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52- Which statement is true about a listing contract? B. 2- When establishing rapport, whats one of the best ways to get to know your buyers? The date Abby receives the good faith estimate. Explain. 2- What is floor time and why is it important? What should Bob do? A. John offers weekly training seminars. B. B. C. The borrower pays a fixed rate of interest. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. What should a licensees written employment agreement contain? A. The salesperson entered into a buyer-broker contract with her brother. 1- What is a competitive market analysis? A secondary bid for a property that the seller will accept if the first offer fails 4- What are the major areas of newspaper leads? 11 of 11 Which of the following is a low loan-to-value ratio? California: Real Estate Practice Ch8 Quiz with no answers. I think theyre asking a fair price., C. What do you think would be a fair price?, D. The comps say that this price is right on target.. C. Be sure all requested inspections have been ordered. B. Which of these statements is true about the wraparound mortgage? A. C. Allow indoor pets to leave their designated area. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. B. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. Making a Best Offer | eBay 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Harry has some buyers that he believes are ready to make an offer. 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. What is the most often used form of earnest money deposit? 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? Each of their payments is for the same amount. A secondary bid for a property from the same buyer. 7 of 10 Which of the following is not a national real estate trade organization? 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? Now, calculate the origination fee; $168,500 x 0.02 = $3,370. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 7 of 10 Which of the following is a possible benefit of investing in real property? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 2- What kind of problem can result from a straight loan? 1. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. A. What should Tom do? In the past year they have referred two dozen people who have purchased flooring from New Age. B. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? 7- Name three benefits of listing a home with an agent that you could share with sellers. Bob writes the offer but is too embarrassed to submit it. \text { Annual testing cost } & 543,000 \\ From whom may a salesperson receive compensation for performed activities? A. B. Pleases the sellers by inv=creasing activity. B. 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? Which of the following would be considered an intermediate goal? D. Allows a broker to have as a commission anything above the minimum the seller sets. 84- Four years ago, Sam purchased a vacant lot for $10,000. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. 73- Which of these is not a buying signal? Checking your browser. Point out that the roof is not leaking despite its age. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. 3 of 12 All of the following are primary mortgage market lenders except which? Enter your offer. 33- Which statement is true about a loan that has a negative amortization? 3 of 10 How long must trust account records be kept? Pellentesque dapibus efficitur laoreet. Underline the correct pronoun in parentheses in the following sentence. 4- Why is it important to talk to the sellers about the buyers? He asks his real estate agent if she could tell him how to go about building a house on the land. During this interim period, grant makes monthly rent payments and the owner accepts them. 24 of 50 Tim thinks his buyers are ready to make an offer. Buyer Jim asks if he can visit the property for a second time. The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. C. The buyers are interested in another property. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Which area of specialization would she fall into? 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. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? They were counting on a full-price offer and are very disappointed. Which of the these activities does she have control over? 31- Patrick has a written independent contractor agreement with his broker Tami. 7 of 10 How might probate information help in prospecting? 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? A. I will complete the GRI certification in the next four years. fairbanks ice dogs standings . 3. B. The term of the loan can be shortened. It must be in writing to be enforceable. The seller must file a bill of sale with the county clerk. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. university of missouri hospital salaries 2021; port orange arrests today. Give a discount to families with children. 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. Plastic dishes last a long time because they are unbreakable. The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. The sellers want the earnest money check made payable to them instead. 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. Entails entering into two agreements simultaneously. Buyer Norm just signed a purchase contract with licensee Pat. What does that mean? C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. The borrower makes payments of interest only over the term of the loan. A. Information on current loan programs. They will owe a balloon payment at the end of the loan term. 2- What is floor time and why is it important? 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? When You Should Make a Purchase Offer - The Balance The buyer was responsible for making the discovery, so Pam is therefore liable. At the time the agent presents an offer. This best describes. 42 of 50 Alex makes an offer to purchase one of Bills listings. California: Real Estate Practice Ch9 Quiz with no answers. B. D. I will distribute 200 business cards every month for the next six months. What should Bob do? The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? C. Consider child support payments in the decision. B. Retain the check for use with a future sales contract offer. If the loan is VA guaranteed, no down payment is required. Which of the following statements is not true? 44 of 50 Fair Housing laws are designed to: A. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. A. Mary learns that Sam is selling only half of the duplex. In this case, multiply the monthly income ($600) by 12. 8- Why should agent Grace give her client a Combined Hazards Book? Name four traditional marketing tools that you should use with every listing you get. A. C. Greg has violated the duty of confidentiality to Kim. What kind of mortgage are they looking for? 8 of 10 Which statement is true about a real estate assistant? 14 of 50 The title report on a property shows there is a lien on the property. C. Find a lender who is willing to do FHA loans. D. Goals must be realistic if you hope to accomplish them. A. Lead-based paint was used in the home. California: Real Estate Practice Chapter 13 Quiz with no answers. Private mortgage insurance is available for FHA loans. B. B. Pam is not liable since it was summer and the heating problem was not obvious. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. 6- What is important for the sellers to know about a counteroffer? the buyer is not allowed to make a counteroffer. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? Gross income must be based on production. A. Eric can require that both the buyer and seller share equally in his commission. Which of the following is Kirk himself not likely to do during the application process? C. The buyers and sellers agents will sign the escrow instructions. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. 5- What actions can the sellers take regarding the purchase offer? five letter words with l; jaiswal surname caste; pros and cons of herzberg theory; sechrest funeral home obituaries; curious george stuffed animal 1975; cornerstone staffing application 0 10- Which disclosures are NOT required to be made when selling residential property? Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. B. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. C. Do you need the equity from your current home for the new home purchase? Has New Age violated any laws? Write a contingent counteroffer. D. The interest payment is always smaller then the amount allocated to the principal. The adjusted cost basis of the first home was $140,000. B. If an item is already correct, write C on the line provided. A. 3 of 10 What kind of ad usually combines both institutional and product advertising? 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? What is the primary criticism that sellers have about their agents? What would be determined by a location survey? 3- When preparing a competitive market analysis, what categories of homes should an agent research? D. Gross income must be based on hours worked. Last year, about 25% of his income came from sales commissions. The home comes equipped with all furnishings. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 96- Which statement is not true about a listing contract? 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? What must Tim do? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet B. B. Brenda has violated the fiduciary duty of obedience to Jim. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 5 of 10 Which of the following is not a source of information for professional ethics codes? 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? It can be considered an employment contract. Tell the buyer to submit the offer first and then take a copy to the attorney to review. 57- Under federal income tax law, the basis for a personal residence is which of the following: Encourage the buyer to get the attorney to review it quickly. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. dota 2 annual revenue 2020. adam foote parents. 1 of 10 Which figure represents the amount of income available as a return to an investor? C. The fair market value at the time of sale D. She should persuade them to accept the offer. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Which of the following statements is true? B. 3. 4- How is property management seen as a risk to investing? 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? A rental condominium for a recreational vehicle. D. Provides the names of individuals who may want to sell inherited property. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. A. Wills weekly report indicates two showings and five inquiries for the week. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? He succeeds in setting up an appointment to meet with the caller. B. Ask the buyers to sign a real estate transfer disclosure statement. The offer with the highest price that is the most likely to close B. 2- What exception exists to the duty of obedience when working with a client? B. 8- What actions does a lender take to sell a mortgage in the secondary market? If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? B. Jim Sharp is purchasing his fathers home. Brenda refuses. Whoever brings the buyer will get the commission. A. B. Answer: C- Try to get Sam to accept the offer. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. A. A. 5 of 10 Which of the following would not be a reason to choose to be an assistant? For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. 10 of 10 Which of these Internet pages might be of particular interest to sellers? chris kelly rock 92 net worth. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 9 of 10 All of these might be a buying signal except which? 5- What kind of newspaper ad could you place to solicit a listing? What kind of agreement is this? B. Alice knows everything about the exclusive east side neighborhoods. Deposit the check into his trust fund account on the next business day. Suggest to the sellers that their listing price is too high. D. Is best left to experienced brokers. 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. 3- Differentiate between mortgage brokers and mortgage bankers. There . Bob should not have presented the offer after the property was under contract to another buyer. If the loan is for $68,000, what will Mark be assessed in points? C. It keeps your name in front of potential buyers and sellers. 68- Greg and Joyce have an adjustable rate mortgage on their home. C. There is a 6-month pre-payment penalty for paying off the loan early. Prior to bringing an offer to purchase. Step 2. She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? A counteroffer by a seller to a buyer turns the seller from offeree to offeror. B. 3- What is a good approach to use when contacting the owner of an expired listing? Can be used in place of a verbal presentation. D. The UCC is a body of law that standardizes a number of business practices. 