9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? C. Participation in the MLS increases a licensees inventory. When a home seller accepts a purchase offer, the seller is hoping the buyer will complete the transaction at the agreed-on price and believes there is nothing wrong with the condition of the home. cross elasticity of demand for train rides with respect to the price of a plane ride 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? Possession date. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. The offer with the highest price that is the most likely to close 5- What does the safety clause in the listing agreement do? Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings \hline Give as much detailed information about the property as you can. D. Make sure all light bulbs and lamps are working and are bright. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? What are members of NAR required to do? "What would you like to offer?" C. Do you need the equity from your current home for the new home purchase? 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. What was Sam's appraisal cost for quality last year? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? D. Interest rates are typically fixed rate. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. Amanda loves the home and wants to make an offer. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. California: Real Estate Practice Chapter 14 Quiz with no answers. C. Ask the caller when not if he or she wants to see the property. Which of the following conditions is Paul not required to report on this form? 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. 2. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? B. D. Call the sellers immediately and let them know you wont be coming by. 3- What signals do buyers use to indicate they may be willing to make a purchase? C. Greg has violated the duty of confidentiality to Kim. Why is it important for licensees to understand the Americans with Disabilities Act? they are effectively terminating the original offer. 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? Rule E-1 6 of 10 Which of the following statements is not true? 1- What is a competitive market analysis? 6 of 10 Which of these is an emotional reason that buyers buy property? buyer randy makes an offer to purchase buyer randy makes an offer to purchase. 2 of 10 Which lender typically deals in interim financing? Code Violations and Tax Delinquencies. B. Enter your offer. A. John offers weekly training seminars. C. Can perform some real estate activities without a license. A. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. 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. What is the key feature of this type of loan? B. 103- Kirk and Sandy obtained a wraparound mortgage. 12,800 square feet 2- When establishing rapport, whats one of the best ways to get to know your buyers? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. Licensee Pat was in transit to the cooperating licensee's office with the offer. What must Tim do? B. C. Give the tenant a 3-day notice to pay or quit. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? B. 4- What are the major areas of newspaper leads? Fill out a separate, numbered counteroffer form. Use as little white space as possible. B. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. A. Which of these forms of advertising is she most likely to avoid? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. There . A. I will complete the GRI certification in the next four years. 36- Broker Eric secures a loan for buyer Paul. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? The Residential Environmental Hazards Guide, B. Alex Jones owns a duplex and lives in one unit. He says to them, "Would you prefer to take possession on September 1 or October 1?" Step 2. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 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. A. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. B. 2- What is important to remember about multiple offers? A. I will make two new contacts every day this week. What kind of mortgage are they looking for? What should Bill do? Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Their interest rate will rise after the first few years. B. Answer: D- They are effectively terminating the original offer. There is nothing that can offset this problem. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? B. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? $5,500 the first year, plus a maximum 2% increase in market value per year, B. Answer a question with a question when possible. 2. 8- Why should agent Grace give her client a Combined Hazards Book? 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? What is the major difference between an employee and an independent contractor? Will placed an ad in the most recent Home Buyers Guide. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. A. 92- Which of the following situations is not exempt from the seller disclosure requirement? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Documents showing your affiliations with real estate organizations. D. Employee status versus independent contractor status is an IRS issue. Attend weekly staff meetings at the office. They will have a number of new expenses as a result of this purchase. A secondary bid for a property from the same buyer. 3- Differentiate between mortgage brokers and mortgage bankers. B. Give the deposit money to the seller. 4- Why is it important to talk to the sellers about the buyers? D. Make the headline bold and all caps. 8- What does the Water Heater Statement of Compliance address? D. An exclusive listing must always be at least 30 days long. C. Discuss alternative properties that may be interest. 33- Which statement is true about a loan that has a negative amortization? 4- Explain the documentary transfer tax. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. At time of license renewal, what is the renewal charge for a salespersons license? 51- Which statement is true about a homeowners exemption? 5- What should a good management contract contain? Which statement is TRUE? Display lots of family photos to impress potential buyers. California: Real Estate Practice Ch11 Quiz with no answers. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 5 of 10 How many properties should be included for comparison in a competitive market analysis? 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. The buyer was responsible for making the discovery, so Pam is therefore liable. Studying population trends in the area. Terminate the first contract and accept the higher offer. California: Real Estate Practice Ch7 Quiz with no answers. B. B. Its a good idea for brokers to carry workers compensation coverage. C. The owner has 45 days to pay the new property taxes. Nam lacinia pulvinar tortor nec facilisis. 10 of 10 All of the following are true statements about goals except which one? 1 of 10 All of the following are good approaches for handling objections except which? B. C. Is subordinate to a first mortgage. 81- Jake has decided to specialize in working with clients who purchase schools. C. The broker must conduct the escrow personally and not delegate any escrow activities. This is not true of which duty? A. Forwarding calls from the public to one of the salespersons in the office. 54- Jim and Jane are buying a home for $120,000. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. What property type will be his specialty? 4- What is the agreement that a broker can enter into with a buyer? 1- What is an important thing to remember about listing agreements? 6- Whats important to know about the Liquidated Damages paragraph? What is most likely their main motivation for investing? 3- When making your presentation, what topics should you cover? B. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? A. Lead-based paint was used in the home. Refusing to make loans based on the racial composition of a neighborhood is called. 5. 