Buyer Jim asks if he can visit the property for a second time. D. Offer something valuable to the reader. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. Broker Ashley has been working for a seller for the past seven months. 8- Why is it important to have a written prospecting plan? B. At the end of the term, the loan balance will be negative. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? In addition to agent and MLS home tours, what are some other ancillary tools you can use? A. A. Greg is violating the duties he owes to his new buyer. Select Review offer. A. 7 of 50 Glenna and Amanda just bought their first home. What should you keep in mind when developing your marketing plans? The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. cross elasticity of demand for train rides with respect to the price of a plane ride 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? C. If Larry verbally accepted the offer, Kirk is bound by it. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? C. Exclusive-authorization-and-right-to-sell. Needs a license to perform activities that are not strictly administrative in nature. Start in the room with the best features. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? What property type will he be dealing with? 6- What is important for the sellers to know about a counteroffer? Rule F-1. 70- Which of these items would be a credit to the buyer on the settlement statement? D. Meet with the buyers lender to ensure theyre getting a good deal. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? What property type will be his specialty? 7- What are the capital gains exclusions associated with the sale of a personal residence? Last year, about 25% of his income came from sales commissions. A. \hline \text { Annual inspection costs } & \$ 155,000 \\ 3 of 10 Sara just bought her first new home. FREE Offer to Purchase Real Estate Form - RealtyPact Courtesy of RealtyPact. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. D. The owner has 45 days to file a change in ownership statement. C. Mortgage bankers are a large source of residential loans in California. If an item is already correct, write C on the line provided. C. Explain your marketing plan to the sellers. Skip the activity report for that week. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 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. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? What economic factors affect the real estate market as well as other goods and services? 7- Name three benefits of listing a home with an agent that you could share with sellers. What kinds of things should he be looking for? D. Property evaluations from other agents have valuable information for sellers. 7- What makes up a mortgage? Give the prospects a black copy of a purchase agreement to look over. It can be considered an employment contract. 5 of 10 California allows a property manager to charge a non-refundable fee for which? 6 of 10 Who typically presents an offer to the sellers? 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. List the details of all parties involved. A. B. B. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 3- What are the three general responsibilities of a property manager? the buyer is not allowed to make a counteroffer. [Solved] Buyer Randy makes an offer to purchase one of Broker Tom's 103- Kirk and Sandy obtained a wraparound mortgage. B. Which of the following statements is not true? B. One offer is for $208,000; the other is for $200,000. A. C. Recommend a counteroffer back to list price. There are no offers on the property during the 6-month listing period and the listing expires. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. D. Employee status versus independent contractor status is an IRS issue. C. Regulating reserves of institutions with savings accounts only. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 7- What are the capital gains exclusions associated with the sale of a personal residence? D. Administers special assistance programs. New Age purchased a new coffee maker the office was in need of. Which of the following conditions is Paul not required to report on this form? D. Brenda has not violated any fiduciary duty. 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? Which statement is true? 73- Which of these is not a buying signal? D. Give the sellers the price over the phone so that they can think about it before you meet with them. C. Prepare additional documentation to take to the presentation. Tell the buyer about the other offer and urge the buyer to skip the attorney. D. I will distribute 200 business cards every month for the next six months. 5 of 10 All of these would be effective at capturing a readers attention except which? 2- What types of office administration tasks are important for a licensed assistant to perform? 3 of 10 Which of the following would be an example of a licensee specializing in business type? 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? C. Tell them that this home is an exceptional buy and encourage them to look anyway. What should Bob advise Sam? What is important to remember about capturing the readers attention? 5- When must a licensee provide an agency disclosure to a prospective client? B. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Establish a homes fair market value. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? California: Real Estate Practice Ch8 Quiz with no answers. 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? 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? 33- Which statement is true about a loan that has a negative amortization? Which of the following is true, if you are licensed as a referral agent? D. An exclusive listing must always be at least 30 days long. Bob should not have presented the offer after the property was under contract to another buyer. 6- When is a lender required to terminate a borrowers private mortgage insurance? California: Real Estate Practice Chapter 18 Quiz with no answers. yellowbrick scholarship reviews. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? He succeeds in setting up an appointment to meet with the caller. How should licensee Fred handle this offer? D. Broker Gina puts $150 into her trust account. C. Insurance agents dealing with customers. C. Real Estate Settlement and Procedures Act. A. 62- When agent Hal shows a home he should never: A. C. Be sure all requested inspections have been ordered. Which of these forms of advertising is she most likely to avoid? Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet B. 84- Four years ago, Sam purchased a vacant lot for $10,000. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. D. There is a loan protection plan included with the loan. There . 20- Which of the following would not be an essential component when researching the purchase of an apartment building? In this case, multiply the monthly income ($600) by 12. 4- Whats a bonus closing and whats important to keep in mind about this technique? The sellers want the earnest money check made payable to them instead. Certain homeowners may qualify for a $10,000 exemption. Enter your offer. A. Forwarding calls from the public to one of the salespersons in the office. