A. 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. A. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Ask the buyer if the buyer would like to make an offer taking the roof age into account. Ask the buyers to sign a real estate transfer disclosure statement. B. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? This form is the first step in any real estate deal. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? Which of the following activities would she not be authorized to perform? D. Interest rates are typically fixed rate. Secure documents that are public information from the courthouse and other sources available to the public. buyer randy makes an offer to purchase Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. 3- When preparing a competitive market analysis, what categories of homes should an agent research? D. Avoid negative comments while hes inside the home. Which of the following statements is not true? 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? Wait until next week to send an activity report, hoping things will pick up. 7 of 11 In which of the following types of loans is the payment allocated only to interest? Give the deposit money to the seller. He says to them, "Would you prefer to take possession on September 1 or October 1?" A. Which of the following items can Matt not add to the original cost when doing the computation? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. A. 41- Agricultural land includes all of the following EXCEPT which? A purchase offer is a binding contract between the buyer, the seller and their agents. The check that accompanies the salesperson license application must be for what amount? B. Receives special tax considerations. 4- Explain the documentary transfer tax. What kinds of things should you include in a weekly activity report? Fill out a separate, numbered counteroffer form. On what amount will they pay capital gains tax? Which one is illegal in many states? 5- Your listing presentation manual should be made up of two sections that address what issues? 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? B. What approach can their agent take to change the sellers perception of the offer? 4- Agent Greg receives a call about one of his firms ads. The borrower makes payments of interest only over the term of the loan. buyer randy makes an offer to purchase. D. Broker Tom has only limited responsibility for the actions of his licensees. "Let's make a low ball offer?" 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? buyer randy makes an offer to purchase buyer randy makes an offer to purchase. A. D. Gross income must be based on hours worked. B. Its easier to prioritize your tasks if your goals are in writing. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 86- Which of the following is not considered a benefit of investing in real estate? 2- What is floor time and why is it important? 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. C. The owner has 45 days to pay the new property taxes. C. Greg has violated the duty of confidentiality to Kim. 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. A. 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? 63- Jennys home appraised for $550,000. 29- Which of the following is not a good direct mail technique? 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. For what type of loan is the borrower applying? They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. fairbanks ice dogs standings . C. Classified ads placed on the property, D. Number of hits on the company website. 80- Which of the following is an example of commingling? 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. C. The seller can do all repairs himself. 14 of 50 The title report on a property shows there is a lien on the property. The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. 6- What is important for the sellers to know about a counteroffer? The adjusted cost basis of the first home was $140,000. How are properties affected by the local economy? A. D. Erics broker should appoint Eric as the designated agent in this transaction. The buyers have been pre-qualified by a lender. 7 of 10 Which of these forms is not filled out by the seller? B. Sandy and Bill are putting 30% down on their home purchase. They will owe a balloon payment at the end of the loan term. 7 of 10 Which of the following is a possible benefit of investing in real property? 8 of 10 What does the paragraph on repairs state? C. They can make payments directly to the original lender. What should Jake do? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Which statement is true ? D. Offer to call the prospect when new listings that meet his or her criteria come on the market. A. 22- Jane sold her personal home for $148,000. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? The sellers want the earnest money check made payable to them instead. She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. A counteroffer represents a rejection of an offer. Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. A. Jake is getting a VA loan with no down payment. B. This would be the maximum the purchaser would be permitted to borrow. C. Is subordinate to a first mortgage. C. An assistant can keep track of the progress of activities during escrow. A. Youll know how much house they can afford. A broker cannot use the word escrow in a fictitious name. Solved Randy and his real estate agent, Bob, enter into a - Chegg B. 6 of 10 Which booklet is not part of the Combined Hazards Book? What would be determined by a location survey? D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. Referral fee to a homeowners insurance agent. C. Accept commissions from referral agents. A. 2- Explain the difference between the primary and secondary mortgage markets. Prices of properties currently on the market, C. Properties that were listed but did not sell. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. C. I will open my own office within nine years. D. Do not show the home between 10 a.m. and noon on Sundays. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. D. Must start out as a part-time employee. A. 2- What kind of problem can result from a straight loan? 47 of 50 Which of the following would not qualify as a 1031 exchange? For purposes of federal income tax, which statement is true? What do you need to remember about making phone calls to potential clients? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. B. In the past year they have referred two dozen people who have purchased flooring from New Age. What should Bob do? A net listing is illegal in all states. B. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 9. B. 8 of 10 Which of the following is a good direct mail technique? D. This action is deliberate misrepresentation. Local ordinance requires a 20-foot rear and front setback. 8 of 10 When is the first installment of property taxes due? B. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. "What would you like to offer?" D. The advertiser must prove he was grandfathered in as a licensee. 73- Which of these is not a buying signal? A. Which of the following statements is true? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). A. The seller must file a bill of sale with the county clerk. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? 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. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. 50- Harry has some buyers that he believes are ready to make an offer. D. Convince a seller to list with you. 8- What actions does a lender take to sell a mortgage in the secondary market? 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. 11- What are the penalties for violating Regulation Z? B. 7- Agent Jim needs to do a visual inspection of his listing. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? 4 of 10 If a person believes he or she has been discriminated against, how long does he or she have to file a HUD complaint? B. C. Neither Sarah nor Ken can get employer-provided health insurance. The escrow holder will need information about the brokers commission. 11. D. Broker Gina puts $150 into her trust account. 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. A. 8- What does the Water Heater Statement of Compliance address? B. A buyer mails an offer to an out-of-town seller. Return the earnest money to buyer Norm. B. This is not true of which duty? 10 of 10 Which of the following is not a possible benefit of investing in real property? D. Call the sellers immediately and let them know you wont be coming by. A secondary bid for a property that the seller will accept if the first offer fails 1- When is real property reassessed? Sexta, 26 de novembro de 2021 . During this interim period, grant makes monthly rent payments and the owner accepts them. B. I will do two practice listing presentations per week with an experienced agent for the next two months. 4- Agent Greg receives a call about one of his firms ads. B. How can you prepare your sellers for receiving offers? Could be a violation of state licensing laws. B. 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. C. Insurance agents dealing with customers. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). Give the prospects a black copy of a purchase agreement to look over. Explain. buyer randy makes an offer to purchasei miss you text art copy and paste. Has Bob acted properly? 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. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 16- Dave and Nadine have decided that they want to become property investors. Broker Ashley has been working for a seller for the past seven months. Installation of central air conditioning, D. Addition of a tenant laundry facility. The buyers family is pressuring them to purchase this home. C. Allow indoor pets to leave their designated area. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. A. Which of the following is Kirk himself not likely to do during the application process? C. Alice is getting a conventional loan and making a 15% down payment. Elaine parks across the street from the home and Mike is disappointed by what he sees. What was Sam's appraisal cost for quality last year? 4- How is property management seen as a risk to investing? wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo B. You had a 9% loss. Covers more than one piece of property. 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? A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. 100 3- Differentiate between mortgage brokers and mortgage bankers. 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. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. A. A. D. The loan must be repaid before the borrowers death. A. Eric can require that both the buyer and seller share equally in his commission. 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? 1- How much is the loan origination fee and what does it cover? Which statement is true? 8- What is an important issue for potential buyer clients to understand? Lorem ipsum dolor sit amet, consecteticitur laoreet. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? A buyer wants to take the offer to an attorney to review it. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? How does ALTA-R differ from ALTA? B. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. Which statement is true? The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). Give $250 to the buyer and $250 to the seller. The Reality of Purchase Offers . Give the sellers a copy of some homeowners tips. Give credit to all potential borrowers. B. 6- When is a lender required to terminate a borrowers private mortgage insurance? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 7 of 10 Which document shows the assets and liabilities of a business? They will have to make a very high down payment. 5 of 10 What would be the least effective way to get to know your buyers needs? university of missouri hospital salaries 2021; port orange arrests today. 5- What is the Closing Disclosure? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. B. 6 of 10 Which of the following is not a true statement? Ask questions of the prospects children. D. Amanda smiles at Jim when she sees the whirlpool tub. How long does he have to file a complaint with the Department of Housing and Urban Development? It never was effective since Sam had not notified Mary of the acceptance. She should advise them to let the offer expire with no action so the buyers will get nervous. C. When you have 200 names in your contact database. 3 of 10 How long must trust account records be kept? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. \text { Annual cost of scrap materials } & 286,000 \\ A. Brenda must follow all of Jims instructions. B. Which statement is true? Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. 10 of 10 Which of these is not an exemption to fair housing law? 33 of 50 Sal bought a personal residence for $150,000. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? Sending cards and newsletters is a good way to keep in contact with clients and prospects. Person must be properly licensed. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 3 of 10 Jake has received two offers on one of his listings. 31- Patrick has a written independent contractor agreement with his broker Tami. Sharon and Steve have just taken a second mortgage on their home. Amanda loves the home and wants to make an offer. C. Deposit into the brokerage business account. Supervises the Truth in Lending Act. Tell Mike that the sellers will be upset if they cancel the appointment. What kinds of things should he be looking for? What kind of a mortgage do they have? Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. C. Giving buyers your opinion of what works best for them. 3- What are the three general responsibilities of a property manager? Write a contingent counteroffer. 62- When agent Hal shows a home he should never: A. C. Brenda could be liable for a breach of the listing terms. Bob receives an offer from a buyer that is 12% below Sam's asking price. Given the rise in the price of a plane ride, what percentage change in the price 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. 4- What are the major areas of newspaper leads? B. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 3- When preparing a competitive market analysis, what categories of homes should an agent research? An assistant should never be left with the task of taking photos of a new listing. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? What percent of commission the licensees can charge. 5 of 10 All of these would be effective at capturing a readers attention except which? C. Salespersons must perform all of their activities on behalf of their employing broker. Answer: D- Avoid telling him the price by setting up an immediate appointment. There . 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? 1- When is an agency relationship created? 5 of 10 Which of these statements is not true about qualifying buyers? Click the "Allow" button. 2 of 10 All of these statements are true except which one? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? \text { Annual cost of quality training } & 456,000 \\ Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. C. Is permissible if being accepted on behalf of a third party. A. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? C. Recommend a counteroffer back to list price. D. Ensure fair real estate negotiations. Most likely, what did they get? D. Property evaluations from other agents have valuable information for sellers. "Yes, let's offer $10,000 less than the asking price. 4. A. A. 4- Amanda calls broker Tim to schedule a showing of one of his listings. C. The home sits on an earthquake fault zone. 1- What is an important thing to remember about listing agreements? 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? What will they have to pay at closing for the points? 2 of 10 When can a landlord enter a tenants property to make repairs or show it? How long must a broker be licensed in order to apply for a temporary broker's license? ", Answer: A- "What would you like to offer? 3- For whom do property tax exemptions exist and for how much? 4- What is a good method for estimating what a seller will net from the sale of the property? You bought if for the listing price plus 10% and sold it for the listing price. D. Purchasing loans from primary lenders. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 2- Describe an open listing. 56- Which is not a true statement about the Agency Disclosure? C. The loan term will extend gradually over time. A. Lead-based paint was used in the home. C. Give the tenant a 3-day notice to pay or quit. 10- Which disclosures are NOT required to be made when selling residential property? D. Meet with the buyers lender to ensure theyre getting a good deal. 4- Whats a bonus closing and whats important to keep in mind about this technique? What should agent Phil do? C. Mortgage bankers are a large source of residential loans in California. The home is listed at $210,000. If the loan is for $68,000, what will Mark be assessed in points? C. It creates an agency relationship. What should Bob do? 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.