermediate goal? When should the agent have disclosed this fact? What is this agreement called? D. The first and second mortgage will be rolled into one. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. C. Deposit into the brokerage business account. To access the website, click "Allow". 17 of 50 Kathy is a personal assistant at Action Realty. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. D. All repairs must be in compliance with existing building codes. B. 7- In the initial meetings with the prospects, the agent should do all of the following except which? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. C. Use an attractive first-class stamp. 2 of 50 Residential property includes all of the following EXCEPT which? The gross annual income, $7,200, divided by 8% (0.08), is $90,000. Gives the names of lawyers who might require property assistance. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. B. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . C. An offer or counteroffer can be withdrawn at any time before it has been accepted. A. 7 of 10 Which disclosure form gives detailed information about the propertys condition? Name and define the two forms of advertising. 6. B. C. The owner has 45 days to pay the new property taxes. 5. Does not need to be familiar with office policy. 16- Dave and Nadine have decided that they want to become property investors. Regulates reserve requirements for all institutions that offer checking accounts. Giving information about a listing to prospective buyers. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%.
Servicelink Notary Sign Up,
Roberts Quarter Horses Ocala,
Unfound Treasure In Florida,
Articles B
