80- Which of the following is an example of commingling? 3- What is a good approach to use when contacting the owner of an expired listing? Encourage Sam to make a counteroffer at 2% below Sam's asking price. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? Establish a homes fair market value. What should Bill do? 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? It can be considered an employment contract. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? B. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? buyer randy makes an offer to purchase - ftp.ivnowandzen.com Try to get Sam to accept the offer. He asks his real estate agent if she could tell him how to go about building a house on the land. 7- What makes up a mortgage? 30- Being prepared to handle incoming phone calls means all of the following except which? B. Newsletters can be a very effective advertising forum for niche marketers. 6- What is the main reason sellers choose to sell their property without an agents help? 10 of 10 All of the following are true statements about goals except which one? Rule F-1. The buyers have been pre-qualified by a lender. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? Only after receiving the tenants consent. 9 of 10 A shopping center would be primarily categorized as what type of property? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. buyer randy makes an offer to purchase. D. Seeking buyers for others agents listings. D. The appraised value prior to sale What is most likely their main motivation for investing? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 33 of 50 Sal bought a personal residence for $150,000. Terminate the first contract and accept the higher offer. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. What should Bob do? D. All repairs must be in compliance with existing building codes. 4- What is the agreement that a broker can enter into with a buyer? A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. D. Employee status versus independent contractor status is an IRS issue. Is generally viewed as unprofessional. 1. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. 103- Kirk and Sandy obtained a wraparound mortgage. 4- Agent Greg receives a call about one of his firms ads. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. Prior to bringing an offer to purchase. What kind of lease does Jim have? B. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. Which term is the process of joining several parcels of land into one larger parcel? C. Shows property addresses that should be excluded from prospecting. Tell the buyer about the other offer and urge the buyer to skip the attorney. 1 of 10 All of the following are good approaches for handling objections except which? The property is in an area that could flood. 69,200 Tell Mike that the sellers will be upset if they cancel the appointment. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 5- What kind of newspaper ad could you place to solicit a listing? What California Fair Housing law has the manager violated? Which is a true statement? Answer: D- They are effectively terminating the original offer. Which of these ad headlines would probably be the least effective for this home? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. Fill out a separate, numbered counteroffer form. C. Theyre probably paying a higher interest rate on the second mortgage. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? D. Provides the names of individuals who may want to sell inherited property. It is determined by who pays the compensation. Nam lacinia pulvinar tortor nec facilisis. The monthly net rental is $600. 4. 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. D. I will complete a property management seminar within the next year. A. B. 5 of 10 All of these would be effective at capturing a readers attention except which? 28- Abby applies for a federally-related loan to purchase a home. Broker compensation to other brokers. 46- A life insurance company would most likely invest in all but which of the following properties? D. Supply cannot be moved to a high demand area. "Let's make a low ball offer?" The definition of race was expanded to include ancestry. Rule F-21 D. Erics broker should appoint Eric as the designated agent in this transaction. C. Make up some statistics to share with the Bowers. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. D. Allows a broker to have as a commission anything above the minimum the seller sets. A. Eric can require that both the buyer and seller share equally in his commission. Answer a question with a question when possible. A. D. Amanda smiles at Jim when she sees the whirlpool tub. 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. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. Sunday afternoon, Mary is driving around and finds a property she likes better. What approach can Greg use to discourage the person from calling other agents? You can use a reverse telephone directory to get the names of residents. Sexta, 26 de novembro de 2021 . 56- Which is not a true statement about the Agency Disclosure? A. B. FSBO sellers believe they will save money if they sell themselves. Give $250 to the buyer and $250 to the seller. 42 of 50 Alex makes an offer to purchase one of Bills listings. He says to them, "Would you prefer to take possession on September 1 or October 1?" 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. What does that mean? How long must a broker be licensed in order to apply for a temporary broker's license? At time of license renewal, what is the renewal charge for a salespersons license? List the details of all parties involved. Return the earnest money to buyer Norm. C. Exclusive-authorization-and-right-to-sell. B. What would be a good approach for Pam to take? D. Is permissible in amounts under $50. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Donec aliquet. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? Bob Broker knows that another offer will be coming in at about the same time. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. During a phone call, a salesperson discusses showing a property to a prospect. Their first mortgage will get paid off immediately. \hline To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. B. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. B. The date Abby receives the good faith estimate. 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? Buyer Randy makes an offer to purchase one of Broker Tom's The price elasticity of demand for Here are the steps to follow to make an offer to purchase: Step 1. There are several steps in calculating the answer to this question. 