Spreader Bar Lifting Device Calculations And Design Excel, Richard Sargent Obituary Colorado, Inframark Water Outage, Michael Cole's Daughter, Willow Creek Church Staff, Articles B

The advertiser can be sentenced to up to a year in prison. A basis of $148,000 and no taxable gain, B. The broker will owe fiduciary responsibilities to the seller as well as the buyer. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 12. C. Is permissible if being accepted on behalf of a third party. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. He refuses to rent the other unit to families with children. The price elasticity of demand for D. Seeking buyers for others agents listings. 11. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? A. 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? buyer randy makes an offer to purchase - 740alvarado.com 3- When making your presentation, what topics should you cover? 6- Whats important to know about the Liquidated Damages paragraph? D. Exert pressure on the sellers to include something the other party wants. Donec aliquet. 86- Which of the following is not considered a benefit of investing in real estate? C. Exclusive-authorization-and-right-to-sell. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. 9 of 10 How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket? Her asking price was $560,000 and the property sold for $575,000. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? What property type will he be dealing with? Harry has some buyers that he believes are ready to make an offer. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. 101- Which type of loan typically carries the most loan points? The term of the loan can be shortened. 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. To access the website, click "Allow". 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? B. I will do two practice listing presentations per week with an experienced agent for the next two months. C. Regulating reserves of institutions with savings accounts only. Tom thereupon submits a full-price offer to the owner and purchases the property. A. C. Have keys made for company listings. The purchase price, plus improvements, C. The fair market value at the time of sale. rickey smiley and grandson videos 3- What is the difference between CLTA and ALTA policies? Bob receives an offer from a buyer that is 12% below Sam's asking price. Ordinary china is very fragile. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. Buyers looking at FSBO homes are usually looking for a bargain. 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? 5- When must a licensee provide an agency disclosure to a prospective client? Wait until next week to send an activity report, hoping things will pick up. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. This broker is guilty of what prohibited activity? This is not true of which duty? C. Real estate can respond quickly to changes in the market. Rule 21 the buyer is not allowed to make a counteroffer. A. 3- In what three ways can an assistant aid an agent with appointments? C. There is a 6-month pre-payment penalty for paying off the loan early. 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? What should Bob do? Making An Offer To Buy A Business - 6 Key Considerations - Forbes California: Real Estate Practice Chapter 18 Quiz with no answers. 8. A. C. A broker is not responsible for the acts of independent contractors. wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo You bought if for the listing price plus 10% and sold it for the listing price. If a seller changes the terms of the offer to purchase, he has created a counteroffer. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. 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? 5- If lenders intend to sell mortgages in the secondary market, what must they do? If the loan is for $68,000, what will Mark be assessed in points? C. Johns office has a selection of books, CDs and tapes for agent use. She should advise them to let the offer expire with no action so the buyers will get nervous. B. 8- What does the Water Heater Statement of Compliance address? However, she believes the sellers will not be willing to accept the offering price. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? CSP-Conlutas Central Sindical e Popular . B. FSBO sellers believe they will save money if they sell themselves. D. All repairs must be in compliance with existing building codes. 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. 8- Why should agent Grace give her client a Combined Hazards Book? Given the rise in the price of a plane ride, what percentage change in the price C. Recommend a counteroffer back to list price. 6. Sample Final Exam for California Real Estate Practice Questions with no They were counting on a full-price offer and are very disappointed. 4- What items are not covered by any title insurance policy? Loan terms are from 15 to 25 years. What California Fair Housing law has the manager violated? B. The loan will be distributed to them gradually. California: Real Estate Practice Chapter 14 Quiz with no answers. D. The monthly payments increase overtime. D. Magazine ads are significantly more expensive than newspaper ads. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 1 of 10 Which of the following types of agency is not allowed in California? Please remove your shoes before entering the home. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 7 of 10 Which disclosure form gives detailed information about the propertys condition? 7 of 50 Glenna and Amanda just bought their first home. Hes very comfortable selling that type of property and knows he can work well with clients in that area. $6,740 C. How much time the licensees must spend in the office. 6- What is important for the sellers to know about a counteroffer? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? What must Tim do? 10 of 10 Which of these Internet pages might be of particular interest to sellers? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? What is meant by the term sphere of influence? He succeeds in setting up an appointment to meet with the caller. Attend weekly staff meetings at the office. Gross income must be based on production. 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? Give the prospects a black copy of a purchase agreement to look over. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 2 of 10 Which of these statements is true? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. fairbanks ice dogs standings . D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. When should the agent have disclosed this fact? A. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. A. D. Hold it with the buyers permission until the contract is accepted. C. They can make payments directly to the original lender. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. D. The appraised value prior to sale A. Which statement is true? During a phone call, a salesperson discusses showing a property to a prospect. 7 of 10 How might probate information help in prospecting? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. D. Meet with an inspector at a listing. A. 2- What is floor time and why is it important? A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 64- Which of the following is not a form of personal advertising? She put 20% down and got a mortgage for the remainder. 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.. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. What does that mean? Refusing to make loans based on the racial composition of a neighborhood is called. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? Launch into your list of the homes special features and hope she changes her mind. What is the body of law that governs negotiable instruments? Now, calculate how much you lost: $153,890 - $139,900 = $13,990. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. Jim and Jane financed the remaining $25,000 through the seller. Which of these forms of advertising is she most likely to avoid? 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? A. The steps to make an offer to purchase | DuProprio Gross income must be based on production. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. What percent of commission the licensees can charge. 