Will placed an ad in the most recent Home Buyers Guide. 3. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. B. 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 4- What is a good method for estimating what a seller will net from the sale of the property? There are several successful agents at Johns office. university of missouri hospital salaries 2021; port orange arrests today. 41- Agricultural land includes all of the following EXCEPT which? 6- What does the security and insurance clause of the listing agreement address? 8- Why should agent Grace give her client a Combined Hazards Book? B. C. Real estate can respond quickly to changes in the market. California: Real Estate Practice Ch10 Quiz with no answers. C. Date and attach supporting documents. It helps to identify buyer and seller needs. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. 2 of 10 All of these statements are true except which one? What approach can their agent take to change the sellers perception of the offer? 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. A secondary bid for a property from the same buyer. Encourage the buyer to get the attorney to review it quickly. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 5. 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? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. A. Deposit the check into his trust fund account on the next business day. 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. 46- A life insurance company would most likely invest in all but which of the following properties? What kind of mortgage are they looking for? 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 1 of 10 Which of the following types of agency is not allowed in California? A. Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . 6 of 10 Which of the following statements is not true? Donec aliquet. D. Greg has no fiduciary responsibilities to Kim once the listing expired. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. D. Preparing flyers and promotional materials for the brokers approval. Mary wants to make an offer on a house that is 25% lower than the asking price. Rule F-21 1- When is real property reassessed? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. The loan will be distributed to them gradually. Mary wants to terminate the contract. Call Us Today! California: Real Estate Practice Sample of Final Course Exam. The C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. Gross income must be based on production. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 12,800 square feet 43 Offer To Purchase Real Estate Templates (& Letters) A. I will make two new contacts every day this week. D. Chris is a buyer's agent. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. is 0.4. D. Interest rates are typically fixed rate. A. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. C. It keeps your name in front of potential buyers and sellers. Sets a limit on the commission a broker can earn. C. Greg has violated the duty of confidentiality to Kim. C. The borrower pays a fixed rate of interest. C. Moving closer to the agent to get a better look. rickey smiley and grandson videos The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. The sales agent should: Write a counteroffer stipulating the sellers' request At time of license renewal, what is the renewal charge for a salespersons license? Deposit the check into his trust fund account on the next business day. 31- Patrick has a written independent contractor agreement with his broker Tami. C. Gather listing forms for her employer. A. Mike has changed jobs six times in the past six months. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? D. Gross income must be based on hours worked. An assistant should never be left with the task of taking photos of a new listing. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). There are no offers on the property during the 6-month listing period and the listing expires. 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. 68- Greg and Joyce have an adjustable rate mortgage on their home. California: Real Estate Practice Chapter 18 Quiz with no answers. 9 of 10 A reference list of alternative comparable properties is sometimes referred to as the: 10 of 10 Prospects Jim and Linda arrive with agent Bill at the first showing. Which one is illegal in many states? 2. C. Tell them that this home is an exceptional buy and encourage them to look anyway. Explain the method used to write good advertising. A. B. 11 of 11 Which of the following is a low loan-to-value ratio? buyer randy makes an offer to purchase B. Code Violations and Tax Delinquencies. 101- Which type of loan typically carries the most loan points? To access the website, click "Allow". 57- Under federal income tax law, the basis for a personal residence is which of the following: 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? B. Ken must obtain his own training. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? Tell Mike that the sellers will be upset if they cancel the appointment. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Mortgage brokers do not lend money. Suggest to the sellers that their listing price is too high. 8- When does a purchase offer become a legal contract? 4- Whats a bonus closing and whats important to keep in mind about this technique? Possession date. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 6- According to California real estate law, how often must a broker balance his or her trust accounts? D. All adjustable rate mortgages have negative amortization. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? A. What kind of closing technique is Jim using? B. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . A secondary bid for a property that is for more than the first offer The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? C. Payments will not be enough to retire the loan. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. The definition of race was expanded to include ancestry. 11- What are the penalties for violating Regulation Z? D. Erics broker should appoint Eric as the designated agent in this transaction. What will they have to pay at closing for the points? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? B. What is the market value of the property? At the end of the term, the loan balance will be negative. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 2- What is floor time and why is it important? This is not true of which duty? What should Elaine do? D. Their lender can profit from the difference in interest rates. B. 10- Which disclosures are NOT required to be made when selling residential property? 2- What types of office administration tasks are important for a licensed assistant to perform? 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. Sharon and Steve have just taken a second mortgage on their home. 4. 5- What actions can the sellers take regarding the purchase offer? C. The owner has 45 days to pay the new property taxes. Referral fee to a homeowners insurance agent. 