buyer randy makes an offer to purchase23 Apr buyer randy makes an offer to purchase
It can be considered an employment contract. 2- What types of office administration tasks are important for a licensed assistant to perform? 18 of 50 The listing type that assures a broker that he or she will receive compensation no matter who procures the buyer is what kind of agreement? What law creates an automatic lien on a commercial property, subject to the listing agreement? Give as much detailed information about the property as you can. C. Once you set a goal you should never change it. 8- What is the major difference between a CalVet loan and other loans? A. D. The casement windows have broken seals. 41- Agricultural land includes all of the following EXCEPT which? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. The borrower makes payments of interest only over the term of the loan. Sam plans to overnight the acceptance on Monday. A. 7- Agent Jim needs to do a visual inspection of his listing. CSP-Conlutas Central Sindical e Popular . Buys conventional, FHA and VA loans. 6. What kinds of things should you include in a weekly activity report? 3 of 10 A listing presentation can be compared to: 4 of 10 All of the following are benefits of listing with an agent except which? 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? an opinion of value for the day of the appraisal only. Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a 7. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 51- Which statement is true about a homeowners exemption? 4. D. Their loan payments will gradually increase. B. A. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. Donec aliquet. 33- Which statement is true about a loan that has a negative amortization? Suggest that the buyer look at a different house. B. 4. 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? 1 of 10 Which Fair Housing Law added sex to the list of protected classes? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. Write a contingent counteroffer. Find solutions. chris kelly rock 92 net worth. He sounds really excited about this property. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? The borrower gives the lender a note and a mortgage in exchange for the funds. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. D. All adjustable rate mortgages have negative amortization. What was Sam's appraisal cost for quality last year? Mary wants to make an offer on a house that is 25% lower than the asking price. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. Make sure all required disclosures have been done. There are several successful agents at Johns office. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. California: Real Estate Practice Chapter 17 Quiz with no answers. One day later. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 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? How does ALTA-R differ from ALTA? C. If Larry verbally accepted the offer, Kirk is bound by it. D. The loan must be repaid before the borrowers death. The couple now has. Use as little white space as possible. \text { Annual rework cost } & 34,679 \\ When should the agent have disclosed this fact? If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. Only needs to be done periodically. Rule E-1 B. 36- Broker Eric secures a loan for buyer Paul. Give the deposit money to the seller. California: Real Estate Practice Sample of Final Course Exam. 5- What kind of newspaper ad could you place to solicit a listing? 3- What signals do buyers use to indicate they may be willing to make a purchase? To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. D. An exclusive listing must always be at least 30 days long. The B. She tells them that this action could decrease their property values. 3- What is a good approach to use when contacting the owner of an expired listing? 17 of 50 Kathy is a personal assistant at Action Realty. 14 of 50 The title report on a property shows there is a lien on the property. California: Real Estate Practice Ch7 Quiz with no answers. C. Real Estate Settlement and Procedures Act. D. Preparing flyers and promotional materials for the brokers approval. Have you been pre-qualified or pre-approved by a lender yet? Housing and Community Development Act. D. Chris is a buyer's agent. 69,200 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 of 10 Who typically presents an offer to the sellers? What should Bob do? Bob receives an offer from a buyer that is 12% below Sam's asking price. B. buyer randy makes an offer to purchase. 5 of 10 Which of these is not a true statement? 5- When must a licensee provide an agency disclosure to a prospective client? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Code Violations and Tax Delinquencies. C. How much time the licensees must spend in the office. 84- Four years ago, Sam purchased a vacant lot for $10,000. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . 6- What does the security and insurance clause of the listing agreement address? A secondary bid for a property that is for more than the first offer 6 of 11 Which of the following is not true about reverse annuity mortgages? Explain. What is the primary criticism that sellers have about their agents? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Find things in the home a seller needs to repair. D. Hold both offers because he heard that a full-price offer is on its way. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. 6- What is important for the sellers to know about a counteroffer? A counteroffer represents a rejection of an offer. 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? D. Purchasing loans from primary lenders. B. B. D. The advertiser must prove he was grandfathered in as a licensee. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 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? Which of the following would be the least likely place for them to obtain a loan? Buyer Jim asks if he can visit the property for a second time. What does the net operating income of a property represent? 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? C. Moving closer to the agent to get a better look. 3. An assistant should never be left with the task of taking photos of a new listing. The ordinance also requires a 10-foot side set back. California: Real Estate Practice Ch12 Quiz with no answers. Maximize the return to the property management firm. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. C. Greg has violated the duty of confidentiality to Kim. What kind of closing technique is Jim using? university of missouri hospital salaries 2021; port orange arrests today. Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. 3 of 12 All of the following are primary mortgage market lenders except which? Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. A. I will complete the GRI certification in the next four years. Rule F-1. On what amount will they pay capital gains tax? A. On what amount will he pay capital gains tax? Lorem ipsum dolor sit amet, consecteticitur laoreet. B. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. A. What should Alice do? 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. 37- When dealing with the sale of a business, which is not a true statement? Courtesy of RealtyPact. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 5 of 10 Which of these statements is not true about qualifying buyers? How to make a Best Offer. During business hours and only after giving the tenant 24 hours notice. Tell Mike that the sellers will be upset if they cancel the appointment. D. Have the prospects sign the disclosure about agency relationship. A. 