Answer: B- Encourage the buyer to get the attorney to review it quickly. buyer randy makes an offer to purchase Point out that the roof is not leaking despite its age. 44 of 50 Fair Housing laws are designed to: A. B. What was Sam's appraisal cost for quality last year? Rate of return is computed by dividing the annual net income by the rate of return. 4- Why is it important to talk to the sellers about the buyers? B. 46- A life insurance company would most likely invest in all but which of the following properties? B. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 1 of 10 Which of these statements is not true? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Plastic dishes last a long time because they are unbreakable. C. Make up some statistics to share with the Bowers. 2- Name one advantage and one disadvantage of telephone contacts. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? B. Call Us Today! It was terminated when Mary delivered the recission to Sam. Retain the check for use with a future sales contract offer. D. Arrange to meet the prospect at your office. an opinion of value for the day of the appraisal only. 6 of 50 Broker Tami has a very low advertising budget. D. Exclusive-authorization-and-right-to-sell agreement. A. Generates leads for new listings. B. B. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. 14 of 50 The title report on a property shows there is a lien on the property. C. Once you set a goal you should never change it. Here are the steps to follow to make an offer to purchase: Step 1. 70- Which of these items would be a credit to the buyer on the settlement statement? 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. B. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Mary learns that Sam is selling only half of the duplex. What is the status of the contract between Sam and Mary? Deposit the check into his trust fund account on the next business day. Broker Ashley has been working for a seller for the past seven months. What approach can Greg use to discourage the person from calling other agents? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Present the offer and tell the seller that the check needs to be held until June 30. 6- When is a lender required to terminate a borrowers private mortgage insurance? What property type will be his specialty? 46 of 50 Greg grew up in and lives in a rural area. 5. buyer randy makes an offer to purchasei miss you text art copy and paste. Pellentesque dapibus efficitur laoreet. Sunday afternoon, Mary is driving around and finds a property she likes better. 6 of 10 Which of the following statements is not true? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? Housing and Community Development Act. C. The owner has 45 days to pay the new property taxes. California: Real Estate Practice Chapter 14 Quiz with no answers. 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. Code Violations and Tax Delinquencies. Norm gave Pat a $500 earnest money check. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. B. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo B. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. ", Answer: A- "What would you like to offer? D. Convince a seller to list with you. How long does he have to file a complaint with the Department of Housing and Urban Development? The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. A. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. 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? 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. A. B. Supervises the Truth in Lending Act. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? A. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. D. Goals must be realistic if you hope to accomplish them. B. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. Tom violated the law by not providing notice of information that would affect Fred, When a broker received an unexpected bill, he deposited a client's earnest money check into his personal account to cover the expense. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? A. 2 of 10 Which of these is not an AIDA characteristic? 37- When dealing with the sale of a business, which is not a true statement? 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? D. This action is deliberate misrepresentation. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Harry has some buyers that he believes are ready to make an offer. 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? 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? D. Must start out as a part-time employee. The couple now has. Who is responsible for removing the lien to clear the title? 75- All but which of the following is NOT an AIDA feature? Rule 21 The loan value is based on the appraised value, not the sale price. He must withdraw his representation of one of the parties. B. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? This action is legal but very unprofessional. Which of the following is true, if you are licensed as a referral agent? Housing and Community Development Act. 64- Which of the following is not a form of personal advertising? \end{array} 5 of 50 Jane has been working with some buyers for several weeks. 6 of 10 Who typically presents an offer to the sellers? How should Jan's licensee handle the offer? She can do all of the following except which? \hline California: Real Estate Practice Ch9 Quiz with no answers. 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. Retired persons are a good source of neighborhood information. 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? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. The steps to make an offer to purchase | DuProprio Tell the buyer about the other offer and urge the buyer to skip the attorney. D. An exclusive listing must always be at least 30 days long. What is the key feature of this type of loan? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 6- What is the main reason sellers choose to sell their property without an agents help? B. What is most likely their main motivation for investing? 10- Whats the difference between a lease purchase and a lease option? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. A. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Donec aliquet. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? A. B. Enumerate the homes special features and hope they change their minds. 7 of 10 Which of these forms is not filled out by the seller? 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 is not true of which duty? What should Bill do? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 78- Nancy bought her home last year for $425,000. 