Then present the $208,000 offer. 45- Kirk wants to get an FHA loan. 53- Greg sold an apartment building he owned for 20 years. C. Supervises the Federal Housing Authority. 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. D. Give the sellers the price over the phone so that they can think about it before you meet with them. Given the rise in the price of a plane ride, what percentage change in the price The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. C. Real estate can respond quickly to changes in the market. A. buyer randy makes an offer to purchasei miss you text art copy and paste. The home comes equipped with all furnishings. B. 3- What are the three general responsibilities of a property manager? 7 of 50 Glenna and Amanda just bought their first home. 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. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. 4- Why is coordinating escrow so important and how can an assistant help?
Free Purchase Agreement | PDF & Word | Legal Templates 2 of 10 Which of these is not a good technique to get the name of a caller who is reluctant to give you that information? Underline each word that should be capitalized in the following items. Ask questions of the prospects children. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 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. 2 of 10 Which of these is not an AIDA characteristic? Use as little white space as possible. The listing price of a house is $139,900. 38 of 50 What is the primary role of Fannie Mae? California: Real Estate Practice Ch5 Quiz with no answers. A secondary bid for a property from the same buyer. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. 1 of 10 Which figure represents the amount of income available as a return to an investor? Sharon and Steve have just taken a second mortgage on their home. 2- What is floor time and why is it important? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? C. I will open my own office within nine years. 9 of 10 A shopping center would be primarily categorized as what type of property? 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? D. Exclusive-authorization-and-right-to-sell agreement. C. If Bill pays off the loan early, there will be no prepayment penalty. D. Call the sellers immediately and let them know you wont be coming by. 21- Which form of advertising is considered the most cost-effective method for selling a home? : The Commission could suspend or revoke Rob's license. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. Anasayfa; Hakkmzda. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 1 of 10 Which Fair Housing Law added sex to the list of protected classes? Now, calculate the origination fee; $168,500 x 0.02 = $3,370. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? 5 of 10 All of these would be effective at capturing a readers attention except which? 6 of 10 Which of the following is not an item that a buyer usually pays at closing? Write a contingent counteroffer. Present the $200,000 first and recommend rejection. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? What must Tim do? How does ALTA-R differ from ALTA? 64- Which of the following is not a form of personal advertising? This is not true of which duty? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 2- Name one advantage and one disadvantage of telephone contacts. However, he is objecting because the roof is 12 years old. Which of the following would be considered an intermediate goal? First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. What kind of loan do they have? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing?
Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet Have you been pre-qualified or pre-approved by a lender yet? Course Hero is not sponsored or endorsed by any college or university. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. Amanda loves the home and wants to make an offer. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. C. The air conditioner does not work. 16 juin 2022 why do babies clap their feet. They made $50,000 of improvements. Plastic dishes last a long time because they are unbreakable. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Norm gave Pat a $500 earnest money check. C. Make up some statistics to share with the Bowers. C. The buyers and sellers agents will sign the escrow instructions. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. CSP-Conlutas Central Sindical e Popular . Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. A. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. PRACTICE QUESTIONS), >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. C. FSBO sellers who list with an agent will pay their own advertising costs. A. At time of license renewal, what is the renewal charge for a salespersons license? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. A. Go back to the buyer's agent and try to get the offer higher. What is the body of law that governs negotiable instruments? C. Giving buyers your opinion of what works best for them. Studying population trends in the area. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? B. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? Mortgage bankers bring borrowers and lenders together. B. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? It helps to identify buyer and seller needs. You had a 9% loss. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 42- Alice is planning her career and setting her goals. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? B. A. B. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz What is Gregs capital gain on the apartment? C. Exclusive-authorization-and-right-to-sell. She would likely be required to do which of the following? Ordinary china is very fragile. Private mortgage insurance is available for FHA loans. 8 of 10 When is the first installment of property taxes due? Return the earnest money to buyer Norm. B. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. 29- Which of the following is not a good direct mail technique? 52- Which statement is true about a listing contract? 2- What types of office administration tasks are important for a licensed assistant to perform? B. 1- What is an important thing to remember about listing agreements? 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. The home sits on an earthquake fault zone. 2 of 10 Which lender typically deals in interim financing? 5. 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. Not waste anymore time on this house, the buyer will never make an offer. B. D. Purchasing loans from primary lenders.