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Give $250 to the buyer and $250 to the seller. What should Bob do? C. The seller can do all repairs himself. A. B. Pleases the sellers by inv=creasing activity. The buyers family is pressuring them to purchase this home. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. B. Anasayfa; Hakkmzda. C. Sharing all visitor comments two weeks before the listing ends. 4- Why is it important to talk to the sellers about the buyers? Tell the buyer to submit the offer first and then take a copy to the attorney to review. 1 of 10 Gail is a licensed real estate assistant. The advertiser can be sentenced to up to a year in prison. $90,000 D. Have the broker send a thank you for listing letter to the sellers. \end{array} 3- When making your presentation, what topics should you cover? A. Jim specializes in clients who want to buy restaurants. A. Nam lacinia pulvinar tortor nec facilisis. In this scenario, which of the following is not true? D. Placing a classified ad in the weekend paper. 4- Amanda calls broker Tim to schedule a showing of one of his listings. fairbanks ice dogs standings . Example 1. 4- What is the agreement that a broker can enter into with a buyer? What is the primary criticism that sellers have about their agents? D. I will complete a property management seminar within the next year. 8. buyer randy makes an offer to purchase - fabricadecosas.com 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? A rental condominium for a recreational vehicle. It can provide a steady stream of future clients. Most likely, what did they get? 6- What does the security and insurance clause of the listing agreement address? B. 77- Which of the following Internet pages might not be of particular interest to buyers? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 6 of 10 Which booklet is not part of the Combined Hazards Book? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. D. Is best left to experienced brokers. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? B. Ken must obtain his own training. 1- When is real property reassessed? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. It became a contingent contract when Sam accepted Mary's offer. What will they have to pay at closing for the points? Which of these expenses is not associated with owning a home? B. B. D. Meet with an inspector at a listing. C. Have keys made for company listings. 9- What required disclosure is a result of Megans Law? 4- What is a good method for estimating what a seller will net from the sale of the property? Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. Who should Tommy recommend the owner consult with before making a decision? Which term is the process of joining several parcels of land into one larger parcel? C. The broker must conduct the escrow personally and not delegate any escrow activities. California: Real Estate Practice Chapter 17 Quiz with no answers. D. Have the prospects sign the disclosure about agency relationship. What must Tim do? Deposit the check into his trust fund account on the next business day. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. How does ALTA-R differ from ALTA? C. Print postage labels from your computer. D. Magazine ads are significantly more expensive than newspaper ads. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? B. Its easier to prioritize your tasks if your goals are in writing. What should Tom do? How much did Sam gain or lose on the sale? \text { Annual warranty cost } & 1,546,000 \\ 42 of 50 Alex makes an offer to purchase one of Bills listings. 69,200 3- For whom do property tax exemptions exist and for how much? What should Tim do next? Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. A. A. Salesperson Harry can solicit his own listings. 2 of 10 Which of these statements is true? Properties are very liquid and can move quickly. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. Supervises the Truth in Lending Act. 8- When does a purchase offer become a legal contract? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. A. Jake is getting a VA loan with no down payment. how to type spanish accents on chromebook keyboard; one way process of communication; 47 brand franchise fitted hats; ncaa softball coaches' salaries 2019; albert pujols home run record; Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. C. Bake muffins or cinnamon rolls to create a homey feel. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. 5. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). Give as much detailed information about the property as you can. She tells them that this action could decrease their property values. Make sure all required disclosures have been done. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 3- Differentiate between mortgage brokers and mortgage bankers. They called Wills office and told the secretary they are upset and need to speak with Will. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 12. What would we call Hannah? buyer randy makes an offer to purchase. 2- What types of office administration tasks are important for a licensed assistant to perform? Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. 7. 4- Describe a reverse annuity mortgage. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. Could be a violation of state licensing laws. 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? 5 of 11 Which of these statements is true about a CalVet loan? 3- For whom do property tax exemptions exist and for how much? A. 6 of 10 Which of the following is not a true statement? The advertiser is subject to a fine. 5- What does the safety clause in the listing agreement do? 2 of 10 When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? 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. D. Tim and Gail have qualified for an FHA loan. 2. The buyer was responsible for making the discovery, so Pam is therefore liable. 11. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . It helps to identify buyer and seller needs. A. California: Real Estate Practice Chapter 13 Quiz with no answers. Sam plans to overnight the acceptance on Monday. Pellentesque dapibus efficitur laoreet. 17 of 50 Kathy is a personal assistant at Action Realty. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. Suggest to the sellers that their listing price is too high. A. 1- How much is the loan origination fee and what does it cover? 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. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. 8- What does the Water Heater Statement of Compliance address? C. Make up some statistics to share with the Bowers. 