During a phone call, a salesperson discusses showing a property to a prospect. What should Tom do? Buyer Jim asks if he can visit the property for a second time. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? 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. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. C. The Bryants have not received any feedback from any showings in the past month. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. A. The ordinance also requires a 10-foot side set back. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. A. C. The broker must conduct the escrow personally and not delegate any escrow activities. 84- Four years ago, Sam purchased a vacant lot for $10,000. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. He paid $100,000 for it, and made $300,000 worth of improvements. A. Wills weekly report indicates two showings and five inquiries for the week. C. Insurance agents dealing with customers. She put 20% down and got a mortgage for the remainder. For what type of loan is the borrower applying? Give housing choices to the widest range of people. C. Maintaining the office filing system. 22- Jane sold her personal home for $148,000. castilian drive, los angeles. He just sold it for $13,000. 1 of 10 Which of these statements is not true? 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? "Let's make a low ball offer?" 43 of 50 Which one of these statements would not be considered a measurable goal? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 4 of 10 Which of the following would be the least desirable phone handling technique? Answer: D- They are effectively terminating the original offer. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). 5- What actions can the sellers take regarding the purchase offer? 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? 4- Whats a bonus closing and whats important to keep in mind about this technique? C. Is permissible if being accepted on behalf of a third party. 5. 10- Which disclosures are NOT required to be made when selling residential property? A. 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? 28- Abby applies for a federally-related loan to purchase a home. "What would you like to offer?" B. 2- What is floor time and why is it important? What approach can their agent take to change the sellers perception of the offer? 2 of 10 A competitive market analysis contains information about all of the following items except which? 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Give as much detailed information about the property as you can. A. Jake is getting a VA loan with no down payment. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 5- What does the safety clause in the listing agreement do? Explain the method used to write good advertising. The lender gives a mortgage to the borrower and gets funds in exchange. Click the "Allow" button. A. Broker Alice holds an uncashed check until the offer is accepted. A. How should Jan's licensee handle the offer? What are some important tips for home tours? A. Mary learns that Sam is selling only half of the duplex. Underline each word that should be capitalized in the following items. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? C. Real Estate Settlement and Procedures Act. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? 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. Be a deal maker. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. C. Tell the sellers you expect an offer to be coming soon. 7- In the initial meetings with the prospects, the agent should do all of the following except which? A. Mary wants to terminate the contract. Supervises the Truth in Lending Act. A. Lead-based paint was used in the home. B. 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 7 of 10 Which of the following is a possible benefit of investing in real property? 8 of 10 Which statement is true about a real estate assistant? B. B. 29 of 50 What is one way the Federal Reserve System regulates the money supply? 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. California: Real Estate Practice Chapter 15 Quiz with no answers. What law creates an automatic lien on a commercial property, subject to the listing agreement? 5- If lenders intend to sell mortgages in the secondary market, what must they do? A. 6 of 50 Broker Tami has a very low advertising budget. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. D. Will conducted an agent open house last week that was attended by 25 agents. D. Meet with the buyers lender to ensure theyre getting a good deal. 7 of 10 When the broker and seller agree that the broker can receive commission for a specified number of days after the listing expires if selling to a named party on a list, its referred to by what term? Present the $200,000 first and recommend rejection. C. Use an attractive first-class stamp. The salesperson entered into a buyer-broker contract with her brother. D. Preparing flyers and promotional materials for the brokers approval. If a seller changes the terms of the offer to purchase, he has created a counteroffer. 9 of 10 All of these might be a buying signal except which? 7 of 10 Which document shows the assets and liabilities of a business? B. Which one is illegal in many states? Gross income must be based on production. Buyer Norm called and rescinded the offer. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. 64- Which of the following is not a form of personal advertising? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? Pellentesque dapibus efficitur laoreet. 6. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 3 of 10 What kind of ad usually combines both institutional and product advertising? A. Ken is responsible for his own taxes, while the broker pays Sarahs. Fill out a separate, numbered counteroffer form. B. Could be a violation of state licensing laws. A. D. Allows a broker to have as a commission anything above the minimum the seller sets. 3- Differentiate between mortgage brokers and mortgage bankers. Give credit to all potential borrowers. Regulates reserve requirements for all institutions that offer checking accounts. D. Give the sellers the price over the phone so that they can think about it before you meet with them. 1- How much is the loan origination fee and what does it cover? C. It creates an agency relationship. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. What should Bill do? C. Brenda could be liable for a breach of the listing terms. C. Bake muffins or cinnamon rolls to create a homey feel. What is this called? The sales agent should: Write a counteroffer stipulating the sellers' request. The buyer was responsible for making the discovery, so Pam is therefore liable. Answer: D- They are effectively terminating the original offer. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 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. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. The buyers have been pre-qualified by a lender. B. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. Which of the following is Kirk himself not likely to do during the application process? B. B. If checked, the seller can complete repairs after closing. 4 of 11 Which of these is also called a contract for deed? The property is in an area that could flood. 1 of 10 Broker Alice has hired several independent contractors in her firm. 5- What kind of newspaper ad could you place to solicit a listing? A. The escrow holder will need information about the brokers commission. 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? Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. D. The loan must be repaid before the borrowers death. 5 of 11 Which of these statements is true about a CalVet loan? Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. Give an example of a specific short-term goal. D. I will distribute 200 business cards every month for the next six months. A. Forwarding calls from the public to one of the salespersons in the office. 8 of 10 Which of these is a free form of advertising? 