B. Pleases the sellers by inv=creasing activity. Attend weekly staff meetings at the office. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. A. 3- For whom do property tax exemptions exist and for how much? What should Tim do next? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 3- When making your presentation, what topics should you cover? 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? What approach can their agent take to change the sellers perception of the offer? Point out that the roof is not leaking despite its age. The lender makes payments to the borrower. D. Convince a seller to list with you. 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. 5- What does the safety clause in the listing agreement do? To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. B. The seller must file a bill of sale with the county clerk. D. The borrower gets a note in exchange for a mortgage. 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?. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? Offer to mail the caller a set of fliers on interesting properties. 2 of 10 Which lender typically deals in interim financing? The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. Bob Broker represents Mary Buyer. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 74- Which statement is not true about an agency relationship? 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. B. B. D. Allows a broker to have as a commission anything above the minimum the seller sets. A. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? The difference between what Sara owes and what her home is worth is known as what? Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. C. Is subordinate to a first mortgage. Be open-minded. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. D. The casement windows have broken seals. Buyer Jim asks if he can visit the property for a second time. 3- What is a good approach to use when contacting the owner of an expired listing? Who should Tommy recommend the owner consult with before making a decision? What do you need to remember about making phone calls to potential clients? Which statement is true? Minimize expenses while maximizing profits for the owner. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. A. A secondary bid for a property that is for more than the first offer A. Write a counteroffer. Two months later she purchased and moved into a new home that cost $145,000. What kind of closing technique is Jim using? 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. A. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? A. B. B. 5. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? B. 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. Tell Linda that the sellers will be very disappointed if they cancel the appointment. C. Consider child support payments in the decision. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. Which statement is TRUE? D. The advertiser must prove he was grandfathered in as a licensee. 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. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? This form is the first step in any real estate deal. There . A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? D. Meet with the buyers lender to ensure theyre getting a good deal. 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. C. Exclusive-authorization-and-right-to-sell agreement. 5 of 11 Which of these statements is true about a CalVet loan? 1. C. Knocking on doors never requires special permits. B. 4- What items are not covered by any title insurance policy? 7- What are the capital gains exclusions associated with the sale of a personal residence? C. Ask the caller when not if he or she wants to see the property. $5,500 the first year, plus a maximum 2% increase in market value per year, B. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. C. A counteroffer can give the buyers an out if they want one. 1- What is important to know about unlicensed real estate assistants? 6- According to California real estate law, how often must a broker balance his or her trust accounts? The purchase price, plus improvements 1 of 10 Which figure represents the amount of income available as a return to an investor? 21- Which form of advertising is considered the most cost-effective method for selling a home? Underline each word that should be capitalized in the following items. 10 of 10 Which of the following statements is not true about a net listing? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. Change the locks on the tenants apartment. 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?" Go back to the buyer's agent and try to get the offer higher. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? B. Allows quick repayment of the loan through accelerated payments. C. Greg has violated the duty of confidentiality to Kim. 4- What are the major areas of newspaper leads? Jim has decided to specialize in what area of real estate? B. What kind of mortgage might they get? On what amount will he pay capital gains tax? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. 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. B. Code Violations and Tax Delinquencies. \text { Annual warranty cost } & 1,546,000 \\ They will have a number of new expenses as a result of this purchase. 3- In what three ways can an assistant aid an agent with appointments? D. Erics broker should appoint Eric as the designated agent in this transaction. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 6- Whats important to know about the Liquidated Damages paragraph? 1- What are the five aspects that are involved in any selling approach? Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. The original loan becomes subordinate to the wraparound. 32 of 50 Alice is an employee of Mid-State Realty Services. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? In this case, multiply the monthly income ($600) by 12. A Bill of Sale gives title to the business equipment. Other than residential list three kinds of property in the real estate market. C. Clearly written contractor agreement must exist. What is the status of the contract between Sam and Mary? Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. Lorem ipsum dolor sit amet, consectetur adipiscing elit. I think theyre asking a fair price., C. What do you think would be a fair price?, D. The comps say that this price is right on target.. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 8- What is an important issue for potential buyer clients to understand? 4 of 11 Which of these is also called a contract for deed? C. Alice is getting a conventional loan and making a 15% down payment. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? Which of the following statements is true? 