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Mary makes an offer to purchase a duplex from Sam. It became a contingent contract when Sam accepted Mary's offer. California: Real Estate Practice Ch10 Quiz with no answers. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? 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. C. Brenda could be liable for a breach of the listing terms. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? Whoever brings the buyer will get the commission. A. 2. Tell the buyer to submit the offer first and then take a copy to the attorney to review. 12,800 square feet You can use a reverse telephone directory to get the names of residents. From whom may a salesperson receive compensation for performed activities? 6 of 10 Which of the following statements is not true? C. Print postage labels from your computer. She should advise them to let the offer expire with no action so the buyers will get nervous. C. It keeps your name in front of potential buyers and sellers. If a seller changes the terms of the offer to purchase, he has created a counteroffer. B. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 6 of 50 Broker Tami has a very low advertising budget. B. B. Ken must obtain his own training. He pays rent for occupancy, plus maintenance and operating expenses. Wait until next week to send an activity report, hoping things will pick up. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . 7 of 10 How might probate information help in prospecting? Installation of central air conditioning, D. Addition of a tenant laundry facility. 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? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. They will owe a balloon payment at the end of the loan term. The offer with the highest price D. The buyers love the landscaping improvements the sellers have made. She can do all of the following except which? Plastic dishes last a long time because they are unbreakable. Give $250 to the buyer and $250 to the seller. 18- In a transaction that involves the purchase of a business, what document functions in the same way as the deed in a personal real estate transaction? Which statement is true? A. In this case, multiply the monthly income ($600) by 12. Write a counteroffer. 3. Brenda refuses. 2- Who needs title insurance and why? 2- What are some tax benefits associated with investing? 4- Describe a reverse annuity mortgage. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. Their interest rate will rise after the first few years. 4- What is a good method for estimating what a seller will net from the sale of the property? B. Its a good idea for brokers to carry workers compensation coverage. 63- Jennys home appraised for $550,000. Return the earnest money to buyer Norm. A broker cannot use the word escrow in a fictitious name. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. 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 All of the following are good approaches for handling objections except which? D. Have the broker send a thank you for listing letter to the sellers. A. Mary wants to terminate the contract. Decide which offer is best and present that one. B. Can be used in place of a verbal presentation. D. The casement windows have broken seals. If you like, you can add a message to the seller. 2- Explain the difference between the primary and secondary mortgage markets. The broker will owe fiduciary responsibilities to the seller as well as the buyer. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. The buyers have been pre-qualified by a lender. 2- List the three Institute of Real Estate Management property management designations. \text { Annual testing cost } & 543,000 \\ 77- Which of the following Internet pages might not be of particular interest to buyers? Information on current loan programs. Present the offer and tell the seller that the check needs to be held until June 30. Authors Channel Summit. B. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. 7. C. Real Estate Settlement and Procedures Act. 12. 42- Alice is planning her career and setting her goals. C. If Larry verbally accepted the offer, Kirk is bound by it. B. What should Bob do? How long must a broker be licensed in order to apply for a temporary broker's license? At the time the agent presents an offer. Share that information with the sellers. Give credit to all potential borrowers. 37- When dealing with the sale of a business, which is not a true statement? C. Neither Sarah nor Ken can get employer-provided health insurance. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? Rate of return is computed by dividing the annual net income by the rate of return. 5 of 10 What would be the least effective way to get to know your buyers needs? B. California: Real Estate Practice Ch8 Quiz with no answers. 7- How can a builder help you generate leads? Why or why not? D. Tim and Gail have qualified for an FHA loan. B. 6- Whats important to know about the Liquidated Damages paragraph? He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? This broker is guilty of what prohibited activity? 6- What does the security and insurance clause of the listing agreement address? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 6- Whats important to know about the Liquidated Damages paragraph? Give an example of a specific short-term goal. 1- What is a competitive market analysis? She put 20% down and got a mortgage for the remainder. 8- What is the major difference between a CalVet loan and other loans? Has Bob acted properly? A. D. Greg has no fiduciary responsibilities to Kim once the listing expired. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. 7- What are the capital gains exclusions associated with the sale of a personal residence? 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? 46- A life insurance company would most likely invest in all but which of the following properties? 