buyer randy makes an offer to purchase
A. I will make two new contacts every day this week. Tom thereupon submits a full-price offer to the owner and purchases the property. C. Date and attach supporting documents. The difference between what Sara owes and what her home is worth is known as what? 8 of 50 Buyer Kirk submits an offer to seller Larry. Answer: D- Avoid telling him the price by setting up an immediate appointment. C. The buyers and sellers agents will sign the escrow instructions. In this scenario, which of the following is not true? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. B. California: Real Estate Practice Chapter 18 Quiz with no answers. B. California: Real Estate Practice Ch8 Quiz with no answers. 4- Describe a reverse annuity mortgage. Goodwill is an intangible asset that results from the reputation of the business. The monthly net rental is $600. C. Alice is getting a conventional loan and making a 15% down payment. A. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 4- Agent Greg receives a call about one of his firms ads. 2- What types of office administration tasks are important for a licensed assistant to perform? A. 5 of 10 California allows a property manager to charge a non-refundable fee for which? C. When you have 200 names in your contact database. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. 62- When agent Hal shows a home he should never: A. A. Needs a license to perform activities that are not strictly administrative in nature. 31- Patrick has a written independent contractor agreement with his broker Tami. C. The seller can do all repairs himself. Who should Tommy recommend the owner consult with before making a decision? 1- When is real property reassessed? munich latitude compared to us; pro sun tan. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 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. A. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 9- What required disclosure is a result of Megans Law? Prices of properties currently on the market, C. Properties that were listed but did not sell. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. B. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 1- What are the three important considerations for a good property investment? Installation of central air conditioning, D. Addition of a tenant laundry facility. 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? C. Present Alexs offer first since it came in first. 46 of 50 Greg grew up in and lives in a rural area. 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? D. Broker Tom has only limited responsibility for the actions of his licensees. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. What approach can their agent take to change the sellers perception of the offer? D. Reduces the monthly payment for a borrower during the initial years. A purchase offer is a binding contract between the buyer, the seller and their agents. 9. In the past year they have referred two dozen people who have purchased flooring from New Age. 4 of 10 All of these are true of prospecting except: A. buyer randy makes an offer to purchase B. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. What kinds of insurance do brokers normally require of their employees? What is most likely their main motivation for investing? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? The home is listed at $210,000. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 6 of 50 Broker Tami has a very low advertising budget. California: Real Estate Practice Chapter 14 Quiz with no answers. 7 of 50 Glenna and Amanda just bought their first home. 4- What is the agreement that a broker can enter into with a buyer? 22- Jane sold her personal home for $148,000. He says to them, "Would you prefer to take possession on September 1 or October 1?" For purposes of federal income tax, which statement is true? This would be the maximum the purchaser would be permitted to borrow. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. He succeeds in setting up an appointment to meet with the caller. 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? Their interest rate will rise after the first few years. At the end of the term, the loan balance will be negative. He asks his real estate agent if she could tell him how to go about building a house on the land. A. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 4 of 10 Which of the following would be the least desirable phone handling technique? Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. D. The monthly payments increase overtime. 7- What is the difference between an FHA loan and a VA loan? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? A. 10- Which disclosures are NOT required to be made when selling residential property? 14 of 50 The title report on a property shows there is a lien on the property. 5 of 10 Which of these is not a true statement? A. Where is it that he likely found out the property was for sale? What is the market value of the property? Free Purchase Agreement | PDF & Word | Legal Templates 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. How does ALTA-R differ from ALTA? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. 57- Under federal income tax law, the basis for a personal residence is which of the following: The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. B. 2- Name one advantage and one disadvantage of telephone contacts. What approach can Greg use to discourage the person from calling other agents? Give the prospects a black copy of a purchase agreement to look over. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? B. Ken must obtain his own training. A. Generates leads for new listings. buyer randy makes an offer to purchase C. Brenda could be liable for a breach of the listing terms. 5 of 10 The principles of an agency relationship include all of these factors except which one? 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. Buyer Norm just signed a purchase contract with licensee Pat. 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. 3- In what three ways can an assistant aid an agent with appointments? B. Before completing the form, discuss the following important points with the home seller: Price. The adjusted cost basis of the first home was $140,000. A. View an objection as the buyers request for more information. The purchase price, plus depreciation, B. A. A. B. Senior housing for residents 62 or older, B. Next, calculate the points charged; $168,500 x 0.02 = $3,370. C. There is a 6-month pre-payment penalty for paying off the loan early. D. The casement windows have broken seals. D. Broker Gina puts $150 into her trust account. This is not true of which duty? Be open-minded. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. What should a licensees written employment agreement contain? B. Mortgage bankers bring borrowers and lenders together. D. Exclusive-authorization-and-right-to-sell agreement. 1. 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? 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? Deposit the check into his trust fund account on the next business day. What would you say about Sallys behavior? 6 of 10 Which of these is an emotional reason that buyers buy property? 6 of 10 Who typically presents an offer to the sellers? What do many firms do to avoid confusion with their advertising plan? 5 of 10 How many properties should be included for comparison in a competitive market analysis? D. Gross income must be based on hours worked. What should Jake do? The lender makes payments to the borrower. Bob Broker represents Mary Buyer. 