2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? 6- What is the main reason sellers choose to sell their property without an agents help? "Let's make a low ball offer?" 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 4. How should licensee Fred handle this offer? Have you been pre-qualified or pre-approved by a lender yet? California: Real Estate Practice Chapter 15 Quiz with no answers. An assistant should never be left with the task of taking photos of a new listing. Private mortgage insurance is available for FHA loans. What kind of a mortgage do they have? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. A. buyer randy makes an offer to purchase. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 12- What does TRID require of lenders? The Reality of Purchase Offers . 53- Greg sold an apartment building he owned for 20 years. Loan terms are from 15 to 25 years. 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? 9 of 10 Janet is an unlicensed assistant. Which statement is true? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? 8. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? California: Real Estate Practice Ch10 Quiz with no answers. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 16- Dave and Nadine have decided that they want to become property investors. B. B. D. Call the sellers immediately and let them know you wont be coming by. A. 3. A. B. C. Brenda could be liable for a breach of the listing terms. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings B. Ken must obtain his own training. Ask the caller if he or she would like to receive e-mails on newly listed properties. 3- Differentiate between mortgage brokers and mortgage bankers. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 9. Select Review offer. 6- What is the main reason sellers choose to sell their property without an agents help? Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. A. Refusing to make loans based on the racial composition of a neighborhood is called. Which of the following is Kirk himself not likely to do during the application process? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 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. 8 of 10 Which of these marketing tools is not considered a traditional tool? 6 of 10 Which of the following is not a true statement? Answer: D- Avoid telling him the price by setting up an immediate appointment. The property is in an area that could flood. What is important to remember about capturing the readers attention? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? 9 of 10 Which of the following statements is not true? A Bill of Sale gives title to the business equipment. What approach can their agent take to change the sellers perception of the offer? Needs a license to perform activities that are not strictly administrative in nature. Regulates reserve requirements for all institutions that offer checking accounts. 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 A. D. Interest rates are typically fixed rate. What do many firms do to avoid confusion with their advertising plan? C. Recommend a counteroffer back to list price. 9- What is the basic purpose of Truth in Lending Regulation Z? Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. \text { Annual cost of scrap materials } & 286,000 \\ 22- Jane sold her personal home for $148,000. She tells them that this action could decrease their property values. A. CSP-Conlutas Central Sindical e Popular . The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. D. I will complete a property management seminar within the next year. A. 17 of 50 Kathy is a personal assistant at Action Realty. Their interest rate will rise after the first few years. 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. Possession date. C. Eric may not represent the sellers interests to the detriment of the buyer. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. 5 of 10 California allows a property manager to charge a non-refundable fee for which? Explain. California: Real Estate Practice Chapter 18 Quiz with no answers. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? 2- What types of office administration tasks are important for a licensed assistant to perform? Documents showing your affiliations with real estate organizations. 5. C. Prepare additional documentation to take to the presentation. 54- Jim and Jane are buying a home for $120,000. Terminate the first contract and accept the higher offer. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? What percent of commission the licensees can charge. B. 5- What kind of newspaper ad could you place to solicit a listing? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? Hes no longer interested in seeing the inside and Marge agrees. What should Bill do? B. 2 of 10 All of these statements are true except which one? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? D. Do not show the home between 10 a.m. and noon on Sundays. 1- What are the five aspects that are involved in any selling approach? The ordinance also requires a 10-foot side set back. A. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. D. Employee status versus independent contractor status is an IRS issue. 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? 52- Which statement is true about a listing contract? California: Real Estate Practice Ch12 Quiz with no answers. 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? What approach can their agent take to change the sellers perception of the offer? Underline each word that should be capitalized in the following items. C. When you have 200 names in your contact database. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? To learn more about the real estate business, D. To make more money than a real estate agent. He succeeds in setting up an appointment to meet with the caller. Broker John puts $500 into his trust account. C. Payments will not be enough to retire the loan. D. The monthly payments increase overtime. Who is responsible for removing the lien to clear the title? 