Terminate the first contract and accept the higher offer. B. Newsletters can be a very effective advertising forum for niche marketers. 2- Name one advantage and one disadvantage of telephone contacts. What are some important tips for home tours? 4- Agent Greg receives a call about one of his firms ads. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. 5 of 10 You should try to attach a rider strip to your For Sale sign that has: 6 of 10 If there is no interest in the property on a given week, the agent should: A. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? Donec aliquet. 37- When dealing with the sale of a business, which is not a true statement? D. The borrower gets a note in exchange for a mortgage. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 13 of 50 What is the most common reason that owners try to sell their homes themselves? C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. A net listing is illegal in all states. She put 20% down and got a mortgage for the remainder. The offer with the highest price 5. A. 103- Kirk and Sandy obtained a wraparound mortgage. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 30- Being prepared to handle incoming phone calls means all of the following except which? Documents showing your affiliations with real estate organizations. What would we call Hannah? C. The date the lender receives her application. of a train ride will leave the quantity demanded of train rides unchanged. In the past year they have referred two dozen people who have purchased flooring from New Age. B. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. C. The fair market value at the time of sale Not waste anymore time on this house, the buyer will never make an offer. Housing and Community Development Act. The advertiser can be sentenced to up to a year in prison. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. He has put up $50,000 in preferred stock as earnest money. C. Payments will not be enough to retire the loan. 3 of 10 Jake has received two offers on one of his listings. What approach can Greg use to discourage the person from calling other agents? Write a counteroffer. C. Identifies buyers for other properties. 2- When establishing rapport, whats one of the best ways to get to know your buyers? A. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. D. All repairs must be in compliance with existing building codes. 3- What signals do buyers use to indicate they may be willing to make a purchase? C. Jim and Amanda whisper and frown when they see the basement. 1- The amount that a seller takes away from a sale is termed: A) Net sale price B) Seller's proceeds C) Gross sales price D) Profit margin 2- Which of the following best describes prospecting? 3- What signals do buyers use to indicate they may be willing to make a purchase? $5,500 the first year, plus a maximum 2% increase in market value per year, B. B. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. This would be the maximum the purchaser would be permitted to borrow. Be open-minded. Enter your offer. What is Gregs capital gain on the apartment? What do you need to remember about making phone calls to potential clients? California: Real Estate Practice Sample of Final Course Exam. Who should Tommy recommend the owner consult with before making a decision? 52- Which statement is true about a listing contract? He must withdraw his representation of one of the parties. Loan terms are from 15 to 25 years. 1- What is an important thing to remember about listing agreements? B. Which of these ad headlines would probably be the least effective for this home? A. 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. She would likely be required to do which of the following? What should Tom do? 4. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. They were counting on a full-price offer and are very disappointed. 10- Whats the difference between a lease purchase and a lease option? B. Answer: B- Encourage the buyer to get the attorney to review it quickly. A. 5- What kind of newspaper ad could you place to solicit a listing? The loan will be distributed to them gradually. 12. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? D. The advertiser must prove he was grandfathered in as a licensee. 2- What exception exists to the duty of obedience when working with a client? If you like, you can add a message to the seller. D. All adjustable rate mortgages have negative amortization. D. Similar expired listings that didnt sell. Who is responsible for removing the lien to clear the title? 4 of 11 Which of these is also called a contract for deed? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Tell Linda that the sellers will be very disappointed if they cancel the appointment. 42- Alice is planning her career and setting her goals. Minimize expenses while maximizing profits for the owner. 2 of 10 Which of these statements is true? The other 75% came from an hourly wage paid by Tami. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 5 of 10 Alice has decided that she will specialize in selling farm land. Bill is purchasing a 6-family apartment building. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? Rule F-1. What kind of agreement is this? Ask the buyers to sign a real estate transfer disclosure statement. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? A. Deposit the check into his trust fund account on the next business day. Buyers looking at FSBO homes are usually looking for a bargain. C. Ask the caller when not if he or she wants to see the property. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. B. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. The salesperson entered into a buyer-broker contract with her brother. Studying population trends in the area. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? \hline \text { Annual inspection costs } & \$ 155,000 \\ Here are the steps to follow to make an offer to purchase: Step 1. A. 1- What is a competitive market analysis? Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? 12,800 square feet At time of license renewal, what is the renewal charge for a salespersons license? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? To access the website, click "Allow". Maximize the return to the property management firm. Prior to bringing an offer to purchase. 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? A. The sales agent should: Write a counteroffer stipulating the sellers' request. B. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? 1. 65- Which of the following items is usually not prorated at closing? Now, calculate the origination fee; $168,500 x 0.02 = $3,370. B. 84- Four years ago, Sam purchased a vacant lot for $10,000. He pays rent for occupancy, plus maintenance and operating expenses. It helps to identify buyer and seller needs. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? A. On what amount will he pay capital gains tax? Next, calculate the points charged; $168,500 x 0.02 = $3,370. What should a licensees written employment agreement contain? C. Present Alexs offer first since it came in first. Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? C. If Larry verbally accepted the offer, Kirk is bound by it. It was terminated when Mary delivered the recission to Sam. 4- Describe how a property manager can receive his or her fees. He says to them, "Would you prefer to take possession on September 1 or October 1?" D. Kirks offer to Larry is legally cancelled. A. 78- Nancy bought her home last year for $425,000. 4- Amanda calls broker Tim to schedule a showing of one of his listings. What should Bob do? The purchase price, plus improvements, C. The fair market value at the time of sale. A. D. Administers special assistance programs. They made $50,000 of improvements. C. Broker Harry deposits $1000 into his brokerage business account. 2- What is floor time and why is it important? To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. 81- Jake has decided to specialize in working with clients who purchase schools. 9 of 10 Janet is an unlicensed assistant. What is the status of the contract between Sam and Mary? Answer a question with a question when possible. Gross income must be based on production. 4- How is property management seen as a risk to investing? 68- Greg and Joyce have an adjustable rate mortgage on their home. D. Brenda has not violated any fiduciary duty. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? What is the body of law that governs negotiable instruments? 59- Which of the following is a sellers request that an agent cannot honor? 5- When must a licensee provide an agency disclosure to a prospective client? 6- What is important for the sellers to know about a counteroffer? D. There is a loan protection plan included with the loan. B. D. After the agent has had time to make copies at the office. Return the earnest money to buyer Norm. 8 of 50 Buyer Kirk submits an offer to seller Larry. A. Plastic dishes last a long time because they are unbreakable. Mary learns that Sam is selling only half of the duplex. 44 of 50 Fair Housing laws are designed to: A. 47 of 50 Which of the following would not qualify as a 1031 exchange? What are members of NAR required to do? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 7- Name three benefits of listing a home with an agent that you could share with sellers. 3- For whom do property tax exemptions exist and for how much? A. 3- What is a good approach to use when contacting the owner of an expired listing? What is this agreement called? B. C. Be sure all requested inspections have been ordered. sam neill laura tingle split B. California: Real Estate Practice Ch10 Quiz with no answers. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? A. Greg is violating the duties he owes to his new buyer. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? is 0.4. B. Which of the following activities would she not be authorized to perform? 9 of 10 A shopping center would be primarily categorized as what type of property? Facebook Instagram. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. What kind of lease does Jim have? 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? dota 2 annual revenue 2020. adam foote parents. 5- Your listing presentation manual should be made up of two sections that address what issues? Mary wants to terminate the contract. 4- What items are not covered by any title insurance policy? Set up a face-to-face meeting with the sellers as soon as possible. 8- What is the major difference between a CalVet loan and other loans? escrow money must be passed back to the buyer. She tells them that this action could decrease their property values. D. Buyer indemnity and seller protection. D. Understanding characteristics of the rental market. Recommend a counteroffer back to list price. \hline During this interim period, grant makes monthly rent payments and the owner accepts them. B. B. Pleases the sellers by inv=creasing activity. B. Code Violations and Tax Delinquencies. The borrower makes payments of interest only over the term of the loan. B. 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. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. ", Answer: A- "What would you like to offer? The gross annual income, $7,200, divided by 8% (0.08), is $90,000. A. 4. 55- Greg is approved for a Cal-Vet loan. 8- What actions does a lender take to sell a mortgage in the secondary market? What should Tom do? 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. Norm gave Pat a $500 earnest money check. How does ALTA-R differ from ALTA? Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. Find a home that meets FHA requirements. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? A rental condominium for a recreational vehicle. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. Which of the following is Kirk himself not likely to do during the application process? 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. B. I will practice my listing presentations. B. Pam is not liable since it was summer and the heating problem was not obvious. Hometown received $2400.00 in referrals. An open listing is an exclusive contract. C. Mortgage bankers are a large source of residential loans in California. A. 10 of 10 Which of these Internet pages might be of particular interest to sellers? C. Exclusive-authorization-and-right-to-sell agreement. C. Discover why some homes havent sold. 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. \text { Annual cost of quality training } & 456,000 \\ C. It must specify a definite termination date. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. C. The broker must conduct the escrow personally and not delegate any escrow activities. C. The lender gives the borrower a mortgage and funds. 69,200 The seller must file a bill of sale with the county clerk. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. Properties are very liquid and can move quickly. At the end of the term, the loan balance will be negative. A. Wills weekly report indicates two showings and five inquiries for the week. D. Is best left to experienced brokers. The sellers want the earnest money check made payable to them instead. 7- What makes up a mortgage? 10 of 10 All of the following are true statements about goals except which one? A. How long must a broker be licensed in order to apply for a temporary broker's license? During a phone call, a salesperson discusses showing a property to a prospect. What kinds of things should he be looking for? 8. 4 of 10 All of these are true of prospecting except: A. Jim has decided to specialize in what area of real estate? 