B. 2- What exception exists to the duty of obedience when working with a client? 5- What should a good management contract contain? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. A. 5- When must a licensee provide an agency disclosure to a prospective client? Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. Answer a question with a question when possible. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 6. 8 of 10 Which of the following circumstances would concern you about working for Broker John? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 4 of 10 Which of the following would be the least desirable phone handling technique? The loan will be distributed to them gradually. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. A. What would be a good approach for Pam to take? You had a 9% loss. Sunday afternoon, Mary is driving around and finds a property she likes better. Nam lacinia pulvinar tortor nec facilisis. Could be a violation of state licensing laws. 10- Whats the difference between a lease purchase and a lease option? What approach can their agent take to change the sellers perception of the offer? C. Write and sign commission checks to salespersons. California: Real Estate Practice Chapter 17 Quiz with no answers. 9 of 10 Which of the following statements is not true? Certain homeowners may qualify for a $10,000 exemption. 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. Tell Mike that the sellers will be upset if they cancel the appointment. Broker compensation to other brokers. 8- Under what conditions may a landlord enter a tenants property? 96- Which statement is not true about a listing contract? C. Ask the caller when not if he or she wants to see the property. 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? What is this called? A broker may advertise that he or she is an escrow agent. Which of the following conditions is Paul not required to report on this form? The Reality of Purchase Offers . C. Eric may not represent the sellers interests to the detriment of the buyer. 1- What is a competitive market analysis? What kind of loan do they have? 7- What are the capital gains exclusions associated with the sale of a personal residence? 6- Whats important to know about the Liquidated Damages paragraph? 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? 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? D. Amanda smiles at Jim when she sees the whirlpool tub. 4- Whats a bonus closing and whats important to keep in mind about this technique? 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? Rule F-1. What is the most often used form of earnest money deposit? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 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? 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? 103- Kirk and Sandy obtained a wraparound mortgage. 56- Which is not a true statement about the Agency Disclosure? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? The buyer was responsible for making the discovery, so Pam is therefore liable. What should Pat do with the earnest money deposit? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. B. Sharon and Steve have just taken a second mortgage on their home. 8- What actions does a lender take to sell a mortgage in the secondary market? 3 of 10 Sara just bought her first new home. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 3- What is a good approach to use when contacting the owner of an expired listing? Explain. The borrower makes payments of interest only over the term of the loan. 3- Differentiate between mortgage brokers and mortgage bankers. B. A. 7 of 50 Glenna and Amanda just bought their first home. 2. This term typically refers to. \text { Annual warranty cost } & 1,546,000 \\ What should Tim do next? 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? B. D. Broker Gina puts $150 into her trust account. Point out that the roof is not leaking despite its age. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 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. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). Suggest to the sellers that their listing price is too high. Seeking buyers for your listings B. What should Tim do next? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? 2- What does Proposition 58 state? 8- What does the Water Heater Statement of Compliance address? What should Bob do? munich latitude compared to us; pro sun tan. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 92- Which of the following situations is not exempt from the seller disclosure requirement? 4- Agent Greg receives a call about one of his firms ads. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. When a home seller accepts a purchase offer, the seller is hoping the buyer will complete the transaction at the agreed-on price and believes there is nothing wrong with the condition of the home. $6,740 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? A. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. Give credit to all potential borrowers. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 16 juin 2022 why do babies clap their feet. A. 4- Why is coordinating escrow so important and how can an assistant help? What property type will he be dealing with? A secondary bid for a property that is less than the first offer C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. What is the result? 2. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? 5. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 9 of 10 Which of these is not a helpful homeowner tip? C. Is not necessary if the verbal presentation is strong. 5 of 10 All of the following are valid listing agreements. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Housing and Community Development Act. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. 8 of 10 When is the first installment of property taxes due? Which law extended discrimination to include handicap and familial status? 2- List the three Institute of Real Estate Management property management designations. chris kelly rock 92 net worth. C. Deposit into the brokerage business account. Two months later she purchased and moved into a new home that cost $145,000. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? D. Buyer indemnity and seller protection. C. Maintaining the office filing system. 9- What required disclosure is a result of Megans Law? Give the prospects a black copy of a purchase agreement to look over. 6- Whats important to know about the Liquidated Damages paragraph? 