D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? Be open-minded. B. D. Offer something valuable to the reader. If you like, you can add a message to the seller. B. FSBO sellers believe they will save money if they sell themselves. 7- What is the difference between an FHA loan and a VA loan? What economic factors affect the real estate market as well as other goods and services? B. Write a contingent counteroffer. 4. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? B. Exclusive-authorization-and-right-to-sell agreement. C. If Larry verbally accepted the offer, Kirk is bound by it. A secondary bid for a property that the seller will accept if the first offer fails 53- Greg sold an apartment building he owned for 20 years. A secondary bid for a property from the same buyer. Preparation of an appraisal of the property, D. Help with required forms and disclosures. 1- What is a competitive market analysis? The offer with the highest price 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. From whom may a salesperson receive compensation for performed activities? A. Listen carefully to everything your prospects say and repeat some specifics back at appropriate times so that they know you have heard what they said. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. B. Who makes the payments to a claimant from the Guaranty Fund? B. Brenda has violated the fiduciary duty of obedience to Jim. B. He succeeds in setting up an appointment to meet with the caller. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? C. The seller can do all repairs himself. A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. 3 of 10 What kind of ad usually combines both institutional and product advertising? $5,500 the first year, plus a maximum 2% increase in market value per year, B. D. Their lender can profit from the difference in interest rates. 2- What is floor time and why is it important? $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. 11- What are the penalties for violating Regulation Z? Ask the buyers to sign a real estate transfer disclosure statement. B. Newsletters can be a very effective advertising forum for niche marketers. Which would NOT result from the exercise of police power? 14- Value includes which of the following aspects? 4- How is property management seen as a risk to investing? Which of these actions might have caused their upset? If an item is already correct, write C on the line provided. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Solved Randy and his real estate agent, Bob, enter into a - Chegg 9- What required disclosure is a result of Megans Law? D. Make sure all light bulbs and lamps are working and are bright. 5- What is the Closing Disclosure? D. Broker Gina puts $150 into her trust account. 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. What would you say about Alexs actions? A. The ordinance also requires a 10-foot side set back. 3- What is a good approach to use when contacting the owner of an expired listing? 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? B. 4- Why is coordinating escrow so important and how can an assistant help? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? practice test Flashcards | Quizlet 33 of 50 Sal bought a personal residence for $150,000. The salesperson entered into a buyer-broker contract with her brother. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. California: Real Estate Practice Ch12 Quiz with no answers. 4- Describe how a property manager can receive his or her fees. Who would be exempt under New Jersey fair housing law? Courtesy of RealtyPact. Most likely, what did they get? C. Once you set a goal you should never change it. Harry has some buyers that he believes are ready to make an offer. 5- What should a good management contract contain? California: Real Estate Practice Ch5 Quiz with no answers. 29- Which of the following is not a good direct mail technique? Loan terms are from 15 to 25 years. When should the agent have disclosed this fact? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. A. Brenda must follow all of Jims instructions. 9 of 50 Which of the following is a credit to the seller on the settlement statement? 3 of 10 Jake has received two offers on one of his listings. What would we call Hannah? A. D. Tell the sellers its time to reevaluate the price. What is the body of law that governs negotiable instruments? How should licensee Fred handle this offer? 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 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? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 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. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 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. 6. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. 9 of 10 Which of the following statements is not true? 8- What is the major difference between a CalVet loan and other loans? 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? Which of these statements is true about the wraparound mortgage? Which of the following activities would she not be authorized to perform? Amanda loves the home and wants to make an offer. Give $250 to the buyer and $250 to the seller. Last year, about 25% of his income came from sales commissions. 8- What does the Water Heater Statement of Compliance address? She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? Allows the agent to determine community market trends. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. D. All adjustable rate mortgages have negative amortization. There is nothing that can offset this problem. A broker may advertise that he or she is an escrow agent. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? B. D. Whether or not the licensees attend staff meetings. What is the status of the contract between Sam and Mary? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? Could be a violation of state licensing laws. 10 of 50 There has been very little interest in the Bowers home this past week. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. C. Greg has violated the duty of confidentiality to Kim. What should you keep in mind when developing your marketing plans? 76- Mark believes he has been discriminated against during his home search. Refusing to make loans based on the racial composition of a neighborhood is called. 2 of 10 All of these statements are true except which one? B. Has New Age violated any laws? What should Bob do? 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? A. Salesperson Harry can solicit his own listings. 5- If lenders intend to sell mortgages in the secondary market, what must they do? D. This action is deliberate misrepresentation. 92- Which of the following situations is not exempt from the seller disclosure requirement? What is the market value of the property? D. Is best left to experienced brokers. What is this called? Present the offer and tell the seller that the check needs to be held until June 30. Is critical to your success in real estate. Checking your browser. B. Wait until next week to send an activity report, hoping things will pick up. