Lorem ipsum dolor sit amet, consecteticitur laoreet. You bought if for the listing price plus 10% and sold it for the listing price. A. Wills weekly report indicates two showings and five inquiries for the week. A purchase offer is a binding contract between the buyer, the seller and their agents. What disclosure does the salesperson owe to the buyer and seller? D. Give the sellers the price over the phone so that they can think about it before you meet with them. 2- List the three Institute of Real Estate Management property management designations. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. California: Real Estate Practice Ch7 Quiz with no answers. What is important to remember about capturing the readers attention? 105- Agent Alice has received an offer that she believes is not in the sellers best interest. the buyer is not allowed to make a counteroffer. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? \text { Annual testing cost } & 543,000 \\ Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. The lender makes payments to the borrower. B. 1. 3. 8 of 10 Which of these statements about counteroffers is not true? Given the rise in the price of a plane ride, what percentage change in the price Why is it important for licensees to understand the Americans with Disabilities Act? Recommend a counteroffer back to list price. D. Property evaluations from other agents have valuable information for sellers. What should Tim do next? 7 of 10 Which document shows the assets and liabilities of a business? Has Bob acted properly? B. B. Its easier to prioritize your tasks if your goals are in writing. B. I will do two practice listing presentations per week with an experienced agent for the next two months. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 64- Which of the following is not a form of personal advertising? A. Pam should tell them to reject the offer so that the buyers will counter back with full price. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. 33- Which statement is true about a loan that has a negative amortization? There are several steps in calculating the answer to this question. C. Is subordinate to a first mortgage. What is Gregs capital gain on the apartment? 4. Which of the following conditions is Paul not required to report on this form? D. Purchasing loans from primary lenders. 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. 3 of 10 Sara just bought her first new home. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? Jim and Jane financed the remaining $25,000 through the seller. 4- What items are not covered by any title insurance policy? Gross income must be based on production. A. 6- List the steps of underwriting. Use the yes-but technique to handle the objection. Step 2. 62- When agent Hal shows a home he should never: A. "No, you may lose the house." 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. 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? C. Johns office has a selection of books, CDs and tapes for agent use. 9- What required disclosure is a result of Megans Law? 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. A broker may require licensees to carry high levels of automobile insurance. 5- What kind of newspaper ad could you place to solicit a listing? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. C. Clearly written contractor agreement must exist. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? D. The buyers love the landscaping improvements the sellers have made. Gross income must be based on production. What is the most often used form of earnest money deposit? 8- What is the major difference between a CalVet loan and other loans? A. There is nothing that can offset this problem. Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. A. \hline \text { Annual inspection costs } & \$ 155,000 \\ Courtesy of RealtyPact. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? D. Meet with an inspector at a listing. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 2- What exception exists to the duty of obedience when working with a client? The borrower makes payments of interest only over the term of the loan. 36- Broker Eric secures a loan for buyer Paul. 5- What does the safety clause in the listing agreement do? 4- What are the major areas of newspaper leads? 19- Which of the following is not an advantage of hosting an open house? $90,000 What should agent Phil do? Be open-minded. 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. 7- What is the difference between an FHA loan and a VA loan? In addition to agent and MLS home tours, what are some other ancillary tools you can use? Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. Whoever brings the buyer will get the commission. How much do you have in your savings account? 2- What is important to remember about multiple offers? The Residential Environmental Hazards Guide, B. B. What approach can their agent take to change the sellers perception of the offer? Tell the buyer about the other offer and urge the buyer to skip the attorney. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. C. Consider child support payments in the decision. 17 of 50 Kathy is a personal assistant at Action Realty. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. What economic factors affect the real estate market as well as other goods and services? What would be determined by a location survey? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. A. Regulates reserve requirements for all institutions that offer checking accounts. Installation of central air conditioning, D. Addition of a tenant laundry facility. 16 juin 2022 why do babies clap their feet. 6 of 10 Which of these is an emotional reason that buyers buy property? C. Real Estate Settlement and Procedures Act. The definition of race was expanded to include ancestry. A. In this scenario, which of the following is not true? At the end of the term, the loan balance will be negative. