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How much did Sam gain or lose on the sale? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 5 of 10 The principles of an agency relationship include all of these factors except which one? If you like, you can add a message to the seller. 8 of 10 Which of these is a free form of advertising? What kind of agreement is this? For what type of loan is the borrower applying? B. an opinion of value for the day of the appraisal only. It was terminated when Mary delivered the recission to Sam. 1. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? B. Enumerate the homes special features and hope they change their minds. 8 of 10 Which of the following circumstances would concern you about working for Broker John? (Who, Whom) has been selected as the team captain? rickey smiley and grandson videos Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. B. What should Tim do next? Goodwill is an intangible asset that results from the reputation of the business. D. Must start out as a part-time employee. 2- List the three Institute of Real Estate Management property management designations. C. The same amount will go towards the principal every month. 3- What signals do buyers use to indicate they may be willing to make a purchase? Hes no longer interested in seeing the inside and Marge agrees. \hline kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 1 of 10 Broker Alice has hired several independent contractors in her firm. 1 of 10 Gail is a licensed real estate assistant. Tell the buyer about the other offer and urge the buyer to skip the attorney. 6- According to California real estate law, how often must a broker balance his or her trust accounts? 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? Find a home that meets FHA requirements. They agree on a price and both parties execute the contract. Which of these ad headlines would probably be the least effective for this home? A secondary bid for a property that is less than the first offer If an item is already correct, write C on the line provided. Present the higher-priced offer first. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 1 of 10 What kind of lease contains a recapture clause? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. If the loan is for $68,000, what will Mark be assessed in points? It can provide a steady stream of future clients. \text { Annual testing cost } & 543,000 \\ C. Johns office has a selection of books, CDs and tapes for agent use. Name and define the two forms of advertising. He asks his real estate agent if she could tell him how to go about building a house on the land. C. Supervises the Federal Housing Authority. 3- For whom do property tax exemptions exist and for how much? They were counting on a full-price offer and are very disappointed. 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. B. Pam is not liable since it was summer and the heating problem was not obvious. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 5 of 10 All of these would be effective at capturing a readers attention except which? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Which of these statements is true about the wraparound mortgage? 9 of 50 Which of the following is a credit to the seller on the settlement statement? C. The buyers and sellers agents will sign the escrow instructions. A. 10 of 50 There has been very little interest in the Bowers home this past week. What would you say about Alexs actions? 6- How does a limited partnership differ from a general partnership? 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.. 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. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. Nam lacinia pulvinar tortor nec facilisis. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. The check that accompanies the salesperson license application must be for what amount? The second mortgage has now become the primary loan. Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. The couple now has. B. Tom thereupon submits a full-price offer to the owner and purchases the property. At the time the agent presents an offer. A. 3 of 10 Which paragraph of the purchase agreement states that if the buyer defaults after acceptance, he or she may be liable for the brokers commission? Which of the following is Kirk himself not likely to do during the application process? Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. Studying population trends in the area. B. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? What should Tom do? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? 3- When making your presentation, what topics should you cover? Which law extended discrimination to include handicap and familial status? Properties are very liquid and can move quickly. 5- If lenders intend to sell mortgages in the secondary market, what must they do? D. Broker Gina puts $150 into her trust account. A. California: Real Estate Practice Sample of Final Course Exam. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? The escrow holder will need information about the brokers commission. The seller must file a bill of sale with the county clerk. 6- What is the ultimate result of using the Closing Disclosure form? Is generally viewed as unprofessional. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. 5. Mary learns that Sam is selling only half of the duplex. Encourage Sam to make a counteroffer at 2% below Sam's asking price. 8- What is an important issue for potential buyer clients to understand? C. How much time the licensees must spend in the office. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. Last year, about 25% of his income came from sales commissions. C. Participation in the MLS increases a licensees inventory. What is Gregs capital gain on the apartment? Maximize the return to the property management firm. B. Discourage Sam from accepting an offer so far below Sam's asking price. C. Once you set a goal you should never change it. The offer with the fewest contingencies 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. Pellentesque dapibus efficitur laoreet. 1- What is important to know about unlicensed real estate assistants? D. Greg has no fiduciary responsibilities to Kim once the listing expired. C. Make up some statistics to share with the Bowers. Which statement is true? A. 10 of 10 Which of the following statements is not true about a net listing? Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. Answer: D- Return the money to buyer Norm. B. 13 of 50 What is the most common reason that owners try to sell their homes themselves? 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. What percent of loss did you have? 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? 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. What is this called? 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. A. Virtual tours are a very expensive marketing tool to use. 9. 4- Agent Greg receives a call about one of his firms ads. What does the net operating income of a property represent? 3- When preparing a competitive market analysis, what categories of homes should an agent research? Only after receiving the tenants consent. Ask the caller if he or she would like to receive e-mails on newly listed properties. A. B. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? 11 of 11 Which of the following is a low loan-to-value ratio? 