11 of 11 Which of the following is a low loan-to-value ratio? 11- What are the penalties for violating Regulation Z? A. 8- What is an important issue for potential buyer clients to understand? D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? Housing and Community Development Act. 5- What kind of newspaper ad could you place to solicit a listing? C. Identifies buyers for other properties. "Let's make a low ball offer?" C. Is subordinate to a first mortgage. B. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 7- Agent Jim needs to do a visual inspection of his listing. 4- Agent Greg receives a call about one of his firms ads. The purchase price, plus improvements, C. The fair market value at the time of sale. 4- What is a good method for estimating what a seller will net from the sale of the property? D. Offer to call the prospect when new listings that meet his or her criteria come on the market. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. Then present the $208,000 offer. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. A. D. Allows viewing access to strangers. 4- Describe how a property manager can receive his or her fees. \hline D. Provides the names of individuals who may want to sell inherited property. C. The borrower pays a fixed rate of interest. How would you classify this essay (high or low comedy)? Other than residential list three kinds of property in the real estate market. 5. B. D. Property evaluations from other agents have valuable information for sellers. 1- What is important to know about unlicensed real estate assistants? 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. Who would be exempt under New Jersey fair housing law? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? He made $150,000 of improvements during the three years he lived in it before he sold it. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? Is there a contract between the buyer and seller? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Nam lacinia pulvinar tortor nec facilisis. Senior housing for residents 62 or older, B. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? C. The buyers are interested in another property. 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. 59- Which of the following is a sellers request that an agent cannot honor? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} A. 53- Greg sold an apartment building he owned for 20 years. 7- What does the net operating income of a property represent? There are several successful agents at Johns office. 6- What is the ultimate result of using the Closing Disclosure form? The term of the loan can be shortened. A. 14- Value includes which of the following aspects? $5,500 the first year, plus a maximum 2% increase in market value per year, B. She would likely be required to do which of the following? 9% What should Jake do? 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? Bill cannot contact the seller. 10. C. The home sits on an earthquake fault zone. 2 of 10 A competitive market analysis contains information about all of the following items except which? Now, calculate the origination fee; $168,500 x 0.02 = $3,370. D. Buyer indemnity and seller protection. 100 Minimize expenses while maximizing profits for the owner. 70- Which of these items would be a credit to the buyer on the settlement statement? C. Gather listing forms for her employer. B. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. California: Real Estate Practice Chapter 15 Quiz with no answers. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). The sales agent should: Write a counteroffer stipulating the sellers' request At time of license renewal, what is the renewal charge for a salespersons license? 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. The check that accompanies the salesperson license application must be for what amount? Secure documents that are public information from the courthouse and other sources available to the public. At the end of the term, the loan balance will be negative. B. Rewrite whole paragraphs to ensure clarity. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. A. If a seller is in a multiple offer situation, how do you determine the best offer? 68- Greg and Joyce have an adjustable rate mortgage on their home. Better yet, try to avoid deal breakers. A. Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. 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? Tom then resells the property to the developer and pockets a $300,000 profit. 9 of 10 Which of these is not a helpful homeowner tip? The monthly net rental is $600. 6. He succeeds in setting up an appointment to meet with the caller. D. Avoid negative comments while hes inside the home. B. C. The same amount will go towards the principal every month. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. What should Bob do? D. Supply cannot be moved to a high demand area. 3- When preparing a competitive market analysis, what categories of homes should an agent research? What should Pat do with the earnest money deposit? How should licensee Fred handle this offer? 2 of 50 Residential property includes all of the following EXCEPT which? 8- What is the major difference between a CalVet loan and other loans? B. 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. The lender gives a mortgage to the borrower and gets funds in exchange. They were counting on a full-price offer and are very disappointed. C. Exclusive-authorization-and-right-to-sell agreement. Documents showing your affiliations with real estate organizations. Licensee Pat was in transit to the cooperating licensee's office with the offer. 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? B. Jim Sharp is purchasing his fathers home. Encourage Sam to make a counteroffer at 2% below Sam's asking price. Norm gave Pat a $500 earnest money check. \text { Annual cost of quality training } & 456,000 \\ 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. B. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. There are no offers on the property during the 6-month listing period and the listing expires. buyer randy makes an offer to purchase 3 of 10 What kind of ad usually combines both institutional and product advertising? Display lots of family photos to impress potential buyers. Try to get Sam to accept the offer. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. D. All repairs must be in compliance with existing building codes. 5- Your listing presentation manual should be made up of two sections that address what issues? A. Lead-based paint was used in the home. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 4- Agent Greg receives a call about one of his firms ads. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? 2- What is important to remember about multiple offers? 3- What signals do buyers use to indicate they may be willing to make a purchase? B. Pleases the sellers by inv=creasing activity. 5 of 10 Mike bought his home last year for $150,000. He just sold it for $13,000. Which term is the process of joining several parcels of land into one larger parcel? 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. Tom thereupon submits a full-price offer to the owner and purchases the property. C. Eric may not represent the sellers interests to the detriment of the buyer. What is the market value of the property? 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? Which statement is TRUE? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 6- What is important for the sellers to know about a counteroffer? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 3. Give a discount to families with children. C. Tell them that this home is an exceptional buy and encourage them to look anyway. Receives special tax considerations. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 2 of 10 When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? Regulates reserve requirements for all institutions that offer checking accounts. 2- What does Proposition 58 state? 100- What does the Real Estate Disclosure Law refer to? 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? Her broker has asked her to be available for tasks in the field rather than in the office. What approach can Greg use to discourage the person from calling other agents? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? Here are the steps to follow to make an offer to purchase: Step 1. munich latitude compared to us; pro sun tan. Which of the following would be the least likely place for them to obtain a loan? 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. 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. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Anasayfa; Hakkmzda. B. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. 10 of 10 Which of the following is not a possible benefit of investing in real property? The ordinance also requires a 10-foot side set back. D. The appraised value prior to sale 12- What does TRID require of lenders? 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? B. B. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. Does not need to be familiar with office policy. 5- When must a licensee provide an agency disclosure to a prospective client? Retired persons are a good source of neighborhood information. C. Payments will not be enough to retire the loan. How does ALTA-R differ from ALTA? B. 7 of 50 Glenna and Amanda just bought their first home. Step 2. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. She tells them that this action could decrease their property values. 10 of 10 Which of these Internet pages might be of particular interest to sellers? Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. Ask the caller if he or she would like to receive e-mails on newly listed properties. B. Enumerate the homes special features and hope they change their minds. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? What approach can their agent take to change the sellers perception of the offer? D. Their lender can profit from the difference in interest rates. 5- What is the Closing Disclosure? B. 2. Answer: D- Avoid telling him the price by setting up an immediate appointment. 5- When must a licensee provide an agency disclosure to a prospective client? 41 of 50 What was the important ruling in Jones v. Mayer? What percent of loss did you have? B. 2- Explain the difference between the primary and secondary mortgage markets. Virtual tours are a very expensive marketing tool to use. 28- Abby applies for a federally-related loan to purchase a home. 5 of 10 Which of these statements is not true about qualifying buyers? Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. The advertiser can be sentenced to up to a year in prison. Which of these statements is true about the wraparound mortgage? 2 of 12 Which of the following statements is not true about the Federal Reserve? Find things in the home a seller needs to repair. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? They will have a number of new expenses as a result of this purchase. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Please remove your shoes before entering the home. Nam lacinia pulvinar tortor nec facilisis. C. Explain your marketing plan to the sellers. A. Salesperson Harry can solicit his own listings. How long does he have to file a complaint with the Department of Housing and Urban Development? C. Alice is getting a conventional loan and making a 15% down payment. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. Rule 21 C. Once you set a goal you should never change it. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. buyer randy makes an offer to purchasei miss you text art copy and paste. B. 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.

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