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What approach can their agent take to change the sellers perception of the offer? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. What will they have to pay the lender? 5- When must a licensee provide an agency disclosure to a prospective client? D. An exclusive listing must always be at least 30 days long. 8 of 10 Which of these statements about counteroffers is not true? 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. A. 8- Why should agent Grace give her client a Combined Hazards Book? 6 of 10 Who typically presents an offer to the sellers? It took effect when Sam accepted Mary's offer. 8 of 10 Which of the following will give you comparative market data the fastest? C. Your plan for finding the buyer a home. 2- Explain the difference between the primary and secondary mortgage markets. Jim and Jane financed the remaining $25,000 through the seller. Hes no longer interested in seeing the inside and Marge agrees. 4 of 10 Which of these is not an important aspect of selling? What should Bob do? Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. 2 of 12 Which of the following statements is not true about the Federal Reserve? Lenders are in the best position to qualify buyers. 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. The broker will not provide any. Has New Age violated any laws? 12- What are grant programs typically used for? 9 of 10 A reference list of alternative comparable properties is sometimes referred to as the: 10 of 10 Prospects Jim and Linda arrive with agent Bill at the first showing. C. Prepare additional documentation to take to the presentation. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? A. Instead, Bob terminates the relationship with Mary. Housing and Community Development Act. D. Meet with the buyers lender to ensure theyre getting a good deal. Goodwill is an intangible asset that results from the reputation of the business. whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. Broker John puts $500 into his trust account. B. How would Grants lease at this time be classified? B. 1. 7- How can a builder help you generate leads? Could be a violation of state licensing laws. A rental condominium for a recreational vehicle. D. Broker Gina puts $150 into her trust account. D. Their lender can profit from the difference in interest rates. D. Gross income must be based on hours worked. A. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? Local ordinance requires a 20-foot rear and front setback. 42 of 50 Alex makes an offer to purchase one of Bills listings. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? B. buyer randy makes an offer to purchase. 1 of 10 Which of the following types of agency is not allowed in California? D. The interest payment is always smaller then the amount allocated to the principal. C. Tell the sellers you expect an offer to be coming soon. 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. She tells them that this action could decrease their property values. A. John offers weekly training seminars. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 11- What are the penalties for violating Regulation Z? buyer randy makes an offer to purchase - fridarestaurant.com CSP-Conlutas Central Sindical e Popular . She sold the property and several months later the buyer sued Pam for not disclosing the problem. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. Broker Ashley has been working for a seller for the past seven months. B. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Course Hero is not sponsored or endorsed by any college or university. A. C. Sharing all visitor comments two weeks before the listing ends. Is critical to your success in real estate. 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? To learn more about the real estate business, D. To make more money than a real estate agent. The listing price of a house is $139,900. 4- What items are not covered by any title insurance policy? If an item is already correct, write C on the line provided. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. 2- Describe an open listing. 7- What are the capital gains exclusions associated with the sale of a personal residence? C. I will open my own office within nine years. 8- Why is it important to have a written prospecting plan? 3- What is the difference between CLTA and ALTA policies? buyer randy makes an offer to purchase - fabricadecosas.com Alex Jones owns a duplex and lives in one unit. D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Have you been pre-qualified or pre-approved by a lender yet? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? The interest rate will increase gradually over time. B. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. What kind of closing technique is Jim using? Ask the buyer if the buyer would like to make an offer taking the roof age into account. A. B. She should advise them to let the offer expire with no action so the buyers will get nervous. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. 21- Which form of advertising is considered the most cost-effective method for selling a home? Anasayfa; Hakkmzda. buyer randy makes an offer to purchase. Explain. C. Is subordinate to a first mortgage. A. Present the offer and tell the seller that the check needs to be held until June 30. 6- What is the main reason sellers choose to sell their property without an agents help? 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? buyer randy makes an offer to purchase. Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. 8. B. D. Do not show the home between 10 a.m. and noon on Sundays. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . Bill cannot contact the seller. What should Bill do? Which of the following items can Matt not add to the original cost when doing the computation? For purposes of federal income tax, which statement is true? What is the primary criticism that sellers have about their agents? A. 3. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. B. B. A. How long does he have to file a complaint with the Department of Housing and Urban Development? D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. C. Gather listing forms for her employer. B. Nam lacinia pulvinar tortor nec facilisis. 5- What does the safety clause in the listing agreement do? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 2. 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? Jim has decided to specialize in what area of real estate? D. Hold both offers because he heard that a full-price offer is on its way. buyer randy makes an offer to purchase. C. Mortgage bankers are a large source of residential loans in California. 3- For whom do property tax exemptions exist and for how much? B. Greg has put himself in a potential dual agency situation. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). Decide which offer is best and present that one. It must be in writing to be enforceable. 16- Dave and Nadine have decided that they want to become property investors. C. It creates an agency relationship. C. Real Estate Settlement and Procedures Act. 8- What is an important issue for potential buyer clients to understand? Donec aliquet. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. Fill out a separate, numbered counteroffer form. Ashley should end this relationship by, : asking the seller to sign a mutual release. Find things in the home a seller needs to repair. 