81- Jake has decided to specialize in working with clients who purchase schools. C. Johns office has a selection of books, CDs and tapes for agent use. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Each of their payments is for the same amount. B. 93- Jim has created a nice property flier for the James home. If a seller is in a multiple offer situation, how do you determine the best offer? 56- Which is not a true statement about the Agency Disclosure? Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 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. B. 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. C. Date and attach supporting documents. fairbanks ice dogs standings . 1- What is escrow? an opinion of value for the day of the appraisal only. The seller must file a bill of sale with the county clerk. B. Why or why not? Which of the following statements is true? 7- What does the net operating income of a property represent? 4- What are the major areas of newspaper leads? Before completing the form, discuss the following important points with the home seller: Price. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. 2- Describe an open listing. C. Exclusive-authorization-and-right-to-sell agreement. 2 of 10 When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? 2- What types of office administration tasks are important for a licensed assistant to perform? Deposit the check into his trust fund account on the next business day. 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? A. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Authors Channel Summit. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. 3- What is the difference between CLTA and ALTA policies? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? What property type will he be dealing with? 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. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. Call Us Today! Discourage Sam from accepting an offer so far below Sam's asking price. What should Tom do? Mortgage bankers bring borrowers and lenders together. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? C. I will get three new listings this month. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 67- Hannah is a real estate assistant. 9 of 50 Which of the following is a credit to the seller on the settlement statement? Mary learns that Sam is selling only half of the duplex. 16 juin 2022 why do babies clap their feet. A. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? A. Norm gave Pat a $500 earnest money check. If the loan is for $68,000, what will Mark be assessed in points? : The Commission could suspend or revoke Rob's license. Only after receiving the tenants consent. Gross income must be based on production. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? B. Alice knows everything about the exclusive east side neighborhoods. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? For what type of loan is the borrower applying? How should licensee Fred handle this offer? The interest rate will increase gradually over time. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. What is the most often used form of earnest money deposit? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. Gross income must be based on production. C. Payments will not be enough to retire the loan. 6- What is the main reason sellers choose to sell their property without an agents help? Tom then resells the property to the developer and pockets a $300,000 profit. 4 of 10 Which of these is not an important aspect of selling? What would be determined by a location survey? 70- Which of these items would be a credit to the buyer on the settlement statement? A. What approach can Greg use to discourage the person from calling other agents? Fill out a separate, numbered counteroffer form. A. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. Lenders are in the best position to qualify buyers. The broker will not provide any. B. C. It creates an agency relationship. 7 of 10 Which of the following is not a national real estate trade organization? Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . Sam asks Bob what the price is. 1- How much is the loan origination fee and what does it cover? The borrowers family in case of his or her death, B. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 5- What does the safety clause in the listing agreement do? 11- What is a public report and when must it be provided? D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. A. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. D. This action is deliberate misrepresentation. A. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. 2- What types of office administration tasks are important for a licensed assistant to perform? A. Kirk doesnt have the right to withdraw the offer so soon. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. What economic factors affect the real estate market as well as other goods and services? What is the primary criticism that sellers have about their agents? B. Who is responsible for removing the lien to clear the title? 3 of 10 Which of the following would be an example of a licensee specializing in business type? A rental property has a return rate of 8%. 9 of 10 All of these might be a buying signal except which? New Age purchased a new coffee maker the office was in need of. 4- How is property management seen as a risk to investing? What should Bill do? 2- What is floor time and why is it important? Give $250 to the buyer and $250 to the seller. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? 16- Dave and Nadine have decided that they want to become property investors. The adjusted cost basis of the first home was $140,000. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. D. After the agent has had time to make copies at the office. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. 103- Kirk and Sandy obtained a wraparound mortgage. D. Reduces the monthly payment for a borrower during the initial years. A. D. Supply cannot be moved to a high demand area. C. Consider child support payments in the decision. C. The broker must conduct the escrow personally and not delegate any escrow activities. What approach can their agent take to change the sellers perception of the offer? 3- How could refinancing be an investment benefit? He sounds really excited about this property. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. A. A. 7- Agent Jim needs to do a visual inspection of his listing. The loan value is based on the appraised value, not the sale price. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. 17 of 50 Kathy is a personal assistant at Action Realty. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? She is probably using all but which of the following tools? During business hours and only after giving the tenant 24 hours notice. 1 of 10 What kind of lease contains a recapture clause? D. Exert pressure on the sellers to include something the other party wants. What should Bill do? The purchase price, plus depreciation, B. 3. 