A purchase offer is a binding contract between the buyer, the seller and their agents. Which would NOT result from the exercise of police power? B. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. Gross income must be based on production. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? California: Real Estate Practice Chapter 14 Quiz with no answers. 4- Whats a bonus closing and whats important to keep in mind about this technique? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? B. 8- What is the major difference between a CalVet loan and other loans? 11- What is a public report and when must it be provided? 3 of 12 All of the following are primary mortgage market lenders except which? 4- How is property management seen as a risk to investing? D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. A. C. The same amount will go towards the principal every month. Ask the caller if he or she would like to receive e-mails on newly listed properties. The loan value is based on the appraised value, not the sale price. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. They agree on a price and both parties execute the contract. A. Salesperson Harry can solicit his own listings. 7- How can a builder help you generate leads? How much do you have in your savings account? B. Answer: D- Return the money to buyer Norm. 4 of 10 Which of the following would be the least desirable phone handling technique? B. They were counting on a full-price offer and are very disappointed. 8 of 10 Which of these statements about counteroffers is not true? For purposes of federal income tax, which statement is true? 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? Give housing choices to the widest range of people. 6. Which of the these activities does she have control over? An open listing is an exclusive contract. B. Set up a face-to-face meeting with the sellers as soon as possible. B. 9 of 10 A shopping center would be primarily categorized as what type of property? 13 of 50 What is the most common reason that owners try to sell their homes themselves? Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. D. All adjustable rate mortgages have negative amortization. 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; 6 of 10 Which of the following is not a true statement? B. It must be in writing to be enforceable. 92- Which of the following situations is not exempt from the seller disclosure requirement? B. 5 of 10 Which of these statements is not true about qualifying buyers? D. Buyers of FSBO homes are usually the ones who save money. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 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. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 1- How much is the loan origination fee and what does it cover? Terminate the first contract and accept the higher offer. 8 of 10 Which statement is true about a real estate assistant? 2- List the three Institute of Real Estate Management property management designations. 6- Whats important to know about the Liquidated Damages paragraph? B. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? C. Neither Sarah nor Ken can get employer-provided health insurance. 4- What is a good method for estimating what a seller will net from the sale of the property? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. A. Call Us Today! 3 of 10 Jake has received two offers on one of his listings. 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. 7- What does the net operating income of a property represent? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. C. There is a 6-month pre-payment penalty for paying off the loan early. The couple now has. What is the body of law that governs negotiable instruments? B. At the end of the term, the loan balance will be negative. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? 2- What is floor time and why is it important? You bought if for the listing price plus 10% and sold it for the listing price. 9. D. Interest rates are typically fixed rate. California: Real Estate Practice Ch5 Quiz with no answers. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? fairbanks ice dogs standings . 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. What should Bob do? 10 of 10 Which proposition limited the maximum amount of tax on real property? C. Refuse to accept the offer and check. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 2. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? How to make a Best Offer. C. Johns office has a selection of books, CDs and tapes for agent use. During a phone call, a salesperson discusses showing a property to a prospect. C. Analyzing the income potential of the property. 8- Why is it important to have a written prospecting plan? 86- Which of the following is not considered a benefit of investing in real estate? 5 of 10 Mike bought his home last year for $150,000. It was terminated when Mary delivered the recission to Sam. 4- Describe how a property manager can receive his or her fees. 37 of 50 Which of the following economic characteristics is true? 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? D. Whether or not the licensees attend staff meetings. It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. 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? 14- Value includes which of the following aspects? Change the locks on the tenants apartment. 5- How do life insurance companies get involved in the investment market? Underline each word that should be capitalized in the following items. 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. 5- What kind of newspaper ad could you place to solicit a listing? 2- What is important to remember about multiple offers? In the past year they have referred two dozen people who have purchased flooring from New Age. B. Ask the buyers to sign a real estate transfer disclosure statement. Tell the buyer to submit the offer first and then take a copy to the attorney to review. A. What should Tim do next? 5 of 10 What would be the least effective way to get to know your buyers needs? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. A Bill of Sale gives title to the business equipment. mejores programas bases de datos. 