A. What kind of closing technique is Harry using? D. Supply cannot be moved to a high demand area. 1- What are the five aspects that are involved in any selling approach? B. Which of these actions might have caused their upset? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 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? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. A broker cannot use the word escrow in a fictitious name. 84- Four years ago, Sam purchased a vacant lot for $10,000. How can you prepare your sellers for receiving offers? The lender gives a mortgage to the borrower and gets funds in exchange. The home comes equipped with all furnishings. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. D. A basis of $140,000 and no taxable gain. Receives special tax considerations. 29- Which of the following is not a good direct mail technique? If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 2 of 50 Residential property includes all of the following EXCEPT which? Give credit to all potential borrowers. Give an example of a specific short-term goal. 7- How can a builder help you generate leads? 1- What are the five aspects that are involved in any selling approach? Tell the buyer about the other offer and urge the buyer to skip the attorney. The 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? D. Greg has no fiduciary responsibilities to Kim once the listing expired. D. The advertiser must prove he was grandfathered in as a licensee. Use as little white space as possible. A basis of $148,000 and no taxable gain, B. Which of the following activities would she not be authorized to perform? However, she believes the sellers will not be willing to accept the offering price. 8- What is the major difference between a CalVet loan and other loans? The home is listed at $210,000. 3- How could refinancing be an investment benefit? 10. Name four traditional marketing tools that you should use with every listing you get. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? Which of the following statements is true? Fill out a separate, numbered counteroffer form. C. FSBO sellers who list with an agent will pay their own advertising costs. During a phone call, a salesperson discusses showing a property to a prospect. Has New Age violated any laws? 6 of 10 Who typically presents an offer to the sellers? 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. Certain homeowners may qualify for a $10,000 exemption. Supervises the Truth in Lending Act. 7- How can a builder help you generate leads? B. At the time the agent presents an offer. Be open-minded. D. Gross income must be based on hours worked. 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. How are properties affected by the local economy? When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. $5,500 the first year, plus a maximum 2% increase in market value per year, B. B. Lenders are in the best position to qualify buyers. B. 3- What is the difference between CLTA and ALTA policies? C. The borrower pays a fixed rate of interest. 80- Which of the following is an example of commingling? Make no recommendations and let the sellers decide on their own. A. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 2- Name one advantage and one disadvantage of telephone contacts. A. Give $250 to the buyer and $250 to the seller. The second mortgage has now become the primary loan. It is determined by who pays the compensation. A. D. All adjustable rate mortgages have negative amortization. C. The seller can do all repairs himself. California: Real Estate Practice Chapter 16 Quiz with no answers, 1 of 10 According to FIRPTA, what percent would a buyer who is buying the property as a personal residence need to withhold when purchasing a $200,000 home from a foreigner?. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. A broker may advertise that he or she is an escrow agent. D. The appraised value prior to sale Which statement is true ? In fact, the meter's location is dictated by the town building codes; what could happen to Rob? This term typically refers to. At the end of the term, the loan balance will be negative. Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. C. An assistant can keep track of the progress of activities during escrow. 7- What are the capital gains exclusions associated with the sale of a personal residence? A. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? D. Broker Gina puts $150 into her trust account. B. The monthly net rental is $600. She can do all of the following except which? She is probably using all but which of the following tools? How should Jan's licensee handle the offer? dota 2 annual revenue 2020. adam foote parents. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 10- Which disclosures are NOT required to be made when selling residential property? Her broker has asked her to be available for tasks in the field rather than in the office. What should a licensees written employment agreement contain? 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. On what amount will he pay capital gains tax? B. Alice knows everything about the exclusive east side neighborhoods. Which is a true statement? 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. What is meant by the term sphere of influence? An apartment building for a vacant lot, B. The lender makes payments to the borrower. Gross income must be based on production. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? Seeking buyers for your listings B. Pellentesque dapibus efficitur laoreet. B. A. Salesperson Harry can solicit his own listings. 7 of 10 How might probate information help in prospecting? Alex Jones owns a duplex and lives in one unit. B. Hes no longer interested in seeing the inside and Marge agrees. A. Wills weekly report indicates two showings and five inquiries for the week. Which one is illegal in many states? 5 of 10 Which of these is not a true statement? 2- Describe an open listing. 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. Recommend a counteroffer back to list price. 8- When does a purchase offer become a legal contract? 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. B. 4- What items are not covered by any title insurance policy? 