10 of 50 There has been very little interest in the Bowers home this past week. buyer randy makes an offer to purchase - cspconlutas.org.br It never was effective since Sam had not notified Mary of the acceptance. 37- When dealing with the sale of a business, which is not a true statement? Broker John puts $500 into his trust account. 6 of 50 Broker Tami has a very low advertising budget. How long does he have to file a complaint with the Department of Housing and Urban Development? The borrowers family in case of his or her death, B. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. Receives special tax considerations. A. His depreciation was $2,500 per year. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. Bob writes the offer but is too embarrassed to submit it. Allows quick repayment of the loan through accelerated payments. 3- For whom do property tax exemptions exist and for how much? A secondary bid for a property that the seller will accept if the first offer fails 3. Select Review offer. Answer: C- Try to get Sam to accept the offer. Why or why not? 4. What should Tim do next? 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? 7- How can a builder help you generate leads? A. 44 of 50 Fair Housing laws are designed to: A. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? A. C. Consider child support payments in the decision. The loan will be distributed to them gradually. 3. They made $50,000 of improvements. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? California: Real Estate Practice Ch9 Quiz with no answers. \hline \text { Annual inspection costs } & \$ 155,000 \\ What is this called? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. What do many firms do to avoid confusion with their advertising plan? Decide which offer is best and present that one. A. A. John offers weekly training seminars. A. 5 of 10 All of the following are valid listing agreements. C. Broker Harry deposits $1000 into his brokerage business account. 1- What is important to know about unlicensed real estate assistants? In fact, the meter's location is dictated by the town building codes; what could happen to Rob? Which of the following conditions is Paul not required to report on this form? C. Print postage labels from your computer. B. 9 of 50 Which of the following is a credit to the seller on the settlement statement? Installation of central air conditioning, D. Addition of a tenant laundry facility. B. B. Encourage the buyer to get the attorney to review it quickly. Answer: B- The contract is voidable due to mutual mistake. Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. She sold the property and several months later the buyer sued Pam for not disclosing the problem. The borrower makes payments of interest only over the term of the loan. 4- Amanda calls broker Tim to schedule a showing of one of his listings. "No, you may lose the house." Who will pay the points? 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?" 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . The adjusted cost basis of the first home was $140,000. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? Bob Broker represents Mary Buyer. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. A. Rate of return is computed by dividing the annual net income by the rate of return. For what type of loan is the borrower applying? 07 Jun. A. 8- Under what conditions may a landlord enter a tenants property? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. California: Real Estate Practice Ch3 Quiz with no answers. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. Why is it important for licensees to understand the Americans with Disabilities Act? A. 9- What is the basic purpose of Truth in Lending Regulation Z? B. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. B. 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. An assistant can keep track of the progress of activities during escrow. B. B. A. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? B. Present the offer and tell the seller that the check needs to be held until June 30. C. Be sure all requested inspections have been ordered. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. A. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? C. Analyzing the income potential of the property. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. 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. B. 12,800 square feet C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). California: Real Estate Practice Ch12 Quiz with no answers. buyer randy makes an offer to purchase. A. 101- Which type of loan typically carries the most loan points? 6 of 10 Which booklet is not part of the Combined Hazards Book? 3- In what three ways can an assistant aid an agent with appointments? B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. What kind of closing technique is Jim using? 4- Describe how a property manager can receive his or her fees. However, she believes the sellers will not be willing to accept the offering price. 8 of 10 Which of the following will give you comparative market data the fastest? 6- What is the main reason sellers choose to sell their property without an agents help? Negotiate agreements regarding commission structuring. 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? 2 of 10 Which lender typically deals in interim financing? Sharon and Steve have just taken a second mortgage on their home. C. Find a lender who is willing to do FHA loans. Start in the room with the best features. Buyer Norm called and rescinded the offer. What is the result? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? Which statement is true? A. 4- What are the major areas of newspaper leads? The lender makes payments to the borrower. 2 of 10 Which of these is not an AIDA characteristic? C. How much time the licensees must spend in the office. A. 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? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. It became a contingent contract when Sam accepted Mary's offer. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Mary learns that Sam is selling only half of the duplex. A. 10 of 10 Which of the following is not a possible benefit of investing in real property? 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. B. Underline the correct pronoun in parentheses in the following sentence. The listing price of a house is $139,900. Preparation of an appraisal of the property, D. Help with required forms and disclosures. What is the major difference between an employee and an independent contractor? Maximize the return to the property management firm. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? They were counting on a full-price offer and are very disappointed. 2- Explain the difference between the primary and secondary mortgage markets. 