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? 2 of 10 When can a landlord enter a tenants property to make repairs or show it? D. The borrower gets a note in exchange for a mortgage. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? The Residential Environmental Hazards Guide, B. 1- What is goodwill as it relates to a business? 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. B. They were counting on a full-price offer and are very disappointed. The price elasticity of demand for C. Real estate can respond quickly to changes in the market. Explain the method used to write good advertising. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. Not waste anymore time on this house, the buyer will never make an offer. C. Insurance agents dealing with customers. The advertiser is subject to a fine. 5 of 10 California allows a property manager to charge a non-refundable fee for which? Housing and Community Development Act. C. Participate in a tax shelter program. 8 of 10 What does the paragraph on repairs state? Which statement is true? C. Jim and Amanda whisper and frown when they see the basement. Encourage Sam to make a counteroffer at 2% below Sam's asking price. He must withdraw his representation of one of the parties. C. If Larry verbally accepted the offer, Kirk is bound by it. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. A. 10- Whats the difference between a lease purchase and a lease option? 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? 4- Whats a bonus closing and whats important to keep in mind about this technique? 7 of 10 Which of the following is not a national real estate trade organization? 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? A. How should Jan's licensee handle the offer? The escrow holder will need information about the brokers commission. The ordinance also requires a 10-foot side set back. 8- What is an important issue for potential buyer clients to understand? 6- What is important for the sellers to know about a counteroffer? B. Its a good idea for brokers to carry workers compensation coverage. Whoever brings the buyer will get the commission. He refuses to rent the other unit to families with children. A. C. It keeps your name in front of potential buyers and sellers. California: Real Estate Practice Sample of Final Course Exam. Which of these forms of advertising is she most likely to avoid? Ashley should end this relationship by, : asking the seller to sign a mutual release. The salesperson entered into a buyer-broker contract with her brother. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. Launch into your list of the homes special features and hope she changes her mind. Possession date. What should Bob do? D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. C. Moving closer to the agent to get a better look. C. Exclusive-authorization-and-right-to-sell agreement. 44 of 50 Fair Housing laws are designed to: A. 6- What does the security and insurance clause of the listing agreement address? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? B. Which of the following statements is not true? D. Offer to call the prospect when new listings that meet his or her criteria come on the market. However, she believes the sellers will not be willing to accept the offering price. Sharon and Steve have just taken a second mortgage on their home. What should Tom do? One offer is for $208,000; the other is for $200,000. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? The broker will not provide any. Answer: C- Try to get Sam to accept the offer. 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? Housing and Community Development Act. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? 2- What types of office administration tasks are important for a licensed assistant to perform? Negotiate agreements regarding commission structuring. He says to them, "Would you prefer to take possession on September 1 or October 1?" 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. A. Greg is violating the duties he owes to his new buyer. What would be a good approach for Pam to take? He just sold it for $13,000. Studying population trends in the area. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. At the time the agreement is signed. Needs a license to perform activities that are not strictly administrative in nature. Bob Broker represents Mary Buyer. There are several successful agents at Johns office. 5- When must a licensee provide an agency disclosure to a prospective client? 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? Her broker has asked her to be available for tasks in the field rather than in the office. 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?" You had a 9% loss. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. B. 3 of 10 Which of the following would be an example of a licensee specializing in business type? At time of license renewal, what is the renewal charge for a salespersons license? 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. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 4- What are the major areas of newspaper leads? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? Recommend a counteroffer back to list price. lumberton man killed; guggenheim annuity rates. The borrower makes payments of interest only over the term of the loan. 2. Allows the agent to determine community market trends. Entails entering into two agreements simultaneously. The adjusted cost basis of the first home was $140,000. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? They called Wills office and told the secretary they are upset and need to speak with Will. Answer: A- No, Bob Should have submitted the offer. Which term is the process of joining several parcels of land into one larger parcel? A. I will make two new contacts every day this week. A. 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. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. The borrower gives the lender a note and a mortgage in exchange for the funds. buyer randy makes an offer to purchase. 