B. 8 of 10 Which statement is true about a real estate assistant? B. C. The broker must conduct the escrow personally and not delegate any escrow activities. 2- What is floor time and why is it important? C. Prepare additional documentation to take to the presentation. Anasayfa; Hakkmzda. 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. A. 3 of 10 Jake has received two offers on one of his listings. They will have a number of new expenses as a result of this purchase. This term typically refers to. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. A. There are several steps in calculating the answer to this question. A secondary bid for a property from the same buyer. 7- What are the capital gains exclusions associated with the sale of a personal residence? 6- What is the main reason sellers choose to sell their property without an agents help? 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? 12- What are grant programs typically used for? Broker John puts $500 into his trust account. The original loan becomes subordinate to the wraparound. 2 of 50 Residential property includes all of the following EXCEPT which? 96- Which statement is not true about a listing contract? 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? 2. Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a \end{array} C. An assistant can keep track of the progress of activities during escrow. Give an example of a specific short-term goal. 1- What is important to know about unlicensed real estate assistants? castilian drive, los angeles. Which of the following would be the least likely place for them to obtain a loan? 44 of 50 Fair Housing laws are designed to: A. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 56- Which is not a true statement about the Agency Disclosure? A. : The Commission could suspend or revoke Rob's license. B. Bob Broker represents Mary Buyer. D. All adjustable rate mortgages have negative amortization. buyer randy makes an offer to purchase 1- How much is the loan origination fee and what does it cover? A. B. 8- What is the major difference between a CalVet loan and other loans? Loan terms are from 15 to 25 years. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? B. Greg has put himself in a potential dual agency situation. "Yes, let's offer $10,000 less than the asking price. 6- According to California real estate law, how often must a broker balance his or her trust accounts? B. B. D. Avoid negative comments while hes inside the home. A. Jake is getting a VA loan with no down payment. Licensee Pat was in transit to the cooperating licensee's office with the offer. Ask questions of the prospects children. C. Analyzing the income potential of the property. B. California: Real Estate Practice Chapter 15 Quiz with no answers. 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? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. A. 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? 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. Change the locks on the tenants apartment. A. He pays rent for occupancy, plus maintenance and operating expenses. Making a Best Offer | eBay The listing agent must provide the disclosure to the seller prior to securing the listing agreement. C. Insurance agents dealing with customers. Needs a license to perform activities that are not strictly administrative in nature. What does the net operating income of a property represent? The property is in an area that could flood. Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs The home is listed at $210,000. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 13 of 50 What is the most common reason that owners try to sell their homes themselves? You had a 9% loss. Two months later she purchased and moved into a new home that cost $145,000. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. D. Ensure fair real estate negotiations. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). is 0.4. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? \text { Annual cost of quality training } & 456,000 \\ Amanda loves the home and wants to make an offer. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. A. Lead-based paint was used in the home. A. B. Sandy and Bill are putting 30% down on their home purchase. What is most likely their main motivation for investing? They called Wills office and told the secretary they are upset and need to speak with Will. What must Tim do? D. A basis of $140,000 and no taxable gain. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. Give $250 to the buyer and $250 to the seller. 81- Jake has decided to specialize in working with clients who purchase schools. 46 of 50 Greg grew up in and lives in a rural area. Norm gave Pat a $500 earnest money check. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. B. A. Youll know how much house they can afford. The purchase price, plus depreciation 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. B. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. C. Brenda could be liable for a breach of the listing terms. 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? 8- What is an important issue for potential buyer clients to understand? A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 4- What is the agreement that a broker can enter into with a buyer? 6- When is a lender required to terminate a borrowers private mortgage insurance? : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. 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. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. C. Salespersons must perform all of their activities on behalf of their employing broker. 4- What items are not covered by any title insurance policy? A. B. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. 11 of 11 Which of the following is a low loan-to-value ratio? His depreciation was $2,500 per year. A. Sharon and Steve have just taken a second mortgage on their home. Answer: D- Return the money to buyer Norm. 1. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. It took effect when Sam accepted Mary's offer. B. What should Bob do? It never was effective since Sam had not notified Mary of the acceptance. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. B. B. 29- Which of the following is not a good direct mail technique? Possession date. A. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. Studying population trends in the area. In addition to agent and MLS home tours, what are some other ancillary tools you can use? It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. buyer randy makes an offer to purchase. 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. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. A. He succeeds in setting up an appointment to meet with the caller. Jim and Jane financed the remaining $25,000 through the seller. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? 6. Most likely, what did they get? C. Johns office has a selection of books, CDs and tapes for agent use. C. A broker is not responsible for the acts of independent contractors. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. 11. A. C. Recommend a counteroffer back to list price. Be open-minded. buyer randy makes an offer to purchase - nubblesitesolutions.com A. Forwarding calls from the public to one of the salespersons in the office. 6 of 11 Which of the following is not true about reverse annuity mortgages? 38 of 50 What is the primary role of Fannie Mae? 2- What exception exists to the duty of obedience when working with a client? 5 of 10 How many properties should be included for comparison in a competitive market analysis? Information on current loan programs. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? D. Whether or not the licensees attend staff meetings. 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? Pellentesque dapibus efficitur laoreet. B. There are no offers on the property during the 6-month listing period and the listing expires. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. A. Who should Tommy recommend the owner consult with before making a decision? 1- What is a competitive market analysis? C. Can perform some real estate activities without a license. B. B. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} D. Their loan payments will gradually increase. Wait until next week to send an activity report, hoping things will pick up. Bob Broker represents Sam Seller. You can use a reverse telephone directory to get the names of residents. 7 of 10 Which document shows the assets and liabilities of a business? Is depreciation accounted for by a hospital? 2- What types of office administration tasks are important for a licensed assistant to perform? 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. The seller must file a bill of sale with the county clerk. 9- What is the basic purpose of Truth in Lending Regulation Z? A. C. If Larry verbally accepted the offer, Kirk is bound by it. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. What approach can their agent take to change the sellers perception of the offer? 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? Answer a question with a question when possible. Which of the following conditions is Paul not required to report on this form? 2- What kind of problem can result from a straight loan? If checked, the seller can complete repairs after closing. What approach can Greg use to discourage the person from calling other agents? California: Real Estate Practice Chapter 13 Quiz with no answers. 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. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. Which of the following items can Matt not add to the original cost when doing the computation? 3- When preparing a competitive market analysis, what categories of homes should an agent research? What kind of listing agreement does Alice have with Jack? C. Do you need the equity from your current home for the new home purchase? D. Exclusive-authorization-and-right-to-sell agreement. 9- Define a purchase money mortgage. A. Brenda must follow all of Jims instructions. The sales agent should: Write a counteroffer stipulating the sellers' request. C. Tell them that this home is an exceptional buy and encourage them to look anyway. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 55- Greg is approved for a Cal-Vet loan. 6- Whats important to know about the Liquidated Damages paragraph? Share that information with the sellers. A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. She sold the property and several months later the buyer sued Pam for not disclosing the problem. The offer with the highest price that is the most likely to close 3- For whom do property tax exemptions exist and for how much? 77- Which of the following Internet pages might not be of particular interest to buyers? B. D. All adjustable rate mortgages have negative amortization. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? It is determined by who pays the compensation. B. 8 of 12 Fannie Mae does all of the following activities except which? D. Similar expired listings that didnt sell. Before completing the form, discuss the following important points with the home seller: Price. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 1- When is real property reassessed? The purchase price, plus depreciation, B. Which of the following statements is true? At the time the agreement is signed. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 8 of 10 Which of these statements about counteroffers is not true? California: Real Estate Practice Ch12 Quiz with no answers. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. 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? The definition of race was expanded to include ancestry. 16 juin 2022 why do babies clap their feet. 9 of 10 When you believe an offer is both fair and reasonable but it does not meet the sellers asking price, you should: A. buyer randy makes an offer to purchase - fabricadecosas.com A. Jim specializes in clients who want to buy restaurants. B. What do many firms do to avoid confusion with their advertising plan? C. Broker Harry deposits $1000 into his brokerage business account. A. When You Should Make a Purchase Offer - The Balance 24 of 50 Tim thinks his buyers are ready to make an offer. The other 75% came from an hourly wage paid by Tami. 4- Describe a reverse annuity mortgage. C. Neither Sarah nor Ken can get employer-provided health insurance. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? $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. 5- What actions can the sellers take regarding the purchase offer? D. Kirks offer to Larry is legally cancelled. What is the result? 53- Greg sold an apartment building he owned for 20 years. buyer randy makes an offer to purchase 57- Under federal income tax law, the basis for a personal residence is which of the following: What percent of commission the licensees can charge. D. Have the broker send a thank you for listing letter to the sellers. Establish a homes fair market value. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 5 of 10 What would be the least effective way to get to know your buyers needs? C. Tell the sellers you expect an offer to be coming soon. B. 17 of 50 Kathy is a personal assistant at Action Realty. Does not need to be familiar with office policy. The sellers want the earnest money check made payable to them instead. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? Answer: A- No, Bob Should have submitted the offer. practice test Flashcards | Quizlet 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. One offer is for $208,000; the other is for $200,000. A purchase offer is a binding contract between the buyer, the seller and their agents. C. Payments will not be enough to retire the loan. 8- When does a purchase offer become a legal contract? She should advise them to let the offer expire with no action so the buyers will get nervous. Click the "Allow" button. cross elasticity of demand for train rides with respect to the price of a plane ride 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? D. Allows a broker to have as a commission anything above the minimum the seller sets. The second mortgage has now become the primary loan. 50- Harry has some buyers that he believes are ready to make an offer. 4- What are the major areas of newspaper leads? From whom may a salesperson receive compensation for performed activities? buyer randy makes an offer to purchase 4 of 10 Which of these is not an important aspect of selling? Explain the method used to write good advertising. 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? D. Convince a seller to list with you. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? What should Tim do next? Sam plans to overnight the acceptance on Monday. California: Real Estate Practice Ch5 Quiz with no answers. 6 of 10 Which of the following is not a true statement? 6- What is important for the sellers to know about a counteroffer? buyer randy makes an offer to purchase 1 of 10 Which figure represents the amount of income available as a return to an investor? A. \hline 70- Which of these items would be a credit to the buyer on the settlement statement? 4- What is a good method for estimating what a seller will net from the sale of the property? A. A. Whoever brings the buyer will get the commission. This best describes. An apartment building for a vacant lot, B. 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. C. Payments will not be enough to retire the loan. Which statement is true? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. 4- Agent Greg receives a call about one of his firms ads. 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?" B. What is the market value of the property? 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 6- When is a lender required to terminate a borrowers private mortgage insurance? 4 of 10 Which of the following is NOT a condition of the safe harbor test? C. Gather listing forms for her employer. 44- Jim owns a gift shop in a commercial building. Their interest rate will rise after the first few years. B. A. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? What is the key feature of this type of loan? Private mortgage insurance is available for FHA loans. 10 of 10 A competitive market analysis is an attempt to: A. C. Identifies buyers for other properties. Local ordinance requires a 20-foot rear and front setback. What is this called? Which of the following statements is not true? 8 of 10 Which of the following is a good direct mail technique? Prices of properties currently on the market, C. Properties that were listed but did not sell. Here are the steps to follow to make an offer to purchase: Step 1. Encourage Sam to make a counteroffer at 2% below Sam's asking price. C. Classified ads placed on the property, D. Number of hits on the company website. What California Fair Housing law has the manager violated? 2- List the three Institute of Real Estate Management property management designations. He succeeds in setting up an appointment to meet with the caller. D. Call the sellers immediately and let them know you wont be coming by. 3 of 10 How long must trust account records be kept? Bob should not have presented the offer after the property was under contract to another buyer. The term of the loan can be shortened. 10 of 10 Which of these is not an exemption to fair housing law? B. Checking your browser. 4 of 11 Which of these is also called a contract for deed? 75- All but which of the following is NOT an AIDA feature? B. Newsletters can be a very effective advertising forum for niche marketers. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. Each of their payments is for the same amount. C. Allow indoor pets to leave their designated area. 7 of 10 Which of the following is not a national real estate trade organization? dota 2 annual revenue 2020. adam foote parents. 1.555.555.555 | frontier airlines crash history. ", Answer: A- "What would you like to offer? What is the primary criticism that sellers have about their agents? D. If the buyer rejects the first counteroffer, the seller can accept the first offer. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? Tell Mike that the sellers will be upset if they cancel the appointment. 5 of 11 Which of these statements is true about a CalVet loan? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. What does that mean? Discourage Sam from accepting an offer so far below Sam's asking price. Better yet, try to avoid deal breakers. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist.
Engagement Traditions Around The World, Articles B
Engagement Traditions Around The World, Articles B