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? They will owe a balloon payment at the end of the loan term. Recommend a counteroffer back to list price. How does ALTA-R differ from ALTA? Broker Alice holds an uncashed check until the offer is accepted. D. Offer something valuable to the reader. 6- When is a lender required to terminate a borrowers private mortgage insurance? They will have to make a very high down payment. rickey smiley and grandson videos A. Give as much detailed information about the property as you can. Licensee Pat was in transit to the cooperating licensee's office with the offer. A. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. D. Interest rates are typically fixed rate. 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? A purchase offer is a binding contract between the buyer, the seller and their agents. by | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 D. This action is deliberate misrepresentation. 3- What signals do buyers use to indicate they may be willing to make a purchase? If you like, you can add a message to the seller. D. Allows viewing access to strangers. 2- What are some tax benefits associated with investing? The Residential Environmental Hazards Guide, B. 7- Agent Jim needs to do a visual inspection of his listing. The buyers family is pressuring them to purchase this home. $90,000 \text { Annual rework cost } & 34,679 \\ 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. D. Employee status versus independent contractor status is an IRS issue. A. California: Real Estate Practice Chapter 16 Quiz with no answers, 1 of 10 According to FIRPTA, what percent would a buyer who is buying the property as a personal residence need to withhold when purchasing a $200,000 home from a foreigner?. A. Wills weekly report indicates two showings and five inquiries for the week. Rule 21 70- Which of these items would be a credit to the buyer on the settlement statement? 3. D. Ensure fair real estate negotiations. A. D. Greg has no fiduciary responsibilities to Kim once the listing expired. 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. Decide which offer is best and present that one. 5- What kind of newspaper ad could you place to solicit a listing? 5 of 10 Alice has decided that she will specialize in selling farm land. 1- How much is the loan origination fee and what does it cover? It was terminated when Mary delivered the recission to Sam. Properties are very liquid and can move quickly. A. 2- What is important to remember about multiple offers? He says to them, "Would you prefer to take possession on September 1 or October 1?" Allows quick repayment of the loan through accelerated payments. B. Jim Sharp is purchasing his fathers home. Sending cards and newsletters is a good way to keep in contact with clients and prospects. 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. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? B. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? B. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? If the loan value is 80%, and the property was appraised at $86,500 and sold for $88,000, how much would the purchaser be permitted to borrow? B. 9% Courtesy of RealtyPact. B. Bill cannot contact the seller. B. A. Other than residential list three kinds of property in the real estate market. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 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? What should Tom do? D. A shopping center might have to remodel their public restrooms. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. 4 of 10 Which of the following is NOT a condition of the safe harbor test? They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. 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 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? B. 28- Abby applies for a federally-related loan to purchase a home. Bob Broker represents Mary Buyer. 37 of 50 Which of the following economic characteristics is true? C. Is permissible if being accepted on behalf of a third party. Has New Age violated any laws? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. Give housing choices to the widest range of people. What must Tim do? 59- Which of the following is a sellers request that an agent cannot honor? A. Housing and Community Development Act. Name four traditional marketing tools that you should use with every listing you get. What kinds of things should he be looking for? Rule E-1 1 of 10 Which of these statements is not true? 42 of 50 Alex makes an offer to purchase one of Bills listings. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? Give the sellers a copy of some homeowners tips. A. Buyer Norm just signed a purchase contract with licensee Pat. What should agent Phil do? 3 of 10 Which of the following would be an example of a licensee specializing in business type? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? they are effectively terminating the original offer. This mortgage type is popular among the elderly. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase B. 47 of 50 Which of the following would not qualify as a 1031 exchange? An apartment building for a vacant lot, B. 6- When is a lender required to terminate a borrowers private mortgage insurance? An open listing is an exclusive contract. C. Discover why some homes havent sold. escrow money must be passed back to the buyer. D. The casement windows have broken seals. Which of these expenses is not associated with owning a home? 10 of 50 There has been very little interest in the Bowers home this past week. Mary wants to terminate the contract. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 65- Which of the following items is usually not prorated at closing? B. Rewrite whole paragraphs to ensure clarity. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 101- Which type of loan typically carries the most loan points? 7 of 10 Which of the following is not a national real estate trade organization? A. B. The advertiser can be sentenced to up to a year in prison. D. Is permissible in amounts under $50. A. Needs a license to perform activities that are not strictly administrative in nature. It took effect when Sam accepted Mary's offer. 10 of 10 Which proposition limited the maximum amount of tax on real property? C. Payments will not be enough to retire the loan. 69,200 What should Bill do? 6- How does a limited partnership differ from a general partnership? B. 4- Whats a bonus closing and whats important to keep in mind about this technique? 