buyer randy makes an offer to purchase - nubblesitesolutions.com Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. D. Brenda has not violated any fiduciary duty. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. It was terminated when Mary delivered the recission to Sam. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? Which of the following items can Matt not add to the original cost when doing the computation? A. D. Property evaluations from other agents have valuable information for sellers. B. D. Avoid negative comments while hes inside the home. There are several successful agents at Johns office. C. Find a lender who is willing to do FHA loans. B. B. C. Date and attach supporting documents. If the loan is for $68,000, what will Mark be assessed in points? The definition of race was expanded to include ancestry. It can provide a steady stream of future clients. What kind of a mortgage do they have? B. Checking your browser. 69,200 He paid $100,000 for it, and made $300,000 worth of improvements. Which of these statements is true about the wraparound mortgage? Why is it important for licensees to understand the Americans with Disabilities Act?
When You Should Make a Purchase Offer - The Balance Give the deposit money to the seller. California: Real Estate Practice Chapter 17 Quiz with no answers. What should Tom do? A buyer mails an offer to an out-of-town seller. A. Regulates reserve requirements for all institutions that offer checking accounts. A. Youll know how much house they can afford. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. What kind of mortgage are they looking for? Lenders are in the best position to qualify buyers. 8- What does the Water Heater Statement of Compliance address? 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? View an objection as the buyers request for more information. A.
3- When making your presentation, what topics should you cover? 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? D. The first and second mortgage will be rolled into one. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 44- Jim owns a gift shop in a commercial building. This action is legal but very unprofessional. Buys pools of mortgages in exchange for mortgage-backed securities. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? The Residential Environmental Hazards Guide, B. 67- Hannah is a real estate assistant. B. Rewrite whole paragraphs to ensure clarity. B.
Buyer Randy makes an offer to purchase one of Broker Tom's D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 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?. B. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 5 of 10 Which of the following is not a source of information for professional ethics codes? There are no offers on the property during the 6-month listing period and the listing expires. At the time the agreement is signed. D. The borrower gets a note in exchange for a mortgage. 84- Four years ago, Sam purchased a vacant lot for $10,000. 50- Harry has some buyers that he believes are ready to make an offer. An open listing is an exclusive contract. Nam lacinia pulvinar tortor nec facilisis. 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. Point out that the roof is not leaking despite its age. One offer is for $208,000; the other is for $200,000. C. Refuse to accept the offer and check. 76- Mark believes he has been discriminated against during his home search. C. Analyzing the income potential of the property. 9- Define a purchase money mortgage. 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. 93- Jim has created a nice property flier for the James home. A buyer wants to take the offer to an attorney to review it. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? This broker is guilty of what prohibited activity? Terminate the first contract and accept the higher offer. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 8- Why is it important to have a written prospecting plan? D. Hold both offers because he heard that a full-price offer is on its way. ", Answer: A- "What would you like to offer? The other 75% came from an hourly wage paid by Tami. B. D. I will complete a property management seminar within the next year. A net listing is illegal in all states. B. Give housing choices to the widest range of people. Answer: A- No, Bob Should have submitted the offer. D. Administers special assistance programs. A. 73- Which of these is not a buying signal? 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 96- Which statement is not true about a listing contract? Mary makes an offer to purchase a duplex from Sam. D. Their lender can profit from the difference in interest rates. A. A. Kirk doesnt have the right to withdraw the offer so soon. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. 5 of 11 Which of these statements is true about a CalVet loan? 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? A. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. 7- How can a builder help you generate leads? A. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. Make sure all required disclosures have been done. C. Recommend a counteroffer back to list price. C. Exclusive-authorization-and-right-to-sell agreement. Set up a face-to-face meeting with the sellers as soon as possible. 3- Differentiate between mortgage brokers and mortgage bankers. D. Tim and Gail have qualified for an FHA loan. 8 of 50 Buyer Kirk submits an offer to seller Larry. C. Use an attractive first-class stamp.
