California: Real Estate Practice Chapter 18 Quiz with no answers. 65- Which of the following items is usually not prorated at closing? A. C. Real estate can respond quickly to changes in the market. 46 of 50 Greg grew up in and lives in a rural area. Has New Age violated any laws? Answer: D- Return the money to buyer Norm. Explain.
Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet Preparation of an appraisal of the property, D. Help with required forms and disclosures. B. C. Theyre probably paying a higher interest rate on the second mortgage. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. Bob Broker knows that another offer will be coming in at about the same time. This action is legal but very unprofessional. Be open-minded. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? There are several successful agents at Johns office. Then present the $208,000 offer. Next, calculate the points charged; $168,500 x 0.02 = $3,370. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. Start in the room with the best features. On what amount will he pay capital gains tax? What is this called? She should advise them to let the offer expire with no action so the buyers will get nervous. 6- What is the main reason sellers choose to sell their property without an agents help? buyer randy makes an offer to purchase. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 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. Could be a violation of state licensing laws. 8- What does the Water Heater Statement of Compliance address? yellowbrick scholarship reviews. Find a home that meets FHA requirements. 5 of 10 Mike bought his home last year for $150,000. C. The home sits on an earthquake fault zone. 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? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 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? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? Return the earnest money to buyer Norm. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. 38 of 50 What is the primary role of Fannie Mae? Pellentesque dapibus efficitur laoreet. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. 2 of 10 Which lender typically deals in interim financing? $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. An open listing is an exclusive contract. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. Answer a question with a question when possible. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. B. Which of the following statements is not true? Receives special tax considerations. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. Name four traditional marketing tools that you should use with every listing you get. 2. 11 of 11 Which of the following is a low loan-to-value ratio? They will have to make a very high down payment. A. 3- What signals do buyers use to indicate they may be willing to make a purchase?
buyer randy makes an offer to purchase 2- Explain the difference between the primary and secondary mortgage markets. Tell Mike that the sellers will be upset if they cancel the appointment. 5- What kind of newspaper ad could you place to solicit a listing? Sets a limit on the commission a broker can earn. 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. The purchase price, plus depreciation Prior to bringing an offer to purchase. 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 D. She should persuade them to accept the offer. D. Arrange to meet the prospect at your office. 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. Will placed an ad in the most recent Home Buyers Guide. B. Broker Alice holds an uncashed check until the offer is accepted. 3- In what three ways can an assistant aid an agent with appointments? He says to them, "Would you prefer to take possession on September 1 or October 1?" 8. D. Tell the sellers its time to reevaluate the price. B. Before the sale can get finalized, the owner would require you to first meet certain conditions. A. Which of the following would be considered an intermediate goal? A. Greg is violating the duties he owes to his new buyer. The loan value is based on the appraised value, not the sale price. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? 10. He has put up $50,000 in preferred stock as earnest money. The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 7 of 10 Which of the following is not a national real estate trade organization? Course Hero is not sponsored or endorsed by any college or university. Enter your offer. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. D. The advertiser must prove he was grandfathered in as a licensee. California: Real Estate Practice Ch5 Quiz with no answers. This is not true of which duty? 1. C. Prepare additional documentation to take to the presentation. What kind of closing technique is Harry using? 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 7- What does the net operating income of a property represent? How should Jan's licensee handle the offer? 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. C. Refuse to accept the offer and check. 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? Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . A. B. 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. It became a contingent contract when Sam accepted Mary's offer. Local ordinance requires a 20-foot rear and front setback. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. D. Interest rates are typically fixed rate. B. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. How does ALTA-R differ from ALTA? 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 8- What is the major difference between a CalVet loan and other loans? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? This mortgage type is popular among the elderly. \end{array} Tell Linda that the sellers will be very disappointed if they cancel the appointment. The sellers want the earnest money check made payable to them instead. the buyer is not allowed to make a counteroffer. The term of the loan can be shortened. 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. Person must be properly licensed. Answer: C- Try to get Sam to accept the offer. 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. View an objection as the buyers request for more information. The sellers want the earnest money check made payable to them instead. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 74- Which statement is not true about an agency relationship? Example 1. Hometown received $2400.00 in referrals. 10- Whats the difference between a lease purchase and a lease option? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? A. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Bob cannot do anything; it is out of his hands. 2- What is important to remember about multiple offers? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. B. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. Their interest rate will rise after the first few years. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? A. 2 of 10 Which of these is not an AIDA characteristic? California: Real Estate Practice Chapter 17 Quiz with no answers. 8- Why should agent Grace give her client a Combined Hazards Book? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. What should Bill do? Amanda loves the home and wants to make an offer. Bob Broker represents Sam Seller. Please remove your shoes before entering the home. D. Avoid negative comments while hes inside the home. 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 Gross income must be based on production. Which of the following items can Matt not add to the original cost when doing the computation? 4 of 10 All of these are true of prospecting except: A. The property is in an area that could flood. 2- List the three Institute of Real Estate Management property management designations. Nam lacinia pulvinar tortor nec facilisis. D. The first and second mortgage will be rolled into one. California: Real Estate Practice Ch7 Quiz with no answers. C. The date the lender receives her application. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? She tells them that this action could decrease their property values. D. Call the sellers immediately and let them know you wont be coming by. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? Rule 21 73- Which of these is not a buying signal? 6- What is the ultimate result of using the Closing Disclosure form? 8 of 10 When is the first installment of property taxes due? B. A purchase offer is a binding contract between the buyer, the seller and their agents. You bought if for the listing price plus 10% and sold it for the listing price. A. A. What should Tom do? C. Alice is getting a conventional loan and making a 15% down payment. Ask questions of the prospects children. C. Real Estate Settlement and Procedures Act.
buyer randy makes an offer to purchase - pet-anneve.com 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? 6 of 11 Which of the following is not true about reverse annuity mortgages? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? B. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 2- What types of office administration tasks are important for a licensed assistant to perform? Give an example of a specific short-term goal. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 5- When must a licensee provide an agency disclosure to a prospective client? 56- Which is not a true statement about the Agency Disclosure? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. C. Once filed, it remains until terminated. 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? What is this agreement called? 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; C. Tell the sellers you expect an offer to be coming soon. The owner of the property is HIV positive. C. The broker must conduct the escrow personally and not delegate any escrow activities. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. What kind of loan do they have? A. 3. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? If an item is already correct, write C on the line provided. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. Tell the buyer to submit the offer first and then take a copy to the attorney to review. C. The loan term will extend gradually over time. 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? There . C. Allow indoor pets to leave their designated area. He paid $100,000 for it, and made $300,000 worth of improvements. D. Exclusive-authorization-and-right-to-sell agreement. C. Salespersons must perform all of their activities on behalf of their employing broker. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. D. Their loan payments will gradually increase. A basis of $148,000 and no taxable gain, B. It must be in writing to be enforceable. A.
buyer randy makes an offer to purchase - cspconlutas.org.br Over 300 California Real Estate Practice Exam questions to pass Tests! A. Deposit the check into his trust fund account on the next business day. A. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. chris kelly rock 92 net worth. 1- What is important to know about unlicensed real estate assistants? C. Regulating reserves of institutions with savings accounts only. ", Answer: A- "What would you like to offer? D. I will complete a property management seminar within the next year. C. Consider child support payments in the decision. B. D. I will distribute 200 business cards every month for the next six months. The second mortgage has now become the primary loan. A. 10- Which disclosures are NOT required to be made when selling residential property? Display lots of family photos to impress potential buyers. 29 of 50 What is one way the Federal Reserve System regulates the money supply? C. The fair market value at the time of sale A. What kinds of things should he be looking for? 4- What is a good method for estimating what a seller will net from the sale of the property? "No, you may lose the house." The borrower gives the lender a note and a mortgage in exchange for the funds. 5- What should a good management contract contain? 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? 7. Retired persons are a good source of neighborhood information. A. B. Rewrite whole paragraphs to ensure clarity. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. D. The loan must be repaid before the borrowers death. B. 1- What are the five aspects that are involved in any selling approach? Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. B. Sending cards and newsletters is a good way to keep in contact with clients and prospects. Only after receiving the tenants consent. 4- What is the agreement that a broker can enter into with a buyer? 8- Under what conditions may a landlord enter a tenants property? D. Hold both offers because he heard that a full-price offer is on its way. During business hours and only after giving the tenant 24 hours notice. 8- When does a purchase offer become a legal contract? 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. An apartment building for a vacant lot, B. C. Giving buyers your opinion of what works best for them. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. 70- Which of these items would be a credit to the buyer on the settlement statement? 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. Their first mortgage will get paid off immediately. Retain the check for use with a future sales contract offer. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. What should Tom do? Give credit to all potential borrowers. 17 of 50 Kathy is a personal assistant at Action Realty. D. Is best left to experienced brokers. Facebook Instagram. The check that accompanies the salesperson license application must be for what amount? 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. Loan terms are from 15 to 25 years. California: Real Estate Practice Ch9 Quiz with no answers. Giving information about a listing to prospective buyers. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. D. Allows viewing access to strangers. C. Once you set a goal you should never change it. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 10 of 10 Which of these is not an exemption to fair housing law? 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? D. The lender assumes Tim and Sues income will rise over the first few years of the loan. 8 of 10 Which of the following is a good direct mail technique? What law creates an automatic lien on a commercial property, subject to the listing agreement? 64- Which of the following is not a form of personal advertising? D. Erics broker should appoint Eric as the designated agent in this transaction. B. 6- List the steps of underwriting. B. Pam is not liable since it was summer and the heating problem was not obvious. What kinds of things should you include in a weekly activity report? Write a counteroffer. 7- What are the capital gains exclusions associated with the sale of a personal residence? What is meant by the term sphere of influence? Give a discount to families with children. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? B. California: Real Estate Practice Sample of Final Course Exam. The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. B. Jim and Jane financed the remaining $25,000 through the seller. D. Greg has no fiduciary responsibilities to Kim once the listing expired. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. 12- What are grant programs typically used for? 5 of 50 Jane has been working with some buyers for several weeks. A. Tom thereupon submits a full-price offer to the owner and purchases the property. 7- How can a builder help you generate leads? The price of a plane ride rises by 10 percent. C. Participation in the MLS increases a licensees inventory. Discourage Sam from accepting an offer so far below Sam's asking price. \hline Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Which of the following would be the least likely place for them to obtain a loan? This is not true of which duty? B. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. A. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 1- What is an important thing to remember about listing agreements? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? Broker Ashley has been working for a seller for the past seven months. Not waste anymore time on this house, the buyer will never make an offer. C. Participate in a tax shelter program. A Bill of Sale gives title to the business equipment. they are effectively terminating the original offer. Who will pay the points? For what type of loan is the borrower applying? The offer with the highest price 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. Which statement is true? 8- Why is it important to have a written prospecting plan?
practice test Flashcards | Quizlet A. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. What should Pat do with the earnest money deposit? \text { Annual testing cost } & 543,000 \\ 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Answer: A- Proceed as if the buyer has decided to make an offer. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . What approach can Greg use to discourage the person from calling other agents? 5- What actions can the sellers take regarding the purchase offer? D. Magazine ads are significantly more expensive than newspaper ads. D. Exert pressure on the sellers to include something the other party wants. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? He succeeds in setting up an appointment to meet with the caller. 29- Which of the following is not a good direct mail technique? buyer randy makes an offer to purchase. I think theyre asking a fair price., C. What do you think would be a fair price?, D. The comps say that this price is right on target.. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 5- What does the safety clause in the listing agreement do? 6- According to California real estate law, how often must a broker balance his or her trust accounts? B. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. cross elasticity of demand for train rides with respect to the price of a plane ride 1 of 10 Which figure represents the amount of income available as a return to an investor? A. Salesperson Harry can solicit his own listings. 77- Which of the following Internet pages might not be of particular interest to buyers? What approach can Greg use to discourage the person from calling other agents? 4- Why is it important to talk to the sellers about the buyers? 88- Sally and Dan must pay 2 points on their new $65,000 loan. 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 4- What are the major areas of newspaper leads? At time of license renewal, what is the renewal charge for a salespersons license? He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using?