9- What required disclosure is a result of Megans Law? 5- Your listing presentation manual should be made up of two sections that address what issues? D. Call the sellers immediately and let them know you wont be coming by. C. Supervises the Federal Housing Authority. What is meant by the term sphere of influence? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. 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. D. Meet with the buyers lender to ensure theyre getting a good deal. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. 4- Describe how a property manager can receive his or her fees. 2 of 10 Which of these statements is true? B. 10- Which disclosures are NOT required to be made when selling residential property? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. C. The fair market value at the time of sale A. Which of the following statements is true? Regulates reserve requirements for all institutions that offer checking accounts. Virtual tours are a very expensive marketing tool to use. What percent of loss did you have? D. Supply cannot be moved to a high demand area. 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? Seeking buyers for your listings B. sam neill laura tingle split What should Tim do next? A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. 8 of 10 Which of the following is a good direct mail technique? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 7- Name three benefits of listing a home with an agent that you could share with sellers. Which of the following statements is not true? 12. D. The loan must be repaid before the borrowers death. \end{array} Answer: D- They are effectively terminating the original offer. Mortgage bankers bring borrowers and lenders together. A. Jim specializes in clients who want to buy restaurants. $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. If checked, the seller can complete repairs after closing. Next, calculate the points charged; $168,500 x 0.02 = $3,370. 84- Four years ago, Sam purchased a vacant lot for $10,000. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? D. Exclusive-authorization-and-right-to-sell agreement. B. Alice knows everything about the exclusive east side neighborhoods. What is most likely their main motivation for investing? Present the offer and tell the seller that the check needs to be held until June 30. B. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? 16- Dave and Nadine have decided that they want to become property investors. Sample Final Exam for California Real Estate Practice Questions with no 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? D. Kirks offer to Larry is legally cancelled. 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? B. 8 of 10 Which of these is a free form of advertising? Allows quick repayment of the loan through accelerated payments. C. Classified ads placed on the property, D. Number of hits on the company website. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? C. A broker is not responsible for the acts of independent contractors. 5 of 10 Which of these statements is not true about qualifying buyers? He succeeds in setting up an appointment to meet with the caller. A. Giving information about a listing to prospective buyers. Buyer Jim asks if he can visit the property for a second time. (Who, Whom) has been selected as the team captain? A. List the details of all parties involved. 2- Name one advantage and one disadvantage of telephone contacts. B. You bought if for the listing price plus 10% and sold it for the listing price. B. Greg has put himself in a potential dual agency situation. 2- Explain the difference between the primary and secondary mortgage markets. 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. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? He made $150,000 of improvements during the three years he lived in it before he sold it. 42- Alice is planning her career and setting her goals. 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? 7 of 10 Which of these forms is not filled out by the seller? A. B. The borrowers family in case of his or her death, B. Which law extended discrimination to include handicap and familial status? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. Name four traditional marketing tools that you should use with every listing you get. 12- What does TRID require of lenders? 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? What is the status of the contract between Sam and Mary? He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? For purposes of federal income tax, which statement is true? Make no recommendations and let the sellers decide on their own. 3. C. Prepare additional documentation to take to the presentation. Only after receiving the tenants consent. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. 2- What is important to remember about multiple offers? 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? 4. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. On what amount will he pay capital gains tax? The purchase price, plus improvements they are effectively terminating the original offer. Checking your browser. What kind of agreement is this? C. Make up some statistics to share with the Bowers. It took effect when Sam accepted Mary's offer. D. Tell the sellers its time to reevaluate the price. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. 1 of 10 Gail is a licensed real estate assistant. 3. 8- What actions does a lender take to sell a mortgage in the secondary market? 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? B. The buyer must pay the broker a commission. 3 of 10 Sara just bought her first new home. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? What are members of NAR required to do? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. Which of these statements is true about the wraparound mortgage? One offer is for $208,000; the other is for $200,000. 43 of 50 Which one of these statements would not be considered a measurable goal? D. Tim and Gail have qualified for an FHA loan. 8 of 12 Fannie Mae does all of the following activities except which? 6 of 50 Broker Tami has a very low advertising budget. B. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. A. 5- What does the safety clause in the listing agreement do? D. The buyers love the landscaping improvements the sellers have made. 9- What is the basic purpose of Truth in Lending Regulation Z? He pays rent for occupancy, plus maintenance and operating expenses. Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property. C. FSBO sellers who list with an agent will pay their own advertising costs. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Documents showing your affiliations with real estate organizations. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 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. buyer randy makes an offer to purchase 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? A. 1- What is a competitive market analysis? They were counting on a full-price offer and are very disappointed. buyer randy makes an offer to purchase. 