How would Grants lease at this time be classified? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? 4. 7- What does the net operating income of a property represent? A. How should licensee Fred handle this offer? New Age purchased a new coffee maker the office was in need of. Offer to mail the caller a set of fliers on interesting properties. 9- What required disclosure is a result of Megans Law? Private mortgage insurance is available for FHA loans. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 2 of 10 Which of these is not a good technique to get the name of a caller who is reluctant to give you that information? The escrow holder will need information about the brokers commission. D. Must start out as a part-time employee. Answer: B- Encourage the buyer to get the attorney to review it quickly. Rule E-1 A. Mike has changed jobs six times in the past six months. 8 of 10 Which of the following will give you comparative market data the fastest? 3- When making your presentation, what topics should you cover? 9 of 10 Which of the following statements is not true? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. Amanda loves the home and wants to make an offer. The check that accompanies the salesperson license application must be for what amount? Goodwill is an intangible asset that results from the reputation of the business. Present the $200,000 first and recommend rejection. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? 86- Which of the following is not considered a benefit of investing in real estate? 67- Hannah is a real estate assistant. View an objection as the buyers request for more information. The owner has 30 days to notify the county assessor. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. The seller must file a bill of sale with the county clerk. Suggest to the sellers that their listing price is too high. 7 of 10 How might probate information help in prospecting? C. Knocking on doors never requires special permits. 4- What is the agreement that a broker can enter into with a buyer? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. The offer with the fewest contingencies A. A. 8- Why is it important to have a written prospecting plan? B. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. What is most likely their main motivation for investing? On what amount will he pay capital gains tax? The A. A. What kind of a mortgage do they have? A. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. To access the website, click "Allow". D. Kirks offer to Larry is legally cancelled. 5- What actions can the sellers take regarding the purchase offer? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. Give a discount to families with children. B. 3- Differentiate between mortgage brokers and mortgage bankers. At the time the agreement is signed. 1- What is goodwill as it relates to a business? A. Properties are very liquid and can move quickly. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. A rental property has a return rate of 8%. escrow money must be passed back to the buyer. 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? 5- If lenders intend to sell mortgages in the secondary market, what must they do? B. Which of the following would be considered an intermediate goal? B. 46 of 50 Greg grew up in and lives in a rural area. Ask questions of the prospects children. Mary wants to make an offer on a house that is 25% lower than the asking price. Bob should not have presented the offer after the property was under contract to another buyer. B. What kind of lease does Jim have? 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. B. Answer: A- Proceed as if the buyer has decided to make an offer. Courtesy of RealtyPact. A. D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. Click the "Allow" button. 5 of 50 Jane has been working with some buyers for several weeks. 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? 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? A. Example 1. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. Buyers looking at FSBO homes are usually looking for a bargain. B. Pam is not liable since it was summer and the heating problem was not obvious. They made $50,000 of improvements. C. Alice is getting a conventional loan and making a 15% down payment. What should you keep in mind when developing your marketing plans? Set up a face-to-face meeting with the sellers as soon as possible. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . 10 of 10 All of the following are true statements about goals except which one? Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. B. What kind of closing technique is Jim using? 7- Name three benefits of listing a home with an agent that you could share with sellers. B. B. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? C. Refuse to accept the offer and check. A. The monthly net rental is $600. He says to them, "Would you prefer to take possession on September 1 or October 1?" 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. A. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. C. The lender gives the borrower a mortgage and funds. 8- Why should agent Grace give her client a Combined Hazards Book? The buyers family is pressuring them to purchase this home. 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. 5- What kind of newspaper ad could you place to solicit a listing? What will they have to pay at closing for the points? Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. California: Real Estate Practice Ch5 Quiz with no answers. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 8. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? Allows quick repayment of the loan through accelerated payments. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? Launch into your list of the homes special features and hope she changes her mind. A secondary bid for a property from the same buyer. Present the offer and tell the seller that the check needs to be held until June 30. 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. Gross income must be based on production. D. Call the sellers immediately and let them know you wont be coming by. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? A. Preparation of an appraisal of the property, D. Help with required forms and disclosures. D. Have the prospects sign the disclosure about agency relationship. How much did Sam gain or lose on the sale? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. He refuses to rent the other unit to families with children. B. D. Lends good visual support to what the agent is saying. B. California: Real Estate Practice Chapter 17 Quiz with no answers. university of missouri hospital salaries 2021; port orange arrests today. A. This term typically refers to. 92- Which of the following situations is not exempt from the seller disclosure requirement? C. Insurance agents dealing with customers. B. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? Use the yes-but technique to handle the objection. Which of these actions might have caused their upset? 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. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. A. The home is listed at $210,000. Before the sale can get finalized, the owner would require you to first meet certain conditions. 30- Being prepared to handle incoming phone calls means all of the following except which? The definition of race was expanded to include ancestry. What kind of closing technique is Harry using? 