10- Whats the difference between a lease purchase and a lease option? 9- What required disclosure is a result of Megans Law? You can make a Best Offer on listings that have a Make Offer button. Negotiate agreements regarding commission structuring. Bob Broker knows that another offer will be coming in at about the same time. D. Magazine ads are significantly more expensive than newspaper ads. They were counting on a full-price offer and are very disappointed. Brenda refuses. Tell the buyer about the other offer and urge the buyer to skip the attorney. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. How should Jan's licensee handle the offer? 1- What is an important thing to remember about listing agreements? B. In the meantime, Bill gets another offer on the property from another buyer at a higher price. A rental property has a return rate of 8%. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. buyer randy makes an offer to purchase buyer randy makes an offer to 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. C. Gather listing forms for her employer. A. B. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? D. The interest payment is always smaller then the amount allocated to the principal. Which statement is true ? B. D. Administers special assistance programs. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. A counteroffer represents a rejection of an offer. He sounds really excited about this property. 7 of 10 Which disclosure form gives detailed information about the propertys condition? It can provide a steady stream of future clients. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 7 of 10 Which of these forms is not filled out by the seller? A. B. Its easier to prioritize your tasks if your goals are in writing. C. The fair market value at the time of sale A. B. 41- Agricultural land includes all of the following EXCEPT which? He must withdraw his representation of one of the parties. buyer randy makes an offer to purchase - 740alvarado.com B. A. Brenda must follow all of Jims instructions. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? 10 of 10 Which of the following is not a possible benefit of investing in real property? Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. D. Arrange to meet the prospect at your office. Sunday afternoon, Mary is driving around and finds a property she likes better. Answer: C- Try to get Sam to accept the offer. 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. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Encourage Sam to make a counteroffer at 2% below Sam's asking price. Harry has some buyers that he believes are ready to make an offer. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? 2- Explain the difference between the primary and secondary mortgage markets. What should Jake do? practice test Flashcards | Quizlet D. After the agent has had time to make copies at the office. D. Do not show the home between 10 a.m. and noon on Sundays. A. Generates leads for new listings. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. D. Give the sellers the price over the phone so that they can think about it before you meet with them. Whoever brings the buyer will get the commission. The borrower gives the lender a note and a mortgage in exchange for the funds. What is the body of law that governs negotiable instruments? Is critical to your success in real estate. C. Analyzing the income potential of the property. Explain. 2. 3- For whom do property tax exemptions exist and for how much? 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 6 of 11 Which of the following is not true about reverse annuity mortgages? If a seller is in a multiple offer situation, how do you determine the best offer? B. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Broker Alice holds an uncashed check until the offer is accepted. Retain the check for use with a future sales contract offer. D. Lends good visual support to what the agent is saying. The His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? A. Mike has changed jobs six times in the past six months. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. B. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. When You Should Make a Purchase Offer - The Balance Most likely, what did they get? 3- When preparing a competitive market analysis, what categories of homes should an agent research? 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? B. 5- What is the Closing Disclosure? At the time the agreement is signed. A. 8- What is the major difference between a CalVet loan and other loans? A buyer mails an offer to an out-of-town seller. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? He succeeds in setting up an appointment to meet with the caller. A. Ken is responsible for his own taxes, while the broker pays Sarahs. Authors Channel Summit. 4- What items are not covered by any title insurance policy? He succeeds in setting up an appointment to meet with the caller. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? Mortgage bankers bring borrowers and lenders together. 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. California: Real Estate Practice Chapter 15 Quiz with no answers. Tom then resells the property to the developer and pockets a $300,000 profit. 1- What is escrow? Which one is illegal in many states? If a seller changes the terms of the offer to purchase, he has created a counteroffer. 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. 8- What actions does a lender take to sell a mortgage in the secondary market? It never was effective since Sam had not notified Mary of the acceptance. B. Jim Sharp is purchasing his fathers home. 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? 6- When is a lender required to terminate a borrowers private mortgage insurance? 3- What signals do buyers use to indicate they may be willing to make a purchase? A. For what type of loan is the borrower applying? What should Tom do? B. C. Knocking on doors never requires special permits. Person must be properly licensed. Amanda loves the home and wants to make an offer. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 52- Which statement is true about a listing contract? Only after receiving the tenants consent. 9 of 10 Janet is an unlicensed assistant. 96- Which statement is not true about a listing contract? A purchase offer is a binding contract between the buyer, the seller and their agents. B. buyer randy makes an offer to purchase. 4- What are the major areas of newspaper leads? What should Bob do? The offer with the fewest contingencies Seeking buyers for your listings B. 10 of 10 Which of the following statements is not true about a net listing? They were counting on a full-price offer and are very disappointed. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? D. The casement windows have broken seals. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? A. The purchase price, plus depreciation 4- What is a good method for estimating what a seller will net from the sale of the property? A. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 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? 22- Jane sold her personal home for $148,000. 57- Under federal income tax law, the basis for a personal residence is which of the following: Tell the buyer to submit the offer first and then take a copy to the attorney to review. The sellers want the earnest money check made payable to them instead. Gives the names of lawyers who might require property assistance. 7- What are the capital gains exclusions associated with the sale of a personal residence? Minimize expenses while maximizing profits for the owner. Which of the these activities does she have control over? Which of the following would be the least likely place for them to obtain a loan? : The Commission could suspend or revoke Rob's license. 10- What is the right to rescind and what is not covered by this rule? A. Jim and Jane financed the remaining $25,000 through the seller.
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