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. 10 of 10 Which of these is not an exemption to fair housing law? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Answer: D- They are effectively terminating the original offer. A. Mike has changed jobs six times in the past six months. For what type of loan is the borrower applying? B. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. Deposit the check into his trust fund account on the next business day. 11 of 11 Which of the following is a low loan-to-value ratio? D. Placing a classified ad in the weekend paper. C. Gather listing forms for her employer. Rule 21 Who will pay the points? In this case, multiply the monthly income ($600) by 12. 12- What does TRID require of lenders? Allows quick repayment of the loan through accelerated payments. 10 of 10 Which of the following statements is not true about a net listing? Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. Free Purchase Agreement | PDF & Word | Legal Templates A. What is most likely their main motivation for investing? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? What kind of agreement is this? They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. A. FREE Offer to Purchase Real Estate Form - RealtyPact Mary wants to terminate the contract. 7 of 10 Which disclosure form gives detailed information about the propertys condition? D. Administers special assistance programs. The loan will be distributed to them gradually. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? D. All adjustable rate mortgages have negative amortization. Which statement is true? 2- What are some tax benefits associated with investing? 5 of 10 All of the following are valid listing agreements. What should Tim do next? C. Payments will not be enough to retire the loan. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? 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. What disclosure does the salesperson owe to the buyer and seller? D. Avoid negative comments while hes inside the home. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. A buyer mails an offer to an out-of-town seller. This mortgage type is popular among the elderly. Is there a contract between the buyer and seller? C. Tangible assets transferred in the sale include inventory, fixtures and equipment. The steps to make an offer to purchase | DuProprio C. If Bill pays off the loan early, there will be no prepayment penalty. The buyer was responsible for making the discovery, so Pam is therefore liable. CSP-Conlutas Central Sindical e Popular . 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? C. A broker is not responsible for the acts of independent contractors. C. Sharing all visitor comments two weeks before the listing ends. A. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. The borrower makes payments of interest only over the term of the loan. 3. B. Next, calculate the points charged; $168,500 x 0.02 = $3,370. A. Give an example of a specific short-term goal. 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 following table lists all costs of quality incurred by Sam's Surf Shop last year. 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. 5- What actions can the sellers take regarding the purchase offer? 41 of 50 What was the important ruling in Jones v. Mayer? C. Real Estate Settlement and Procedures Act. A. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. 33- Which statement is true about a loan that has a negative amortization? D. Magazine ads are significantly more expensive than newspaper ads. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. What should Elaine do? 3. 7- How can a builder help you generate leads? B. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. Norm gave Pat a $500 earnest money check. A rental property has a return rate of 8%. A. A. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). B. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? D. Buyer indemnity and seller protection. Ashley should end this relationship by, : asking the seller to sign a mutual release. C. The owner has 45 days to pay the new property taxes. 9- What required disclosure is a result of Megans Law? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. 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? D. Goals must be realistic if you hope to accomplish them. C. Moving closer to the agent to get a better look. C. Give the tenant a 3-day notice to pay or quit. 42- Alice is planning her career and setting her goals. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? A. 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. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. B. 6- What is the main reason sellers choose to sell their property without an agents help? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. The offer with the highest price that is the most likely to close C. Exclusive-authorization-and-right-to-sell agreement. She would likely be required to do which of the following? 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. the buyer is not allowed to make a counteroffer. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 4- Amanda calls broker Tim to schedule a showing of one of his listings. 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? Which is a true statement? The lender gives a mortgage to the borrower and gets funds in exchange. Who should Tommy recommend the owner consult with before making a decision? 1- How much is the loan origination fee and what does it cover? 1- What is important to know about unlicensed real estate assistants? There . Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. D. Interest rates are typically fixed rate. 9- Define a purchase money mortgage. A. C. It keeps your name in front of potential buyers and sellers. 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. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. What is the most often used form of earnest money deposit? lumberton man killed; guggenheim annuity rates. Two months later she purchased and moved into a new home that cost $145,000. Secure documents that are public information from the courthouse and other sources available to the public. 64- Which of the following is not a form of personal advertising? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. What kind of lease does Jim have? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 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. C. Tell the sellers you expect an offer to be coming soon. B. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Amanda loves the home and wants to make an offer. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. A. B. What should Tom do? D. In most situations, an assistant should not have the responsibility of in-person contact with clients. Tom thereupon submits a full-price offer to the owner and purchases the property. The purchase price, plus depreciation, B. Retired persons are a good source of neighborhood information. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. In the past year they have referred two dozen people who have purchased flooring from New Age. Select Review offer. 