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 7. Ask questions of the prospects children. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. C. Regulating reserves of institutions with savings accounts only. B. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 100 A counteroffer by a seller to a buyer turns the seller from offeree to offeror. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? castilian drive, los angeles. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Where is it that he likely found out the property was for sale? They will have to make a very high down payment. C. Jim and Amanda whisper and frown when they see the basement. 42- Alice is planning her career and setting her goals. What kind of lease does Jim have? Find a home that meets FHA requirements. Is there a contract between the buyer and seller? 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. Give the sellers a copy of some homeowners tips. 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? 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. B. 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. D. Hold both offers because he heard that a full-price offer is on its way. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. A. The difference between what Sara owes and what her home is worth is known as what? He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? C. Participation in the MLS increases a licensees inventory. If the loan is VA guaranteed, no down payment is required. Which of the following activities would she not be authorized to perform? 63- Jennys home appraised for $550,000. One offer is for $208,000; the other is for $200,000. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? What should Bob do? What was Sam's appraisal cost for quality last year? B. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? A. An assistant should never be left with the task of taking photos of a new listing. buyer randy makes an offer to purchasei miss you text art copy and paste. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. A. The purchase price, plus depreciation, B. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. B. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . \end{array} When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? 2- Explain the difference between the primary and secondary mortgage markets. Pellentesque dapibus efficitur laoreet. 8 of 10 Which of these marketing tools is not considered a traditional tool? 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? Launch into your list of the homes special features and hope she changes her mind. If an item is already correct, write C on the line provided. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). C. Is not necessary if the verbal presentation is strong. A. 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? C. It must specify a definite termination date. How much did Sam gain or lose on the sale? 6- What is the ultimate result of using the Closing Disclosure form? 7- What does the net operating income of a property represent? Two months later she purchased and moved into a new home that cost $145,000. A. 41 of 50 What was the important ruling in Jones v. Mayer? B. I will practice my listing presentations. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Norm gave Pat a $500 earnest money check. Encourage Sam to make a counteroffer at 2% below Sam's asking price. 3 of 10 What kind of ad usually combines both institutional and product advertising? D. Preparing flyers and promotional materials for the brokers approval. A. 6 of 12 The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what? Why or why not? A. Have you been pre-qualified or pre-approved by a lender yet? 2- What types of office administration tasks are important for a licensed assistant to perform? How should licensee Fred handle this offer? C. Be sure all requested inspections have been ordered. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 101- Which type of loan typically carries the most loan points? 8 of 10 Which statement is true about a real estate assistant? A. C. Neither Sarah nor Ken can get employer-provided health insurance. 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. 10 of 10 All of the following are true statements about goals except which one? A. B. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. 8- Why should agent Grace give her client a Combined Hazards Book? 4- Why is it important to talk to the sellers about the buyers? What should Bob do? Does not need to be familiar with office policy. If a seller is in a multiple offer situation, how do you determine the best offer? What kind of closing technique is Harry using? 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. Rule 21 A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. The property is in an area that could flood. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. The buyers family is pressuring them to purchase this home. 1- What is goodwill as it relates to a business? D. Tell the sellers its time to reevaluate the price. 3- In what three ways can an assistant aid an agent with appointments? 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? The home is listed at $210,000. buyer randy makes an offer to purchase. A. Sharon and Steve have just taken a second mortgage on their home. D. Supply cannot be moved to a high demand area. A. Harry has some buyers that he believes are ready to make an offer. A. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Entails entering into two agreements simultaneously. B. A. C. The broker must conduct the escrow personally and not delegate any escrow activities. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. 7 of 50 Glenna and Amanda just bought their first home. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? D. Call the sellers immediately and let them know you wont be coming by. A. Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. Randy and his real estate agent, Bob, enter into a listing agreement whereby Bob may list Randy's property but Randy may also try to find a buyer Bob finds Clarice, a buyer who has enough cash to purchase the property and would like to purchase the property today. 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. Which statement is TRUE? Could be a violation of state licensing laws. What approach can Greg use to discourage the person from calling other agents? Answer: D- Avoid telling him the price by setting up an immediate appointment. D. A basis of $140,000 and no taxable gain. D. All repairs must be in compliance with existing building codes. C. It creates an agency relationship. D. The UCC is a body of law that standardizes a number of business practices. A. Give the deposit money to the seller. Bob Broker represents Sam Seller. 70- Which of these items would be a credit to the buyer on the settlement statement? B. What is the major difference between an employee and an independent contractor? $6,740 C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. A. 6 of 11 Which of the following is not true about reverse annuity mortgages? 7- How can a builder help you generate leads? During this interim period, grant makes monthly rent payments and the owner accepts them. C. The same amount will go towards the principal every month. Broker Alice holds an uncashed check until the offer is accepted. Before the sale can get finalized, the owner would require you to first meet certain conditions. is 0.4. C. FSBO sellers who list with an agent will pay their own advertising costs. This action is legal but very unprofessional. The loan value is based on the appraised value, not the sale price. 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? 2- Name one advantage and one disadvantage of telephone contacts. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. She should advise them to let the offer expire with no action so the buyers will get nervous. B. A. A. B. What kind of closing technique is Jim using? D. Buyer indemnity and seller protection. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. 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. What should Bill do? They will owe a balloon payment at the end of the loan term. What kind of loan do they have? 13 of 50 What is the most common reason that owners try to sell their homes themselves? It is determined by who pays the compensation. Ask the caller if he or she would like to receive e-mails on newly listed properties. B. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. C. The Bryants have not received any feedback from any showings in the past month. B. Studying population trends in the area. 2- Who needs title insurance and why? B. Alice knows everything about the exclusive east side neighborhoods. 1- What is escrow? The Reality of Purchase Offers . What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. She sold the property and several months later the buyer sued Pam for not disclosing the problem. 1. Give an example of a specific short-term goal. 8 of 10 Which of these is a free form of advertising? D. Broker Gina puts $150 into her trust account. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 1- What is a competitive market analysis? Which of the following statements is not true? The owner of the property is HIV positive. D. Convince a seller to list with you. A. : The Commission could suspend or revoke Rob's license. B. Sandy and Bill are putting 30% down on their home purchase. Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs B. 52- Which statement is true about a listing contract? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? A. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. B. A. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. Giving information about a listing to prospective buyers. Which statement is true ? of a train ride will leave the quantity demanded of train rides unchanged. 2. 4 of 10 Which of these is not an important aspect of selling? Sam asks Bob what the price is. The following table lists all costs of quality incurred by Sam's Surf Shop last year. A. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. A. John offers weekly training seminars. 11- What is a public report and when must it be provided? 1- The amount that a seller takes away from a sale is termed: A) Net sale price B) Seller's proceeds C) Gross sales price D) Profit margin 2- Which of the following best describes prospecting? Buyer Jim asks if he can visit the property for a second time. What should Alice do? 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. buyer randy makes an offer to purchase D. Goals must be realistic if you hope to accomplish them. 5- How do life insurance companies get involved in the investment market? 5 of 11 Which of these statements is true about a CalVet loan? 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? 2- What is floor time and why is it important? Buyers looking at FSBO homes are usually looking for a bargain. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 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? There are several successful agents at Johns office. A. 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? Will placed an ad in the most recent Home Buyers Guide. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? Code Violations and Tax Delinquencies. 5- If lenders intend to sell mortgages in the secondary market, what must they do? B. What is the result? B. 4- What is the agreement that a broker can enter into with a buyer? Not waste anymore time on this house, the buyer will never make an offer. B. D. Arrange to meet the prospect at your office. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. Next, calculate the points charged; $168,500 x 0.02 = $3,370. 1- When is an agency relationship created? There .
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