6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? 29 of 50 What is one way the Federal Reserve System regulates the money supply? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 9- What required disclosure is a result of Megans Law? Please remove your shoes before entering the home. C. Insurance agents dealing with customers. Which is a true statement? D. In most situations, an assistant should not have the responsibility of in-person contact with clients. Housing and Community Development Act. 44- Jim owns a gift shop in a commercial building. Answer a question with a question when possible. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? 63- Jennys home appraised for $550,000. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. B. B. An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. B. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). Buyer Norm just signed a purchase contract with licensee Pat. What kinds of things should he be looking for? 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? View an objection as the buyers request for more information. Establish a homes fair market value. D. Call the sellers immediately and let them know you wont be coming by. The original loan becomes subordinate to the wraparound. D. The interest payment is always smaller then the amount allocated to the principal. buyer randy makes an offer to purchase. For what type of loan is the borrower applying? Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? C. Your plan for finding the buyer a home. D. Allows viewing access to strangers. Give credit to all potential borrowers. D. Broker Gina puts $150 into her trust account. is 0.4. B. 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? In the past year they have referred two dozen people who have purchased flooring from New Age. 5 of 10 The principles of an agency relationship include all of these factors except which one? 6- Whats important to know about the Liquidated Damages paragraph? 16- Dave and Nadine have decided that they want to become property investors. D. The borrower gets a note in exchange for a mortgage. Rule F-21 A. Generates leads for new listings. B. What economic factors affect the real estate market as well as other goods and services? B. 3 of 10 How long must trust account records be kept? B. Mortgage bankers bring borrowers and lenders together. 5- Your listing presentation manual should be made up of two sections that address what issues? How long must a broker be licensed in order to apply for a temporary broker's license? Covers more than one piece of property. Certain homeowners may qualify for a $10,000 exemption. A broker may require licensees to carry high levels of automobile insurance. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? A. 4- Why is it important to talk to the sellers about the buyers? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 93- Jim has created a nice property flier for the James home. The lender gives a mortgage to the borrower and gets funds in exchange. Which is a true statement? D. Give the sellers the price over the phone so that they can think about it before you meet with them. 2- What does Proposition 58 state? What is the primary criticism that sellers have about their agents? 2- Name one advantage and one disadvantage of telephone contacts. Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. buyer randy makes an offer to purchase - pet-anneve.com 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. 1- How much is the loan origination fee and what does it cover? B. 7- What is the difference between an FHA loan and a VA loan? California: Real Estate Practice Chapter 15 Quiz with no answers. The borrower makes payments of interest only over the term of the loan. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. What is the major difference between an employee and an independent contractor? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. Name and define the two forms of advertising. 1- What is an important thing to remember about listing agreements? buyer randy makes an offer to purchase - fridarestaurant.com D. The lender assumes Tim and Sues income will rise over the first few years of the loan. 4 of 10 Which of the following would be the least desirable phone handling technique? 11. They agree on a price and both parties execute the contract. 1 of 10 Which figure represents the amount of income available as a return to an investor? C. FSBO sellers who list with an agent will pay their own advertising costs. However, he is objecting because the roof is 12 years old. A. 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. 5- When must a licensee provide an agency disclosure to a prospective client? The couple now has. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? A Bill of Sale gives title to the business equipment. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 75- All but which of the following is NOT an AIDA feature? D. Allows a broker to have as a commission anything above the minimum the seller sets. 6. Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. 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. 8 of 10 Which of these is a free form of advertising? 29- Which of the following is not a good direct mail technique? 6- What is the main reason sellers choose to sell their property without an agents help? Attend weekly staff meetings at the office. 5 of 11 Which of these statements is true about a CalVet loan? 4. 4- What is the agreement that a broker can enter into with a buyer? 7 of 10 Which of these is not a good thing to do when writing a counteroffer? What is important to remember about capturing the readers attention? \text { Annual cost of quality training } & 456,000 \\ 7- How can a builder help you generate leads? B. A. 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. A. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. 12,800 square feet 3. munich latitude compared to us; pro sun tan. What should you keep in mind when developing your marketing plans? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 4- Why is coordinating escrow so important and how can an assistant help? A. 4- What items are not covered by any title insurance policy? Mary wants to make an offer on a house that is 25% lower than the asking price. To access the website, click "Allow". 2- When establishing rapport, whats one of the best ways to get to know your buyers? D. I will complete a property management seminar within the next year. C. Moving closer to the agent to get a better look. 5- What actions can the sellers take regarding the purchase offer? 2- What types of office administration tasks are important for a licensed assistant to perform? Broker Alice holds an uncashed check until the offer is accepted. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? B. Not waste anymore time on this house, the buyer will never make an offer. 8- Under what conditions may a landlord enter a tenants property? C. Tangible assets transferred in the sale include inventory, fixtures and equipment. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. What is the most often used form of earnest money deposit? C. Brenda could be liable for a breach of the listing terms. B. 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? 1 of 10 Which of the following actions by an agent would most probably upset the sellers? The sellers want the earnest money check made payable to them instead. B. \hline \text { Annual inspection costs } & \$ 155,000 \\ What should Pat do with the earnest money deposit? A. What do you need to remember about making phone calls to potential clients? B. B. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. Last year, about 25% of his income came from sales commissions. The sales agent should: Write a counteroffer stipulating the sellers' request. What should Bill do? 33 of 50 Sal bought a personal residence for $150,000. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 4- What are the major areas of newspaper leads? B. Ken must obtain his own training. 3- When making your presentation, what topics should you cover? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? If the loan is for $68,000, what will Mark be assessed in points? 4- Amanda calls broker Tim to schedule a showing of one of his listings. Retain the check for use with a future sales contract offer. escrow money must be passed back to the buyer. 