10 of 10 Which of these Internet pages might be of particular interest to sellers? You had a 9% loss. 54- Jim and Jane are buying a home for $120,000. Will placed an ad in the most recent Home Buyers Guide. D. Do not show the home between 10 a.m. and noon on Sundays. The second mortgage has now become the primary loan. Sending cards and newsletters is a good way to keep in contact with clients and prospects. C. Consider child support payments in the decision. What kind of lease does Jim have? If you like, you can add a message to the seller. A. 6- When is a lender required to terminate a borrowers private mortgage insurance? How would you classify this essay (high or low comedy)? Underline the correct pronoun in parentheses in the following sentence. 7- What is the difference between an FHA loan and a VA loan? C. Present Alexs offer first since it came in first. B. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. The original loan becomes subordinate to the wraparound. Answer: B- Encourage the buyer to get the attorney to review it quickly. B. Greg has put himself in a potential dual agency situation. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? Lorem ipsum dolor sit amet, consectetur adipiscing elit. 9 of 10 Which of the following statements is not true? C. Moving closer to the agent to get a better look. Is there a contract between the buyer and seller? 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. B. 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. 80- Which of the following is an example of commingling? He must withdraw his representation of one of the parties. Mortgage bankers bring borrowers and lenders together. The lender makes payments to the borrower. B. Ask the buyer if the buyer would like to make an offer taking the roof age into account. buyer randy makes an offer to purchase - ftp.ivnowandzen.com 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? practice test Flashcards | Quizlet 1 of 10 Which of the following types of agency is not allowed in California? 22- Jane sold her personal home for $148,000. C. Maintaining the office filing system. : 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. C. Write and sign commission checks to salespersons. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 14- Value includes which of the following aspects? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. Before the sale can get finalized, the owner would require you to first meet certain conditions. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? D. Call the sellers immediately and let them know you wont be coming by. B. FSBO sellers believe they will save money if they sell themselves. What kind of mortgage might they get? The listing price of a house is $139,900. 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. 1- When is an agency relationship created? Give an example of a specific short-term goal. A. "What would you like to offer?" Tom then resells the property to the developer and pockets a $300,000 profit. A. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. The borrowers family in case of his or her death, B. A. Brenda must follow all of Jims instructions. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. D. All adjustable rate mortgages have negative amortization. 4- Agent Greg receives a call about one of his firms ads. an opinion of value for the day of the appraisal only. C. Identifies buyers for other properties. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. C. Clearly written contractor agreement must exist. Deposit the check into his trust fund account on the next business day. D. Greg has no fiduciary responsibilities to Kim once the listing expired. Sam asks Bob what the price is. Answer: D- They are effectively terminating the original offer. Which of the following statements is true? D. The first and second mortgage will be rolled into one. Be open-minded. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? He sounds really excited about this property. Find a home that meets FHA requirements. A. During this interim period, grant makes monthly rent payments and the owner accepts them. Mary wants to make an offer on a house that is 25% lower than the asking price. B. C. Giving buyers your opinion of what works best for them. 9- What required disclosure is a result of Megans Law? 14 of 50 The title report on a property shows there is a lien on the property. C. Date and attach supporting documents. Which of the following statements is not true? 10. C. Discuss alternative properties that may be interest. C. Theyre probably paying a higher interest rate on the second mortgage. A. The interest rate will increase gradually over time. rickey smiley and grandson videos You can make a Best Offer on listings that have a Make Offer button. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. Point out that the roof is not leaking despite its age. 42- Alice is planning her career and setting her goals. 9 of 10 All of these might be a buying signal except which? What is this agreement called? Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. 56- Which is not a true statement about the Agency Disclosure? Mary makes an offer to purchase a duplex from Sam. A. At the time the agreement is signed. Present the offer and tell the seller that the check needs to be held until June 30. The 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- What signals do buyers use to indicate they may be willing to make a purchase? What should Bill do? D. Erics broker should appoint Eric as the designated agent in this transaction. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? D. Avoid negative comments while hes inside the home. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? A. C. Real estate can respond quickly to changes in the market. How to make a Best Offer. C. Greg has violated the duty of confidentiality to Kim. Mary learns that Sam is selling only half of the duplex. 7. A. 21- Which form of advertising is considered the most cost-effective method for selling a home? 4- Why is coordinating escrow so important and how can an assistant help? The following table lists all costs of quality incurred by Sam's Surf Shop last year. B. Jim Sharp is purchasing his fathers home. Information on current loan programs. 5- When must a licensee provide an agency disclosure to a prospective client? B. 10 of 50 There has been very little interest in the Bowers home this past week. B. 7- In the initial meetings with the prospects, the agent should do all of the following except which? C. Your plan for finding the buyer a home. 8- When does a purchase offer become a legal contract? 5 of 10 Alice has decided that she will specialize in selling farm land. Is critical to your success in real estate. buyer randy makes an offer to purchase. 11- What are the penalties for violating Regulation Z? 8- Under what conditions may a landlord enter a tenants property? Suggest that the buyer look at a different house. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. A. Plastic dishes last a long time because they are unbreakable. Why or why not? B. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. What should Bob do? What was Sam's appraisal cost for quality last year? Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. B. B. On what amount will they pay capital gains tax? 3- How could refinancing be an investment benefit?

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