1- When is an agency relationship created? Sending cards and newsletters is a good way to keep in contact with clients and prospects. C. The air conditioner does not work. C. Clearly written contractor agreement must exist. D. The first and second mortgage will be rolled into one. Broker Alice holds an uncashed check until the offer is accepted. B. Rewrite whole paragraphs to ensure clarity. D. Purchasing loans from primary lenders. At time of license renewal, what is the renewal charge for a salespersons license? The following table lists all costs of quality incurred by Sam's Surf Shop last year. Is depreciation accounted for by a hospital? 2 of 10 All of these statements are true except which one? 96- Which statement is not true about a listing contract? Harry has some buyers that he believes are ready to make an offer. D. The date Abby makes the request to receive the booklet. What property type will he be dealing with? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. C. An assistant can keep track of the progress of activities during escrow. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz B. 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. At the end of the term, the loan balance will be negative. Name and define the two forms of advertising. 9 of 10 When you believe an offer is both fair and reasonable but it does not meet the sellers asking price, you should: A. D. Give the sellers the price over the phone so that they can think about it before you meet with them. 33 of 50 Sal bought a personal residence for $150,000. Which of these expenses is not associated with owning a home? Which of the these activities does she have control over? 4 of 10 If a person believes he or she has been discriminated against, how long does he or she have to file a HUD complaint? Start in the room with the best features. 8 of 10 Which of these is a free form of advertising? C. The seller can do all repairs himself. A. 8- Under what conditions may a landlord enter a tenants property? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. You can make a Best Offer on listings that have a Make Offer button. The sales agent should: Write a counteroffer stipulating the sellers' request. C. FSBO sellers who list with an agent will pay their own advertising costs. A. C. Payments will not be enough to retire the loan. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. 10 of 10 A competitive market analysis is an attempt to: A. 5 of 10 Mike bought his home last year for $150,000. 2- Who needs title insurance and why? 8- What actions does a lender take to sell a mortgage in the secondary market? A. 24 of 50 Tim thinks his buyers are ready to make an offer. A. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Write a counteroffer. California: Real Estate Practice Chapter 16 Quiz with no answers, 1 of 10 According to FIRPTA, what percent would a buyer who is buying the property as a personal residence need to withhold when purchasing a $200,000 home from a foreigner?. 6- List the steps of underwriting. How are properties affected by the local economy? 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? During a phone call, a salesperson discusses showing a property to a prospect. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings 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. 7- Agent Jim needs to do a visual inspection of his listing. B. 4- What are the major areas of newspaper leads? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 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? D. Brenda has not violated any fiduciary duty. Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a What kind of closing technique is Jim using? C. Prepare additional documentation to take to the presentation. Return the earnest money to buyer Norm. 17 of 50 Kathy is a personal assistant at Action Realty. 2 of 10 Which lender typically deals in interim financing? B. Find solutions. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. A. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 5 of 10 The principles of an agency relationship include all of these factors except which one? 41 of 50 What was the important ruling in Jones v. Mayer? 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? Housing and Community Development Act. If a seller is in a multiple offer situation, how do you determine the best offer? 3- When making your presentation, what topics should you cover? B. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. B. Newsletters can be a very effective advertising forum for niche marketers. (Who, Whom) has been selected as the team captain? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. A. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? Step 2. Change the locks on the tenants apartment. C. Tell the sellers you expect an offer to be coming soon. 3- What signals do buyers use to indicate they may be willing to make a purchase? C. Print postage labels from your computer. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? C. Theyre probably paying a higher interest rate on the second mortgage. 8- What is the major difference between a CalVet loan and other loans? C. Eric may not represent the sellers interests to the detriment of the buyer. C. It must specify a definite termination date. 19- Which of the following is not an advantage of hosting an open house? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. What was Sam's appraisal cost for quality last year? $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. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. A. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 21- Which form of advertising is considered the most cost-effective method for selling a home? B. Tom then resells the property to the developer and pockets a $300,000 profit. Only needs to be done periodically. 8 of 50 Buyer Kirk submits an offer to seller Larry. 78- Nancy bought her home last year for $425,000. They were counting on a full-price offer and are very disappointed. C. Explain your marketing plan to the sellers. D. Make the headline bold and all caps. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. 2 of 10 Which of these statements is true? Before completing the form, discuss the following important points with the home seller: Price. Prior to bringing an offer to purchase. A. D. Understanding characteristics of the rental market. 10 of 10 Which of the following is not a possible benefit of investing in real property? Answer: D- They are effectively terminating the original offer. B. C. Greg has violated the duty of confidentiality to Kim. A broker may advertise that he or she is an escrow agent. 11- What is a public report and when must it be provided? The original loan becomes subordinate to the wraparound. Answer: D- Return the money to buyer Norm. 3- For whom do property tax exemptions exist and for how much? 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. He just sold it for $13,000. Which area of specialization would she fall into? A. C. Allow indoor pets to leave their designated area. 6. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Here are the steps to follow to make an offer to purchase: Step 1. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 7 of 10 Which statement is not true about opening escrows? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. of a train ride will leave the quantity demanded of train rides unchanged. D. Broker Tom has only limited responsibility for the actions of his licensees. C. Gather listing forms for her employer. A. Tom thereupon submits a full-price offer to the owner and purchases the property.
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