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. Which of the following statements is true? Rate of return is computed by dividing the annual net income by the rate of return. How should Jan's licensee handle the offer? 12. 1- What is important to know about unlicensed real estate assistants? B. Jim and Jane financed the remaining $25,000 through the seller. They were counting on a full-price offer and are very disappointed. B. 84- Four years ago, Sam purchased a vacant lot for $10,000. C. Salespersons must perform all of their activities on behalf of their employing broker. The advertiser can be sentenced to up to a year in prison. 5 of 10 You should try to attach a rider strip to your For Sale sign that has: 6 of 10 If there is no interest in the property on a given week, the agent should: A. Change the locks on the tenants apartment. Bob Broker represents Sam Seller. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. A. 100- What does the Real Estate Disclosure Law refer to? Point out that the roof is not leaking despite its age. 5- What actions can the sellers take regarding the purchase offer? escrow money must be passed back to the buyer. "Let's make a low ball offer?" He has put up $50,000 in preferred stock as earnest money. A. Is critical to your success in real estate. 1 of 10 Which of these statements is not true? A. Ken is responsible for his own taxes, while the broker pays Sarahs. 70- Which of these items would be a credit to the buyer on the settlement statement? C. The broker must conduct the escrow personally and not delegate any escrow activities. 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? What kind of closing technique is Jim using? B. cross elasticity of demand for train rides with respect to the price of a plane ride 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? A. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. 5- What should a good management contract contain? 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. 8- What actions does a lender take to sell a mortgage in the secondary market? Seeking buyers for your listings B. residential transactions financed by federally related mortgage loans. 16 juin 2022 why do babies clap their feet. What should Bill do? A. B. I will do two practice listing presentations per week with an experienced agent for the next two months. C. If Bill pays off the loan early, there will be no prepayment penalty. 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. She would likely be required to do which of the following? Give credit to all potential borrowers. 2 of 12 Which of the following statements is not true about the Federal Reserve? New Age purchased a new coffee maker the office was in need of. 41 of 50 What was the important ruling in Jones v. Mayer? D. Lends good visual support to what the agent is saying. Suggest that the buyer look at a different house. 7- What makes up a mortgage? 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. Mary wants to terminate the contract. 78- Nancy bought her home last year for $425,000. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? 2- What exception exists to the duty of obedience when working with a client? Bob Broker represents Mary Buyer. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 12- What are grant programs typically used for? D. The loan must be repaid before the borrowers death. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? castilian drive, los angeles. Bob cannot do anything; it is out of his hands. Return the earnest money to buyer Norm. A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. D. Kirks offer to Larry is legally cancelled. Which of the these activities does she have control over? C. Can perform some real estate activities without a license. In addition to agent and MLS home tours, what are some other ancillary tools you can use? 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? B. 8 of 10 Which of the following will give you comparative market data the fastest? What kind of closing technique is Jim using? 2. D. The first and second mortgage will be rolled into one. They will have a number of new expenses as a result of this purchase. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 3- Differentiate between mortgage brokers and mortgage bankers. A. On what amount will they pay capital gains tax? B. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 3- When making your presentation, what topics should you cover? B. What approach can Greg use to discourage the person from calling other agents? 2 of 10 Which is not a true statement about the Americans with Disabilities Act? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Buys conventional, FHA and VA loans. California: Real Estate Practice Ch7 Quiz with no answers. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? Jim has decided to specialize in what area of real estate? D. All adjustable rate mortgages have negative amortization. 4 of 11 Which of these is also called a contract for deed? Checking your browser. Loan terms are from 15 to 25 years. The following table lists all costs of quality incurred by Sam's Surf Shop last year. Give housing choices to the widest range of people. A. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. 50- Harry has some buyers that he believes are ready to make an offer. What should Bob do? B. How does ALTA-R differ from ALTA? C. Have keys made for company listings. B. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. 2- Name one advantage and one disadvantage of telephone contacts. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings C. It must specify a definite termination date. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 65- Which of the following items is usually not prorated at closing? C. Regulating reserves of institutions with savings accounts only. 3. A. 7- How can a builder help you generate leads? D. Whether or not the licensees attend staff meetings. Elaine parks across the street from the home and Mike is disappointed by what he sees. \text { Annual cost of quality training } & 456,000 \\ 5 of 50 Jane has been working with some buyers for several weeks. C. Payments will not be enough to retire the loan. She should advise them to let the offer expire with no action so the buyers will get nervous. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? sam neill laura tingle split 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . C. Use an attractive first-class stamp. Only needs to be done periodically. B. Answer: D- They are effectively terminating the original offer. C. Guarantees payment of all interest and principal on mortgage-backed securities. Donec aliquet. D. Ensure fair real estate negotiations. The borrowers family in case of his or her death, B. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. $6,740 This action is legal but very unprofessional. It can be considered an employment contract. 7- What is the difference between an FHA loan and a VA loan? Suggest to the sellers that their listing price is too high. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. D. The monthly payments increase overtime. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. 9% An open listing is an exclusive contract. 5- What does the safety clause in the listing agreement do? B. Greg has put himself in a potential dual agency situation. A. How long must a broker be licensed in order to apply for a temporary broker's license? 5 of 10 How many properties should be included for comparison in a competitive market analysis? 