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? Regulates reserve requirements for all institutions that offer checking accounts. The price elasticity of demand for You had a 9% loss. Tom then resells the property to the developer and pockets a $300,000 profit. A. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 3- What is a good approach to use when contacting the owner of an expired listing? 8 of 10 Which statement is true about a real estate assistant? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. Buyer Norm just signed a purchase contract with licensee Pat. He succeeds in setting up an appointment to meet with the caller. B. 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. Can be used in place of a verbal presentation. C. The seller can do all repairs himself. Information on current loan programs. A. 12- What are grant programs typically used for? Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. What should Tim do next? B. What should Jake do? 77- Which of the following Internet pages might not be of particular interest to buyers? C. A counteroffer can give the buyers an out if they want one. 9 of 10 Which of the following statements is not true? A. Make no recommendations and let the sellers decide on their own. What kind of lease does Jim have? 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? A. I will make two new contacts every day this week. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. California: Real Estate Practice Chapter 14 Quiz with no answers. 8- When does a purchase offer become a legal contract? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. \hline B. D. Reduces the monthly payment for a borrower during the initial years. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. B. 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 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? Installation of central air conditioning, D. Addition of a tenant laundry facility. What is the body of law that governs negotiable instruments? B. 37- When dealing with the sale of a business, which is not a true statement? C. Find a lender who is willing to do FHA loans. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. 7 of 10 Which of the following is not a national real estate trade organization? university of missouri hospital salaries 2021; port orange arrests today. 69,200 A. I will complete the GRI certification in the next four years. C. Exclusive-authorization-and-right-to-sell agreement. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. They agree on a price and both parties execute the contract. You bought if for the listing price plus 10% and sold it for the listing price. 4 of 10 Which of the following would be the least desirable phone handling technique? In addition to agent and MLS home tours, what are some other ancillary tools you can use? A. D. The date Abby makes the request to receive the booklet. 5- Define the term loan-to-value ratio. What California Fair Housing law has the manager violated? 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. 2- What kind of problem can result from a straight loan? 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. \text { Annual rework cost } & 34,679 \\ 22- Jane sold her personal home for $148,000. Gross income must be based on production. D. Interest rates are typically fixed rate. 5- What should a good management contract contain? 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? 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. 3 of 10 Sara just bought her first new home. 11- What is a public report and when must it be provided? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. 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. 4- Describe a reverse annuity mortgage. Retain the check for use with a future sales contract offer. B. I will do two practice listing presentations per week with an experienced agent for the next two months. Give credit to all potential borrowers. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. California: Real Estate Practice Ch9 Quiz with no answers. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. 19- Which of the following is not an advantage of hosting an open house? "Let's make a low ball offer?" 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? C. Brenda could be liable for a breach of the listing terms. California: Real Estate Practice Chapter 18 Quiz with no answers. Rule E-1 57- Under federal income tax law, the basis for a personal residence is which of the following: A. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Be open-minded. C. Moving closer to the agent to get a better look. Buys pools of mortgages in exchange for mortgage-backed securities. A. C. Present Alexs offer first since it came in first. The home is listed at $210,000. C. Discover why some homes havent sold. 7- Agent Jim needs to do a visual inspection of his listing. Try to get Sam to accept the offer. Rule F-21 16 juin 2022 why do babies clap their feet. 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. 7- What does the net operating income of a property represent? Point out that the roof is not leaking despite its age. 3- What is a good approach to use when contacting the owner of an expired listing? the buyer is not allowed to make a counteroffer. 9% 6 of 50 Broker Tami has a very low advertising budget. 44 of 50 Fair Housing laws are designed to: A. B. 67- Hannah is a real estate assistant. 3- When preparing a competitive market analysis, what categories of homes should an agent research? B. Its easier to prioritize your tasks if your goals are in writing. Bob writes the offer but is too embarrassed to submit it. His depreciation was $2,500 per year. Rule F-1. Before the sale can get finalized, the owner would require you to first meet certain conditions. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? A. 7 of 10 Which of the following is a possible benefit of investing in real property? Buyers looking at FSBO homes are usually looking for a bargain. C. Exclusive-authorization-and-right-to-sell. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? 9. A. The date Abby receives the good faith estimate. A. Is there a contract between the buyer and seller? D. The advertiser must prove he was grandfathered in as a licensee. 4- Whats a bonus closing and whats important to keep in mind about this technique? 2- Name one advantage and one disadvantage of telephone contacts. 1. 3- What is the difference between CLTA and ALTA policies? She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? Lorem ipsum dolor sit amet, consecteticitur laoreet. is 0.4. A. What should a licensees written employment agreement contain? Which of the following conditions is Paul not required to report on this form? 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? 2- Explain the difference between the primary and secondary mortgage markets. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 1- When is real property reassessed? Which of the following statements is not true? A. Most likely, what did they get? C. The buyers and sellers agents will sign the escrow instructions. 2 of 10 Which of these is not an AIDA characteristic? C. Participate in a tax shelter program. B. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? What kinds of things should you include in a weekly activity report? Suggest to the sellers that their listing price is too high. C. Giving buyers your opinion of what works best for them. A. Present the $200,000 first and recommend rejection. What is this agreement called? Terminate the first contract and accept the higher offer. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Sam accepts the offer and executes the contract on March 1, a Sunday. A. C. Knocking on doors never requires special permits. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 17 of 50 Kathy is a personal assistant at Action Realty. He sounds really excited about this property. She is probably using all but which of the following tools? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. He just sold it for $13,000. $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. 4- What is a good method for estimating what a seller will net from the sale of the property? First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. A. What is most likely their main motivation for investing? Allows the agent to determine community market trends. 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. 8 of 10 Which of these is a free form of advertising? 5. 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?" 5- When must a licensee provide an agency disclosure to a prospective client? He has put up $50,000 in preferred stock as earnest money. When You Should Make a Purchase Offer - The Balance Answer: D- They are effectively terminating the original offer. 30- Being prepared to handle incoming phone calls means all of the following except which? A. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. B. Pleases the sellers by inv=creasing activity. At the time the agent presents an offer. Receives special tax considerations. Share that information with the sellers. If checked, the seller can complete repairs after closing. In this scenario, which of the following is not true? C. Clearly written contractor agreement must exist. 4- What items are not covered by any title insurance policy? C. When you have 200 names in your contact database. 2- What is important to remember about multiple offers? B. A. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? \hline \text { Annual inspection costs } & \$ 155,000 \\ 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? 3- When making your presentation, what topics should you cover? Which of these actions might have caused their upset? C. Identifies buyers for other properties. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? 96- Which statement is not true about a listing contract? Supervises the Truth in Lending Act. B. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. Give the deposit money to the seller. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? Norm gave Pat a $500 earnest money check. A. Only needs to be done periodically. Allows quick repayment of the loan through accelerated payments. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Which of the following would be considered an intermediate goal? 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? B. A. B. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. D. A basis of $140,000 and no taxable gain. Set up a face-to-face meeting with the sellers as soon as possible. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. Sunday afternoon, Mary is driving around and finds a property she likes better. The advertiser can be sentenced to up to a year in prison. 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. 5 of 10 What would be the least effective way to get to know your buyers needs? B. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Please remove your shoes before entering the home. C. The borrower pays a fixed rate of interest. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. D. All adjustable rate mortgages have negative amortization. Donec aliquet. D. Offer something valuable to the reader. Answer: D- Avoid telling him the price by setting up an immediate appointment. 7- Name three benefits of listing a home with an agent that you could share with sellers. A broker may require licensees to carry high levels of automobile insurance. 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? Harry has some buyers that he believes are ready to make an offer. What should Tom do? 8 of 10 When is the first installment of property taxes due? D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? 7. The second mortgage has now become the primary loan. What would we call Hannah? 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. 1- What is escrow? D. Preparing flyers and promotional materials for the brokers approval. B. Its a good idea for brokers to carry workers compensation coverage. Virtual tours are a very expensive marketing tool to use. 9 of 10 Which of these is not a helpful homeowner tip? 6- What is important for the sellers to know about a counteroffer? 5 of 10 Alice has decided that she will specialize in selling farm land. A. If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? 3- In what three ways can an assistant aid an agent with appointments? 41 of 50 What was the important ruling in Jones v. Mayer? 6 of 10 Which of the following is not an item that a buyer usually pays at closing? Establish a homes fair market value. B. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. You can make a Best Offer on listings that have a Make Offer button. What is the major difference between an employee and an independent contractor? 5 of 10 California allows a property manager to charge a non-refundable fee for which? What would you say about Alexs actions? Answer a question with a question when possible. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? The salesperson entered into a buyer-broker contract with her brother. buyer randy makes an offer to purchase C. Use an attractive first-class stamp. B. 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. C. It must specify a definite termination date. (Who, Whom) has been selected as the team captain? 1.555.555.555 | frontier airlines crash history. Pellentesque dapibus efficitur laoreet. buyer randy makes an offer to purchase "What would you like to offer?" buyer randy makes an offer to purchasei miss you text art copy and paste. D. After the agent has had time to make copies at the office. What kind of listing agreement does Alice have with Jack? 3- What signals do buyers use to indicate they may be willing to make a purchase? \end{array} He sold the building for $1,000,000 and paid $60,000 in commission to the broker. 6- What is the ultimate result of using the Closing Disclosure form? A. Salesperson Harry can solicit his own listings. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? What is this called? D. Their loan payments will gradually increase. The loan value is based on the appraised value, not the sale price. Use as little white space as possible. 3 of 10 All of these items are important to include on your weekly activity report except which? buyer randy makes an offer to purchase - ftp.ivnowandzen.com D. Make the headline bold and all caps. fairbanks ice dogs standings . 4- How is property management seen as a risk to investing? D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. At the end of the term, the loan balance will be negative.