4- Why is coordinating escrow so important and how can an assistant help? Buyer Jim asks if he can visit the property for a second time. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. 4- Whats a bonus closing and whats important to keep in mind about this technique? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? Encourage the buyer to get the attorney to review it quickly. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? Which one is illegal in many states? buyer randy makes an offer to purchase A. Pam should tell them to reject the offer so that the buyers will counter back with full price. D. Do not show the home between 10 a.m. and noon on Sundays. 4. She can do all of the following except which? D. Hold it with the buyers permission until the contract is accepted. A. 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? Buyers looking at FSBO homes are usually looking for a bargain. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 42- Alice is planning her career and setting her goals. Give a discount to families with children. Making a Best Offer | eBay Their first mortgage will get paid off immediately. C. Exclusive-authorization-and-right-to-sell agreement. A. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 4- Amanda calls broker Tim to schedule a showing of one of his listings. A. Bob Broker knows that another offer will be coming in at about the same time. Courtesy of RealtyPact. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. 10 of 10 Which of the following is not a possible benefit of investing in real property? He asks his real estate agent if she could tell him how to go about building a house on the land. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? What does that mean? 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. Deposit the check into his trust fund account on the next business day. Gross income must be based on production. What should Bob do? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. C. Make up some statistics to share with the Bowers. 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. buyer randy makes an offer to purchase - nubblesitesolutions.com California: Real Estate Practice Ch12 Quiz with no answers. 10- Whats the difference between a lease purchase and a lease option? She is probably using all but which of the following tools? What economic factors affect the real estate market as well as other goods and services? The salesperson entered into a buyer-broker contract with her brother. What are some important tips for home tours? D. Brenda has not violated any fiduciary duty. They will owe a balloon payment at the end of the loan term. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. C. Date and attach supporting documents. What approach can their agent take to change the sellers perception of the offer? The fees that Eric charges Paul for making the loan could be any but which of the following amounts? $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. Mary makes an offer to purchase a duplex from Sam. 5- What actions can the sellers take regarding the purchase offer? During business hours and only after giving the tenant 24 hours notice. A. Sam plans to overnight the acceptance on Monday. 76- Mark believes he has been discriminated against during his home search. What should Bob advise Sam? C. The loan term will extend gradually over time. The couple now has. 2- What is floor time and why is it important? What kind of a mortgage do they have? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. C. Theyre probably paying a higher interest rate on the second mortgage. Write a contingent counteroffer. C. Discover why some homes havent sold. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. D. Allows a broker to have as a commission anything above the minimum the seller sets. Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. 4. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. 2 of 10 A competitive market analysis contains information about all of the following items except which? If an item is already correct, write C on the line provided. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 8 of 10 Which of the following will give you comparative market data the fastest? 69,200 Name four traditional marketing tools that you should use with every listing you get. 1- What is escrow? D. Interest rates are typically fixed rate. 9- What is the basic purpose of Truth in Lending Regulation Z? Virtual tours are a very expensive marketing tool to use. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 3- What is a good approach to use when contacting the owner of an expired listing? 1- What is goodwill as it relates to a business? Donec aliquet. 70- Which of these items would be a credit to the buyer on the settlement statement? 1- What are the five aspects that are involved in any selling approach? A. 46 of 50 Greg grew up in and lives in a rural area. 3. 5- What is the Closing Disclosure? C. The air conditioner does not work. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. Point out that the roof is not leaking despite its age. B. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? California: Real Estate Practice Ch3 Quiz with no answers. C. Jim and Amanda whisper and frown when they see the basement. 1 of 10 Which of these statements is not true? What kind of lease does Jim have? B. B. In the meantime, Bill gets another offer on the property from another buyer at a higher price. Which of these statements is true about the wraparound mortgage? B. B. B. A. 6- According to California real estate law, how often must a broker balance his or her trust accounts? What kind of agreement is this? C. Ask the caller when not if he or she wants to see the property. B. 42 of 50 Alex makes an offer to purchase one of Bills listings. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? B. 1 of 10 Gail is a licensed real estate assistant. Share that information with the sellers. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. Allows quick repayment of the loan through accelerated payments. What kinds of things should you include in a weekly activity report? 88- Sally and Dan must pay 2 points on their new $65,000 loan. 14- Value includes which of the following aspects? Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. 3 of 10 How long must trust account records be kept? 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. 4- Describe how a property manager can receive his or her fees. 32 of 50 Alice is an employee of Mid-State Realty Services. Other than residential list three kinds of property in the real estate market. B. D. Understanding characteristics of the rental market. 