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? What should agent Phil do? New Age purchased a new coffee maker the office was in need of. 10- What is the right to rescind and what is not covered by this rule? 1 of 10 Which of these statements is not true? D. Kirks offer to Larry is legally cancelled. The Residential Environmental Hazards Guide, B. 10 of 50 There has been very little interest in the Bowers home this past week. \text { Annual cost of scrap materials } & 286,000 \\ The offer with the highest price B. B. What is important to remember about capturing the readers attention? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? B. 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. D. Provides the names of individuals who may want to sell inherited property. 1 of 10 All of the following are good approaches for handling objections except which? A. Forwarding calls from the public to one of the salespersons in the office. B. 8 of 12 Fannie Mae does all of the following activities except which? To access the website, click "Allow". A. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? A. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. The escrow holder will need information about the brokers commission. B. Pellentesque dapibus efficitur laoreet. 4- Why is coordinating escrow so important and how can an assistant help? What percent of commission the licensees can charge. D. The loan must be repaid before the borrowers death. B. 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? What property type will he be dealing with? buyer randy makes an offer to purchase. 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. 10- Whats the difference between a lease purchase and a lease option? C. Supervises the Federal Housing Authority. If the loan is VA guaranteed, no down payment is required. What kind of mortgage are they looking for? 100- What does the Real Estate Disclosure Law refer to? C. The home sits on an earthquake fault zone. 3 of 12 All of the following are primary mortgage market lenders except which? 10- Which disclosures are NOT required to be made when selling residential property? What kinds of things should he be looking for? 8 of 10 Which of these is a free form of advertising? 4- What are the major areas of newspaper leads? The borrower makes payments of interest only over the term of the loan. What kind of agreement is this? Why or why not? 2- When establishing rapport, whats one of the best ways to get to know your buyers? D. The UCC is a body of law that standardizes a number of business practices. D. This action is deliberate misrepresentation. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? buyer randy makes an offer to purchase - ftp.ivnowandzen.com 7- Agent Jim needs to do a visual inspection of his listing. 1- When is an agency relationship created? Skip the activity report for that week. Ashley should end this relationship by, : asking the seller to sign a mutual release. 5- When must a licensee provide an agency disclosure to a prospective client? D. Magazine ads are significantly more expensive than newspaper ads. California: Real Estate Practice Ch5 Quiz with no answers. 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. 4- What are the major areas of newspaper leads? 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? A broker cannot use the word escrow in a fictitious name. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. 5. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. 3- What are the three general responsibilities of a property manager? 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? C. Analyzing the income potential of the property. In addition to agent and MLS home tours, what are some other ancillary tools you can use? 45- Kirk wants to get an FHA loan. B. The home comes equipped with all furnishings. C. Greg has violated the duty of confidentiality to Kim. C. Giving buyers your opinion of what works best for them. What economic factors affect the real estate market as well as other goods and services? 3 of 10 Which of the following would be an example of a licensee specializing in business type? 55- Greg is approved for a Cal-Vet loan. What should Bill do? 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. Which would NOT result from the exercise of police power? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 5 of 10 All of the following are valid listing agreements. 21- Which form of advertising is considered the most cost-effective method for selling a home? How should Jan's licensee handle the offer? buyer randy makes an offer to purchasei miss you text art copy and paste. California: Real Estate Practice Ch10 Quiz with no answers. If a seller changes the terms of the offer to purchase, he has created a counteroffer. 1 of 10 What kind of lease contains a recapture clause? What must Tim do? C. The Bryants have not received any feedback from any showings in the past month. Which of the following statements is true? Allows quick repayment of the loan through accelerated payments. Amanda loves the home and wants to make an offer. B. D. Have the prospects sign the disclosure about agency relationship. B. This form is the first step in any real estate deal. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? 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? A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. Rate of return is computed by dividing the annual net income by the rate of return. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. C. Give the tenant a 3-day notice to pay or quit. Solved Randy and his real estate agent, Bob, enter into a - Chegg 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. B. What kind of loan do they have? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? D. Buyer indemnity and seller protection. \end{array} A. Salesperson Harry can solicit his own listings. : The Commission could suspend or revoke Rob's license. Buyers looking at FSBO homes are usually looking for a bargain. 6. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? A. 29 of 50 What is one way the Federal Reserve System regulates the money supply? They were counting on a full-price offer and are very disappointed. 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. D. All repairs must be in compliance with existing building codes. A. Jake is getting a VA loan with no down payment. 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? 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? What does that mean? 5- What kind of newspaper ad could you place to solicit a listing? 1- What are the five aspects that are involved in any selling approach? C. Knocking on doors never requires special permits. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? 9- What required disclosure is a result of Megans Law? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. California: Real Estate Practice Ch7 Quiz with no answers. 5 of 10 Alice has decided that she will specialize in selling farm land. 2- Explain the difference between the primary and secondary mortgage markets. 14- Value includes which of the following aspects? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? D. Do not show the home between 10 a.m. and noon on Sundays. A. What will they have to pay at closing for the points? 8- What is the major difference between a CalVet loan and other loans?
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