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? B. Answer a question with a question when possible. Lorem ipsum dolor sit amet, consectetur adipiscing elit. lumberton man killed; guggenheim annuity rates. Checking your browser. 45- Kirk wants to get an FHA loan. Offer to mail the caller a set of fliers on interesting properties. 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. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. What should agent Phil do? This action is legal but very unprofessional. He asks his real estate agent if she could tell him how to go about building a house on the land. The home comes equipped with all furnishings. On what amount will they pay capital gains tax? D. Provides the names of individuals who may want to sell inherited property. B. There are several steps in calculating the answer to this question. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 100 D. Broker Tom has only limited responsibility for the actions of his licensees. Amanda loves the home and wants to make an offer. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. 3- Differentiate between mortgage brokers and mortgage bankers. The sellers want the earnest money check made payable to them instead. 3 of 10 What kind of ad usually combines both institutional and product advertising? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? Ask questions of the prospects children. 59- Which of the following is a sellers request that an agent cannot honor? A secondary bid for a property that the seller will accept if the first offer fails What approach can their agent take to change the sellers perception of the offer? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? If a seller changes the terms of the offer to purchase, he has created a counteroffer. 5- What actions can the sellers take regarding the purchase offer? C. Present Alexs offer first since it came in first. buyer randy makes an offer to purchase - fridarestaurant.com California: Real Estate Practice Chapter 13 Quiz with no answers. A. John offers weekly training seminars. Mary makes an offer to purchase a duplex from Sam. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? B. This term typically refers to. Sunday afternoon, Mary is driving around and finds a property she likes better. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. Deposit the check into his trust fund account on the next business day. What law creates an automatic lien on a commercial property, subject to the listing agreement? There is a crack in the basement wall. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? An apartment building for a vacant lot, B. An open listing is an exclusive contract. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? Licensee Pat was in transit to the cooperating licensee's office with the offer. 53- Greg sold an apartment building he owned for 20 years. 1- What is a competitive market analysis? Donec aliquet. D. Allows viewing access to strangers. Who should Tommy recommend the owner consult with before making a decision? 1 of 10 What kind of lease contains a recapture clause? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. What property type will be his specialty? Underline each word that should be capitalized in the following items. 2 of 50 Residential property includes all of the following EXCEPT which? This is not true of which duty? Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. C. Analyzing the income potential of the property. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. Bob receives an offer from a buyer that is 12% below Sam's asking price. 7- In the initial meetings with the prospects, the agent should do all of the following except which? Who will pay the points? What should Bob do? What was Sam's appraisal cost for quality last year? What should Tom do? B. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. A. This broker is guilty of what prohibited activity? Set up a face-to-face meeting with the sellers as soon as possible. 5 of 11 Which of these statements is true about a CalVet loan? C. I will get three new listings this month. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. It never was effective since Sam had not notified Mary of the acceptance. 10- Whats the difference between a lease purchase and a lease option? What must Tim do? They were counting on a full-price offer and are very disappointed. Answer: B- Encourage the buyer to get the attorney to review it quickly. Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" Norm gave Pat a $500 earnest money check. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. C. The same amount will go towards the principal every month. Buyer Randy makes an offer to purchase one of Broker Tom's What is the most often used form of earnest money deposit? He succeeds in setting up an appointment to meet with the caller. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? Share that information with the sellers. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? What is the key feature of this type of loan? buyer randy makes an offer to purchase - pet-anneve.com C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. 6. 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? What should Bob do? What would we call Hannah? B. How should licensee Fred handle this offer? 8- What is the major difference between a CalVet loan and other loans? B. C. Giving buyers your opinion of what works best for them. D. There is a loan protection plan included with the loan. Which of the following conditions is Paul not required to report on this form? Bill is purchasing a 6-family apartment building. The lender makes payments to the borrower. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. "Let's make a low ball offer?" 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? C. When you have 200 names in your contact database. A. 2- What exception exists to the duty of obedience when working with a client? 2- What kind of problem can result from a straight loan? Studying population trends in the area. 7- Agent Jim needs to do a visual inspection of his listing. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? However, he is objecting because the roof is 12 years old. 5 of 10 All of these would be effective at capturing a readers attention except which? A. 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? It can be considered an employment contract. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. 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? A broker may advertise that he or she is an escrow agent. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. C. Use an attractive first-class stamp. How long does he have to file a complaint with the Department of Housing and Urban Development? Rule E-1 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot?
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