5- When must a licensee provide an agency disclosure to a prospective client? C. Explain your marketing plan to the sellers. 8 of 10 When is the first installment of property taxes due? Write a counteroffer. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Which statement is true? B. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. The other 75% came from an hourly wage paid by Tami. California: Real Estate Practice Chapter 13 Quiz with no answers. 1 of 10 Gail is a licensed real estate assistant. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. At the time the agreement is signed. D. The casement windows have broken seals. 1- What is an important thing to remember about listing agreements? B. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? \text { Annual testing cost } & 543,000 \\ Jim has decided to specialize in what area of real estate? Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. He paid $100,000 for it, and made $300,000 worth of improvements. 54- Jim and Jane are buying a home for $120,000. C. Real Estate Settlement and Procedures Act. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. mejores programas bases de datos. How would you classify this essay (high or low comedy)? 8- When does a purchase offer become a legal contract? B. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? 42 of 50 Alex makes an offer to purchase one of Bills listings. Mary makes an offer to purchase a duplex from Sam. buyer randy makes an offer to purchase - ftp.ivnowandzen.com A. A. Jake is getting a VA loan with no down payment. Which of the following would be considered an intermediate goal? Fill out a separate, numbered counteroffer form. B. B. D. Purchasing loans from primary lenders. 93- Jim has created a nice property flier for the James home. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). What kind of loan do they have? they are effectively terminating the original offer. C. Identifies buyers for other properties. The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. 63- Jennys home appraised for $550,000. 4- Describe a reverse annuity mortgage. D. Preparing flyers and promotional materials for the brokers approval. D. I will complete a property management seminar within the next year. Person must be properly licensed. How much do you have in your savings account? D. There is a loan protection plan included with the loan. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? 10 of 10 Which of the following is not a possible benefit of investing in real property? 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 1- What is important to know about unlicensed real estate assistants? B. 5 of 10 Which of these is not a true statement? A. He refuses to rent the other unit to families with children. 4 of 10 All of these are true of prospecting except: A. 1- What is escrow? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. A. 5 of 10 The principles of an agency relationship include all of these factors except which one? 3- What is a good approach to use when contacting the owner of an expired listing? A. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 2. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? B. Have you been pre-qualified or pre-approved by a lender yet? Which law extended discrimination to include handicap and familial status? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 8 of 10 Which of the following is a good direct mail technique? 4- Agent Greg receives a call about one of his firms ads. D. Ensure fair real estate negotiations. B. What should Jake do? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? D. The first and second mortgage will be rolled into one. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? A. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Local ordinance requires a 20-foot rear and front setback. B. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 2 of 12 Which of the following statements is not true about the Federal Reserve? What should Tim do next? There are several steps in calculating the answer to this question. Establish a homes fair market value. 7- How can a builder help you generate leads? 68- Greg and Joyce have an adjustable rate mortgage on their home. A. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. \text { Annual rework cost } & 34,679 \\ Skip the activity report for that week. Which statement is true? C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 10 of 10 Which of these Internet pages might be of particular interest to sellers? A. 2- What are some tax benefits associated with investing? 6- List the steps of underwriting. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 07 Jun. B. How should licensee Fred handle this offer? 5- What actions can the sellers take regarding the purchase offer? What kinds of insurance do brokers normally require of their employees? Entails entering into two agreements simultaneously. 2 of 10 Which of these is not a good technique to get the name of a caller who is reluctant to give you that information? 8 of 10 Which statement is true about a real estate assistant? D. Make sure all light bulbs and lamps are working and are bright. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. The advertiser is subject to a fine. Ashley should end this relationship by, : asking the seller to sign a mutual release. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? 38 of 50 What is the primary role of Fannie Mae? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. The adjusted cost basis of the first home was $140,000. The owner of the property is HIV positive. 9. 2- What exception exists to the duty of obedience when working with a client? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 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. D. I will distribute 200 business cards every month for the next six months. C. Have keys made for company listings. 8- Why is it important to have a written prospecting plan? 5- What does the safety clause in the listing agreement do? Which of the these activities does she have control over? He says to them, "Would you prefer to take possession on September 1 or October 1?" 5 of 10 All of the following are valid listing agreements. buyer randy makes an offer to purchase buyer randy makes an offer to Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. B. 10 of 10 Which of these is not an exemption to fair housing law? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. C. Brenda could be liable for a breach of the listing terms. A. Jim specializes in clients who want to buy restaurants. What does the net operating income of a property represent? D. The buyers love the landscaping improvements the sellers have made.
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