30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? Explain. California: Real Estate Practice Ch9 Quiz with no answers. 3. \text { Annual cost of scrap materials } & 286,000 \\ What approach can Greg use to discourage the person from calling other agents? Ask the caller if he or she would like to receive e-mails on newly listed properties. Is depreciation accounted for by a hospital? A. A. I will make two new contacts every day this week. A. A. D. Gross income must be based on hours worked. B. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 5 of 10 Which of these statements is not true about qualifying buyers? This form is the first step in any real estate deal. The salesperson entered into a buyer-broker contract with her brother. D. Amanda smiles at Jim when she sees the whirlpool tub. Her broker has asked her to be available for tasks in the field rather than in the office. D. Is best left to experienced brokers. The Residential Environmental Hazards Guide, B. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. D. Preparing flyers and promotional materials for the brokers approval. Facebook Instagram. 3- What signals do buyers use to indicate they may be willing to make a purchase? B. 5 of 10 Mike bought his home last year for $150,000. Bob cannot do anything; it is out of his hands. 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. 10 of 10 Which of these is not an exemption to fair housing law? B. 5 of 10 How many properties should be included for comparison in a competitive market analysis? 1- What is an important thing to remember about listing agreements? 50- Harry has some buyers that he believes are ready to make an offer. Pellentesque dapibus efficitur laoreet. C. Explain your marketing plan to the sellers. He sounds really excited about this property. Before completing the form, discuss the following important points with the home seller: Price. In addition to agent and MLS home tours, what are some other ancillary tools you can use? C. Shows property addresses that should be excluded from prospecting. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? 8- Why should agent Grace give her client a Combined Hazards Book? A. C. Deposit into the brokerage business account. A. Only needs to be done periodically. B. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. A. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 5- If lenders intend to sell mortgages in the secondary market, what must they do? He says to them, "Would you prefer to take possession on September 1 or October 1?" C. Prepare additional documentation to take to the presentation. Information on current loan programs. B. 6 of 10 Who typically presents an offer to the sellers? 3- What is a good approach to use when contacting the owner of an expired listing? B. 4- Amanda calls broker Tim to schedule a showing of one of his listings. D. Have the broker send a thank you for listing letter to the sellers. A broker may advertise that he or she is an escrow agent. of a train ride will leave the quantity demanded of train rides unchanged. C. FSBO sellers who list with an agent will pay their own advertising costs. It can be considered an employment contract. D. The property is in a state fire responsibility area. 10 of 10 All of the following are true statements about goals except which one? Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 56- Which is not a true statement about the Agency Disclosure? A. Brenda must follow all of Jims instructions. 6- Whats important to know about the Liquidated Damages paragraph? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. C. Mortgage bankers are a large source of residential loans in California. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. At the time the agent presents an offer. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? Which statement is true? A. Tell the buyer to submit the offer first and then take a copy to the attorney to review. It was terminated when Mary delivered the recission to Sam. Step 2. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. 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? Last year, about 25% of his income came from sales commissions. 4. D. Greg has no fiduciary responsibilities to Kim once the listing expired. Alex Jones owns a duplex and lives in one unit. 3 of 10 All of these items are important to include on your weekly activity report except which? 41- Agricultural land includes all of the following EXCEPT which? 1 of 10 What kind of lease contains a recapture clause? A. Jim specializes in clients who want to buy restaurants. What kind of closing technique is Harry using? He succeeds in setting up an appointment to meet with the caller. What should Bob do? Tell Linda that the sellers will be very disappointed if they cancel the appointment. 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? What kind of a mortgage do they have? 59- Which of the following is a sellers request that an agent cannot honor? The adjusted cost basis of the first home was $140,000. 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. Gives the names of lawyers who might require property assistance. 100- What does the Real Estate Disclosure Law refer to? The borrower makes payments of interest only over the term of the loan. What would you say about Alexs actions? fairbanks ice dogs standings . 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. Ask the buyer if the buyer would like to make an offer taking the roof age into account. 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. Amanda loves the home and wants to make an offer. Select Review offer. 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? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. In this scenario, which of the following is not true? 4- Whats a bonus closing and whats important to keep in mind about this technique? B. FSBO sellers believe they will save money if they sell themselves. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. C. Brenda could be liable for a breach of the listing terms. Mary makes an offer to purchase a duplex from Sam. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? In the past year they have referred two dozen people who have purchased flooring from New Age. A. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 9 of 10 All of these might be a buying signal except which? 4- What is a good method for estimating what a seller will net from the sale of the property? Instead, Bob terminates the relationship with Mary. Suggest to the sellers that their listing price is too high. Sending cards and newsletters is a good way to keep in contact with clients and prospects. Senior housing for residents 62 or older, B. D. Whether or not the licensees attend staff meetings. A. He refuses to rent the other unit to families with children. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? C. Is subordinate to a first mortgage. 6- What is important for the sellers to know about a counteroffer? What should Bob do? 4. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. 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? 10 of 10 Which of the following statements is not true about a net listing? 7. B. 1- What are the five aspects that are involved in any selling approach? B. How to Write a Purchase Agreement? The couple now has. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 69,200 This is not true of which duty? C. Tell them that this home is an exceptional buy and encourage them to look anyway. D. The owner has 45 days to file a change in ownership statement. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Given the rise in the price of a plane ride, what percentage change in the price B. Brenda has violated the fiduciary duty of obedience to Jim. What does that mean? Try to get Sam to accept the offer. She tells them that this action could decrease their property values. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? ", Answer: A- "What would you like to offer? What is this agreement called? 3- Differentiate between mortgage brokers and mortgage bankers. You bought if for the listing price plus 10% and sold it for the listing price. Which would NOT result from the exercise of police power? Which of these statements is true about the wraparound mortgage? 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. A. 3. Donec aliquet. A. A broker cannot use the word escrow in a fictitious name. 9- What is the basic purpose of Truth in Lending Regulation Z? 2 of 10 Which of these is not an AIDA characteristic? 6. B. A. 86- Which of the following is not considered a benefit of investing in real estate? The check that accompanies the salesperson license application must be for what amount? 4- What items are not covered by any title insurance policy? 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. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. D. I will distribute 200 business cards every month for the next six months. 07 Jun. What do you need to remember about making phone calls to potential clients? 2- What exception exists to the duty of obedience when working with a client? 3 of 10 What kind of ad usually combines both institutional and product advertising? Most likely, what did they get? 7 of 11 In which of the following types of loans is the payment allocated only to interest? 62- When agent Hal shows a home he should never: A. Return the earnest money to buyer Norm. 5- What does the safety clause in the listing agreement do? A. What should Tim do next? 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. 6- When is a lender required to terminate a borrowers private mortgage insurance? You had a 9% loss. What economic factors affect the real estate market as well as other goods and services? 6- What does the security and insurance clause of the listing agreement address? Which of the following items can Matt not add to the original cost when doing the computation? Display lots of family photos to impress potential buyers. C. Greg has violated the duty of confidentiality to Kim. A. 3. 1 of 10 Broker Alice has hired several independent contractors in her firm. B. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. B. 8. 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? Which area of specialization would she fall into? What percent of loss did you have? The sellers want the earnest money check made payable to them instead. Answer: B- Encourage the buyer to get the attorney to review it quickly. Which of the following is true, if you are licensed as a referral agent? Could be a violation of state licensing laws. Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 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?. 5 of 10 Which of these is not a true statement? 1- What is a competitive market analysis? A. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. The term of the loan can be shortened. Studying population trends in the area. A. Lead-based paint was used in the home. Answer: D- They are effectively terminating the original offer. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 1- When is real property reassessed? C. Insurance agents dealing with customers. Which term is the process of joining several parcels of land into one larger parcel? B. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. A. 64- Which of the following is not a form of personal advertising? 1 of 10 All of the following are good approaches for handling objections except which? She put 20% down and got a mortgage for the remainder. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? What is Gregs capital gain on the apartment? D. Supply cannot be moved to a high demand area. Local ordinance requires a 20-foot rear and front setback. The lender makes payments to the borrower. A. 7 of 10 Which of the following is a possible benefit of investing in real property? 3- In what three ways can an assistant aid an agent with appointments? 74- Which statement is not true about an agency relationship? Broker compensation to other brokers. D. Tim and Gail have qualified for an FHA loan. A. Which of these forms of advertising is she most likely to avoid? 1. What should you keep in mind when developing your marketing plans? What should agent Phil do? Find solutions. D. Their loan payments will gradually increase. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? 81- Jake has decided to specialize in working with clients who purchase schools. What should Elaine do? D. A shopping center might have to remodel their public restrooms. B. "No, you may lose the house." Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. C. I will get three new listings this month. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? The gross annual income, $7,200, divided by 8% (0.08), is $90,000. The broker will owe fiduciary responsibilities to the seller as well as the buyer. They will have to make a very high down payment. 88- Sally and Dan must pay 2 points on their new $65,000 loan. Retain the check for use with a future sales contract offer. 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. 1- What is important to know about unlicensed real estate assistants? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. What should Tom do? A purchase offer is a binding contract between the buyer, the seller and their agents. C. Is not necessary if the verbal presentation is strong. Norm gave Pat a $500 earnest money check. 6 of 10 Which of the following is not a true statement? 3- When making your presentation, what topics should you cover? Her asking price was $560,000 and the property sold for $575,000. Point out that the roof is not leaking despite its age. D. Allows viewing access to strangers. Encourage Sam to make a counteroffer at 2% below Sam's asking price. 