Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. Present the offer and tell the seller that the check needs to be held until June 30. Bob cannot do anything; it is out of his hands. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? buyer randy makes an offer to purchase B. B. C. Allow indoor pets to leave their designated area. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Sending cards and newsletters is a good way to keep in contact with clients and prospects. buyer randy makes an offer to purchase - fabricadecosas.com Tell the buyer about the other offer and urge the buyer to skip the attorney. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. B. A. California: Real Estate Practice Chapter 17 Quiz with no answers. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? B. Sandy and Bill are putting 30% down on their home purchase. castilian drive, los angeles. The purchase price, plus depreciation, B. Elaine parks across the street from the home and Mike is disappointed by what he sees. Be a deal maker. C. Give the tenant a 3-day notice to pay or quit. They will have to make a very high down payment. A. Attend weekly staff meetings at the office. 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. The other 75% came from an hourly wage paid by Tami. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. B. 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? 6- How does a limited partnership differ from a general partnership? D. Purchasing loans from primary lenders. Select Review offer. This term typically refers to. Which statement is true? D. Magazine ads are significantly more expensive than newspaper ads. 12. Courtesy of RealtyPact. buyer randy makes an offer to purchase buyer randy makes an offer to B. I will do two practice listing presentations per week with an experienced agent for the next two months. 11- What is a public report and when must it be provided? Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 3 of 10 How long must trust account records be kept? A. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz In this case, multiply the monthly income ($600) by 12. 73- Which of these is not a buying signal? Negotiate agreements regarding commission structuring. cross elasticity of demand for train rides with respect to the price of a plane ride Housing and Community Development Act. D. All adjustable rate mortgages have negative amortization. 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. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 12- What are grant programs typically used for? C. Real Estate Settlement and Procedures Act. C. Theyre probably paying a higher interest rate on the second mortgage. California: Real Estate Practice Chapter 15 Quiz with no answers. How should licensee Fred handle this offer? The purchase price, plus depreciation C. Identifies buyers for other properties. 7- What are the capital gains exclusions associated with the sale of a personal residence? 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 6 of 10 Which of the following statements is not true? D. Tell the sellers its time to reevaluate the price. Ordinary china is very fragile. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? She tells them that this action could decrease their property values. Terminate the first contract and accept the higher offer. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 8 of 10 Which of these is a free form of advertising? The buyers have been pre-qualified by a lender. D. Have the broker send a thank you for listing letter to the sellers. D. The borrower gets a note in exchange for a mortgage. 7 of 11 In which of the following types of loans is the payment allocated only to interest? 7- Agent Jim needs to do a visual inspection of his listing. The seller must file a bill of sale with the county clerk. 6. Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. 8- What is the major difference between a CalVet loan and other loans? Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? What should a licensees written employment agreement contain? Needs a license to perform activities that are not strictly administrative in nature. 80- Which of the following is an example of commingling? 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? Nam lacinia pulvinar tortor nec facilisis. 100 She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? D. Chris is a buyer's agent. B. Its easier to prioritize your tasks if your goals are in writing. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. the buyer is not allowed to make a counteroffer. Which of the these activities does she have control over? 10- Whats the difference between a lease purchase and a lease option? A counteroffer by a seller to a buyer turns the seller from offeree to offeror. D. A basis of $140,000 and no taxable gain. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. You had a 9% loss. Start in the room with the best features. C. A broker is not responsible for the acts of independent contractors. Norm gave Pat a $500 earnest money check. B. B. A. California: Real Estate Practice Ch10 Quiz with no answers. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. Ask the buyer if the buyer would like to make an offer taking the roof age into account. B. He just sold it for $13,000. Is there a contract between the buyer and seller? D. I will complete a property management seminar within the next year. D. The property is in a state fire responsibility area. B. C. The fair market value at the time of sale 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? D. The advertiser must prove he was grandfathered in as a licensee. The home comes equipped with all furnishings. When should the agent have disclosed this fact? 54- Jim and Jane are buying a home for $120,000. There are no offers on the property during the 6-month listing period and the listing expires. There are several steps in calculating the answer to this question. Set up a face-to-face meeting with the sellers as soon as possible. A. Ken is responsible for his own taxes, while the broker pays Sarahs. 74- Which statement is not true about an agency relationship? A. Ask the caller if he or she would like to receive e-mails on newly listed properties. What kind of mortgage are they looking for? "Yes, let's offer $10,000 less than the asking price. To access the website, click "Allow". What kinds of insurance do brokers normally require of their employees? Gross income must be based on production. D. Is best left to experienced brokers. A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. What is the body of law that governs negotiable instruments? 1- What are the five aspects that are involved in any selling approach? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 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. 2. 7- Name three benefits of listing a home with an agent that you could share with sellers. D. Have the prospects sign the disclosure about agency relationship. A buyer wants to take the offer to an attorney to review it. It is determined by who pays the compensation. munich latitude compared to us; pro sun tan. Please remove your shoes before entering the home. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. C. A counteroffer can give the buyers an out if they want one. Establish a homes fair market value. 4 of 11 Which of these is also called a contract for deed? They will have a number of new expenses as a result of this purchase. How much do you have in your savings account? Certain homeowners may qualify for a $10,000 exemption. He pays rent for occupancy, plus maintenance and operating expenses. 2- What is floor time and why is it important? 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? 10 of 10 Which of these is not an exemption to fair housing law? A. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. They agree on a price and both parties execute the contract. The lender gives a mortgage to the borrower and gets funds in exchange. A. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 3- What is the difference between CLTA and ALTA policies? [Solved] Buyer Randy makes an offer to purchase one of Broker Tom's buyer randy makes an offer to purchase - nubblesitesolutions.com buyer randy makes an offer to purchasei miss you text art copy and paste. The loan will be distributed to them gradually. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? B. Gives the names of lawyers who might require property assistance. Lorem ipsum dolor sit amet, consecteticitur laoreet. 3- In what three ways can an assistant aid an agent with appointments? B. D. Gross income must be based on hours worked. A. 3- When making your presentation, what topics should you cover? 1- What is an important thing to remember about listing agreements? Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. What property type will he be dealing with? Write a counteroffer. A. B. 78- Nancy bought her home last year for $425,000. 3- What is a good approach to use when contacting the owner of an expired listing? A. Jake is getting a VA loan with no down payment. D. This action is deliberate misrepresentation. Here are the steps to follow to make an offer to purchase: Step 1. 33- Which statement is true about a loan that has a negative amortization? 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. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. Amanda loves the home and wants to make an offer. There are several successful agents at Johns office. B. C. Clearly written contractor agreement must exist. C. Bake muffins or cinnamon rolls to create a homey feel. What economic factors affect the real estate market as well as other goods and services? mejores programas bases de datos. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. What kinds of things should you include in a weekly activity report? 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. What should Jake do? buyer randy makes an offer to purchase - cspconlutas.org.br Share that information with the sellers. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. Write a contingent counteroffer. D. Administers special assistance programs. 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? Over 300 California Real Estate Practice Exam questions to pass Tests! Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 7 of 10 Which statement is not true about opening escrows? 8- What actions does a lender take to sell a mortgage in the secondary market? C. Your plan for finding the buyer a home. Find a home that meets FHA requirements. Which of the following statements is true? sam neill laura tingle split Tell Linda that the sellers will be very disappointed if they cancel the appointment. What are some important tips for home tours? 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. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. Giving information about a listing to prospective buyers. At the end of the term, the loan balance will be negative. A. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? C. Real Estate Settlement and Procedures Act. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? What should Bob do? D. Erics broker should appoint Eric as the designated agent in this transaction. 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?" Explain. 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? Buyer Norm just signed a purchase contract with licensee Pat. New Age purchased a new coffee maker the office was in need of. Give the deposit money to the seller. Buys pools of mortgages in exchange for mortgage-backed securities. 1- How much is the loan origination fee and what does it cover? B. 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? Covers more than one piece of property. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. Which of the following would be considered an intermediate goal? 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? A. I will make two new contacts every day this week. On what amount will they pay capital gains tax? B. This would be the maximum the purchaser would be permitted to borrow. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? 1- What are the five aspects that are involved in any selling approach? 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? The sales agent should: Write a counteroffer stipulating the sellers' request At time of license renewal, what is the renewal charge for a salespersons license? 9 of 10 Which of these is not a helpful homeowner tip? A. Forwarding calls from the public to one of the salespersons in the office. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 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. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? B. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Rule F-1. B. A. California: Real Estate Practice Ch5 Quiz with no answers. A. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. Answer: D- They are effectively terminating the original offer. B. Pam is not liable since it was summer and the heating problem was not obvious. The 6 of 50 Broker Tami has a very low advertising budget. Encourage Sam to make a counteroffer at 2% below Sam's asking price. B. 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. C. Recommend a counteroffer back to list price. Before completing the form, discuss the following important points with the home seller: Price. 7 of 10 Which of these forms is not filled out by the seller? Return the earnest money to buyer Norm. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? residential transactions financed by federally related mortgage loans. D. Kirks offer to Larry is legally cancelled. 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. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? It was terminated when Mary delivered the recission to Sam. What kinds of things should he be looking for? A. B. Rewrite whole paragraphs to ensure clarity. How much did Sam gain or lose on the sale? 5- What does the safety clause in the listing agreement do? 2- Who needs title insurance and why? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. 2 of 10 Which lender typically deals in interim financing? C. Salespersons must perform all of their activities on behalf of their employing broker. D. The owner has 45 days to file a change in ownership statement. Underline the correct pronoun in parentheses in the following sentence. 81- Jake has decided to specialize in working with clients who purchase schools. 5 of 10 Alice has decided that she will specialize in selling farm land. Prices of properties currently on the market, C. Properties that were listed but did not sell. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. 2- What is important to remember about multiple offers? 1- What is an important thing to remember about listing agreements? What would you say about Sallys behavior? C. Analyzing the income potential of the property. A. C. Alice is getting a conventional loan and making a 15% down payment. C. There is a 6-month pre-payment penalty for paying off the loan early. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. Allows the agent to determine community market trends. The price of a plane ride rises by 10 percent. 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? A. C. The home sits on an earthquake fault zone. D. Goals must be realistic if you hope to accomplish them. 19- Which of the following is not an advantage of hosting an open house? C. Brenda could be liable for a breach of the listing terms. escrow money must be passed back to the buyer. 1- When is an agency relationship created? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. Answer: A- Proceed as if the buyer has decided to make an offer. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. 31- Patrick has a written independent contractor agreement with his broker Tami. 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? 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. B. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 38 of 50 What is the primary role of Fannie Mae? Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. Ashley should end this relationship by, : asking the seller to sign a mutual release. 3- How could refinancing be an investment benefit? B. Brenda has violated the fiduciary duty of obedience to Jim. C. Have keys made for company listings. 7- What makes up a mortgage? Buyer Randy makes an offer to purchase one of Broker Tom's D. The appraised value prior to sale 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? A. D. Greg has no fiduciary responsibilities to Kim once the listing expired. A. Salesperson Harry can solicit his own listings.
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