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? C. Guarantees payment of all interest and principal on mortgage-backed securities. 1 of 10 Which of the following types of agency is not allowed in California? 8- Why should agent Grace give her client a Combined Hazards Book? Find things in the home a seller needs to repair. 5 of 10 Alice has decided that she will specialize in selling farm land. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? A. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 12. Prices of properties currently on the market, C. Properties that were listed but did not sell. B. What approach can Greg use to discourage the person from calling other agents? 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? C. Is permissible if being accepted on behalf of a third party. There are several steps in calculating the answer to this question. Give $250 to the buyer and $250 to the seller. D. Administers special assistance programs. The borrowers family in case of his or her death, B. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. C. Exclusive-authorization-and-right-to-sell. 3. 11 of 11 Which of the following is a low loan-to-value ratio? What approach can their agent take to change the sellers perception of the offer? D. The lender assumes Tim and Sues income will rise over the first few years of the loan. 67- Hannah is a real estate assistant. 8 of 10 Which of the following is a good direct mail technique? 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? A buyer wants to take the offer to an attorney to review it. 33- Which statement is true about a loan that has a negative amortization? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. B. Which is a true statement? Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. 10- Which disclosures are NOT required to be made when selling residential property? CSP-Conlutas Central Sindical e Popular . 96- Which statement is not true about a listing contract? 4- Why is it important to talk to the sellers about the buyers? The buyers have been pre-qualified by a lender. 5- What does the safety clause in the listing agreement do? A. They made $50,000 of improvements. university of missouri hospital salaries 2021; port orange arrests today. Which area of specialization would she fall into? A. Return the earnest money to buyer Norm. buyer randy makes an offer to purchase. 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. B. Only after receiving the tenants consent. Giving information about a listing to prospective buyers. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. \text { Annual warranty cost } & 1,546,000 \\ 103- Kirk and Sandy obtained a wraparound mortgage. Bob should not have presented the offer after the property was under contract to another buyer. Suggest that the buyer look at a different house. Nam lacinia pulvinar tortor nec facilisis. C. Greg has violated the duty of confidentiality to Kim. 100 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. D. Allows viewing access to strangers. Decide which offer is best and present that one. 2- What types of office administration tasks are important for a licensed assistant to perform? What economic factors affect the real estate market as well as other goods and services? 9- What required disclosure is a result of Megans Law? B. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. 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. 4. 3 of 10 What kind of ad usually combines both institutional and product advertising? Norm gave Pat a $500 earnest money check. 65- Which of the following items is usually not prorated at closing? D. Reduces the monthly payment for a borrower during the initial years. Find solutions. If a seller is in a multiple offer situation, how do you determine the best offer? D. The date Abby makes the request to receive the booklet. What percent of commission the licensees can charge. 6 of 10 Which of the following statements is not true? A. C. The lender gives the borrower a mortgage and funds. chris kelly rock 92 net worth. The difference between what Sara owes and what her home is worth is known as what? 1- What is escrow? A. B. A. D. I will distribute 200 business cards every month for the next six months. D. All repairs must be in compliance with existing building codes. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. 1. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. 6 of 10 Which booklet is not part of the Combined Hazards Book? He succeeds in setting up an appointment to meet with the caller. 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? California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. What California Fair Housing law has the manager violated? 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. 1 of 10 Which of these statements is not true? Brenda refuses. 3. What is the market value of the property? Click the "Allow" button. D. There is a loan protection plan included with the loan. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? 8- Under what conditions may a landlord enter a tenants property? 7. It can be considered an employment contract. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. Sets a limit on the commission a broker can earn. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. Ask the buyer if the buyer would like to make an offer taking the roof age into account. 7- What makes up a mortgage? 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. The lender makes payments to the borrower. 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. 59- Which of the following is a sellers request that an agent cannot honor? 4. 29- Which of the following is not a good direct mail technique? C. Identifies buyers for other properties. Buyer Jim asks if he can visit the property for a second time. 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 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? A. New Age purchased a new coffee maker the office was in need of. D. Tim and Gail have qualified for an FHA loan. The 9 of 10 Which of the following statements is not true? Certain homeowners may qualify for a $10,000 exemption. B.
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