4- What items are not covered by any title insurance policy? 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? 1 of 10 Which figure represents the amount of income available as a return to an investor? 3- For whom do property tax exemptions exist and for how much? 28- Abby applies for a federally-related loan to purchase a home. C. How much time the licensees must spend in the office. What should Tom do? 9 of 10 Which of the following statements is not true? 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. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? Buys conventional, FHA and VA loans. 30- Being prepared to handle incoming phone calls means all of the following except which? : 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. D. Broker Tom has only limited responsibility for the actions of his licensees. 75- All but which of the following is NOT an AIDA feature? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. C. I will open my own office within nine years. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. C. Tell the sellers you expect an offer to be coming soon. 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. 4- What are the major areas of newspaper leads? What should Tim do next? An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. 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 B. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? B. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? 104- Lorna and Hal have obtained a growing equity mortgage for their new home. D. Placing a classified ad in the weekend paper. Preparation of an appraisal of the property, D. Help with required forms and disclosures. the buyer is not allowed to make a counteroffer. Which of these ad headlines would probably be the least effective for this home? B. Sandy and Bill are putting 30% down on their home purchase. How are properties affected by the local economy? 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? C. Payments will not be enough to retire the loan. Share that information with the sellers. B. Alice knows everything about the exclusive east side neighborhoods. D. The advertiser must prove he was grandfathered in as a licensee. D. The first and second mortgage will be rolled into one. 4- What is a good method for estimating what a seller will net from the sale of the property? C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 5- What actions can the sellers take regarding the purchase offer? Bob writes the offer but is too embarrassed to submit it. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 4 of 10 Which of the following is NOT a condition of the safe harbor test? 2- Explain the difference between the primary and secondary mortgage markets. A. C. Participation in the MLS increases a licensees inventory. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. A rental property has a return rate of 8%. A counteroffer represents a rejection of an offer. A. Give the sellers a copy of some homeowners tips. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. The offer with the highest price How long must a broker be licensed in order to apply for a temporary broker's license? This would be the maximum the purchaser would be permitted to borrow. A. Buyer Norm just signed a purchase contract with licensee Pat. Two months later she purchased and moved into a new home that cost $145,000. B. Why is it important for licensees to understand the Americans with Disabilities Act? 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? A net listing is illegal in all states. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. A secondary bid for a property that is less than the first offer Not waste anymore time on this house, the buyer will never make an offer. 4- What is the agreement that a broker can enter into with a buyer? B. Be open-minded. If a seller is in a multiple offer situation, how do you determine the best offer? castilian drive, los angeles. A. Mike has changed jobs six times in the past six months. 4. 96- Which statement is not true about a listing contract? 3 of 10 Which paragraph of the purchase agreement states that if the buyer defaults after acceptance, he or she may be liable for the brokers commission? What kind of listing agreement does Alice have with Jack? 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? 93- Jim has created a nice property flier for the James home. What should Bob advise Sam? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 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. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Has Bob acted properly? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 4 of 10 All of these are true of prospecting except: A. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. buyer randy makes an offer to purchase. Is critical to your success in real estate. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. 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. B. buyer randy makes an offer to purchase. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). Rate of return is computed by dividing the annual net income by the rate of return. 4- Describe how a property manager can receive his or her fees. C. The home sits on an earthquake fault zone. C. Gather listing forms for her employer. Person must be properly licensed. Checking your browser. 7 of 10 Which document shows the assets and liabilities of a business? 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? 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. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. There are several steps in calculating the answer to this question. 2- What types of office administration tasks are important for a licensed assistant to perform? If the loan is for $68,000, what will Mark be assessed in points? A. C. Discover why some homes havent sold. 5 of 10 The principles of an agency relationship include all of these factors except which one? D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 8 of 10 What does the paragraph on repairs state? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 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? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. D. Give the sellers the price over the phone so that they can think about it before you meet with them. 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. Sam plans to overnight the acceptance on Monday. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 4. D. The casement windows have broken seals. The advertiser is subject to a fine.

Homes For Sale By Owner In Fayette County, Tn, Bearberry Tea Woolworths, Quantum Health Prior Authorization List, Gerber River Shorty Vs Nrs Pilot, Articles B