33- Which statement is true about a loan that has a negative amortization? Rule E-1 86- Which of the following is not considered a benefit of investing in real estate? Receives special tax considerations. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? 1.555.555.555 | frontier airlines crash history. What should Alice do? 101- Which type of loan typically carries the most loan points? 47 of 50 Which of the following would not qualify as a 1031 exchange? Which statement is true? Answer: D- It was never effective since Sam had not notified Mary of the acceptance. B. 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. If Bill pays off the loan early, there will be no prepayment penalty. Which of these actions might have caused their upset? How can you prepare your sellers for receiving offers? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Does not need to be familiar with office policy. 8- What actions does a lender take to sell a mortgage in the secondary market? C. Payments will not be enough to retire the loan. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. 8- When does a purchase offer become a legal contract? During a phone call, a salesperson discusses showing a property to a prospect. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. 6 of 12 The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what? 103- Kirk and Sandy obtained a wraparound mortgage. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. You can make a Best Offer on listings that have a Make Offer button. The owner has 30 days to notify the county assessor. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. The ordinance also requires a 10-foot side set back. 3- For whom do property tax exemptions exist and for how much? \end{array} The listing price of a house is $139,900. What do many firms do to avoid confusion with their advertising plan? buyer randy makes an offer to purchase. yellowbrick scholarship reviews. 2- List the three Institute of Real Estate Management property management designations. buyer randy makes an offer to purchase 3. A. Generates leads for new listings. buyer randy makes an offer to purchase - ftp.ivnowandzen.com Housing and Community Development Act. A. B. Needs a license to perform activities that are not strictly administrative in nature. 6 of 10 Who typically presents an offer to the sellers? 4- Why is it important to talk to the sellers about the buyers? A buyer wants to take the offer to an attorney to review it. 1 of 10 Which figure represents the amount of income available as a return to an investor? A. Lorem ipsum dolor sit amet, consecteticitur laoreet. 4 of 10 If a person believes he or she has been discriminated against, how long does he or she have to file a HUD complaint? C. Explain your marketing plan to the sellers. California: Real Estate Practice Chapter 13 Quiz with no answers. D. Chris is a buyer's agent. B. Which of the these activities does she have control over? C. When you have 200 names in your contact database. They will have to make a very high down payment. D. Arrange to meet the prospect at your office. 9- Define a purchase money mortgage. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. One offer is for $208,000; the other is for $200,000. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? California: Real Estate Practice Ch10 Quiz with no answers. At the end of the term, the loan balance will be negative. An apartment building for a vacant lot, B. B. Who should Tommy recommend the owner consult with before making a decision? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. What would you say about Sallys behavior? buyer randy makes an offer to purchasei miss you text art copy and paste. 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? buyer randy makes an offer to purchase - fridarestaurant.com At the time the agreement is signed. Before the sale can get finalized, the owner would require you to first meet certain conditions. Is depreciation accounted for by a hospital? Her asking price was $560,000 and the property sold for $575,000. C. Real Estate Settlement and Procedures Act. Plastic dishes last a long time because they are unbreakable. 5 of 10 All of these would be effective at capturing a readers attention except which? Hes no longer interested in seeing the inside and Marge agrees. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. A broker cannot use the word escrow in a fictitious name. Licensee Pat was in transit to the cooperating licensee's office with 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? B. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? Seeking buyers for your listings B. 8- What is an important issue for potential buyer clients to understand? 17 of 50 Kathy is a personal assistant at Action Realty. D. Meet with an inspector at a listing. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. fairbanks ice dogs standings . C. Recommend a counteroffer back to list price. 8- Why is it important to have a written prospecting plan? Nam lacinia pulvinar tortor nec facilisis. Elaine parks across the street from the home and Mike is disappointed by what he sees. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? 2 of 10 Assistants who are asked to be available for tasks in the field rather than in the office are referred to as: 3 of 10 Which of these items on a resume accompanying an application for an assistants position should be kept brief? B. 1- What is important to know about unlicensed real estate assistants? The second mortgage has now become the primary loan. C. Tell the sellers you expect an offer to be coming soon. 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. B. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? D. Magazine ads are significantly more expensive than newspaper ads. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. What are members of NAR required to do? A rental property has a return rate of 8%. Over 300 California Real Estate Practice Exam questions to pass Tests! 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? 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?. $90,000 4- Whats a bonus closing and whats important to keep in mind about this technique? If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. A. Wills weekly report indicates two showings and five inquiries for the week. 07 Jun. When should the agent have disclosed this fact? Anasayfa; Hakkmzda. He has put up $50,000 in preferred stock as earnest money. C. Can perform some real estate activities without a license. 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? 