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. Mary wants to terminate the contract. Answer: B- The contract is voidable due to mutual mistake. B. D. Broker Gina puts $150 into her trust account. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). Receives special tax considerations. Set up a face-to-face meeting with the sellers as soon as possible. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 6- What is important for the sellers to know about a counteroffer? 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. 14 of 50 The title report on a property shows there is a lien on the property. 4- Agent Greg receives a call about one of his firms ads. C. Participate in a tax shelter program. B. C. Payments will not be enough to retire the loan. What is the primary criticism that sellers have about their agents? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. B. A. 2 of 10 Which lender typically deals in interim financing? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. Not waste anymore time on this house, the buyer will never make an offer. 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. C. Knocking on doors never requires special permits. Buyer Norm just signed a purchase contract with licensee Pat. A. Kirk doesnt have the right to withdraw the offer so soon. 5. 2- Name one advantage and one disadvantage of telephone contacts. \text { Annual testing cost } & 543,000 \\ B. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. Go back to the buyer's agent and try to get the offer higher. C. Is subordinate to a first mortgage. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? A secondary bid for a property from the same buyer. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. Which would NOT result from the exercise of police power? 10 of 10 Which proposition limited the maximum amount of tax on real property? 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? Suggest to the sellers that their listing price is too high. They called Wills office and told the secretary they are upset and need to speak with Will. 7 of 50 Glenna and Amanda just bought their first home. 2- Who needs title insurance and why? 3- What is a good approach to use when contacting the owner of an expired listing? Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property. When should the agent have disclosed this fact? Recommend a counteroffer back to list price. Given the rise in the price of a plane ride, what percentage change in the price 8 of 10 Which statement is true about a real estate assistant? What should Bob do? Which statement is true? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. 77- Which of the following Internet pages might not be of particular interest to buyers? How long must a broker be licensed in order to apply for a temporary broker's license? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. Click the "Allow" button. 9- What is the basic purpose of Truth in Lending Regulation Z? A broker may require licensees to carry high levels of automobile insurance. What property type will be his specialty? 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. of a train ride will leave the quantity demanded of train rides unchanged. A. A. 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. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? A. B. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? D. There is a loan protection plan included with the loan. 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. Date and attach supporting documents. 10 of 10 Which of these Internet pages might be of particular interest to sellers? Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. The couple now has. This is not true of which duty? A. 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. A. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? His depreciation was $2,500 per year. Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. The loan value is based on the appraised value, not the sale price. The borrower makes payments of interest only over the term of the loan. Needs a license to perform activities that are not strictly administrative in nature. A. A. B. The buyer was responsible for making the discovery, so Pam is therefore liable. C. Payments will not be enough to retire the loan. He just sold it for $13,000. 3- In what three ways can an assistant aid an agent with appointments? 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. D. Greg has no fiduciary responsibilities to Kim once the listing expired. Answer: D- Avoid telling him the price by setting up an immediate appointment. D. The owner has 45 days to file a change in ownership statement. C. The broker must conduct the escrow personally and not delegate any escrow activities. Does not need to be familiar with office policy. Who should Tommy recommend the owner consult with before making a decision? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. B. 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 9 of 10 Which of these is not a helpful homeowner tip? A. Jake is getting a VA loan with no down payment. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Which of the following statements is not true? 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. 5 of 10 RESPA applies to all of the following EXCEPT which? B. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. A. The owner has 30 days to notify the county assessor. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? The lender gives a mortgage to the borrower and gets funds in exchange. Hes no longer interested in seeing the inside and Marge agrees. However, she believes the sellers will not be willing to accept the offering price. A. California: Real Estate Practice Ch10 Quiz with no answers. 2 of 10 Which of these is not an AIDA characteristic? If an item is already correct, write C on the line provided. 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? They were counting on a full-price offer and are very disappointed. What would you say about Alexs actions? Buyer Jim asks if he can visit the property for a second time. B. A. 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. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. What would you say about Sallys behavior? A. D. Make the headline bold and all caps. What should a licensees written employment agreement contain? 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? D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. D. All repairs must be in compliance with existing building codes. He made $150,000 of improvements during the three years he lived in it before he sold it. 6 of 10 Which of the following is not a true statement? Share that information with the sellers. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? 2 of 12 Which of the following statements is not true about the Federal Reserve? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? B. Last year, about 25% of his income came from sales commissions. 12,800 square feet cross elasticity of demand for train rides with respect to the price of a plane ride 11- What are the penalties for violating Regulation Z? Referral fee to a homeowners insurance agent. C. Once you set a goal you should never change it. 29- Which of the following is not a good direct mail technique? 8 of 10 When is the first installment of property taxes due? 1 of 10 Gail is a licensed real estate assistant. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? 6- Whats important to know about the Liquidated Damages paragraph? 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? Answer a question with a question when possible. 38 of 50 What is the primary role of Fannie Mae? What does the net operating income of a property represent? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. Broker Alice holds an uncashed check until the offer is accepted. D. Provides the names of individuals who may want to sell inherited property. 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. B. B. 5- What does the safety clause in the listing agreement do? B. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. The B. 65- Which of the following items is usually not prorated at closing? California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. B. I will do two practice listing presentations per week with an experienced agent for the next two months. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. D. The borrower gets a note in exchange for a mortgage. 86- Which of the following is not considered a benefit of investing in real estate? Whoever brings the buyer will get the commission. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? What should Bob do? D. The loan must be repaid before the borrowers death. Bob should not have presented the offer after the property was under contract to another buyer. Which statement is TRUE? A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. What property type will he be dealing with? 100- What does the Real Estate Disclosure Law refer to? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? Jim has decided to specialize in what area of real estate? D. She should persuade them to accept the offer. 11- What is a public report and when must it be provided? 5 of 10 How many properties should be included for comparison in a competitive market analysis? D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. 3- For whom do property tax exemptions exist and for how much? A. Name four traditional marketing tools that you should use with every listing you get. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 4- Why is it important to talk to the sellers about the buyers? C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. Then present the $208,000 offer. A. 07 Jun. C. Moving closer to the agent to get a better look. A. Generates leads for new listings. 10- Which disclosures are NOT required to be made when selling residential property? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? 6- List the steps of underwriting. 10 of 10 Which of these is not an exemption to fair housing law? 93- Jim has created a nice property flier for the James home. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. 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? 5- What actions can the sellers take regarding the purchase offer? buyer randy makes an offer to purchase. C. Guarantees payment of all interest and principal on mortgage-backed securities. A. C. Find a lender who is willing to do FHA loans. California: Real Estate Practice Chapter 13 Quiz with no answers. 7- What is the difference between an FHA loan and a VA loan? When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. 13 of 50 What is the most common reason that owners try to sell their homes themselves? 41 of 50 What was the important ruling in Jones v. Mayer? 103- Kirk and Sandy obtained a wraparound mortgage. Rule 21 The property is in an area that could flood. C. Analyzing the income potential of the property. The offer with the fewest contingencies D. Must start out as a part-time employee. 9- Define a purchase money mortgage. The interest rate will increase gradually over time. castilian drive, los angeles. The buyers family is pressuring them to purchase this home. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? Mary wants to make an offer on a house that is 25% lower than the asking price. 4- What are the major areas of newspaper leads? B. Its a good idea for brokers to carry workers compensation coverage. Which of these forms of advertising is she most likely to avoid? 55- Greg is approved for a Cal-Vet loan. C. Prepare additional documentation to take to the presentation. B. 4- What is a good method for estimating what a seller will net from the sale of the property? A. 3- What signals do buyers use to indicate they may be willing to make a purchase? C. Recommend a counteroffer back to list price. 56- Which is not a true statement about the Agency Disclosure? B. Which of these ad headlines would probably be the least effective for this home? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? C. Is not necessary if the verbal presentation is strong. 3 of 10 A listing presentation can be compared to: 4 of 10 All of the following are benefits of listing with an agent except which? C. Real estate can respond quickly to changes in the market. Give a discount to families with children. The sellers want the earnest money check made payable to them instead. 1- What is a competitive market analysis? If checked, the seller can complete repairs after closing. 10- What is the right to rescind and what is not covered by this rule? B. 68- Greg and Joyce have an adjustable rate mortgage on their home. Establish a homes fair market value. Private mortgage insurance is available for FHA loans. D. Lends good visual support to what the agent is saying. A. In the past year they have referred two dozen people who have purchased flooring from New Age. There is a crack in the basement wall. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? One offer is for $208,000; the other is for $200,000. D. Brenda has not violated any fiduciary duty. 2- Explain the difference between the primary and secondary mortgage markets. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? Present the higher-priced offer first. Two months later she purchased and moved into a new home that cost $145,000. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . Amanda loves the home and wants to make an offer. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 3- What is a good approach to use when contacting the owner of an expired listing? A. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . A. they are effectively terminating the original offer. An assistant should never be left with the task of taking photos of a new listing. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? Housing and Community Development Act. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. A secondary bid for a property that the seller will accept if the first offer fails 6- What does the security and insurance clause of the listing agreement address? D. The casement windows have broken seals. 4- What are the major areas of newspaper leads? A. I will complete the GRI certification in the next four years. 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? What is the major difference between an employee and an independent contractor? To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. Enter your offer. B. FSBO sellers believe they will save money if they sell themselves. 2- Explain the difference between the primary and secondary mortgage markets. residential transactions financed by federally related mortgage loans. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 5- What is the Closing Disclosure? Bob Broker represents Mary Buyer. A. 3- What are the three general responsibilities of a property manager? A. I will make two new contacts every day this week. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Is there a contract between the buyer and seller? The borrower gives the lender a note and a mortgage in exchange for the funds. At the time the agreement is signed. To access the website, click "Allow". B. Answer: D- Return the money to buyer Norm. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. A. Buys conventional, FHA and VA loans. 8- What is an important issue for potential buyer clients to understand? 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?. 1- What is an important thing to remember about listing agreements? It is determined by who pays the compensation. How much do you have in your savings account? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Sending cards and newsletters is a good way to keep in contact with clients and prospects. dota 2 annual revenue 2020. adam foote parents. B. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? 50- Harry has some buyers that he believes are ready to make an offer. 4 of 11 Which of these is also called a contract for deed? B. C. Is permissible if being accepted on behalf of a third party. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? 7- What are the capital gains exclusions associated with the sale of a personal residence? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. B. Alice knows everything about the exclusive east side neighborhoods.
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