What is the most often used form of earnest money deposit? B. California: Real Estate Practice Ch3 Quiz with no answers. The borrower makes payments of interest only over the term of the loan. Give the prospects a black copy of a purchase agreement to look over. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. D. Erics broker should appoint Eric as the designated agent in this transaction. Offer to Purchase Form - Fill Out and Sign Printable PDF Template | signNow 78- Nancy bought her home last year for $425,000. C. Giving buyers your opinion of what works best for them. C. Ask the caller when not if he or she wants to see the property. 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? 59- Which of the following is a sellers request that an agent cannot honor? Mortgage brokers do not lend money. A. Ken is responsible for his own taxes, while the broker pays Sarahs. Lenders are in the best position to qualify buyers. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 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. 44- Jim owns a gift shop in a commercial building. A. A. 5 of 10 Mike bought his home last year for $150,000. 7- Agent Jim needs to do a visual inspection of his listing. To access the website, click "Allow". B. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. B. B. 2. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. How much did Sam gain or lose on the sale? Solved Randy and his real estate agent, Bob, enter into a - Chegg 3- When preparing a competitive market analysis, what categories of homes should an agent research? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Present the offer and tell the seller that the check needs to be held until June 30. Try to get Sam to accept the offer. Be a deal maker. What kind of loan do they have? 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. B. Hometown received $2400.00 in referrals. A. The lender makes payments to the borrower. What should Bob advise Sam? C. Clearly written contractor agreement must exist. 7- What is the difference between an FHA loan and a VA loan? 1. C. Greg has violated the duty of confidentiality to Kim. Set up a face-to-face meeting with the sellers as soon as possible. 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? 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? One day later. 5 of 11 Which of these statements is true about a CalVet loan? A. five letter words with l; jaiswal surname caste; pros and cons of herzberg theory; sechrest funeral home obituaries; curious george stuffed animal 1975; cornerstone staffing application 0 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 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? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? D. Placing a classified ad in the weekend paper. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. What law creates an automatic lien on a commercial property, subject to the listing agreement? B. 11- What is a public report and when must it be provided? B. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? In this scenario, which of the following is not true? "No, you may lose the house." A secondary bid for a property from the same buyer. How should licensee Fred handle this offer? Enter your offer. 8- What actions does a lender take to sell a mortgage in the secondary market? B. 4- Why is it important to talk to the sellers about the buyers? B. B. B. Newsletters can be a very effective advertising forum for niche marketers. 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 Jim has decided to specialize in what area of real estate? Here are the steps to follow to make an offer to purchase: Step 1. A secondary bid for a property that is for more than the first offer B. Who makes the payments to a claimant from the Guaranty Fund? 3 of 10 Which of the following would be an example of a licensee specializing in business type? What is this agreement called? Local ordinance requires a 20-foot rear and front setback. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. Be open-minded. B. 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? 5- Your listing presentation manual should be made up of two sections that address what issues? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Discourage Sam from accepting an offer so far below Sam's asking price. D. Do not show the home between 10 a.m. and noon on Sundays. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? Suggest that the buyer look at a different house. is 0.4. B. Deposit the check into his trust fund account on the next business day. Which is true? What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? Terminate the first contract and accept the higher offer. A. Eric can require that both the buyer and seller share equally in his commission. A. 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. C. It creates an agency relationship. 9. C. Neither Sarah nor Ken can get employer-provided health insurance. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? B. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? A. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? C. How much time the licensees must spend in the office. 103- Kirk and Sandy obtained a wraparound mortgage. D. Give the sellers the price over the phone so that they can think about it before you meet with them. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? Which area of specialization would she fall into? They agree on a price and both parties execute the contract. A. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. Establish a homes fair market value. 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. 12- What does TRID require of lenders? 7 of 10 Which of the following is a possible benefit of investing in real property? D. Goals must be realistic if you hope to accomplish them. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 4 of 10 Which of these is not an important aspect of selling? The purchase price, plus improvements, C. The fair market value at the time of sale. 7 of 10 Which disclosure form gives detailed information about the propertys condition? \text { Annual cost of scrap materials } & 286,000 \\ fairbanks ice dogs standings . 7- What does the paragraph in the listing agreement titled Entire Contract deal with? B. D. The interest payment is always smaller then the amount allocated to the principal. 5 of 50 Jane has been working with some buyers for several weeks. D. Buyer indemnity and seller protection. A. Preparation of an appraisal of the property, D. Help with required forms and disclosures. 16 juin 2022 why do babies clap their feet. A. 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. A. Attend weekly staff meetings at the office. Mary wants to make an offer on a house that is 25% lower than the asking price. What is the result? D. Exclusive-authorization-and-right-to-sell agreement. During a phone call, a salesperson discusses showing a property to a prospect. $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. Ask the buyers to sign a real estate transfer disclosure statement. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? The sellers want the earnest money check made payable to them instead. C. Insurance agents dealing with customers. What should Bob do? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. A. The original loan becomes subordinate to the wraparound. Wait until next week to send an activity report, hoping things will pick up. 10- Which disclosures are NOT required to be made when selling residential property? How much do you have in your savings account? 7. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 74- Which statement is not true about an agency relationship? dota 2 annual revenue 2020. adam foote parents. A rental property has a return rate of 8%. C. Sharing all visitor comments two weeks before the listing ends. D. Have the broker send a thank you for listing letter to the sellers. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. 9- What required disclosure is a result of Megans Law? Tell the buyer to submit the offer first and then take a copy to the attorney to review. C. The buyers are interested in another property. It never was effective since Sam had not notified Mary of the acceptance. 8 of 10 Which of these is a free form of advertising? 