5- What does the safety clause in the listing agreement do? 96- Which statement is not true about a listing contract? When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. The following table lists all costs of quality incurred by Sam's Surf Shop last year. Which of the following statements is true? What disclosure does the salesperson owe to the buyer and seller? 6- What is important for the sellers to know about a counteroffer? Housing and Community Development Act. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 8- Why should agent Grace give her client a Combined Hazards Book? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. Give credit to all potential borrowers. D. Buyers of FSBO homes are usually the ones who save money. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. The plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Does not need to be familiar with office policy. The interest rate will increase gradually over time. 3. C. Explain your marketing plan to the sellers. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? Bob Broker represents Sam Seller. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. The definition of race was expanded to include ancestry. B. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? B. C. Discuss alternative properties that may be interest. What kinds of things should he be looking for? 7 of 11 In which of the following types of loans is the payment allocated only to interest? 16 juin 2022 why do babies clap their feet. 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. B. A. A. Wait until next week to send an activity report, hoping things will pick up. A. 7. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. 37- When dealing with the sale of a business, which is not a true statement? 2 of 10 A competitive market analysis contains information about all of the following items except which? 1- What are the five aspects that are involved in any selling approach? Deposit the check into his trust fund account on the next business day. 6- What is important for the sellers to know about a counteroffer? Documents showing your affiliations with real estate organizations. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. Nam lacinia pulvinar tortor nec facilisis. The salesperson entered into a buyer-broker contract with her brother. A. Private mortgage insurance is available for FHA loans. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. What approach can their agent take to change the sellers perception of the offer? Example 1. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. 7 of 10 Which of the following is a possible benefit of investing in real property? B. D. Goals must be realistic if you hope to accomplish them. However, he is objecting because the roof is 12 years old. A. $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 price elasticity of demand for Where is it that he likely found out the property was for sale? C. Clearly written contractor agreement must exist. A. D. The property is in a state fire responsibility area. D. Gross income must be based on hours worked. B. You had a 9% loss. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. 2- What is floor time and why is it important? 7- Agent Jim needs to do a visual inspection of his listing. 2- List the three Institute of Real Estate Management property management designations. C. Shows property addresses that should be excluded from prospecting. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. 7- What makes up a mortgage? The sellers want the earnest money check made payable to them instead. Present the higher-priced offer first. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? Instead, Bob terminates the relationship with Mary. D. Supply cannot be moved to a high demand area. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. Lenders are in the best position to qualify buyers. 11 of 11 Which of the following is a low loan-to-value ratio? D. Understanding characteristics of the rental market. A. C. Real estate can respond quickly to changes in the market. D. There is a loan protection plan included with the loan. 33- Which statement is true about a loan that has a negative amortization? D. The advertiser must prove he was grandfathered in as a licensee. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. A. The Reality of Purchase Offers . 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? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 12- What does TRID require of lenders? A. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? 21- Which form of advertising is considered the most cost-effective method for selling a home? 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. 1 of 10 Which of these statements is not true? The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? She is probably using all but which of the following tools? Bob Broker knows that another offer will be coming in at about the same time. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? C. Present Alexs offer first since it came in first. The owner has 30 days to notify the county assessor. What property type will be his specialty? 5 of 10 Alice has decided that she will specialize in selling farm land. Have you been pre-qualified or pre-approved by a lender yet? 6- What is the main reason sellers choose to sell their property without an agents help? 8. A. B. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? D. Meet with an inspector at a listing. Which of the following statements is not true? The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? A. B. Ask the buyers to sign a real estate transfer disclosure statement. B. FSBO sellers believe they will save money if they sell themselves. Answer: A- No, Bob Should have submitted the offer. What would you say about Sallys behavior? 2 of 10 Which of these is not an AIDA characteristic? He sounds really excited about this property. Course Hero is not sponsored or endorsed by any college or university. 1- What is escrow? 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? Is generally viewed as unprofessional. \hline 9- Define a purchase money mortgage. Prices of properties currently on the market, C. Properties that were listed but did not sell. Is critical to your success in real estate. On what amount will he pay capital gains tax? 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 6 of 10 Which of the following statements is not true? Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. Sets a limit on the commission a broker can earn. 5 of 10 Which of these is not a true statement? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? Start in the room with the best features. At the time the agreement is signed. \text { Annual cost of quality training } & 456,000 \\ 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? Who will pay the points? 7- How can a builder help you generate leads? C. There is a 6-month pre-payment penalty for paying off the loan early. For what type of loan is the borrower applying? 