2- When establishing rapport, whats one of the best ways to get to know your buyers? A broker may require licensees to carry high levels of automobile insurance. It must be in writing to be enforceable. There are no offers on the property during the 6-month listing period and the listing expires. B. B. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. B. Installation of central air conditioning, D. Addition of a tenant laundry facility. 07 Jun. C. Tell the sellers you expect an offer to be coming soon. How long must a broker be licensed in order to apply for a temporary broker's license? Which statement is TRUE? 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. 5- What actions can the sellers take regarding the purchase offer? However, he is objecting because the roof is 12 years old. B. Greg has put himself in a potential dual agency situation. 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. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? D. The monthly payments increase overtime. C. Discuss alternative properties that may be interest. 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? A. Mike has changed jobs six times in the past six months. Answer: D- They are effectively terminating the original offer. This would be the maximum the purchaser would be permitted to borrow. 2 of 10 Which of these statements is true? D. Arrange to meet the prospect at your office. 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? Rule F-21 The definition of race was expanded to include ancestry. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. Anasayfa; Hakkmzda. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. 7 of 10 Which disclosure form gives detailed information about the propertys condition? Broker Ashley has been working for a seller for the past seven months. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. The buyers have been pre-qualified by a lender. 5- Your listing presentation manual should be made up of two sections that address what issues? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 4- Why is coordinating escrow so important and how can an assistant help? Amanda loves the home and wants to make an offer. B. B. B. Ken must obtain his own training. C. Real Estate Settlement and Procedures Act. 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? Underline the correct pronoun in parentheses in the following sentence. C. Greg has violated the duty of confidentiality to Kim. 9- What is the basic purpose of Truth in Lending Regulation Z? You can use a reverse telephone directory to get the names of residents. 86- Which of the following is not considered a benefit of investing in real estate? Tell Mike that the sellers will be upset if they cancel the appointment. Is there a contract between the buyer and seller? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. B. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 3- For whom do property tax exemptions exist and for how much? Harry has some buyers that he believes are ready to make an offer. The salesperson entered into a buyer-broker contract with her brother. They were counting on a full-price offer and are very disappointed. 6 of 10 Which of the following is not a true statement? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 3- When making your presentation, what topics should you cover? The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. 6 of 10 Who typically presents an offer to the sellers? A. Here are the steps to follow to make an offer to purchase: Step 1. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. Give an example of a specific short-term goal. C. Moving closer to the agent to get a better look. B. 8 of 10 Which of the following is a good direct mail technique? What would be a good approach for Pam to take? What will they have to pay the lender? 5 of 10 All of these would be effective at capturing a readers attention except which? What will the new owners pay in property taxes? 57- Under federal income tax law, the basis for a personal residence is which of the following: What approach can Greg use to discourage the person from calling other agents? A. B. 2 of 12 Which of the following statements is not true about the Federal Reserve? 9. Where is it that he likely found out the property was for sale? During a phone call, a salesperson discusses showing a property to a prospect. buyer randy makes an offer to purchase. "What would you like to offer?" She tells them that this action could decrease their property values. B. Has New Age violated any laws? 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. Ask the buyers to sign a real estate transfer disclosure statement. B. 1- What are the three important considerations for a good property investment? Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. 6- Whats important to know about the Liquidated Damages paragraph? buyer randy makes an offer to purchasei miss you text art copy and paste. 10- Which disclosures are NOT required to be made when selling residential property? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz 3 of 10 Sara just bought her first new home. 6- Whats important to know about the Liquidated Damages paragraph? What kinds of insurance do brokers normally require of their employees? 68- Greg and Joyce have an adjustable rate mortgage on their home. 1 of 10 Which of these statements is not true? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. What should Tim do next? Please remove your shoes before entering the home. A. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. C. Supervises the Federal Housing Authority. The offer with the highest price that is the most likely to close 11- What is a public report and when must it be provided? In addition to agent and MLS home tours, what are some other ancillary tools you can use? A. is 0.4. A. 69,200 1- What is an important thing to remember about listing agreements? Documents showing your affiliations with real estate organizations. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 1- When is an agency relationship created? 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? 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? He refuses to rent the other unit to families with children. 10 of 10 Which of the following is not a possible benefit of investing in real property? California: Real Estate Practice Chapter 15 Quiz with no answers. 8- What is an important issue for potential buyer clients to understand? 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. 3- When preparing a competitive market analysis, what categories of homes should an agent research? This action is legal but very unprofessional. C. A broker is not responsible for the acts of independent contractors. Which would NOT result from the exercise of police power? Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. $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. The monthly net rental is $600. B. 5- What actions can the sellers take regarding the purchase offer? 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? 5- If lenders intend to sell mortgages in the secondary market, what must they do?

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