6 of 10 Which of the following statements is not true? D. The interest payment is always smaller then the amount allocated to the principal. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. Answer: B- Encourage the buyer to get the attorney to review it quickly. What is this called? A buyer wants to take the offer to an attorney to review it. A. Properties are very liquid and can move quickly. This is not true of which duty? 3. C. Once you set a goal you should never change it. B. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? Decide which offer is best and present that one. 74- Which statement is not true about an agency relationship? 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? B. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. Bob Broker knows that another offer will be coming in at about the same time. \text { Annual cost of quality training } & 456,000 \\ To access the website, click "Allow". 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. Fill out a separate, numbered counteroffer form. B. Harry has some buyers that he believes are ready to make an offer. 5 of 10 All of these would be effective at capturing a readers attention except which? What kind of a mortgage do they have? The definition of race was expanded to include ancestry. How would you classify this essay (high or low comedy)? Jim has decided to specialize in what area of real estate? 103- Kirk and Sandy obtained a wraparound mortgage. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. The advertiser can be sentenced to up to a year in prison. The date Abby receives the good faith estimate. 4 of 10 All of these are true of prospecting except: A. 5 of 10 Which of the following would not be a reason to choose to be an assistant? D. Their lender can profit from the difference in interest rates. C. Once filed, it remains until terminated. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Courtesy of RealtyPact. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. A. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 2- Explain the difference between the primary and secondary mortgage markets. If a seller is in a multiple offer situation, how do you determine the best offer? C. I will open my own office within nine years. Underline each word that should be capitalized in the following items. 12- What does TRID require of lenders? 4 of 10 Which of the following would be the least desirable phone handling technique? 1- When is an agency relationship created? 6. What should Alice do? This broker is guilty of what prohibited activity? Code Violations and Tax Delinquencies. A. Broker compensation to other brokers. Deposit the check into his trust fund account on the next business day. A. B. Alice knows everything about the exclusive east side neighborhoods. 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? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. Sets a limit on the commission a broker can earn. The escrow holder will need information about the brokers commission. The other 75% came from an hourly wage paid by Tami. The interest rate will increase gradually over time. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Which of the following statements is not true? 45- Kirk wants to get an FHA loan. Private mortgage insurance is available for FHA loans. B. 10 of 50 There has been very little interest in the Bowers home this past week. 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. 6- According to California real estate law, how often must a broker balance his or her trust accounts? She tells them that this action could decrease their property values. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. A. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. He succeeds in setting up an appointment to meet with the caller. This form is the first step in any real estate deal. During business hours and only after giving the tenant 24 hours notice. $90,000 How can you prepare your sellers for receiving offers? C. Identifies buyers for other properties. An apartment building for a vacant lot, B. 44- Jim owns a gift shop in a commercial building. 41- Agricultural land includes all of the following EXCEPT which? B. 1- What is important to know about unlicensed real estate assistants? 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. C. Exclusive-authorization-and-right-to-sell agreement. B. What are some important tips for home tours? 2- What is important to remember about multiple offers? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? B. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? Sunday afternoon, Mary is driving around and finds a property she likes better. B. Ken must obtain his own training. 8 of 10 What does the paragraph on repairs state? 6- When is a lender required to terminate a borrowers private mortgage insurance? Whoever brings the buyer will get the commission. A. 1 of 10 Which figure represents the amount of income available as a return to an investor? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? Lorem ipsum dolor sit amet, consecteticitur laoreet. Then present the $208,000 offer. Prior to bringing an offer to purchase. The lender makes payments to the borrower. B. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 8- Why is it important to have a written prospecting plan? 1- What is escrow? 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. 3- What is a good approach to use when contacting the owner of an expired listing? C. How much time the licensees must spend in the office. D. A basis of $140,000 and no taxable gain. 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?. What is the primary criticism that sellers have about their agents? There are no offers on the property during the 6-month listing period and the listing expires. 9 of 10 Janet is an unlicensed assistant. Her asking price was $560,000 and the property sold for $575,000. He just sold it for $13,000. Each of their payments is for the same amount. One day later. Answer: A- No, Bob Should have submitted the offer. What should Tom do? What kind of closing technique is Jim using? However, she believes the sellers will not be willing to accept the offering price. Amanda loves the home and wants to make an offer. 8 of 50 Buyer Kirk submits an offer to seller Larry. 4- What is a good method for estimating what a seller will net from the sale of the property? He succeeds in setting up an appointment to meet with the caller. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. D. This action is deliberate misrepresentation. She is probably using all but which of the following tools? D. Interest rates are typically fixed rate. They agree on a price and both parties execute the contract. Has Bob acted properly? What should agent Phil do? 68- Greg and Joyce have an adjustable rate mortgage on their home. D. The owner has 45 days to file a change in ownership statement. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. One offer is for $208,000; the other is for $200,000. Instead, Bob terminates the relationship with Mary. lumberton man killed; guggenheim annuity rates. Their first mortgage will get paid off immediately. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 30- Being prepared to handle incoming phone calls means all of the following except which? D. The appraised value prior to sale whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. 6- List the steps of underwriting. A. How does ALTA-R differ from ALTA? B. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? In this scenario, which of the following is not true? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 8- What is the major difference between a CalVet loan and other loans? 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? D. Kirks offer to Larry is legally cancelled. C. Moving closer to the agent to get a better look. A. D. Allows viewing access to strangers. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? It is determined by who pays the compensation. A. $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. 16- Dave and Nadine have decided that they want to become property investors. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. B. A. 8 of 10 When is the first installment of property taxes due? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? C. It keeps your name in front of potential buyers and sellers. A. B. B. B. 7- What is the difference between an FHA loan and a VA loan? D. Call the sellers immediately and let them know you wont be coming by. 3- When preparing a competitive market analysis, what categories of homes should an agent research? List the details of all parties involved. \text { Annual warranty cost } & 1,546,000 \\ D. Hold it with the buyers permission until the contract is accepted. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 1- What is important to know about unlicensed real estate assistants? If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? B. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. D. Goals must be realistic if you hope to accomplish them. \text { Annual rework cost } & 34,679 \\ 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? C. Date and attach supporting documents. 2- What exception exists to the duty of obedience when working with a client? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. B. Jim Sharp is purchasing his fathers home. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. D. Seeking buyers for others agents listings. Why or why not? Bob Broker represents Mary Buyer. Not waste anymore time on this house, the buyer will never make an offer. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. He must withdraw his representation of one of the parties. 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? Answer a question with a question when possible. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. C. Johns office has a selection of books, CDs and tapes for agent use. Randy and his real estate agent, Bob, enter into a listing agreement whereby Bob may list Randy's property but Randy may also try to find a buyer Bob finds Clarice, a buyer who has enough cash to purchase the property and would like to purchase the property today. Make sure all required disclosures have been done. Tom violated the law by not providing notice of information that would affect Fred, When a broker received an unexpected bill, he deposited a client's earnest money check into his personal account to cover the expense. Try to get Sam to accept the offer. 11- What is a public report and when must it be provided? What is meant by the term sphere of influence? 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? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. 54- Jim and Jane are buying a home for $120,000. B. 6- How does a limited partnership differ from a general partnership? 2 of 10 All of these statements are true except which one? The following table lists all costs of quality incurred by Sam's Surf Shop last year. D. She should persuade them to accept the offer. 3- How could refinancing be an investment benefit? D. I will distribute 200 business cards every month for the next six months. C. Print postage labels from your computer. What property type will he be dealing with? A. What will the new owners pay in property taxes? 92- Which of the following situations is not exempt from the seller disclosure requirement? A. I will complete the GRI certification in the next four years. 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. Mary wants to make an offer on a house that is 25% lower than the asking price. If the loan value is 80%, and the property was appraised at $86,500 and sold for $88,000, how much would the purchaser be permitted to borrow? Which is true? Ask the buyers to sign a real estate transfer disclosure statement. 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? B. Receives special tax considerations. \text { Annual testing cost } & 543,000 \\ 5- When must a licensee provide an agency disclosure to a prospective client? Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. 6- What is the main reason sellers choose to sell their property without an agents help? Could be a violation of state licensing laws. What do you need to remember about making phone calls to potential clients? Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. View an objection as the buyers request for more information. 6. B. 2- Name one advantage and one disadvantage of telephone contacts. 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? What would you say about Sallys behavior? 2. D. Avoid negative comments while hes inside the home. The monthly net rental is $600. What will they have to pay at closing for the points? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 46 of 50 Greg grew up in and lives in a rural area. What California Fair Housing law has the manager violated? munich latitude compared to us; pro sun tan. C. They can make payments directly to the original lender. B. Bill cannot contact the seller. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 3. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? B. Attend weekly staff meetings at the office. A. Who will pay the points? Answer: D- They are effectively terminating the original offer. A Bill of Sale gives title to the business equipment. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Sending cards and newsletters is a good way to keep in contact with clients and prospects. five letter words with l; jaiswal surname caste; pros and cons of herzberg theory; sechrest funeral home obituaries; curious george stuffed animal 1975; cornerstone staffing application 0 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? \hline 3- Differentiate between mortgage brokers and mortgage bankers. Elaine parks across the street from the home and Mike is disappointed by what he sees. Hes very comfortable selling that type of property and knows he can work well with clients in that area. The borrowers family in case of his or her death, B. B. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. The sales agent should: Write a counteroffer stipulating the sellers' request. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. What is this agreement called? California: Real Estate Practice Ch3 Quiz with no answers. 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? The buyer was responsible for making the discovery, so Pam is therefore liable. Broker Alice holds an uncashed check until the offer is accepted. 84- Four years ago, Sam purchased a vacant lot for $10,000. 88- Sally and Dan must pay 2 points on their new $65,000 loan. 2- What is floor time and why is it important? 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? Broker Ashley has been working for a seller for the past seven months. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. Example 1. 3- What are the three general responsibilities of a property manager? 2- What kind of problem can result from a straight loan? Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. What kind of mortgage might they get? 3. What kinds of things should he be looking for? The borrower makes payments of interest only over the term of the loan. A. John offers weekly training seminars. 6- What is important for the sellers to know about a counteroffer? Start in the room with the best features. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. Write a counteroffer. Buyer Jim asks if he can visit the property for a second time. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 3- What signals do buyers use to indicate they may be willing to make a purchase? Which of the following would be the least likely place for them to obtain a loan? 5 of 10 Alice has decided that she will specialize in selling farm land. 9 of 10 Which of these is not a helpful homeowner tip? Explain. 5- What does the safety clause in the listing agreement do? The adjusted cost basis of the first home was $140,000. Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. 7- How can a builder help you generate leads? A. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 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? Pellentesque dapibus efficitur laoreet. What is the most often used form of earnest money deposit? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 7- What are the capital gains exclusions associated with the sale of a personal residence? 5 of 10 You should try to attach a rider strip to your For Sale sign that has: 6 of 10 If there is no interest in the property on a given week, the agent should: A. How are properties affected by the local economy? university of missouri hospital salaries 2021; port orange arrests today. B. Establish a homes fair market value. What should Tim do next? Sam asks Bob what the price is. Find things in the home a seller needs to repair. 2- Who needs title insurance and why? B. B. A. Lead-based paint was used in the home. A. Salesperson Harry can solicit his own listings. B. Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. : 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. 4. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Encourage the buyer to get the attorney to review it quickly. A. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 5- If lenders intend to sell mortgages in the secondary market, what must they do? Which statement is true? 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. B. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. B. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? 33- Which statement is true about a loan that has a negative amortization? 6 of 11 Which of the following is not true about reverse annuity mortgages? 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? D. Understanding characteristics of the rental market. 5- What kind of newspaper ad could you place to solicit a listing? A. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? 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. Documents showing your affiliations with real estate organizations. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. 86- Which of the following is not considered a benefit of investing in real estate? 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. C. Salespersons must perform all of their activities on behalf of their employing broker. Rate of return is computed by dividing the annual net income by the rate of return. What is Gregs capital gain on the apartment? He made $150,000 of improvements during the three years he lived in it before he sold it. A. 6 of 10 Who typically presents an offer to the sellers? How much did Sam gain or lose on the sale? 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? C. When you have 200 names in your contact database. 5- What actions can the sellers take regarding the purchase offer? C. The buyers and sellers agents will sign the escrow instructions. 17 of 50 Kathy is a personal assistant at Action Realty. The buyer must pay the broker a commission. Bob cannot do anything; it is out of his hands. 3- When making your presentation, what topics should you cover? residential transactions financed by federally related mortgage loans. 14- Value includes which of the following aspects? 1 of 10 Which of these statements is not true? 4- Why is coordinating escrow so important and how can an assistant help? 3- What signals do buyers use to indicate they may be willing to make a purchase? A. Generates leads for new listings. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. D. The casement windows have broken seals. 7 of 10 Which document shows the assets and liabilities of a business? Answer: B- The contract is voidable due to mutual mistake. California: Real Estate Practice Chapter 13 Quiz with no answers. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. B. Facebook Instagram. 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? C. The broker must conduct the escrow personally and not delegate any escrow activities. Who is responsible for removing the lien to clear the title? A. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? B. C. An assistant can keep track of the progress of activities during escrow. C. The air conditioner does not work.