2- What types of office administration tasks are important for a licensed assistant to perform? 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. 1- What is goodwill as it relates to a business? What kind of loan do they have? C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. D. The first and second mortgage will be rolled into one. 9. 11- What are the penalties for violating Regulation Z? C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. She sold the property and several months later the buyer sued Pam for not disclosing the problem. C. Exclusive-authorization-and-right-to-sell. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. C. It creates an agency relationship. She put 20% down and got a mortgage for the remainder. B. A broker may require licensees to carry high levels of automobile insurance. Over 300 California Real Estate Practice Exam questions to pass Tests! How to make a Best Offer. C. Tell them that this home is an exceptional buy and encourage them to look anyway. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. The purchase price, plus improvements, C. The fair market value at the time of sale. 1 of 10 Which of the following types of agency is not allowed in California? 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. residential transactions financed by federally related mortgage loans. A. Example 1. C. When you have 200 names in your contact database. 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. How does ALTA-R differ from ALTA? A. 7- In the initial meetings with the prospects, the agent should do all of the following except which? Which of these ad headlines would probably be the least effective for this home? 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?" D. Make the headline bold and all caps. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. C. Once you set a goal you should never change it. Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs 9% 16 juin 2022 why do babies clap their feet. 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. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? 8 of 10 What does the paragraph on repairs state? 4- Whats a bonus closing and whats important to keep in mind about this technique? 5- How do life insurance companies get involved in the investment market? 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 56- Which is not a true statement about the Agency Disclosure? 8. It helps to identify buyer and seller needs. What should Jake do? This broker is guilty of what prohibited activity? 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. You bought if for the listing price plus 10% and sold it for the listing price. A. C. Identifies buyers for other properties. Buys conventional, FHA and VA loans. Alex Jones owns a duplex and lives in one unit. 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. What do you need to remember about making phone calls to potential clients? He has put up $50,000 in preferred stock as earnest money. C. FSBO sellers who list with an agent will pay their own advertising costs. B. B. Pellentesque dapibus efficitur laoreet. What do many firms do to avoid confusion with their advertising plan? A. C. If Larry verbally accepted the offer, Kirk is bound by it. : The Commission could suspend or revoke Rob's license. On what amount will they pay capital gains tax? Decide which offer is best and present that one. Virtual tours are a very expensive marketing tool to use. Secure documents that are public information from the courthouse and other sources available to the public. He made $150,000 of improvements during the three years he lived in it before he sold it. The second mortgage has now become the primary loan. 6 of 10 Which of the following is not a true statement? C. Shows property addresses that should be excluded from prospecting. 4 of 11 Which of these is also called a contract for deed? What should Bob do? During a phone call, a salesperson discusses showing a property to a prospect. The interest rate will increase gradually over time. Sharon and Steve have just taken a second mortgage on their home. California: Real Estate Practice Chapter 18 Quiz with no answers. 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? 10 of 10 A competitive market analysis is an attempt to: A. The lender makes payments to the borrower. buyer randy makes an offer to purchase. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? Use as little white space as possible. B. I will practice my listing presentations. Only needs to be done periodically. 3- What is the difference between CLTA and ALTA policies? B. A. 1- What is important to know about unlicensed real estate assistants? An open listing is an exclusive contract. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. C. Exclusive-authorization-and-right-to-sell agreement. 1- What are the five aspects that are involved in any selling approach? A. The other 75% came from an hourly wage paid by Tami. buyer randy makes an offer to purchase - 740alvarado.com rickey smiley and grandson videos How can you prepare your sellers for receiving offers? First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. Set up a face-to-face meeting with the sellers as soon as possible. C. Accept commissions from referral agents. A rental property has a return rate of 8%. The owner has 30 days to notify the county assessor. FREE Offer to Purchase Real Estate Form - RealtyPact 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? A net listing is illegal in all states. 5 of 10 California allows a property manager to charge a non-refundable fee for which? This action is legal but very unprofessional. What should Bill do? The steps to make an offer to purchase | DuProprio A. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. A. "Let's make a low ball offer?" D. All adjustable rate mortgages have negative amortization. Courtesy of RealtyPact. 78- Nancy bought her home last year for $425,000. A. is 0.4. 2- What exception exists to the duty of obedience when working with a client? C. The seller can do all repairs himself. B. What should Tom do? Is depreciation accounted for by a hospital? C. If Bill pays off the loan early, there will be no prepayment penalty. Sending cards and newsletters is a good way to keep in contact with clients and prospects. 7- Agent Jim needs to do a visual inspection of his listing. buyer randy makes an offer to purchase - fridarestaurant.com