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.. Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. It helps to identify buyer and seller needs. B. B. Alice knows everything about the exclusive east side neighborhoods. 7 of 10 Which disclosure form gives detailed information about the propertys condition? Write a counteroffer. What kinds of things should you include in a weekly activity report? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. D. Their loan payments will gradually increase. 6 of 10 Which of these is an emotional reason that buyers buy property? 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? 5 of 10 The principles of an agency relationship include all of these factors except which one? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. Give $250 to the buyer and $250 to the seller. C. Refuse to accept the offer and check. B. 17 of 50 Kathy is a personal assistant at Action Realty. 4 of 10 If a person believes he or she has been discriminated against, how long does he or she have to file a HUD complaint? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 2- What is floor time and why is it important? C. Be sure all requested inspections have been ordered. At the time the agent presents an offer. 4- Describe a reverse annuity mortgage. Is there a contract between the buyer and seller? If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property. A. 4- What are the major areas of newspaper leads? Recommend a counteroffer back to list price. A. C. Payments will not be enough to retire the loan. If the loan is VA guaranteed, no down payment is required. 69,200 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? 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? Jim has decided to specialize in what area of real estate? D. Tim and Gail have qualified for an FHA loan. fairbanks ice dogs standings . C. Brenda could be liable for a breach of the listing terms. A counteroffer represents a rejection of an offer. B. It must be in writing to be enforceable. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. A. Wills weekly report indicates two showings and five inquiries for the week. Answer: A- Proceed as if the buyer has decided to make an offer. Retired persons are a good source of neighborhood information. 9- What is the basic purpose of Truth in Lending Regulation Z? buyer randy makes an offer to purchase. 1- How much is the loan origination fee and what does it cover? The offer with the fewest contingencies B. 1.555.555.555 | frontier airlines crash history. The price elasticity of demand for Jim and Jane financed the remaining $25,000 through the seller. "Yes, let's offer $10,000 less than the asking price. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. 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? B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 3 of 12 All of the following are primary mortgage market lenders except which? The buyers family is pressuring them to purchase this home. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. 3- What is a good approach to use when contacting the owner of an expired listing? buyer randy makes an offer to purchase Lorem ipsum dolor sit amet, consectetur adipiscing elit. What property type will he be dealing with? A. Salesperson Harry can solicit his own listings. D. Reduces the monthly payment for a borrower during the initial years. B. How does ALTA-R differ from ALTA? B. buyer randy makes an offer to purchase - fridarestaurant.com Which statement is TRUE? Possession date. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 92- Which of the following situations is not exempt from the seller disclosure requirement? She should advise them to let the offer expire with no action so the buyers will get nervous. C. Explain your marketing plan to the sellers. You can use a reverse telephone directory to get the names of residents. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. D. The first and second mortgage will be rolled into one. 8- Under what conditions may a landlord enter a tenants property? C. Make up some statistics to share with the Bowers. A. 2. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. What kind of agreement is this? Information on current loan programs. Rule F-21 What is most likely their main motivation for investing? How much do you have in your savings account? B. D. Have the prospects sign the disclosure about agency relationship. A. 73- Which of these is not a buying signal? 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? Encourage Sam to make a counteroffer at 2% below Sam's asking price. D. After the agent has had time to make copies at the office. A. 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? 5 of 10 Mike bought his home last year for $150,000. B. 5. 5 of 10 Which of these statements is not true about qualifying buyers? A. 30- Being prepared to handle incoming phone calls means all of the following except which? 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. 7 of 10 Which of the following is a possible benefit of investing in real property? 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? A buyer applies for a loan that is neither insured nor guaranteed by a government agency. 4- Why is coordinating escrow so important and how can an assistant help? He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? What is important to remember about capturing the readers attention? 6- What is the ultimate result of using the Closing Disclosure form? Which of these actions might have caused their upset? California: Real Estate Practice Ch11 Quiz with no answers. The second mortgage has now become the primary loan. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. B. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. 2- Who needs title insurance and why? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? In this case, multiply the monthly income ($600) by 12. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? 8- What actions does a lender take to sell a mortgage in the secondary market? B. Present the higher-priced offer first. : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Start in the room with the best features. B. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? What is the key feature of this type of loan? 5 of 11 Which of these statements is true about a CalVet loan? 7- In the initial meetings with the prospects, the agent should do all of the following except which? D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. What kind of closing technique is Jim using? 1- What are the five aspects that are involved in any selling approach? 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Who should Tommy recommend the owner consult with before making a decision? Ask the caller if he or she would like to receive e-mails on newly listed properties. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. B. Ask the buyer if the buyer would like to make an offer taking the roof age into account. D. Supply cannot be moved to a high demand area. A. Please remove your shoes before entering the home. B. The sellers want the earnest money check made payable to them instead. A. California: Real Estate Practice Ch12 Quiz with no answers. Pellentesque dapibus efficitur laoreet. A Bill of Sale gives title to the business equipment. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. Harry has some buyers that he believes are ready to make an offer. B. Where is it that he likely found out the property was for sale? C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 14 of 50 The title report on a property shows there is a lien on the property. C. Maintaining the office filing system. 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. The borrower gives the lender a note and a mortgage in exchange for the funds. Sunday afternoon, Mary is driving around and finds a property she likes better. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? Which of the following conditions is Paul not required to report on this form? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? 12- What does TRID require of lenders? Making An Offer To Buy A Business - 6 Key Considerations - Forbes Free Purchase Agreement | PDF & Word | Legal Templates What do many firms do to avoid confusion with their advertising plan? 105- Agent Alice has received an offer that she believes is not in the sellers best interest. 3. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. In this scenario, which of the following is not true? 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. Retain the check for use with a future sales contract offer. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. What kind of a mortgage do they have? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 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? What kind of mortgage are they looking for? C. Ask the caller when not if he or she wants to see the property. 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. 4. A. 3- Differentiate between mortgage brokers and mortgage bankers. 5 of 10 What would be the least effective way to get to know your buyers needs? D. Do not show the home between 10 a.m. and noon on Sundays. Which of these ad headlines would probably be the least effective for this home? C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 1 of 10 Broker Alice has hired several independent contractors in her firm. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 8 of 10 What does the paragraph on repairs state? 50- Harry has some buyers that he believes are ready to make an offer. Ordinary china is very fragile. 10- Which disclosures are NOT required to be made when selling residential property? C. The seller can do all repairs himself. Each of their payments is for the same amount. D. The borrower gets a note in exchange for a mortgage. Housing and Community Development Act. 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. A. B. I will do two practice listing presentations per week with an experienced agent for the next two months. Give housing choices to the widest range of people. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 2- What does Proposition 58 state? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? B. 5- What does the safety clause in the listing agreement do? Could be a violation of state licensing laws. 4. 3- When making your presentation, what topics should you cover? Which is a true statement? 8 of 10 Which of the following is a good direct mail technique? How long must a broker be licensed in order to apply for a temporary broker's license? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. buyer randy makes an offer to purchase - 740alvarado.com She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? D. Broker Tom has only limited responsibility for the actions of his licensees. C. Exclusive-authorization-and-right-to-sell. C. If Larry verbally accepted the offer, Kirk is bound by it. C. Theyre probably paying a higher interest rate on the second mortgage. 6- What is the main reason sellers choose to sell their property without an agents help? There is nothing that can offset this problem. 100- What does the Real Estate Disclosure Law refer to? Now, calculate how much you lost: $153,890 - $139,900 = $13,990. The lender gives a mortgage to the borrower and gets funds in exchange. 5 of 10 Which of the following is not a source of information for professional ethics codes? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. A. A. 7- Agent Jim needs to do a visual inspection of his listing. 67- Hannah is a real estate assistant. The offer with the highest price that is the most likely to close She put 20% down and got a mortgage for the remainder. They will owe a balloon payment at the end of the loan term. 2. What should Bob do? Which of these expenses is not associated with owning a home? C. They can make payments directly to the original lender. How would Grants lease at this time be classified? 9 of 10 A shopping center would be primarily categorized as what type of property? She would likely be required to do which of the following? C. FSBO sellers who list with an agent will pay their own advertising costs. D. All adjustable rate mortgages have negative amortization. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? C. It creates an agency relationship. Decide which offer is best and present that one. Housing and Community Development Act. 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. 7- Name three benefits of listing a home with an agent that you could share with sellers. 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? 10- Whats the difference between a lease purchase and a lease option? 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. 3- For whom do property tax exemptions exist and for how much? The borrower makes payments of interest only over the term of the loan. D. This action is deliberate misrepresentation. Share that information with the sellers. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? Use the yes-but technique to handle the objection. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? What is the body of law that governs negotiable instruments? For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. C. Discuss alternative properties that may be interest. The loan value is based on the appraised value, not the sale price. $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. Elaine parks across the street from the home and Mike is disappointed by what he sees. 4- What is the agreement that a broker can enter into with a buyer? yellowbrick scholarship reviews. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? California: Real Estate Practice Ch7 Quiz with no answers. Most likely, what did they get? buyer randy makes an offer to purchase. 32 of 50 Alice is an employee of Mid-State Realty Services. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? D. Convince a seller to list with you. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Give as much detailed information about the property as you can. What kind of lease does Jim have? buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . C. The owner has 45 days to pay the new property taxes. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? B. He has put up $50,000 in preferred stock as earnest money. The other 75% came from an hourly wage paid by Tami. They made $50,000 of improvements. 9 of 10 Janet is an unlicensed assistant. 11- What is a public report and when must it be provided? B. Pleases the sellers by inv=creasing activity.