93- Jim has created a nice property flier for the James home. A. C. Your plan for finding the buyer a home. C. Giving buyers your opinion of what works best for them. : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 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. 5 of 11 Which of these statements is true about a CalVet loan? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz 3 of 10 Homeowners can deduct all but which of the following from their income taxes? A. 57- Under federal income tax law, the basis for a personal residence is which of the following: whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. 4- Explain the documentary transfer tax. 8 of 10 When is the first installment of property taxes due? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 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? 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. The monthly net rental is $600. B. A secondary bid for a property from the same buyer. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. A. New Age purchased a new coffee maker the office was in need of. 6 of 11 Which of the following is not true about reverse annuity mortgages? 10. Go back to the buyer's agent and try to get the offer higher. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. What are members of NAR required to do? buyer randy makes an offer to purchase. California: Real Estate Practice Sample of Final Course Exam. 6- Whats important to know about the Liquidated Damages paragraph? C. The same amount will go towards the principal every month. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. Which is a true statement? A. Kirk doesnt have the right to withdraw the offer so soon. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. 3- When making your presentation, what topics should you cover? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 8 of 10 Which of the following circumstances would concern you about working for Broker John? A. Greg is violating the duties he owes to his new buyer. B. B. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. 3- What are the three general responsibilities of a property manager? 6- How does a limited partnership differ from a general partnership? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 12- What are grant programs typically used for? Properties are very liquid and can move quickly. 80- Which of the following is an example of commingling? Before completing the form, discuss the following important points with the home seller: Price. The original loan becomes subordinate to the wraparound. What kind of listing agreement does Alice have with Jack? The borrower makes payments of interest only over the term of the loan. 54- Jim and Jane are buying a home for $120,000. is 0.4. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Authors Channel Summit. 3- When making your presentation, what topics should you cover? The second mortgage has now become the primary loan. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. D. Call the sellers immediately and let them know you wont be coming by. 1. 3. The borrower makes payments of interest only over the term of the loan. 64- Which of the following is not a form of personal advertising? 2- What is important to remember about multiple offers? 2- Name one advantage and one disadvantage of telephone contacts. 73- Which of these is not a buying signal? What kind of mortgage are they looking for? There are several successful agents at Johns office. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Preparation of an appraisal of the property, D. Help with required forms and disclosures. D. Allows a broker to have as a commission anything above the minimum the seller sets. B. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 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? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 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. 55- Greg is approved for a Cal-Vet loan. The owner of the property is HIV positive. Who is responsible for removing the lien to clear the title? C. Have keys made for company listings. 100 B. Checking your browser. 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? B. buyer randy makes an offer to purchase. What should Bob advise Sam? Name four traditional marketing tools that you should use with every listing you get. C. An assistant can keep track of the progress of activities during escrow. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Use the yes-but technique to handle the objection. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? 2. 18 of 50 The listing type that assures a broker that he or she will receive compensation no matter who procures the buyer is what kind of agreement? 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? C. Payments will not be enough to retire the loan. C. Do you need the equity from your current home for the new home purchase? A. 1- What is important to know about unlicensed real estate assistants? 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? Return the earnest money to buyer Norm. Sam plans to overnight the acceptance on Monday. Tom then resells the property to the developer and pockets a $300,000 profit. Jim and Jane financed the remaining $25,000 through the seller. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. The advertiser can be sentenced to up to a year in prison. What should agent Phil do? C. The broker must conduct the escrow personally and not delegate any escrow activities. Broker compensation to other brokers. Harry has some buyers that he believes are ready to make an offer. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? B. C. Gather listing forms for her employer. A. What kinds of things should you include in a weekly activity report? 101- Which type of loan typically carries the most loan points? 41- Agricultural land includes all of the following EXCEPT which? A. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? If an item is already correct, write C on the line provided. Donec aliquet. What should Tom do? A secondary bid for a property that the seller will accept if the first offer fails 4- Whats a bonus closing and whats important to keep in mind about this technique? 3. Bill is purchasing a 6-family apartment building. C. Participation in the MLS increases a licensees inventory. B. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. escrow money must be passed back to the buyer. Which statement is true? Answer: C- Try to get Sam to accept the offer. 88- Sally and Dan must pay 2 points on their new $65,000 loan. C. The home sits on an earthquake fault zone. 3- What signals do buyers use to indicate they may be willing to make a purchase? Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs To learn more about the real estate business, D. To make more money than a real estate agent. C. Payments will not be enough to retire the loan. 7 of 10 Which statement is not true about opening escrows? 