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. Call Us Today! A. 5. A. Salesperson Harry can solicit his own listings. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. C. Allow indoor pets to leave their designated area. 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? 3- What are the three general responsibilities of a property manager? 5 of 10 How many properties should be included for comparison in a competitive market analysis? 7 of 10 Which statement is not true about opening escrows? The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. What is the body of law that governs negotiable instruments? 8. The check that accompanies the salesperson license application must be for what amount? A. I will complete the GRI certification in the next four years. Nam lacinia pulvinar tortor nec facilisis. Tell the buyer to submit the offer first and then take a copy to the attorney to review. At the end of the term, the loan balance will be negative. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? Give $250 to the buyer and $250 to the seller. Terminate the first contract and accept the higher offer. Gives the names of lawyers who might require property assistance. B. 81- Jake has decided to specialize in working with clients who purchase schools. D. Seeking buyers for others agents listings. 11- What is a public report and when must it be provided? Which of these expenses is not associated with owning a home? The home is listed at $210,000. 8 of 10 Which of these statements about counteroffers is not true? What should Bob do? 1- What are the five aspects that are involved in any selling approach? How should Jan's licensee handle the offer? 2- What does Proposition 58 state? What should you keep in mind when developing your marketing plans? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Give a discount to families with children. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 54- Jim and Jane are buying a home for $120,000. A. B. Lenders are in the best position to qualify buyers. B. 9% 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? B. How to Write a Purchase Agreement? 5- Your listing presentation manual should be made up of two sections that address what issues? : 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. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Instead, Bob terminates the relationship with Mary. 16 juin 2022 why do babies clap their feet. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. He says to them, "Would you prefer to take possession on September 1 or October 1?" B. A. 7- What is the difference between an FHA loan and a VA loan? 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? Which would NOT result from the exercise of police power? buyer randy makes an offer to purchase - fridarestaurant.com 96- Which statement is not true about a listing contract? B. C. The buyers are interested in another property. by | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 6. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 6- What does the security and insurance clause of the listing agreement address? Negotiate agreements regarding commission structuring. C. Do you need the equity from your current home for the new home purchase? C. The borrower pays a fixed rate of interest. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. 5- When must a licensee provide an agency disclosure to a prospective client? A. 68- Greg and Joyce have an adjustable rate mortgage on their home. The buyer must pay the broker a commission. C. Discover why some homes havent sold. : The Commission could suspend or revoke Rob's license. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). 13 of 50 What is the most common reason that owners try to sell their homes themselves? California: Real Estate Practice Ch5 Quiz with no answers. yellowbrick scholarship reviews. If the loan is VA guaranteed, no down payment is required. Present the offer and tell the seller that the check needs to be held until June 30. Return the earnest money to buyer Norm. The owner of the property is HIV positive. One day later. Prices of properties currently on the market, C. Properties that were listed but did not sell. Answer: B- The contract is voidable due to mutual mistake. B. Ken must obtain his own training. D. Exclusive-authorization-and-right-to-sell agreement. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? they are effectively terminating the original offer. 5 of 10 California allows a property manager to charge a non-refundable fee for which? 6 of 10 Which booklet is not part of the Combined Hazards Book? The term of the loan can be shortened. 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? An assistant should never be left with the task of taking photos of a new listing. What will they have to pay the lender? AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? Supervises the Truth in Lending Act. 3- What is a good approach to use when contacting the owner of an expired listing? The borrowers family in case of his or her death, B. Their interest rate will rise after the first few years. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. Private mortgage insurance is available for FHA loans. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? How much did Sam gain or lose on the sale? Encourage Sam to make a counteroffer at 2% below Sam's asking price. 4- Why is it important to talk to the sellers about the buyers? 7- What is the difference between an FHA loan and a VA loan? 1. 2- What is floor time and why is it important? 6- When is a lender required to terminate a borrowers private mortgage insurance? 2- What is floor time and why is it important? A. Receives special tax considerations. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 5 of 10 Which of the following would not be a reason to choose to be an assistant? C. The lender gives the borrower a mortgage and funds. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. The monthly net rental is $600. If a seller is in a multiple offer situation, how do you determine the best offer? What is the major difference between an employee and an independent contractor? 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. 8- What is an important issue for potential buyer clients to understand? Only after receiving the tenants consent. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? C. Once you set a goal you should never change it. C. They can make payments directly to the original lender. C. The home sits on an earthquake fault zone. Click the "Allow" button. buyer randy makes an offer to purchase buyer randy makes an offer to What would be a good approach for Pam to take?
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