6 of 10 Which of the following is not a true statement? She sold the property and several months later the buyer sued Pam for not disclosing the problem. 4- Amanda calls broker Tim to schedule a showing of one of his listings. how to type spanish accents on chromebook keyboard; one way process of communication; 47 brand franchise fitted hats; ncaa softball coaches' salaries 2019; albert pujols home run record; B. 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?. Has New Age violated any laws? 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? A. D. Will conducted an agent open house last week that was attended by 25 agents. C. Real estate can respond quickly to changes in the market. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? Norm gave Pat a $500 earnest money check. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? B. B. What kind of lease does Jim have? the buyer is not allowed to make a counteroffer. A. I will complete the GRI certification in the next four years. 62- When agent Hal shows a home he should never: A. Answer: D- They are effectively terminating the original offer. 9 of 10 Which of these is not a helpful homeowner tip? A buyer applies for a loan that is neither insured nor guaranteed by a government agency. What do many firms do to avoid confusion with their advertising plan? 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? The property is in an area that could flood. 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? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. However, she believes the sellers will not be willing to accept the offering price. 2 of 10 All of these statements are true except which one? B. The offer with the highest price that is the most likely to close Bob writes the offer but is too embarrassed to submit it. 1 of 10 Which figure represents the amount of income available as a return to an investor? Bob receives an offer from a buyer that is 12% below Sam's asking price. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. The Reality of Purchase Offers . B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. Could be a violation of state licensing laws. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. B. D. Property evaluations from other agents have valuable information for sellers. 4- Describe how a property manager can receive his or her fees. The lender gives a mortgage to the borrower and gets funds in exchange. C. Moving closer to the agent to get a better look. Mary makes an offer to purchase a duplex from Sam. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? 7 of 10 How might probate information help in prospecting? Ask the buyers to sign a real estate transfer disclosure statement. 16- Dave and Nadine have decided that they want to become property investors. A. 9- What is the basic purpose of Truth in Lending Regulation Z? C. The fair market value at the time of sale A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. What disclosure does the salesperson owe to the buyer and seller? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. Be a deal maker. A secondary bid for a property that the seller will accept if the first offer fails plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. buyer randy makes an offer to purchase. Person must be properly licensed. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . A. A. A. If the loan is VA guaranteed, no down payment is required. C. The owner has 45 days to pay the new property taxes. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 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? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. There is a crack in the basement wall. A. A. C. An assistant can keep track of the progress of activities during escrow. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. 7- Name three benefits of listing a home with an agent that you could share with sellers. 3- In what three ways can an assistant aid an agent with appointments? You bought if for the listing price plus 10% and sold it for the listing price. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. Amanda loves the home and wants to make an offer. 29 of 50 What is one way the Federal Reserve System regulates the money supply? D. Purchasing loans from primary lenders. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. D. Provides the names of individuals who may want to sell inherited property. 2- What are some tax benefits associated with investing? 14 of 50 The title report on a property shows there is a lien on the property. What kind of mortgage are they looking for? 11- What are the penalties for violating Regulation Z? Regulates reserve requirements for all institutions that offer checking accounts. D. Offer something valuable to the reader. buyer randy makes an offer to purchase. 3- How could refinancing be an investment benefit? Display lots of family photos to impress potential buyers. Name four traditional marketing tools that you should use with every listing you get. B. 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. : The Commission could suspend or revoke Rob's license. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? Start in the room with the best features. Rule F-1. 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? D. Similar expired listings that didnt sell. The owner of the property is HIV positive. California: Real Estate Practice Ch12 Quiz with no answers. 3- In what three ways can an assistant aid an agent with appointments? Brenda refuses. B. 4- What is a good method for estimating what a seller will net from the sale of the property? 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? 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. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 3 of 10 Which of the following would be an example of a licensee specializing in business type? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. B. C. Is permissible if being accepted on behalf of a third party. Certain homeowners may qualify for a $10,000 exemption. California: Real Estate Practice Ch9 Quiz with no answers. 6 of 50 Broker Tami has a very low advertising budget. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. B. 3- What is a good approach to use when contacting the owner of an expired listing? California: Real Estate Practice Chapter 13 Quiz with no answers. What should Tim do next? Which statement is true? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 10 of 10 Which proposition limited the maximum amount of tax on real property? 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? B. buyer randy makes an offer to purchase. D. Seeking buyers for others agents listings. A. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? D. Convince a seller to list with you. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. D. Hold it with the buyers permission until the contract is accepted. 5- Your listing presentation manual should be made up of two sections that address what issues? Their first mortgage will get paid off immediately. Randy gives Tom an earnest money check for $1,000 and asks Tom to hold it until June 30, regardless of the date the seller accepts the offer. B. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). The broker will not provide any. Give $250 to the buyer and $250 to the seller. 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? C. Once filed, it remains until terminated.