1- How much is the loan origination fee and what does it cover? Bill cannot contact the seller. What is the status of the contract between Sam and Mary? D. The loan must be repaid before the borrowers death. B. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 14 of 50 The title report on a property shows there is a lien on the property. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. CSP-Conlutas Central Sindical e Popular . C. The buyers and sellers agents will sign the escrow instructions. Call Us Today! 6 of 10 Which of the following statements is not true? What will they have to pay the lender? 4 of 10 Which of the following would be the least desirable phone handling technique? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? Display lots of family photos to impress potential buyers. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. Amanda loves the home and wants to make an offer. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. C. Date and attach supporting documents. Two months later she purchased and moved into a new home that cost $145,000. A. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. A. buyer randy makes an offer to purchase D. Property evaluations from other agents have valuable information for sellers. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. 6- What is important for the sellers to know about a counteroffer? 5- What actions can the sellers take regarding the purchase offer? 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? 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. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. 7- What are the capital gains exclusions associated with the sale of a personal residence? 50 of 50 Eric is acting as a disclosed dual agent in a transaction. 9- What required disclosure is a result of Megans Law? C. Real Estate Settlement and Procedures Act. B. 8- What does the Water Heater Statement of Compliance address? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? \text { Annual rework cost } & 34,679 \\ D. Gross income must be based on hours worked. 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. 1- What is an important thing to remember about listing agreements? The offer with the highest price 4- Explain the documentary transfer tax. The ordinance also requires a 10-foot side set back. A. Ken is responsible for his own taxes, while the broker pays Sarahs. 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. B. B. This would be the maximum the purchaser would be permitted to borrow. Which is true? 57- Under federal income tax law, the basis for a personal residence is which of the following: D. Broker Gina puts $150 into her trust account. buyer randy makes an offer to purchase D. Meet with the buyers lender to ensure theyre getting a good deal. Solved Randy and his real estate agent, Bob, enter into a - Chegg 4- What are the major areas of newspaper leads? 4- Why is coordinating escrow so important and how can an assistant help? D. Buyers of FSBO homes are usually the ones who save money. The interest rate will increase gradually over time. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? 2 of 50 Residential property includes all of the following EXCEPT which? 11 of 11 Which of the following is a low loan-to-value ratio? What approach can their agent take to change the sellers perception of the offer? B. B. B. Ken must obtain his own training. B. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? The borrower makes payments of interest only over the term of the loan. 4 of 10 All of these are true of prospecting except: A. 1 of 10 What kind of lease contains a recapture clause? C. Gather listing forms for her employer. 2- What is important to remember about multiple offers? Loan terms are from 15 to 25 years. 1- How much is the loan origination fee and what does it cover? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? C. When you have 200 names in your contact database. The following table lists all costs of quality incurred by Sam's Surf Shop last year. B. I will practice my listing presentations. A. A. D. The monthly payments increase overtime. Be open-minded. What is the market value of the property? A. Answer: B- Encourage the buyer to get the attorney to review it quickly. What would you say about Sallys behavior? A. The sellers want the earnest money check made payable to them instead. How would Grants lease at this time be classified? Name four traditional marketing tools that you should use with every listing you get. B. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase B. 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. Her broker has asked her to be available for tasks in the field rather than in the office. 43 of 50 Which one of these statements would not be considered a measurable goal? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? A. Generates leads for new listings. 2 of 10 All of these statements are true except which one? C. It must specify a definite termination date. 6 of 10 Who typically presents an offer to the sellers? 45- Kirk wants to get an FHA loan. D. Their lender can profit from the difference in interest rates. 8- Why is it important to have a written prospecting plan? B. Rule E-1 To learn more about the real estate business, D. To make more money than a real estate agent. 3- What signals do buyers use to indicate they may be willing to make a purchase? 5 of 10 What would be the least effective way to get to know your buyers needs? A. C. Deposit into the brokerage business account. 96- Which statement is not true about a listing contract? 3- What is the difference between CLTA and ALTA policies? Possession date. 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? B. 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. A secondary bid for a property that is less than the first offer D. The property is in a state fire responsibility area. Share that information with the sellers. 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. B. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. B. 9- Define a purchase money mortgage. 4- Why is coordinating escrow so important and how can an assistant help? B. C. Explain your marketing plan to the sellers. C. Ask the caller when not if he or she wants to see the property. B. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. A. Youll know how much house they can afford. (Who, Whom) has been selected as the team captain? Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 92- Which of the following situations is not exempt from the seller disclosure requirement? 14- Value includes which of the following aspects? 6- How does a limited partnership differ from a general partnership? Use as little white space as possible. 10- Which disclosures are NOT required to be made when selling residential property?