5- If lenders intend to sell mortgages in the secondary market, what must they do? 4- Why is it important to talk to the sellers about the buyers? buyer randy makes an offer to purchase. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 9 of 10 Janet is an unlicensed assistant. 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? 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. What is the status of the contract between Sam and Mary? C. Theyre probably paying a higher interest rate on the second mortgage. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. At time of license renewal, what is the renewal charge for a salespersons license? At the end of the term, the loan balance will be negative. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? B. Which area of specialization would she fall into? Most likely, what did they get? A. Jim specializes in clients who want to buy restaurants. D. The appraised value prior to sale 46 of 50 Greg grew up in and lives in a rural area. A. Generates leads for new listings. 88- Sally and Dan must pay 2 points on their new $65,000 loan. buyer randy makes an offer to purchasei miss you text art copy and paste. C. Present Alexs offer first since it came in first. 11 of 11 Which of the following is a low loan-to-value ratio? Regulates reserve requirements for all institutions that offer checking accounts. C. Analyzing the income potential of the property. C. The loan term will extend gradually over time. Referral fee to a homeowners insurance agent. Answer: D- They are effectively terminating the original offer. 37- When dealing with the sale of a business, which is not a true statement? 7- What is the difference between an FHA loan and a VA loan? The purchase price, plus depreciation, B. Secure documents that are public information from the courthouse and other sources available to the public. 8- Why should agent Grace give her client a Combined Hazards Book? A. Jake is getting a VA loan with no down payment. 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. B. 19- Which of the following is not an advantage of hosting an open house? What kind of mortgage are they looking for? 16- Dave and Nadine have decided that they want to become property investors. 3- How could refinancing be an investment benefit? 8- What actions does a lender take to sell a mortgage in the secondary market? 8 of 10 Which of these statements about counteroffers is not true? How much do you have in your savings account? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? Which of the following items can Matt not add to the original cost when doing the computation? They agree on a price and both parties execute the contract. 14- Value includes which of the following aspects? She would likely be required to do which of the following? Donec aliquet. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? A. 8 of 12 Fannie Mae does all of the following activities except which? Ask the caller if he or she would like to receive e-mails on newly listed properties. 73- Which of these is not a buying signal? Is depreciation accounted for by a hospital? 7- How can a builder help you generate leads? Answer: D- They are effectively terminating the original offer. fairbanks ice dogs standings . A rental condominium for a recreational vehicle. What will they have to pay the lender? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Amanda loves the home and wants to make an offer. an opinion of value for the day of the appraisal only. C. Jim and Amanda whisper and frown when they see the basement. 3- What are the three general responsibilities of a property manager? A. Lead-based paint was used in the home. Present the $200,000 first and recommend rejection. 4- What is the agreement that a broker can enter into with a buyer? C. I will open my own office within nine years. 67- Hannah is a real estate assistant. A counteroffer represents a rejection of an offer. A. In this case, multiply the monthly income ($600) by 12. He succeeds in setting up an appointment to meet with the caller. Which of the following statements is true? 9 of 10 All of these might be a buying signal except which? PRACTICE QUESTIONS), >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. Enter your offer. You can make a Best Offer on listings that have a Make Offer button. B. Ken must obtain his own training. 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? Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. In the past year they have referred two dozen people who have purchased flooring from New Age. Buyers looking at FSBO homes are usually looking for a bargain. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? What should Tom do? A counteroffer by a seller to a buyer turns the seller from offeree to offeror. What should Jake do? Bob Broker represents Sam Seller. Offer to mail the caller a set of fliers on interesting properties. 3- For whom do property tax exemptions exist and for how much? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. C. It must specify a definite termination date. They will have a number of new expenses as a result of this 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 of 10 The cost of doing direct mail advertising depends on all of these things except which? What should Bill do? A. Goodwill is an intangible asset that results from the reputation of the business. A. Please remove your shoes before entering the home. What kind of closing technique is Jim using? 5- If lenders intend to sell mortgages in the secondary market, what must they do? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. Why is it important for licensees to understand the Americans with Disabilities Act? Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. 62- When agent Hal shows a home he should never: A. buyer randy makes an offer to purchase. It can provide a steady stream of future clients. On what amount will he pay capital gains tax? 4. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 1. Start in the room with the best features. D. The interest payment is always smaller then the amount allocated to the principal. What approach can their agent take to change the sellers perception of the offer? D. The first and second mortgage will be rolled into one. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which?
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