1- When is real property reassessed? 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? A. B. How much did Sam gain or lose on the sale? Tom thereupon submits a full-price offer to the owner and purchases the property. 53- Greg sold an apartment building he owned for 20 years. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? What percent of commission the licensees can charge. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. B. buyer randy makes an offer to purchase. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). California: Real Estate Practice Sample of Final Course Exam. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. C. Once filed, it remains until terminated. B. Better yet, try to avoid deal breakers. The borrower makes payments of interest only over the term of the loan. D. After the agent has had time to make copies at the office. A. Ken is responsible for his own taxes, while the broker pays Sarahs. C. Classified ads placed on the property, D. Number of hits on the company website. Documents showing your affiliations with real estate organizations. B. C. Date and attach supporting documents. 46- A life insurance company would most likely invest in all but which of the following properties? 11- What is a public report and when must it be provided? California: Real Estate Practice Ch5 Quiz with no answers. You had a 9% loss. 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. 2- What is important to remember about multiple offers? Regulates reserve requirements for all institutions that offer checking accounts. 3- What is a good approach to use when contacting the owner of an expired listing? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? Sexta, 26 de novembro de 2021 . university of missouri hospital salaries 2021; port orange arrests today. A. D. Property evaluations from other agents have valuable information for sellers. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 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? He succeeds in setting up an appointment to meet with the caller. C. Participate in a tax shelter program. On what amount will they pay capital gains tax? Hes no longer interested in seeing the inside and Marge agrees. \text { Annual testing cost } & 543,000 \\ 10 of 10 Which of the following statements is not true about a net listing? 4- What is a good method for estimating what a seller will net from the sale of the property? 4 of 10 Which of the following is NOT a condition of the safe harbor test? Answer: D- Avoid telling him the price by setting up an immediate appointment. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? How are properties affected by the local economy? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. B. Rewrite whole paragraphs to ensure clarity. B. D. Meet with an inspector at a listing. Maximize the return to the property management firm. Call Us Today! 6- How does a limited partnership differ from a general partnership? The salesperson entered into a buyer-broker contract with her brother. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? Is critical to your success in real estate. 3- What is the difference between CLTA and ALTA policies? Suggest to the sellers that their listing price is too high. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? California: Real Estate Practice Ch8 Quiz with no answers. Instead, Bob terminates the relationship with Mary. An apartment building for a vacant lot, B. The advertiser can be sentenced to up to a year in prison. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? A. I will make two new contacts every day this week. B. 8- What actions does a lender take to sell a mortgage in the secondary market? A secondary bid for a property that is less than the first offer C. Analyzing the income potential of the property. 77- Which of the following Internet pages might not be of particular interest to buyers? D. Make the headline bold and all caps. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. Gross income must be based on production. 4- Describe how a property manager can receive his or her fees. 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. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? Brenda refuses. [Solved] Buyer Randy makes an offer to purchase one of Broker Tom's D. Goals must be realistic if you hope to accomplish them. A. Making a Best Offer | eBay What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? D. Exert pressure on the sellers to include something the other party wants. B. Pam is not liable since it was summer and the heating problem was not obvious. B. C. Is subordinate to a first mortgage. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? "No, you may lose the house." C. Guarantees payment of all interest and principal on mortgage-backed securities. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? C. Find a lender who is willing to do FHA loans. A. A. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. The term of the loan can be shortened. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. 5 of 10 California allows a property manager to charge a non-refundable fee for which? 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? 30- Being prepared to handle incoming phone calls means all of the following except which? 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.. Ask questions of the prospects children. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. B. The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. Plastic dishes last a long time because they are unbreakable. B. A. D. Gross income must be based on hours worked. Present the higher-priced offer first. dota 2 annual revenue 2020. adam foote parents. Senior housing for residents 62 or older, B. D. Gross income must be based on hours worked. He pays rent for occupancy, plus maintenance and operating expenses. 3- What signals do buyers use to indicate they may be willing to make a purchase? D. Have the prospects sign the disclosure about agency relationship. C. Give the tenant a 3-day notice to pay or quit. Local ordinance requires a 20-foot rear and front setback. 3. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. yellowbrick scholarship reviews. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? The home is listed at $210,000. B. C. Explain your marketing plan to the sellers. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). Now, calculate how much you lost: $153,890 - $139,900 = $13,990. ", Answer: A- "What would you like to offer? A. 1 of 10 All of the following are good approaches for handling objections except which? If the loan is VA guaranteed, no down payment is required. California: Real Estate Practice Ch7 Quiz with no answers. 10- What is the right to rescind and what is not covered by this rule? C. Is not necessary if the verbal presentation is strong. 3- What is the difference between CLTA and ALTA policies? A. Wills weekly report indicates two showings and five inquiries for the week. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? They will have a number of new expenses as a result of this purchase. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. Possession date. A. John offers weekly training seminars. What should Bob do? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. 6- What does the security and insurance clause of the listing agreement address? 8 of 10 Which statement is true about a real estate assistant? Rule F-1. 10- Which disclosures are NOT required to be made when selling residential property? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 47 of 50 Which of the following would not qualify as a 1031 exchange? Give an example of a specific short-term goal. C. Bake muffins or cinnamon rolls to create a homey feel. Buys pools of mortgages in exchange for mortgage-backed securities. 17 of 50 Kathy is a personal assistant at Action Realty. D. Broker Tom has only limited responsibility for the actions of his licensees. 1- What is goodwill as it relates to a business? Who is responsible for removing the lien to clear the title? A. 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. \hline 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? Where is it that he likely found out the property was for sale?
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