"Let's make a low ball offer?" 3- How could refinancing be an investment benefit? 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. Explain. Possession date. What should Bill do? buyer randy makes an offer to purchase. A. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? Display lots of family photos to impress potential buyers. 3. 8 of 10 Which of the following circumstances would concern you about working for Broker John? Is critical to your success in real estate. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? Underline the correct pronoun in parentheses in the following sentence. C. Your plan for finding the buyer a home. He must withdraw his representation of one of the parties. Making a Best Offer | eBay C. Mortgage bankers are a large source of residential loans in California. 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. buyer randy makes an offer to purchase B. Installation of central air conditioning, D. Addition of a tenant laundry facility. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. A. B. A. C. Have keys made for company listings. What disclosure does the salesperson owe to the buyer and seller? 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 2. B. 12- What are grant programs typically used for? 7 of 10 Which document shows the assets and liabilities of a business? What should Bob do? What is most likely their main motivation for investing? At the time the agent presents an offer. 2- What does Proposition 58 state? 10- Whats the difference between a lease purchase and a lease option? B. What kinds of things should he be looking for? 5 of 10 California allows a property manager to charge a non-refundable fee for which? 7- What is the difference between an FHA loan and a VA loan? Can be used in place of a verbal presentation. California: Real Estate Practice Chapter 17 Quiz with no answers. 1- What is an important thing to remember about listing agreements? He succeeds in setting up an appointment to meet with the caller. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. Anasayfa; Hakkmzda. He has put up $50,000 in preferred stock as earnest money. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. The offer with the highest price What approach can their agent take to change the sellers perception of the offer? "No, you may lose the house." They made $50,000 of improvements. 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. 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? What should Bob advise Sam? B. Retain the check for use with a future sales contract offer. A secondary bid for a property that is for more than the first offer A. 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 8. C. Clearly written contractor agreement must exist. B. The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. How to Write a Purchase Agreement? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. If an item is already correct, write C on the line provided. A. You bought if for the listing price plus 10% and sold it for the listing price. A. 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. When You Should Make a Purchase Offer - The Balance California: Real Estate Practice Ch11 Quiz with no answers. Last year, about 25% of his income came from sales commissions. B. Rewrite whole paragraphs to ensure clarity. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? D. Goals must be realistic if you hope to accomplish them. B. Pleases the sellers by inv=creasing activity. A counteroffer represents a rejection of an offer. C. Write and sign commission checks to salespersons. 4- Describe how a property manager can receive his or her fees. The buyers family is pressuring them to purchase this home. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? B. She tells them that this action could decrease their property values. The advertiser is subject to a fine. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. B. 8- What is an important issue for potential buyer clients to understand? Step 2. D. Interest rates are typically fixed rate. 3- What is a good approach to use when contacting the owner of an expired listing? Name and define the two forms of advertising. 24 of 50 Tim thinks his buyers are ready to make an offer. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? 65- Which of the following items is usually not prorated at closing? Better yet, try to avoid deal breakers. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 2- List the three Institute of Real Estate Management property management designations. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. A secondary bid for a property from the same buyer. B. 45- Kirk wants to get an FHA loan. 29 of 50 What is one way the Federal Reserve System regulates the money supply? B. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 75- All but which of the following is NOT an AIDA feature? \text { Annual rework cost } & 34,679 \\ 6 of 10 A buyer calls your office to inquire about a property he saw advertised. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. 2 of 10 Which of these is not an AIDA characteristic? Sharon and Steve have just taken a second mortgage on their home. California: Real Estate Practice Chapter 13 Quiz with no answers. D. All adjustable rate mortgages have negative amortization. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? A. 19- Which of the following is not an advantage of hosting an open house? 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? 2 of 10 A competitive market analysis contains information about all of the following items except which? B. Which of these actions might have caused their upset? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built 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. They called Wills office and told the secretary they are upset and need to speak with Will. A. Give credit to all potential borrowers. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 76- Mark believes he has been discriminated against during his home search. C. If Bill pays off the loan early, there will be no prepayment penalty. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? 8 of 12 Fannie Mae does all of the following activities except which? Before completing the form, discuss the following important points with the home seller: Price. 4- Why is coordinating escrow so important and how can an assistant help? 2- Name one advantage and one disadvantage of telephone contacts. What should Tom do? C. Recommend a counteroffer back to list price. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. they are effectively terminating the original offer. The term of the loan can be shortened. D. Have the prospects sign the disclosure about agency relationship. 11 of 11 Which of the following is a low loan-to-value ratio? 5- What actions can the sellers take regarding the purchase offer? 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? D. Meet with the buyers lender to ensure theyre getting a good deal. 2- Explain the difference between the primary and secondary mortgage markets. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? B. 3- For whom do property tax exemptions exist and for how much? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. On what amount will they pay capital gains tax? C. Refuse to accept the offer and check. Course Hero is not sponsored or endorsed by any college or university. B. Ken must obtain his own training. buyer randy makes an offer to purchase 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? What percent of loss did you have? 9 of 10 Janet is an unlicensed assistant. He just sold it for $13,000. He sounds really excited about this property. Which of the these activities does she have control over? 5. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 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? A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. B. Which of the following activities would she not be authorized to perform? The buyer must pay the broker a commission. A basis of $148,000 and no taxable gain, B. Brenda refuses. Sets a limit on the commission a broker can earn. 4 of 10 Which of these is not an important aspect of selling? D. Call the sellers immediately and let them know you wont be coming by. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. Is generally viewed as unprofessional. C. It creates an agency relationship. Present the $200,000 first and recommend rejection. Her asking price was $560,000 and the property sold for $575,000. buyer randy makes an offer to purchase. 1 of 10 Which of the following types of agency is not allowed in California? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. A. C. It must specify a definite termination date. C. The Bryants have not received any feedback from any showings in the past month. 62- When agent Hal shows a home he should never: A. 2 of 10 When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? 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? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? D. Avoid negative comments while hes inside the home. 29- Which of the following is not a good direct mail technique? 6. 78- Nancy bought her home last year for $425,000. A. The monthly net rental is $600. C. Tell the sellers you expect an offer to be coming soon. D. Broker Tom has only limited responsibility for the actions of his licensees. A. 07 Jun. 2- When establishing rapport, whats one of the best ways to get to know your buyers? an opinion of value for the day of the appraisal only. C. Johns office has a selection of books, CDs and tapes for agent use. 5 of 10 Which of these statements is not true about qualifying buyers? C. Make up some statistics to share with the Bowers. 6- What does the security and insurance clause of the listing agreement address? 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? 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. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. 1- How much is the loan origination fee and what does it cover? 9 of 50 Which of the following is a credit to the seller on the settlement statement? 3 of 10 What kind of ad usually combines both institutional and product advertising? This is not true of which duty? B. 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. Alex Jones owns a duplex and lives in one unit. buyer randy makes an offer to purchase - ftp.ivnowandzen.com What should Bob do? 1. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. You can use a reverse telephone directory to get the names of residents. What property type will he be dealing with? The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). A. 8 of 10 What does the paragraph on repairs state? View an objection as the buyers request for more information. C. Allow indoor pets to leave their designated area. 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. Donec aliquet. A. I will complete the GRI certification in the next four years. 77- Which of the following Internet pages might not be of particular interest to buyers? Entails entering into two agreements simultaneously. California: Real Estate Practice Sample of Final Course Exam. Which of the following statements is not true? She is probably using all but which of the following tools? A. Find a home that meets FHA requirements. 5 of 10 Which of the following would not be a reason to choose to be an assistant? B. FSBO sellers believe they will save money if they sell themselves. He made $150,000 of improvements during the three years he lived in it before he sold it. Mary learns that Sam is selling only half of the duplex. Broker Ashley has been working for a seller for the past seven months. 9% 3- What signals do buyers use to indicate they may be willing to make a purchase? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. Two months later she purchased and moved into a new home that cost $145,000. 9- What is the basic purpose of Truth in Lending Regulation Z? This broker is guilty of what prohibited activity? D. The appraised value prior to sale Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Give the prospects a black copy of a purchase agreement to look over. B. 6- When is a lender required to terminate a borrowers private mortgage insurance? What should Elaine do? 2 of 50 Residential property includes all of the following EXCEPT which? Minimize expenses while maximizing profits for the owner. B. C. Once you set a goal you should never change it. 6 of 10 Which of the following is not a true statement? Instead, Bob terminates the relationship with Mary. The home is listed at $210,000. A. What will the new owners pay in property taxes? Which is a true statement? Which statement is true? C. Gather listing forms for her employer. 5 of 10 RESPA applies to all of the following EXCEPT which? B. Jim Sharp is purchasing his fathers home. What is Gregs capital gain on the apartment? 1- What is important to know about unlicensed real estate assistants? Sample Final Exam for California Real Estate Practice Questions with no Give as much detailed information about the property as you can. Pellentesque dapibus efficitur laoreet. Answer: B- Encourage the buyer to get the attorney to review it quickly. Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet What kind of lease does Jim have? B. 100- What does the Real Estate Disclosure Law refer to? 8 of 10 Which of these statements about counteroffers is not true? B. Select Review offer. B. I will practice my listing presentations. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 3- What is a good approach to use when contacting the owner of an expired listing? \hline ", Answer: A- "What would you like to offer? 7- What are the capital gains exclusions associated with the sale of a personal residence? Go back to the buyer's agent and try to get the offer higher. Person must be properly licensed. The ordinance also requires a 10-foot side set back. 8- What is the major difference between a CalVet loan and other loans? C. A broker is not responsible for the acts of independent contractors. 10 of 10 Which of these is not an exemption to fair housing law? Refusing to make loans based on the racial composition of a neighborhood is called. C. The fair market value at the time of sale 74- Which statement is not true about an agency relationship? 37 of 50 Which of the following economic characteristics is true? $5,500 the first year, plus a maximum 2% increase in market value per year, B. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. A. 1- What is an important thing to remember about listing agreements? 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. C. The date the lender receives her application. Broker compensation to other brokers. The difference between what Sara owes and what her home is worth is known as what? 4- Describe a reverse annuity mortgage. Mary wants to terminate the contract. A. 2. He asks his real estate agent if she could tell him how to go about building a house on the land. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. Mary wants to make an offer on a house that is 25% lower than the asking price. Given the rise in the price of a plane ride, what percentage change in the price 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 7 of 10 Which disclosure form gives detailed information about the propertys condition? $6,740 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. 7 of 50 Glenna and Amanda just bought their first home. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? B. On what amount will he pay capital gains tax? 2- Describe an open listing. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. C. Shows property addresses that should be excluded from prospecting. B. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? C. Regulating reserves of institutions with savings accounts only. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? B. What would we call Hannah? Regulates reserve requirements for all institutions that offer checking accounts. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? A. 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? What are members of NAR required to do? A. Eric can require that both the buyer and seller share equally in his commission. 6- According to California real estate law, how often must a broker balance his or her trust accounts? Who will pay the points? 8- What is the major difference between a CalVet loan and other loans? 20- Which of the following would not be an essential component when researching the purchase of an apartment building? The borrower makes payments of interest only over the term of the loan. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. The sellers want the earnest money check made payable to them instead. 12. 4- What items are not covered by any title insurance policy? buyer randy makes an offer to purchase. 3- What is the difference between CLTA and ALTA policies? For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. 4 of 10 Which of the following would be the least desirable phone handling technique? B. Ordinary china is very fragile. 7 of 10 Which of the following is not a national real estate trade organization? Pellentesque dapibus efficitur laoreet. Sexta, 26 de novembro de 2021 . 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 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. 96- Which statement is not true about a listing contract? \text { Annual warranty cost } & 1,546,000 \\ D. Meet with an inspector at a listing. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Checking your browser. D. Preparing flyers and promotional materials for the brokers approval. Which law extended discrimination to include handicap and familial status? Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. B. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. Nam lacinia pulvinar tortor nec facilisis. 6- What is important for the sellers to know about a counteroffer? D. Brenda has not violated any fiduciary duty. Answer: A- No, Bob Should have submitted the offer. She can do all of the following except which? D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? The following table lists all costs of quality incurred by Sam's Surf Shop last year. Answer: D- Return the money to buyer Norm. The A. 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? What should Tim do next? 10 of 10 Which proposition limited the maximum amount of tax on real property? Bob receives an offer from a buyer that is 12% below Sam's asking price. 11- What is a public report and when must it be provided? 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. 8 of 10 Which of the following will give you comparative market data the fastest? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. B. 54- Jim and Jane are buying a home for $120,000. 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. 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? Why is it important for licensees to understand the Americans with Disabilities Act? 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? 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? Private mortgage insurance is available for FHA loans. 4- What are the major areas of newspaper leads? A. 21- Which form of advertising is considered the most cost-effective method for selling a home? Call Us Today! B. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. B. A. D. The first and second mortgage will be rolled into one. Answer: D- They are effectively terminating the original offer. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? rickey smiley and grandson videos 8 of 10 Which of the following is a good direct mail technique? 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? Sam asks Bob what the price is.
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