5- Your listing presentation manual should be made up of two sections that address what issues? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. C. Have keys made for company listings. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 101- Which type of loan typically carries the most loan points? The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. They called Wills office and told the secretary they are upset and need to speak with Will. A. an opinion of value for the day of the appraisal only. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. A. 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. 8 of 10 When is the first installment of property taxes due? Discourage Sam from accepting an offer so far below Sam's asking price. At the end of the term, the loan balance will be negative. List the details of all parties involved. 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. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. B. 4- What is the agreement that a broker can enter into with a buyer? 9 of 10 How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket? 1- What is an important thing to remember about listing agreements? D. Reduces the monthly payment for a borrower during the initial years. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. B. 2- Name one advantage and one disadvantage of telephone contacts. 7- In the initial meetings with the prospects, the agent should do all of the following except which? You can use a reverse telephone directory to get the names of residents. What should Tim do next? A. B. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? A. Salesperson Harry can solicit his own listings. 1 of 10 All of the following are good approaches for handling objections except which? 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. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. 10- Whats the difference between a lease purchase and a lease option? C. Real estate can respond quickly to changes in the market. 5 of 10 Which of the following is not a source of information for professional ethics codes? He just sold it for $13,000. Buyer Norm just signed a purchase contract with licensee Pat. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 6 of 11 Which of the following is not true about reverse annuity mortgages? buyer randy makes an offer to purchase. Which of the following would be considered an intermediate goal? 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? the buyer is not allowed to make a counteroffer. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. 9% university of missouri hospital salaries 2021; port orange arrests today. A. Kirk doesnt have the right to withdraw the offer so soon. What would be a good approach for Pam to take? A. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. What will the new owners pay in property taxes? 3- When preparing a competitive market analysis, what categories of homes should an agent research? B. 1- What is important to know about unlicensed real estate assistants? D. Interest rates are typically fixed rate. Bob cannot do anything; it is out of his hands. He succeeds in setting up an appointment to meet with the caller. 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. C. Insurance agents dealing with customers. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 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. Where is it that he likely found out the property was for sale? 4 of 10 Which of the following is NOT a condition of the safe harbor test? Supervises the Truth in Lending Act. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. 6 of 10 Which of these is an emotional reason that buyers buy property? Referral fee to a homeowners insurance agent. 7- What does the net operating income of a property represent? Her asking price was $560,000 and the property sold for $575,000. Please remove your shoes before entering the home. B. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? D. Their loan payments will gradually increase. D. Call the sellers immediately and let them know you wont be coming by. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. Sam plans to overnight the acceptance on Monday. D. Chris is a buyer's agent. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? A. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? 10- Which disclosures are NOT required to be made when selling residential property? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Certain homeowners may qualify for a $10,000 exemption. 3 of 10 Which of the following would be an example of a licensee specializing in business type? B. 8 of 10 Which of the following circumstances would concern you about working for Broker John? Broker John puts $500 into his trust account. 5. Encourage the buyer to get the attorney to review it quickly. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. C. Greg has violated the duty of confidentiality to Kim. A. B. California: Real Estate Practice Chapter 18 Quiz with no answers. C. Exclusive-authorization-and-right-to-sell. B. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. If checked, the seller can complete repairs after closing. 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? There is nothing that can offset this problem. California: Real Estate Practice Chapter 15 Quiz with no answers. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. B. C. I will open my own office within nine years. Start in the room with the best features. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. D. Call the sellers immediately and let them know you wont be coming by. 4- What is the agreement that a broker can enter into with a buyer? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? 6- What is the main reason sellers choose to sell their property without an agents help? Which law extended discrimination to include handicap and familial status? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. A purchase offer is a binding contract between the buyer, the seller and their agents. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. Only needs to be done periodically. C. They can make payments directly to the original lender. Bob Broker knows that another offer will be coming in at about the same time. B. C. Consider child support payments in the decision. Other than residential list three kinds of property in the real estate market. At the time the agreement is signed. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. Checking your browser. Encourage Sam to make a counteroffer at 2% below Sam's asking price. 9 of 10 Which of the following statements is not true? An agent should print off a copy of the listing on the companys Internet site to send to the sellers.
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