57- Under federal income tax law, the basis for a personal residence is which of the following: The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. What should Elaine do? D. Convince a seller to list with you. A. It never was effective since Sam had not notified Mary of the acceptance. 6. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? A. 96- Which statement is not true about a listing contract? Which of the these activities does she have control over? C. Real Estate Settlement and Procedures Act. C. Is not necessary if the verbal presentation is strong. 1 of 10 Which of the following types of agency is not allowed in California? C. The borrower pays a fixed rate of interest. B. B. 67- Hannah is a real estate assistant. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. university of missouri hospital salaries 2021; port orange arrests today. of a train ride will leave the quantity demanded of train rides unchanged. 4. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. The home comes equipped with all furnishings. 1- How much is the loan origination fee and what does it cover? 3- When making your presentation, what topics should you cover? A. C. The home sits on an earthquake fault zone. The buyer was responsible for making the discovery, so Pam is therefore liable. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. D. Whether or not the licensees attend staff meetings. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 6- What does the security and insurance clause of the listing agreement address? Is critical to your success in real estate. 3- What is a good approach to use when contacting the owner of an expired listing? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Minimize expenses while maximizing profits for the owner. Gross income must be based on production. B. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. The other 75% came from an hourly wage paid by Tami. 9- What required disclosure is a result of Megans Law? C. Do you need the equity from your current home for the new home purchase? A. Name four traditional marketing tools that you should use with every listing you get. At the end of the term, the loan balance will be negative. The advertiser can be sentenced to up to a year in prison. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? C. Your plan for finding the buyer a home. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. What kind of closing technique is Jim using? Seeking buyers for your listings B. Ask questions of the prospects children. On what amount will they pay capital gains tax? 5 of 10 Alice has decided that she will specialize in selling farm land. A. A. D. A basis of $140,000 and no taxable gain. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 3 of 12 All of the following are primary mortgage market lenders except which? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? Write a counteroffer. Answer: D- They are effectively terminating the original offer. C. If Larry verbally accepted the offer, Kirk is bound by it. The owner of the property is HIV positive. \hline \text { Annual inspection costs } & \$ 155,000 \\ C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. D. The loan must be repaid before the borrowers death. Answer: B- Encourage the buyer to get the attorney to review it quickly. New Age purchased a new coffee maker the office was in need of. 1- What is a competitive market analysis? 3- Differentiate between mortgage brokers and mortgage bankers. Which area of specialization would she fall into? 2 of 10 Which of these statements is true? D. Have the prospects sign the disclosure about agency relationship. 4- What is a good method for estimating what a seller will net from the sale of the property? 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? 5- What actions can the sellers take regarding the purchase offer? Please remove your shoes before entering the home. This is not true of which duty? He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? The difference between what Sara owes and what her home is worth is known as what? 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. fairbanks ice dogs standings . Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. An open listing is an exclusive contract. 47 of 50 Which of the following would not qualify as a 1031 exchange? D. Tim and Gail have qualified for an FHA loan. C. Tell them that this home is an exceptional buy and encourage them to look anyway. yellowbrick scholarship reviews. What is the key feature of this type of loan? 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? How to Write a Purchase Agreement? C. The fair market value at the time of sale What should Alice do? What approach can Greg use to discourage the person from calling other agents? A counteroffer by a seller to a buyer turns the seller from offeree to offeror. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 2 of 50 Residential property includes all of the following EXCEPT which? 3 of 10 Sara just bought her first new home. 4. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. Which of the following would be considered an intermediate goal? 6- What does the security and insurance clause of the listing agreement address? C. Clearly written contractor agreement must exist. 5- What kind of newspaper ad could you place to solicit a listing? Can be used in place of a verbal presentation. D. Their loan payments will gradually increase. 100 There is a crack in the basement wall. What does the net operating income of a property represent? Which of the following activities would she not be authorized to perform? C. Write and sign commission checks to salespersons. He says to them, "Would you prefer to take possession on September 1 or October 1?" Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. 93- Jim has created a nice property flier for the James home. Go back to the buyer's agent and try to get the offer higher. 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? B. 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. A. B. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 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? 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? \text { Annual warranty cost } & 1,546,000 \\ escrow money must be passed back to the buyer. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? 69,200 46- A life insurance company would most likely invest in all but which of the following properties? C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. Certain homeowners may qualify for a $10,000 exemption. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? 2- Who needs title insurance and why? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. Before the sale can get finalized, the owner would require you to first meet certain conditions. What should you keep in mind when developing your marketing plans? Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. 5- When must a licensee provide an agency disclosure to a prospective client? 70- Which of these items would be a credit to the buyer on the settlement statement? 7- Name three benefits of listing a home with an agent that you could share with sellers. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. The price of a plane ride rises by 10 percent. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. Has Bob acted properly? 2- What does Proposition 58 state? rickey smiley and grandson videos 88- Sally and Dan must pay 2 points on their new $65,000 loan. 12- What are grant programs typically used for? 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? 8- Why should agent Grace give her client a Combined Hazards Book? The original loan becomes subordinate to the wraparound. Broker compensation to other brokers. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 11 of 11 Which of the following is a low loan-to-value ratio? 3- When preparing a competitive market analysis, what categories of homes should an agent research? Bob Broker knows that another offer will be coming in at about the same time. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. It was terminated when Mary delivered the recission to Sam. Encourage the buyer to get the attorney to review it quickly. D. The property is in a state fire responsibility area. A. Call Us Today! Tom then resells the property to the developer and pockets a $300,000 profit. How long does he have to file a complaint with the Department of Housing and Urban Development? The date Abby receives the good faith estimate. A. B. The purchase price, plus depreciation, B. Instead, Bob terminates the relationship with Mary. B. Its easier to prioritize your tasks if your goals are in writing. 2- Explain the difference between the primary and secondary mortgage markets. B. A. Greg is violating the duties he owes to his new buyer. 36- Broker Eric secures a loan for buyer Paul. Virtual tours are a very expensive marketing tool to use. C. Greg has violated the duty of confidentiality to Kim. Person must be properly licensed. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. C. I will open my own office within nine years. Write a contingent counteroffer. C. Accept commissions from referral agents. 64- Which of the following is not a form of personal advertising? Before completing the form, discuss the following important points with the home seller: Price. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. A rental condominium for a recreational vehicle. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. 1.555.555.555 | frontier airlines crash history. C. How much time the licensees must spend in the office. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 10 of 10 Which of the following statements is not true about a net listing? B. A. 4- Whats a bonus closing and whats important to keep in mind about this technique? D. Ensure fair real estate negotiations. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. 3- For whom do property tax exemptions exist and for how much? The borrower makes payments of interest only over the term of the loan. D. Gross income must be based on hours worked. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? Senior housing for residents 62 or older, B. B. D. There is a loan protection plan included with the loan. C. Classified ads placed on the property, D. Number of hits on the company website. 8- What actions does a lender take to sell a mortgage in the secondary market? Who should Tommy recommend the owner consult with before making a decision? B. \text { Annual testing cost } & 543,000 \\ 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. What should Tom do? What does that mean? Has New Age violated any laws? They will have a number of new expenses as a result of this purchase. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. C. Ask the caller when not if he or she wants to see the property. The borrower makes payments of interest only over the term of the loan. D. The UCC is a body of law that standardizes a number of business practices. Given the rise in the price of a plane ride, what percentage change in the price D. Amanda smiles at Jim when she sees the whirlpool tub. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 8- What is an important issue for potential buyer clients to understand? 6 of 10 Who typically presents an offer to the sellers? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? The purchase price, plus depreciation 6 of 50 Broker Tami has a very low advertising budget. 7- What are the capital gains exclusions associated with the sale of a personal residence? 1 of 10 Which of these statements is not true?
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