5 of 50 Jane has been working with some buyers for several weeks. B. What should Bob do? What kind of closing technique is Jim using? B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. C. Your plan for finding the buyer a home. 7- Name three benefits of listing a home with an agent that you could share with sellers. What percent of commission the licensees can charge. B. For what type of loan is the borrower applying? A. The sales agent should: Write a counteroffer stipulating the sellers' request. D. Tim and Gail have qualified for an FHA loan. Please remove your shoes before entering the home. Give as much detailed information about the property as you can. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. B. D. Interest rates are typically fixed rate. CSP-Conlutas Central Sindical e Popular . 52- Which statement is true about a listing contract? 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. B. 16 juin 2022 why do babies clap their feet. 56- Which is not a true statement about the Agency Disclosure? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 2 of 12 Which of the following statements is not true about the Federal Reserve? 7- What is the difference between an FHA loan and a VA loan? A. Ken is responsible for his own taxes, while the broker pays Sarahs. C. Real estate can respond quickly to changes in the market. D. Give the sellers the price over the phone so that they can think about it before you meet with them. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? buyer randy makes an offer to purchase. The buyers have been pre-qualified by a lender. 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. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. The price elasticity of demand for B. B. What approach can their agent take to change the sellers perception of the offer? Checking your browser. The borrower makes payments of interest only over the term of the loan. (Who, Whom) has been selected as the team captain? A. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Broker Alice holds an uncashed check until the offer is accepted. 8 of 50 Buyer Kirk submits an offer to seller Larry. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 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. At the time the agreement is signed. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. D. Similar expired listings that didnt sell. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. What should agent Phil do? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). B. D. Understanding characteristics of the rental market. 1 of 10 Broker Alice has hired several independent contractors in her firm. A. Youll know how much house they can afford. Present the offer and tell the seller that the check needs to be held until June 30. C. Johns office has a selection of books, CDs and tapes for agent use. C. Clearly written contractor agreement must exist. B. 64- Which of the following is not a form of personal advertising? 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. Answer: D- Return the money to buyer Norm. Checking your browser. 88- Sally and Dan must pay 2 points on their new $65,000 loan. C. Real Estate Settlement and Procedures Act. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 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? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? The interest rate will increase gradually over time. the buyer is not allowed to make a counteroffer. Set up a face-to-face meeting with the sellers as soon as possible. California: Real Estate Practice Chapter 18 Quiz with no answers. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? C. Real Estate Settlement and Procedures Act. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 33- Which statement is true about a loan that has a negative amortization? buyer randy makes an offer to purchase. Rule F-1. Code Violations and Tax Delinquencies. 5 of 10 Mike bought his home last year for $150,000. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? D. Seeking buyers for others agents listings. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. Which statement is true? A. Mike has changed jobs six times in the past six months. B. Its a good idea for brokers to carry workers compensation coverage. A. He refuses to rent the other unit to families with children. 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. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. 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 This form is the first step in any real estate deal. 5. wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo A. 7 of 10 Which statement is not true about opening escrows? California: Real Estate Practice Sample of Final Course Exam. B. 3 of 10 All of these items are important to include on your weekly activity report except which? 5 of 10 Which of these statements is not true about qualifying buyers? 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? C. Brenda could be liable for a breach of the listing terms. 5 of 10 How many properties should be included for comparison in a competitive market analysis? Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. Answer: C- Try to get Sam to accept the offer. During this interim period, grant makes monthly rent payments and the owner accepts them. Whoever brings the buyer will get the commission. A. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? D. I will distribute 200 business cards every month for the next six months. Harry has some buyers that he believes are ready to make an offer. 6 of 10 Which of the following is not a true statement? Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . C. Classified ads placed on the property, D. Number of hits on the company website. The buyers family is pressuring them to purchase this home. B. D. Provides the names of individuals who may want to sell inherited property. 3 of 10 Which of the following would be an example of a licensee specializing in business type? 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. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? Person must be properly licensed. A. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 5- When must a licensee provide an agency disclosure to a prospective client? At the end of the term, the loan balance will be negative. 2- What exception exists to the duty of obedience when working with a client? 59- Which of the following is a sellers request that an agent cannot honor? D. Exclusive-authorization-and-right-to-sell agreement. \text { Annual cost of scrap materials } & 286,000 \\ 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? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. 9- What is the basic purpose of Truth in Lending Regulation Z? Last year, about 25% of his income came from sales commissions. Give a discount to families with children. He made $150,000 of improvements during the three years he lived in it before he sold it. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? D. If the buyer rejects the first counteroffer, the seller can accept the first offer. Underline each word that should be capitalized in the following items. C. It creates an agency relationship. Can be used in place of a verbal presentation. D. The first and second mortgage will be rolled into one. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. Mortgage brokers do not lend money. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. "What would you like to offer?" Call Us Today! What would be determined by a location survey? Encourage Sam to make a counteroffer at 2% below Sam's asking price. 100- What does the Real Estate Disclosure Law refer to? Most likely, what did they get? An assistant should never be left with the task of taking photos of a new listing. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 28- Abby applies for a federally-related loan to purchase a home. C. When you have 200 names in your contact database. Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. D. Chris is a buyer's agent. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? 4. 12. 7 of 10 Which of the following is a possible benefit of investing in real property? 4- Amanda calls broker Tim to schedule a showing of one of his listings. This mortgage type is popular among the elderly. D. After the agent has had time to make copies at the office. 6- What is important for the sellers to know about a counteroffer? 8. 2- When establishing rapport, whats one of the best ways to get to know your buyers? The escrow holder will need information about the brokers commission. D. The loan must be repaid before the borrowers death. D. The interest payment is always smaller then the amount allocated to the principal. 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? 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? 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. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz 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? Housing and Community Development Act. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. 33- Which statement is true about a loan that has a negative amortization? 2 of 10 All of these statements are true except which one? A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 1- When is an agency relationship created? C. The home sits on an earthquake fault zone. 1 of 10 All of the following are good approaches for handling objections except which? Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. Buys conventional, FHA and VA loans. What should Jake do? Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. How does ALTA-R differ from ALTA? B. Brenda has violated the fiduciary duty of obedience to Jim. Example 1. A secondary bid for a property that the seller will accept if the first offer fails 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. buyer randy makes an offer to purchasei miss you text art copy and paste. 7- What is the difference between an FHA loan and a VA loan? Have you been pre-qualified or pre-approved by a lender yet? How long must a broker be licensed in order to apply for a temporary broker's license? buyer randy makes an offer to purchase C. A counteroffer can give the buyers an out if they want one. 8 of 10 Which of these statements about counteroffers is not true? Prior to bringing an offer to purchase. 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. What percent of loss did you have? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 2- What types of office administration tasks are important for a licensed assistant to perform? A. B. They called Wills office and told the secretary they are upset and need to speak with Will. Not waste anymore time on this house, the buyer will never make an offer. What are some important tips for home tours? Answer: D- They are effectively terminating the original offer. The Reality of Purchase Offers . B. 3- When making your presentation, what topics should you cover? A rental property has a return rate of 8%. The borrowers family in case of his or her death, B. Amanda loves the home and wants to make an offer. 4- Explain the documentary transfer tax. 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? 8- Why should agent Grace give her client a Combined Hazards Book? 3. A buyer mails an offer to an out-of-town seller. Return the earnest money to buyer Norm. 4- What is the agreement that a broker can enter into with a buyer? Norm gave Pat a $500 earnest money check. Where is it that he likely found out the property was for sale? Tom then resells the property to the developer and pockets a $300,000 profit. 8- What is the major difference between a CalVet loan and other loans? B. It can be considered an employment contract. Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 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?" A secondary bid for a property that is less than the first offer C. The broker must conduct the escrow personally and not delegate any escrow activities. A. John offers weekly training seminars. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? How to make a Best Offer. 42 of 50 Alex makes an offer to purchase one of Bills listings. B. FSBO sellers believe they will save money if they sell themselves. B. D. Meet with the buyers lender to ensure theyre getting a good deal. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? How should licensee Fred handle this offer? 4. The couple now has. 4- Agent Greg receives a call about one of his firms ads. 12- What are grant programs typically used for? 5- What actions can the sellers take regarding the purchase offer? 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? It helps to identify buyer and seller needs. California: Real Estate Practice Ch7 Quiz with no answers. Covers more than one piece of property. 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? A. 5- What should a good management contract contain? A Bill of Sale gives title to the business equipment. C. Neither Sarah nor Ken can get employer-provided health insurance. Which statement is true? What approach can their agent take to change the sellers perception of the offer? 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? 93- Jim has created a nice property flier for the James home. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. How does ALTA-R differ from ALTA? 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following?
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