2- Explain the difference between the primary and secondary mortgage markets. D. Convince a seller to list with you. 1- What are the three important considerations for a good property investment? What will the new owners pay in property taxes? B. Sandy and Bill are putting 30% down on their home purchase. What would you say about Sallys behavior? They made $50,000 of improvements. Recommend a counteroffer back to list price. New Age purchased a new coffee maker the office was in need of. C. The fair market value at the time of sale by | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 Supervises the Truth in Lending Act. 2- List the three Institute of Real Estate Management property management designations. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? An assistant should never be left with the task of taking photos of a new listing. Buyer Jim asks if he can visit the property for a second time. 6- When is a lender required to terminate a borrowers private mortgage insurance? The home comes equipped with all furnishings. Which statement is true ? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? B. What should Pat do with the earnest money deposit? California: Real Estate Practice Chapter 13 Quiz with no answers. D. Chris is a buyer's agent. B. A. What approach can their agent take to change the sellers perception of the offer? 6 of 50 Broker Tami has a very low advertising budget. 5- Define the term loan-to-value ratio. Housing and Community Development Act. Rule F-21 C. Jim and Amanda whisper and frown when they see the basement. Documents showing your affiliations with real estate organizations. California: Real Estate Practice Ch9 Quiz with no answers. 16 juin 2022 why do babies clap their feet. B. Its easier to prioritize your tasks if your goals are in writing. Can be used in place of a verbal presentation. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. B. 7 of 10 How might probate information help in prospecting? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 7- Name three benefits of listing a home with an agent that you could share with sellers. 8 of 10 Which statement is true about a real estate assistant? 8 of 10 Which of these marketing tools is not considered a traditional tool? 6- How does a limited partnership differ from a general partnership? C. The date the lender receives her application. A. Answer: A- Proceed as if the buyer has decided to make an offer. buyer randy makes an offer to purchase What is Gregs capital gain on the apartment? 7 of 10 When the broker and seller agree that the broker can receive commission for a specified number of days after the listing expires if selling to a named party on a list, its referred to by what term? Broker Alice holds an uncashed check until the offer is accepted. 7 of 10 Which document shows the assets and liabilities of a business? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 2 of 10 Which of these is not an AIDA characteristic? 4- What is the agreement that a broker can enter into with a buyer? Pellentesque dapibus efficitur laoreet. C. Bake muffins or cinnamon rolls to create a homey feel. 2- Explain the difference between the primary and secondary mortgage markets. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 7. 18- In a transaction that involves the purchase of a business, what document functions in the same way as the deed in a personal real estate transaction? Brenda refuses. Buys pools of mortgages in exchange for mortgage-backed securities. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 1 of 10 Gail is a licensed real estate assistant. C. Is not necessary if the verbal presentation is strong. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? Facebook Instagram. When You Should Make a Purchase Offer - The Balance 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 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. 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? Then present the $208,000 offer. A. John offers weekly training seminars. They will owe a balloon payment at the end of the loan term. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? The seller must file a bill of sale with the county clerk. A. 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. Display lots of family photos to impress potential buyers. 5. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. One day later. A. Mary makes an offer to purchase a duplex from Sam. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. B. Answer: B- Encourage the buyer to get the attorney to review it quickly. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 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? 93- Jim has created a nice property flier for the James home. 5 of 10 Which of these is not a true statement? D. The owner has 45 days to file a change in ownership statement. D. Call the sellers immediately and let them know you wont be coming by. Not waste anymore time on this house, the buyer will never make an offer. D. Buyers of FSBO homes are usually the ones who save money. 5- How do life insurance companies get involved in the investment market? D. Give the sellers the price over the phone so that they can think about it before you meet with them. Bob Broker represents Mary Buyer. A. 5- When must a licensee provide an agency disclosure to a prospective client? 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. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. B. 9 of 10 Which of these is not a helpful homeowner tip? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. When a home seller accepts a purchase offer, the seller is hoping the buyer will complete the transaction at the agreed-on price and believes there is nothing wrong with the condition of the home. 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? B. 3- When making your presentation, what topics should you cover? A. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? At time of license renewal, what is the renewal charge for a salespersons license? B. B. 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. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? Mortgage bankers bring borrowers and lenders together. A. Jim specializes in clients who want to buy restaurants. The sales agent should: Write a counteroffer stipulating the sellers' request. There are several successful agents at Johns office. buyer randy makes an offer to purchase - ftp.ivnowandzen.com 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? 4 of 10 Which of the following is NOT a condition of the safe harbor test? A. B. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). What is the result? buyer randy makes an offer to purchase D. Their loan payments will gradually increase. Bob receives an offer from a buyer that is 12% below Sam's asking price. C. There is a 6-month pre-payment penalty for paying off the loan early.
Is Theo Baker Mary Berry's Grandson, Joe Coba Net Worth, John Macejunas Delta Force, Sergeant Scott Montoya, Articles B
Is Theo Baker Mary Berry's Grandson, Joe Coba Net Worth, John Macejunas Delta Force, Sergeant Scott Montoya, Articles B