buyer randy makes an offer to purchase 1- The amount that a seller takes away from a sale is termed: A) Net sale price B) Seller's proceeds C) Gross sales price D) Profit margin 2- Which of the following best describes prospecting? munich latitude compared to us; pro sun tan. A. B. If checked, the seller can complete repairs after closing. B. 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 Bill of Sale gives title to the business equipment. C. I will get three new listings this month. B. 2- List the three Institute of Real Estate Management property management designations. A. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. A. Greg is violating the duties he owes to his new buyer. 8 of 10 Which of these statements about counteroffers is not true? A. "Let's make a low ball offer?" Which area of specialization would she fall into? Launch into your list of the homes special features and hope she changes her mind. 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? 100- What does the Real Estate Disclosure Law refer to? B. 6- How does a limited partnership differ from a general partnership? Donec aliquet. Fill out a separate, numbered counteroffer form. Find solutions. A. Who will pay the points? 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. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 7. 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? 8- What is an important issue for potential buyer clients to understand? 1 of 10 Which of these statements is not true? Gross income must be based on production. A. B. Enumerate the homes special features and hope they change their minds. The monthly net rental is $600. 4- What is a good method for estimating what a seller will net from the sale of the property? D. Chris is a buyer's agent. What kind of agreement is this? This is not true of which duty? B. A. Jim specializes in clients who want to buy restaurants. A. He succeeds in setting up an appointment to meet with the caller. A. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo 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. Answer: A- Proceed as if the buyer has decided to make an offer. D. The date Abby makes the request to receive the booklet. She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. 4- What is a good method for estimating what a seller will net from the sale of the property? C. Tell the sellers you expect an offer to be coming soon. What should Jake do? 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. 1.555.555.555 | frontier airlines crash history. C. Classified ads placed on the property, D. Number of hits on the company website. C. Give the tenant a 3-day notice to pay or quit. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? What kinds of things should he be looking for? Instead, Bob terminates the relationship with Mary. 3. C. Explain your marketing plan to the sellers. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. The borrower gives the lender a note and a mortgage in exchange for the funds. 7 of 10 Which of the following is not a national real estate trade organization? D. The owner has 45 days to file a change in ownership statement. A. Bob should not have presented the offer after the property was under contract to another buyer. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 2 of 10 All of these statements are true except which one? Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs B. FSBO sellers believe they will save money if they sell themselves. What is the market value of the property? On what amount will they pay capital gains tax? 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. Bob Broker represents Sam Seller. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? At the time the agent presents an offer. B.
practice test Flashcards | Quizlet Preparation of an appraisal of the property, D. Help with required forms and disclosures. D. Lends good visual support to what the agent is saying. 9- What is the basic purpose of Truth in Lending Regulation Z? They were counting on a full-price offer and are very disappointed. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. What kind of closing technique is Jim using? B. 12. Retain the check for use with a future sales contract offer. C. The borrower pays a fixed rate of interest. Bob Broker knows that another offer will be coming in at about the same time. A. Give a discount to families with children. The difference between what Sara owes and what her home is worth is known as what? \text { Annual cost of scrap materials } & 286,000 \\ 86- Which of the following is not considered a benefit of investing in real estate? What property type will be his specialty? 6- Whats important to know about the Liquidated Damages paragraph? Brenda refuses. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? Buyers looking at FSBO homes are usually looking for a bargain. 6- List the steps of underwriting. D. Arrange to meet the prospect at your office. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? C. Identifies buyers for other properties. B. 6 of 11 Which of the following is not true about reverse annuity mortgages? 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? Pellentesque dapibus efficitur laoreet. What do many firms do to avoid confusion with their advertising plan? B. From whom may a salesperson receive compensation for performed activities? Bill is purchasing a 6-family apartment building.
Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. C. Mortgage bankers are a large source of residential loans in California. B. What approach can Greg use to discourage the person from calling other agents? 6- What is important for the sellers to know about a counteroffer? A counteroffer represents a rejection of an offer. 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. 5- Define the term loan-to-value ratio. 10- What is the right to rescind and what is not covered by this rule? What is most likely their main motivation for investing? A. A. California: Real Estate Practice Chapter 18 Quiz with no answers. How does ALTA-R differ from ALTA? 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? B. B. 7 of 10 Which document shows the assets and liabilities of a business? 4 of 10 Which of the following is NOT a condition of the safe harbor test? Ask the caller if he or she would like to receive e-mails on newly listed properties. 37 of 50 Which of the following economic characteristics is true? Local ordinance requires a 20-foot rear and front setback. Bob cannot do anything; it is out of his hands. One day later. 1. They will owe a balloon payment at the end of the loan term. Write a counteroffer. If the loan is VA guaranteed, no down payment is required. 47 of 50 Which of the following would not qualify as a 1031 exchange? 2- What is floor time and why is it important?