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? Negotiate agreements regarding commission structuring. 5- If lenders intend to sell mortgages in the secondary market, what must they do? What should Bill do? What California Fair Housing law has the manager violated? California: Real Estate Practice Chapter 13 Quiz with no answers. 101- Which type of loan typically carries the most loan points? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. D. Seeking buyers for others agents listings. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? 5- What does the safety clause in the listing agreement do? The lender makes payments to the borrower. 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. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. Click the "Allow" button. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? 3- For whom do property tax exemptions exist and for how much? C. The loan term will extend gradually over time. 5 of 10 All of these would be effective at capturing a readers attention except which? They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. The loan value is based on the appraised value, not the sale price. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? A. 9. In the meantime, Bill gets another offer on the property from another buyer at a higher price. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. 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.. Tell the buyer about the other offer and urge the buyer to skip the attorney. B. Is critical to your success in real estate. D. All repairs must be in compliance with existing building codes. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. B. It took effect when Sam accepted Mary's offer. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. 1 of 10 Which of the following types of agency is not allowed in California? 6- What is the main reason sellers choose to sell their property without an agents help? 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? She can do all of the following except which? B. Encourage the buyer to get the attorney to review it quickly. A. Present the offer and tell the seller that the check needs to be held until June 30. 8- What actions does a lender take to sell a mortgage in the secondary market? The home is listed at $210,000. B. 1. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 8- What is an important issue for potential buyer clients to understand? A. cross elasticity of demand for train rides with respect to the price of a plane ride 1- What is escrow? You can use a reverse telephone directory to get the names of residents. 21- Which form of advertising is considered the most cost-effective method for selling a home? 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. A. Broker Alice holds an uncashed check until the offer is accepted. What will they have to pay the lender? C. A counteroffer can give the buyers an out if they want one. D. A shopping center might have to remodel their public restrooms. Which would NOT result from the exercise of police power? Which is a true statement? D. Call the sellers immediately and let them know you wont be coming by. How are properties affected by the local economy? A broker cannot use the word escrow in a fictitious name. What should Bob do? Bob Broker knows that another offer will be coming in at about the same time. B. A. Forwarding calls from the public to one of the salespersons in the office. The check that accompanies the salesperson license application must be for what amount? 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? A. Jake is getting a VA loan with no down payment. C. There is a 6-month pre-payment penalty for paying off the loan early. sam neill laura tingle split 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. 2- What types of office administration tasks are important for a licensed assistant to perform? 4. 41 of 50 What was the important ruling in Jones v. Mayer? Donec aliquet. B. Who should Tommy recommend the owner consult with before making a decision? A. D. The UCC is a body of law that standardizes a number of business practices. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. What should Jake do? 2- What kind of problem can result from a straight loan? 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? The sellers want the earnest money check made payable to them instead. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? buyer randy makes an offer to purchase. 38 of 50 What is the primary role of Fannie Mae? Answer: A- No, Bob Should have submitted the offer. B. They agree on a price and both parties execute the contract. 29- Which of the following is not a good direct mail technique? B. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 3 of 10 Jake has received two offers on one of his listings. 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. 12- What are grant programs typically used for? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. the buyer is not allowed to make a counteroffer. C. Is permissible if being accepted on behalf of a third party. 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. A. 12,800 square feet A. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? A net listing is illegal in all states. Decide which offer is best and present that one. Allows quick repayment of the loan through accelerated payments. A. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? B. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. B. Sandy and Bill are putting 30% down on their home purchase. Deposit the check into his trust fund account on the next business day. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? D. There is a loan protection plan included with the loan. The Residential Environmental Hazards Guide, B. A. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. B. Its a good idea for brokers to carry workers compensation coverage. The Reality of Purchase Offers . What should Bob do? C. Discover why some homes havent sold. 57- Under federal income tax law, the basis for a personal residence is which of the following: Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? 2 of 10 Which lender typically deals in interim financing? C. Refuse to accept the offer and check. The other 75% came from an hourly wage paid by Tami. A. Give a discount to families with children. A. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. 3. D. Is best left to experienced brokers. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). Prices of properties currently on the market, C. Properties that were listed but did not sell. Entails entering into two agreements simultaneously. What kinds of insurance do brokers normally require of their employees? C. Is subordinate to a first mortgage. 33- Which statement is true about a loan that has a negative amortization? It became a contingent contract when Sam accepted Mary's offer. The seller must file a bill of sale with the county clerk. D. Kirks offer to Larry is legally cancelled. 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? 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. A secondary bid for a property that the seller will accept if the first offer fails The buyer must pay the broker a commission. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 6- What is the ultimate result of using the Closing Disclosure form?
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