6- What is the main reason sellers choose to sell their property without an agents help? 2- What types of office administration tasks are important for a licensed assistant to perform? Which statement is TRUE? B. 5. D. Avoid negative comments while hes inside the home. Has New Age violated any laws? Next, calculate the points charged; $168,500 x 0.02 = $3,370. Broker Ashley has been working for a seller for the past seven months. A. Youll know how much house they can afford. lumberton man killed; guggenheim annuity rates. 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. A. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? Can be used in place of a verbal presentation. C. Regulating reserves of institutions with savings accounts only. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 3 of 10 How long must trust account records be kept? Code Violations and Tax Delinquencies. B. D. All adjustable rate mortgages have negative amortization. If the loan is VA guaranteed, no down payment is required. Giving information about a listing to prospective buyers. 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. A. A. Name and define the two forms of advertising. The adjusted cost basis of the first home was $140,000. 31- Patrick has a written independent contractor agreement with his broker Tami. C. Allow indoor pets to leave their designated area. 8 of 50 Buyer Kirk submits an offer to seller Larry. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? 5- Define the term loan-to-value ratio. What should Bill do? 103- Kirk and Sandy obtained a wraparound mortgage. What approach can Greg use to discourage the person from calling other agents? B. 4- Why is it important to talk to the sellers about the buyers? D. Call the sellers immediately and let them know you wont be coming by. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 4 of 10 Which of the following is NOT a condition of the safe harbor test? D. She should persuade them to accept the offer. The sales agent should: Write a counteroffer stipulating the sellers' request. 11- What is a public report and when must it be provided? Make sure all required disclosures have been done. Will placed an ad in the most recent Home Buyers Guide. They agree on a price and both parties execute the contract. Gross income must be based on production. Licensee Pat was in transit to the cooperating licensee's office with the offer. Senior housing for residents 62 or older, B. D. Give the sellers the price over the phone so that they can think about it before you meet with them. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? There . 3- How could refinancing be an investment benefit? 37 of 50 Which of the following economic characteristics is true? B. 1- How much is the loan origination fee and what does it cover? 5 of 10 All of the following are valid listing agreements. Virtual tours are a very expensive marketing tool to use. A. A. Gives the names of lawyers who might require property assistance. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? Give housing choices to the widest range of people. Give the deposit money to the seller. C. The borrower pays a fixed rate of interest. Bob receives an offer from a buyer that is 12% below Sam's asking price. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. D. Their loan payments will gradually increase. Change the locks on the tenants apartment. B. Pleases the sellers by inv=creasing activity. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? What would be a good approach for Pam to take? Better yet, try to avoid deal breakers. 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. Buys pools of mortgages in exchange for mortgage-backed securities. Sunday afternoon, Mary is driving around and finds a property she likes better. This would be the maximum the purchaser would be permitted to borrow. Which of these statements is true about the wraparound mortgage? ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? California: Real Estate Practice Ch3 Quiz with no answers. C. Real Estate Settlement and Procedures Act. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. She put 20% down and got a mortgage for the remainder. Ask the caller if he or she would like to receive e-mails on newly listed properties. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? Bill cannot contact the seller. The loan will be distributed to them gradually. 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? B. 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. A. Jake is getting a VA loan with no down payment. Write a contingent counteroffer. 10- Whats the difference between a lease purchase and a lease option? What should a licensees written employment agreement contain? A. B. How should Jan's licensee handle the offer? A. I will complete the GRI certification in the next four years. 5 of 10 How many properties should be included for comparison in a competitive market analysis? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? California: Real Estate Practice Ch9 Quiz with no answers. 8 of 10 Which of the following will give you comparative market data the fastest? D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. What was Sam's appraisal cost for quality last year? Donec aliquet. The Residential Environmental Hazards Guide, B. 8- What is the major difference between a CalVet loan and other loans? 10- Whats the difference between a lease purchase and a lease option? A. Ken is responsible for his own taxes, while the broker pays Sarahs. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 4- Why is it important to talk to the sellers about the buyers? This form is the first step in any real estate deal. 7 of 10 Which of the following is not a national real estate trade organization? 1- What is an important thing to remember about listing agreements? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. 2. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 7- What are the capital gains exclusions associated with the sale of a personal residence? B. C. Supervises the Federal Housing Authority. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. A. B. "Yes, let's offer $10,000 less than the asking price. 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. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). C. Is subordinate to a first mortgage. A. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. D. Ensure fair real estate negotiations. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. What kind of mortgage might they get? A. Set up a face-to-face meeting with the sellers as soon as possible. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. D. Chris is a buyer's agent. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 47 of 50 Which of the following would not qualify as a 1031 exchange? The offer with the highest price that is the most likely to close 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.
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