3- What signals do buyers use to indicate they may be willing to make a purchase? Who would be exempt under New Jersey fair housing law? D. All adjustable rate mortgages have negative amortization. What should Bob do? Only needs to be done periodically. C. Guarantees payment of all interest and principal on mortgage-backed securities. 2- When establishing rapport, whats one of the best ways to get to know your buyers? A. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? Broker Alice holds an uncashed check until the offer is accepted. 5- What is the Closing Disclosure? D. Avoid negative comments while hes inside the home. Explain. 4. D. Kirks offer to Larry is legally cancelled. The sales agent should: Write a counteroffer stipulating the sellers' request. A. Generates leads for new listings. D. Gross income must be based on hours worked. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? 43 of 50 Which one of these statements would not be considered a measurable goal? C. Make up some statistics to share with the Bowers. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Sexta, 26 de novembro de 2021 . 6. Give housing choices to the widest range of people. 9 of 10 Which of the following statements is not true? A. 5 of 10 Which of the following would not be a reason to choose to be an assistant? She is probably using all but which of the following tools? What property type will he be dealing with? 4- What items are not covered by any title insurance policy? How would you classify this essay (high or low comedy)? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. B. She put 20% down and got a mortgage for the remainder. 11 of 11 Which of the following is a low loan-to-value ratio? Prior to bringing an offer to purchase. Mary learns that Sam is selling only half of the duplex. B. 100- What does the Real Estate Disclosure Law refer to? C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. D. Employee status versus independent contractor status is an IRS issue. Which of these expenses is not associated with owning a home? The buyers have been pre-qualified by a lender. 4- Describe how a property manager can receive his or her fees. 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. 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. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). The salesperson entered into a buyer-broker contract with her brother. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. mejores programas bases de datos. Sunday afternoon, Mary is driving around and finds a property she likes better. Anasayfa; Hakkmzda. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 6 of 10 Who typically presents an offer to the sellers? What kind of closing technique is Jim using? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. The loan value is based on the appraised value, not the sale price. What kind of mortgage might they get? 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? B. Answer a question with a question when possible. What should Bill do? C. Discover why some homes havent sold. 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. 5- Define the term loan-to-value ratio. C. The lender gives the borrower a mortgage and funds. buyer randy makes an offer to purchase - ftp.ivnowandzen.com Which of the following statements is true? 9- Define a purchase money mortgage. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. 7- What are the capital gains exclusions associated with the sale of a personal residence? Can be used in place of a verbal presentation. Answer: B- Encourage the buyer to get the attorney to review it quickly. Rate of return is computed by dividing the annual net income by the rate of return. 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. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). Step 2. A. At time of license renewal, what is the renewal charge for a salespersons license? 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. This broker is guilty of what prohibited activity? What is the status of the contract between Sam and Mary? A. Wills weekly report indicates two showings and five inquiries for the week. Why or why not? A. I will complete the GRI certification in the next four years. Answer: D- Avoid telling him the price by setting up an immediate appointment. 36- Broker Eric secures a loan for buyer Paul. A. Tell Linda that the sellers will be very disappointed if they cancel the appointment. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Not waste anymore time on this house, the buyer will never make an offer. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. B. 73- Which of these is not a buying signal? 07 Jun. B. D. Will conducted an agent open house last week that was attended by 25 agents. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. What property type will be his specialty? Making An Offer To Buy A Business - 6 Key Considerations - Forbes 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? Fill out a separate, numbered counteroffer form. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? A. Greg is violating the duties he owes to his new buyer. California: Real Estate Practice Ch12 Quiz with no answers. 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. This form is the first step in any real estate deal. A. 5 of 10 Which of these statements is not true about qualifying buyers? Courtesy of RealtyPact. D. Have the prospects sign the disclosure about agency relationship. Bob writes the offer but is too embarrassed to submit it. Bob should not have presented the offer after the property was under contract to another buyer. California: Real Estate Practice Ch11 Quiz with no answers. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. They were counting on a full-price offer and are very disappointed. The adjusted cost basis of the first home was $140,000. 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. The borrower pays a fixed rate of interest. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 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? 19- Which of the following is not an advantage of hosting an open house? What is the market value of the property? Give as much detailed information about the property as you can. A net listing is illegal in all states. What approach can their agent take to change the sellers perception of the offer? 86- Which of the following is not considered a benefit of investing in real estate? 8- Why should agent Grace give her client a Combined Hazards Book? This best describes. 7 of 10 Which statement is not true about opening escrows? 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. B. I will practice my listing presentations. Broker Ashley has been working for a seller for the past seven months. B. Rewrite whole paragraphs to ensure clarity. 7 of 50 Glenna and Amanda just bought their first home. The home is listed at $210,000. 68- Greg and Joyce have an adjustable rate mortgage on their home. B. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? B. D. Make sure all light bulbs and lamps are working and are bright. What is important to remember about capturing the readers attention? She sold the property and several months later the buyer sued Pam for not disclosing the problem. How long must a broker be licensed in order to apply for a temporary broker's license? A. buyer randy makes an offer to purchase Over 300 California Real Estate Practice Exam questions to pass Tests! 8. D. The appraised value prior to sale 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.. Example 1. B. Alice knows everything about the exclusive east side neighborhoods. Tell Mike that the sellers will be upset if they cancel the appointment. What kind of mortgage might they get? Mary makes an offer to purchase a duplex from Sam. B. ", Answer: A- "What would you like to offer? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz D. A shopping center might have to remodel their public restrooms. 10- What is the right to rescind and what is not covered by this rule? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). B. 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? 5- When must a licensee provide an agency disclosure to a prospective client? 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? 5 of 10 RESPA applies to all of the following EXCEPT which? buyer randy makes an offer to purchase. It helps to identify buyer and seller needs. Maximize the return to the property management firm.