12- What are grant programs typically used for? A. 2 of 10 Which of these is not an AIDA characteristic? 2- Name one advantage and one disadvantage of telephone contacts. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. 1- What is an important thing to remember about listing agreements? 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? 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. 2 of 50 Residential property includes all of the following EXCEPT which? 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? 4- What is the agreement that a broker can enter into with a buyer? Answer: D- They are effectively terminating the original offer. Loan terms are from 15 to 25 years. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 96- Which statement is not true about a listing contract? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? 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. Tom then resells the property to the developer and pockets a $300,000 profit. California: Real Estate Practice Ch7 Quiz with no answers. Buyer Norm called and rescinded the offer. C. Gather listing forms for her employer. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 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.. 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. B. C. Classified ads placed on the property, D. Number of hits on the company website. The advertiser is subject to a fine. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Has New Age violated any laws? B. Exclusive-authorization-and-right-to-sell agreement. 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. Answer: A- No, Bob Should have submitted the offer. Which area of specialization would she fall into? D. The UCC is a body of law that standardizes a number of business practices. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. 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 2- Who needs title insurance and why? C. The same amount will go towards the principal every month. 6- List the steps of underwriting. A secondary bid for a property that the seller will accept if the first offer fails The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). B. Its easier to prioritize your tasks if your goals are in writing. The adjusted cost basis of the first home was $140,000. 5- Your listing presentation manual should be made up of two sections that address what issues? A. Preparation of an appraisal of the property, D. Help with required forms and disclosures. buyer randy makes an offer to purchase - cspconlutas.org.br He just sold it for $13,000. D. The buyers love the landscaping improvements the sellers have made. 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. Ordinary china is very fragile. A counteroffer represents a rejection of an offer. 74- Which statement is not true about an agency relationship? B. A. Enter your offer. C. Sharing all visitor comments two weeks before the listing ends. 52- Which statement is true about a listing contract? Ask the buyers to sign a real estate transfer disclosure statement. Answer: B- Encourage the buyer to get the attorney to review it quickly. He must withdraw his representation of one of the parties. Underline the correct pronoun in parentheses in the following sentence. Bob should not have presented the offer after the property was under contract to another buyer. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. D. The casement windows have broken seals. 8 of 10 When is the first installment of property taxes due? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. C. The owner has 45 days to pay the new property taxes. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? 8- What does the Water Heater Statement of Compliance address? A. 5- If lenders intend to sell mortgages in the secondary market, what must they do? If you like, you can add a message to the seller. C. Give the tenant a 3-day notice to pay or quit. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? Who is responsible for removing the lien to clear the title? C. Analyzing the income potential of the property. Free Purchase Agreement | PDF & Word | Legal Templates D. The date Abby makes the request to receive the booklet. What kinds of insurance do brokers normally require of their employees? There are several successful agents at Johns office. D. Their lender can profit from the difference in interest rates. 10 of 10 Which of the following statements is not true about a net listing? B. D. Buyer indemnity and seller protection. $5,500 the first year, plus a maximum 2% increase in market value per year, B. What would we call Hannah? B. B. What kind of listing agreement does Alice have with Jack? 3 of 10 Jake has received two offers on one of his listings. B. The borrowers family in case of his or her death, B. C. Alice is getting a conventional loan and making a 15% down payment. The owner of the property is HIV positive. B. D. The appraised value prior to sale 33 of 50 Sal bought a personal residence for $150,000. Which of the following items can Matt not add to the original cost when doing the computation? C. Knocking on doors never requires special permits. A. 8 of 10 Which of the following circumstances would concern you about working for Broker John? Start in the room with the best features. A buyer mails an offer to an out-of-town seller. B. A. 9. The buyer was responsible for making the discovery, so Pam is therefore liable. 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. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. Suggest to the sellers that their listing price is too high. 5- What actions can the sellers take regarding the purchase offer? B. Pam is not liable since it was summer and the heating problem was not obvious. A. The purchase price, plus depreciation, B. Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. What was Sam's appraisal cost for quality last year? D. A shopping center might have to remodel their public restrooms. of a train ride will leave the quantity demanded of train rides unchanged. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. buyer randy makes an offer to purchase. D. The property is in a state fire responsibility area. 2- What types of office administration tasks are important for a licensed assistant to perform? D. Administers special assistance programs. However, he is objecting because the roof is 12 years old. B. 5 of 10 The principles of an agency relationship include all of these factors except which one? 6- What is important for the sellers to know about a counteroffer? Information on current loan programs. What does the net operating income of a property represent? B. 12- What does TRID require of lenders?