3 of 10 Jake has received two offers on one of his listings. 4. 8- What is the major difference between a CalVet loan and other loans? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? B. Sandy and Bill are putting 30% down on their home purchase. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? The listing price of a house is $139,900. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. A. What should you keep in mind when developing your marketing plans? Given the rise in the price of a plane ride, what percentage change in the price 2- What are some tax benefits associated with investing? 7- What makes up a mortgage? \text { Annual warranty cost } & 1,546,000 \\ He has put up $50,000 in preferred stock as earnest money. 8- What does the Water Heater Statement of Compliance address? C. Accept commissions from referral agents. B. Jim has decided to specialize in what area of real estate? In addition to agent and MLS home tours, what are some other ancillary tools you can use? 8 of 10 What does the paragraph on repairs state? He just sold it for $13,000. 9- What required disclosure is a result of Megans Law? Her broker has asked her to be available for tasks in the field rather than in the office. C. Have keys made for company listings. What should Bob advise Sam? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). A. 3. 1- What are the three important considerations for a good property investment? Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? 9. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. C. Find a lender who is willing to do FHA loans. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. What is the body of law that governs negotiable instruments? 4- What items are not covered by any title insurance policy? 10- Whats the difference between a lease purchase and a lease option? View an objection as the buyers request for more information. 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 broker will owe fiduciary responsibilities to the seller as well as the buyer. Bill is purchasing a 6-family apartment building. A. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. C. They can make payments directly to the original lender. There . Lorem ipsum dolor sit amet, consecteticitur laoreet. Which area of specialization would she fall into? A. John offers weekly training seminars. B. It never was effective since Sam had not notified Mary of the acceptance. B. 4- How is property management seen as a risk to investing? Housing and Community Development Act. Receives special tax considerations. 24 of 50 Tim thinks his buyers are ready to make an offer. Share that information with the sellers. B. buyer randy makes an offer to purchase. California: Real Estate Practice Chapter 17 Quiz with no answers. C. Clearly written contractor agreement must exist. buyer randy makes an offer to purchase She would likely be required to do which of the following? Housing and Community Development Act. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. 3 of 10 All of these items are important to include on your weekly activity report except which? The purchase price, plus improvements 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. B. What should Tim do next? What is this called? 1- What is escrow? 6- According to California real estate law, how often must a broker balance his or her trust accounts? Which of these forms of advertising is she most likely to avoid? Give $250 to the buyer and $250 to the seller. A. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. What is the market value of the property? A. Jim specializes in clients who want to buy restaurants. However, she believes the sellers will not be willing to accept the offering price. 5- If lenders intend to sell mortgages in the secondary market, what must they do? university of missouri hospital salaries 2021; port orange arrests today. The sellers want the earnest money check made payable to them instead. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. 12,800 square feet mejores programas bases de datos. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. Which of the following statements is not true? She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. What kind of mortgage might they get? 9- What is the basic purpose of Truth in Lending Regulation Z? D. Hold it with the buyers permission until the contract is accepted. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? During this interim period, grant makes monthly rent payments and the owner accepts them. 2- What kind of problem can result from a straight loan? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? B. 1.555.555.555 | frontier airlines crash history. In this scenario, which of the following is not true? Next, calculate the points charged; $168,500 x 0.02 = $3,370. Most likely, what did they get? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? $6,740 In the past year they have referred two dozen people who have purchased flooring from New Age. Has Bob acted properly? Code Violations and Tax Delinquencies. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? D. The UCC is a body of law that standardizes a number of business practices. 1. D. Their loan payments will gradually increase. California: Real Estate Practice Chapter 14 Quiz with no answers. D. Understanding characteristics of the rental market. 59- Which of the following is a sellers request that an agent cannot honor? 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. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 9 of 10 All of these might be a buying signal except which? Could be a violation of state licensing laws. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. 10 of 10 All of the following are true statements about goals except which one? The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. This is not true of which duty? D. Tim and Gail have qualified for an FHA loan. 1 of 10 All of the following are good approaches for handling objections except which? 3 of 10 Sara just bought her first new home. 4- Why is it important to talk to the sellers about the buyers? A. \end{array} The Residential Environmental Hazards Guide, B. 100- What does the Real Estate Disclosure Law refer to? B. of a train ride will leave the quantity demanded of train rides unchanged. 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. How long does he have to file a complaint with the Department of Housing and Urban Development? What should agent Phil do? C. Regulating reserves of institutions with savings accounts only. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. C. Discuss alternative properties that may be interest. The salesperson entered into a buyer-broker contract with her brother. D. After the agent has had time to make copies at the office. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 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? 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. What approach can Greg use to discourage the person from calling other agents? Discourage Sam from accepting an offer so far below Sam's asking price. C. Is subordinate to a first mortgage. He pays rent for occupancy, plus maintenance and operating expenses. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? A. If you like, you can add a message to the seller. 5- What should a good management contract contain? Authors Channel Summit. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. Display lots of family photos to impress potential buyers. Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. California: Real Estate Practice Chapter 15 Quiz with no answers. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. What would be a good approach for Pam to take? \text { Annual cost of quality training } & 456,000 \\ New Age purchased a new coffee maker the office was in need of. Which of the following statements is not true? C. Identifies buyers for other properties. What is the most often used form of earnest money deposit? C. Analyzing the income potential of the property. C. Bake muffins or cinnamon rolls to create a homey feel. Present the higher-priced offer first. A. Studying population trends in the area. C. Salespersons must perform all of their activities on behalf of their employing broker. 