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? D. Tim and Gail have qualified for an FHA loan. What kind of mortgage might they get? 11 of 11 Which of the following is a low loan-to-value ratio? A. Her asking price was $560,000 and the property sold for $575,000. B. Bob Broker knows that another offer will be coming in at about the same time. "Yes, let's offer $10,000 less than the asking price. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? D. Is permissible in amounts under $50. 1 of 10 Which figure represents the amount of income available as a return to an investor? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. How can you prepare your sellers for receiving offers? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. B. 24 of 50 Tim thinks his buyers are ready to make an offer. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? Course Hero is not sponsored or endorsed by any college or university. 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. There . Ask the caller if he or she would like to receive e-mails on newly listed properties. A. B. 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? 12- What are grant programs typically used for? D. Employee status versus independent contractor status is an IRS issue. However, he is objecting because the roof is 12 years old. To learn more about the real estate business, D. To make more money than a real estate agent. B. university of missouri hospital salaries 2021; port orange arrests today. A. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . The gross annual income, $7,200, divided by 8% (0.08), is $90,000. Then present the $208,000 offer. D. She should persuade them to accept the offer. What will the new owners pay in property taxes? B. Pleases the sellers by inv=creasing activity. This best describes. D. Exclusive-authorization-and-right-to-sell agreement. B. D. Convince a seller to list with you. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? \text { Annual warranty cost } & 1,546,000 \\ The other 75% came from an hourly wage paid by Tami. Information on current loan programs. A. B. D. All adjustable rate mortgages have negative amortization. During business hours and only after giving the tenant 24 hours notice. What is the market value of the property? Plastic dishes last a long time because they are unbreakable. 1- What is escrow? 5- What should a good management contract contain? 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? She tells them that this action could decrease their property values. D. Hold it with the buyers permission until the contract is accepted. 3 of 12 All of the following are primary mortgage market lenders except which? D. Seeking buyers for others agents listings. 4 of 10 All of these are true of prospecting except: A. 1 of 10 All of the following are good approaches for handling objections except which? A. When should the agent have disclosed this fact? Terminate the first contract and accept the higher offer. 5 of 10 Which of the following would not be a reason to choose to be an assistant? A. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? D. Similar expired listings that didnt sell. In the past year they have referred two dozen people who have purchased flooring from New Age. D. Broker Tom has only limited responsibility for the actions of his licensees. buyer randy makes an offer to purchase 3- When preparing a competitive market analysis, what categories of homes should an agent research? B. What should Tom do? Brenda refuses. 4- Describe how a property manager can receive his or her fees. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. Encourage Sam to make a counteroffer at 2% below Sam's asking price. Is critical to your success in real estate. It can provide a steady stream of future clients. C. Shows property addresses that should be excluded from prospecting. Which of the following would be considered an intermediate goal? The broker will not provide any. One offer is for $208,000; the other is for $200,000. Ordinary china is very fragile. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 10 of 10 Which of the following statements is not true about a net listing? 3- What is a good approach to use when contacting the owner of an expired listing? He must withdraw his representation of one of the parties. A. Receives special tax considerations. D. Is best left to experienced brokers. 7 of 10 Which statement is not true about opening escrows? B. \text { Annual cost of scrap materials } & 286,000 \\ The buyers family is pressuring them to purchase this home. A. A. C. Participate in a tax shelter program. Where is it that he likely found out the property was for sale? What is the body of law that governs negotiable instruments? C. An assistant can keep track of the progress of activities during escrow. CSP-Conlutas Central Sindical e Popular . In this case, multiply the monthly income ($600) by 12. California: Real Estate Practice Ch5 Quiz with no answers. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? Find solutions. What kinds of things should you include in a weekly activity report? Whoever brings the buyer will get the commission. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? A. Pam should tell them to reject the offer so that the buyers will counter back with full price. buyer randy makes an offer to purchase. A. C. When you have 200 names in your contact database. Display lots of family photos to impress potential buyers. 9 of 10 Which of these is not a helpful homeowner tip? What kind of mortgage might they get? 8 of 10 Which of these marketing tools is not considered a traditional tool? A. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. A. 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? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? C. The lender gives the borrower a mortgage and funds. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. 6- What is the main reason sellers choose to sell their property without an agents help? cross elasticity of demand for train rides with respect to the price of a plane ride 5- Define the term loan-to-value ratio. Which of the following statements is true? B. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. 8- What actions does a lender take to sell a mortgage in the secondary market? 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? 1 of 10 Gail is a licensed real estate assistant. 1. 2 of 10 Which of these is not an AIDA characteristic? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. It was terminated when Mary delivered the recission to Sam. The borrowers family in case of his or her death, B. The home comes equipped with all furnishings. B. C. Real Estate Settlement and Procedures Act. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. He succeeds in setting up an appointment to meet with the caller. C. Present Alexs offer first since it came in first. B. The second mortgage has now become the primary loan. Encourage the buyer to get the attorney to review it quickly. \end{array} C. Make up some statistics to share with the Bowers. lumberton man killed; guggenheim annuity rates. 6- What is the main reason sellers choose to sell their property without an agents help? Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 5 of 10 Which of these is not a true statement? A. Select Review offer. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 3 of 10 Sara just bought her first new home. How are properties affected by the local economy? 8- Why is it important to have a written prospecting plan? D. The appraised value prior to sale 7 of 10 How might probate information help in prospecting? What would we call Hannah? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? The owner has 30 days to notify the county assessor. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? 2 of 10 Which is not a true statement about the Americans with Disabilities Act? C. I will get three new listings this month. 7- What are the capital gains exclusions associated with the sale of a personal residence? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80').
Leeann Kreischer Parents, Chase Bank In Jamaica West Indies, Articles B
Leeann Kreischer Parents, Chase Bank In Jamaica West Indies, Articles B