8 of 10 Which of the following is a good direct mail technique? 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? A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. 54- Jim and Jane are buying a home for $120,000. D. Employee status versus independent contractor status is an IRS issue. 7 of 50 Glenna and Amanda just bought their first home. 3- In what three ways can an assistant aid an agent with appointments? 10- What is the right to rescind and what is not covered by this rule? For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. B. 1- What is an important thing to remember about listing agreements? Who is responsible for removing the lien to clear the title? C. Tangible assets transferred in the sale include inventory, fixtures and equipment. What kind of agreement is this? C. It keeps your name in front of potential buyers and sellers. 5 of 11 Which of these statements is true about a CalVet loan? C. Date and attach supporting documents. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 78- Nancy bought her home last year for $425,000. 5 of 10 Which of the following is not a source of information for professional ethics codes? Their first mortgage will get paid off immediately. Before completing the form, discuss the following important points with the home seller: Price. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? Here are the steps to follow to make an offer to purchase: Step 1. She should advise them to let the offer expire with no action so the buyers will get nervous. 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. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. is 0.4. Jim and Jane financed the remaining $25,000 through the seller. D. I will distribute 200 business cards every month for the next six months. 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. 4 of 10 Which of the following is NOT a condition of the safe harbor test? B. 1. Checking your browser. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. Licensee Pat was in transit to the cooperating licensee's office with the offer. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 6- What is important for the sellers to know about a counteroffer? 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. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. 4 of 11 Which of these is also called a contract for deed? Who will pay the points? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. C. Print postage labels from your computer. C. A counteroffer can give the buyers an out if they want one. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. This would be the maximum the purchaser would be permitted to borrow. C. Moving closer to the agent to get a better look. B. Course Hero is not sponsored or endorsed by any college or university. The broker will not provide any. C. The fair market value at the time of sale B. Newsletters can be a very effective advertising forum for niche marketers. 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? What is the major difference between an employee and an independent contractor? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. B. $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. D. Amanda smiles at Jim when she sees the whirlpool tub. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. C. Refuse to accept the offer and check. The purchase price, plus improvements, C. The fair market value at the time of sale. 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. 2 of 10 Which of these is not an AIDA characteristic? What should Tim do next? Rule E-1 C. Participation in the MLS increases a licensees inventory. C. The broker must conduct the escrow personally and not delegate any escrow activities. 2 of 10 Assistants who are asked to be available for tasks in the field rather than in the office are referred to as: 3 of 10 Which of these items on a resume accompanying an application for an assistants position should be kept brief? What percent of commission the licensees can charge. 7. A. D. Hold both offers because he heard that a full-price offer is on its way. an opinion of value for the day of the appraisal only. What kind of a mortgage do they have? C. Do you need the equity from your current home for the new home purchase? ", Answer: A- "What would you like to offer? 64- Which of the following is not a form of personal advertising? $90,000 Nam lacinia pulvinar tortor nec facilisis. A. 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? What does that mean? What would you say about Sallys behavior? A broker may require licensees to carry high levels of automobile insurance. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? You bought if for the listing price plus 10% and sold it for the listing price. 1. 2 of 10 All of these statements are true except which one? B. I will practice my listing presentations. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? Tom then resells the property to the developer and pockets a $300,000 profit. A. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? 5- What is the Closing Disclosure? The purchase price, plus depreciation, B. 14- Value includes which of the following aspects? 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? A basis of $148,000 and no taxable gain, B. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. Donec aliquet. D. Buyer indemnity and seller protection. 3. Needs a license to perform activities that are not strictly administrative in nature. 12- What are grant programs typically used for? 1- When is real property reassessed? What kind of mortgage are they looking for? A. 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? 9% Has New Age violated any laws? 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? A. Ken is responsible for his own taxes, while the broker pays Sarahs. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. Retain the check for use with a future sales contract offer. Give the prospects a black copy of a purchase agreement to look over. Bob Broker represents Mary Buyer. What approach can their agent take to change the sellers perception of the offer? What kind of listing agreement does Alice have with Jack? 5 of 10 All of these would be effective at capturing a readers attention except which? 6- What is important for the sellers to know about a counteroffer? C. The seller can do all repairs himself. D. Arrange to meet the prospect at your office. Give credit to all potential borrowers. 14 of 50 The title report on a property shows there is a lien on the property. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? The lender gives a mortgage to the borrower and gets funds in exchange. Sam accepts the offer and executes the contract on March 1, a Sunday. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. B. B. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. 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? 3- What is a good approach to use when contacting the owner of an expired listing? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. The Reality of Purchase Offers . 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? C. Discover why some homes havent sold. C. Write and sign commission checks to salespersons. Pellentesque dapibus efficitur laoreet. List the details of all parties involved. A. You had a 9% loss. B. What will the new owners pay in property taxes? 4- What is the agreement that a broker can enter into with a buyer? Be open-minded. A. D. Exert pressure on the sellers to include something the other party wants. Which of the following statements is true? 4- What items are not covered by any title insurance policy? B. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. Maximize the return to the property management firm. 1- How much is the loan origination fee and what does it cover? A. 11- What is a public report and when must it be provided? What would be determined by a location survey?
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