1 of 10 Which of these statements is not true? Present the $200,000 first and recommend rejection. For purposes of federal income tax, which statement is true? munich latitude compared to us; pro sun tan. A counteroffer represents a rejection of an offer. practice test Flashcards | Quizlet 2- Name one advantage and one disadvantage of telephone contacts. 30- Being prepared to handle incoming phone calls means all of the following except which? The Residential Environmental Hazards Guide, B. What should Tom do? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? A. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. 31- Patrick has a written independent contractor agreement with his broker Tami. B. \text { Annual testing cost } & 543,000 \\ university of missouri hospital salaries 2021; port orange arrests today. Mary learns that Sam is selling only half of the duplex. Rule F-1. Anasayfa; Hakkmzda. B. Other than residential list three kinds of property in the real estate market. What is the status of the contract between Sam and Mary? Which would NOT result from the exercise of police power? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? Randy and his real estate agent, Bob, enter into a listing agreement whereby Bob may list Randy's property but Randy may also try to find a buyer Bob finds Clarice, a buyer who has enough cash to purchase the property and would like to purchase the property today. B. A. 3- In what three ways can an assistant aid an agent with appointments? 6- According to California real estate law, how often must a broker balance his or her trust accounts? California: Real Estate Practice Ch11 Quiz with no answers. 3 of 10 What kind of ad usually combines both institutional and product advertising? D. Provides the names of individuals who may want to sell inherited property. Make sure all required disclosures have been done. B. Ken must obtain his own training. 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? A. 1- How much is the loan origination fee and what does it cover? Ask the buyer if the buyer would like to make an offer taking the roof age into account. A. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. C. Can perform some real estate activities without a license. The buyers have been pre-qualified by a lender. 6- What is the ultimate result of using the Closing Disclosure form? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 73- Which of these is not a buying signal? This term typically refers to. 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? D. Allows viewing access to strangers. 8 of 10 When is the first installment of property taxes due? Regulates reserve requirements for all institutions that offer checking accounts. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? The offer with the highest price 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. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. FREE Offer to Purchase Real Estate Form - RealtyPact "Let's make a low ball offer?" B. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. 3. They will have to make a very high down payment. 4 of 11 Which of these is also called a contract for deed? Lorem ipsum dolor sit amet, consecteticitur laoreet. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. B. 88- Sally and Dan must pay 2 points on their new $65,000 loan. 6- When is a lender required to terminate a borrowers private mortgage insurance? C. Print postage labels from your computer. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). D. Offer something valuable to the reader. One offer is for $208,000; the other is for $200,000. D. Avoid negative comments while hes inside the home. yellowbrick scholarship reviews. C. Maintaining the office filing system. A Bill of Sale gives title to the business equipment. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. 7 of 10 Which document shows the assets and liabilities of a business? B. C. Insurance agents dealing with customers. A. 2 of 50 Residential property includes all of the following EXCEPT which? B. Give credit to all potential borrowers. Which of these expenses is not associated with owning a home? D. The property is in a state fire responsibility area. Rule E-1 7- In the initial meetings with the prospects, the agent should do all of the following except which? B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. Seeking buyers for your listings B. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). D. Amanda smiles at Jim when she sees the whirlpool tub. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? A. 1- What is an important thing to remember about listing agreements? A. A. Generates leads for new listings. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? What kinds of things should he be looking for? B. What is the result? Which of the following statements is not true? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 3- When preparing a competitive market analysis, what categories of homes should an agent research? Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} B. 2 of 10 Assistants who are asked to be available for tasks in the field rather than in the office are referred to as: 3 of 10 Which of these items on a resume accompanying an application for an assistants position should be kept brief? Why is it important for licensees to understand the Americans with Disabilities Act? D. Placing a classified ad in the weekend paper. C. Eric may not represent the sellers interests to the detriment of the buyer. Jim has decided to specialize in what area of real estate? What do many firms do to avoid confusion with their advertising plan? California: Real Estate Practice Chapter 15 Quiz with no answers. If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. Is generally viewed as unprofessional. A. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. D. Greg has no fiduciary responsibilities to Kim once the listing expired. Enter your offer. California: Real Estate Practice Chapter 17 Quiz with no answers. He has put up $50,000 in preferred stock as earnest money. 8- Under what conditions may a landlord enter a tenants property? Which of these actions might have caused their upset? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. C. Clearly written contractor agreement must exist. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 5 of 10 Mike bought his home last year for $150,000. C. Salespersons must perform all of their activities on behalf of their employing broker. If the loan value is 80%, and the property was appraised at $86,500 and sold for $88,000, how much would the purchaser be permitted to borrow? D. Call the sellers immediately and let them know you wont be coming by. Facebook Instagram. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. 24 of 50 Tim thinks his buyers are ready to make an offer. 11- What are the penalties for violating Regulation Z? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. 45- Kirk wants to get an FHA loan. Offer to Purchase Form - Fill Out and Sign Printable PDF Template | signNow B. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 5- What should a good management contract contain? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. D. Preparing flyers and promotional materials for the brokers approval. What kind of a mortgage do they have? Her broker has asked her to be available for tasks in the field rather than in the office. What is important to remember about capturing the readers attention? D. Broker Gina puts $150 into her trust account. Mortgage brokers do not lend money. Gives the names of lawyers who might require property assistance. 4 of 10 Which of the following is NOT a condition of the safe harbor test? Bill is purchasing a 6-family apartment building. California: Real Estate Practice Ch7 Quiz with no answers. 1- What is important to know about unlicensed real estate assistants? 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? 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? What kind of loan do they have? A. 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. 78- Nancy bought her home last year for $425,000. D. Have the prospects sign the disclosure about agency relationship. Find things in the home a seller needs to repair. 1 of 10 All of the following are good approaches for handling objections except which? Licensee Pat was in transit to the cooperating licensee's office with the offer. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. Better yet, try to avoid deal breakers. 53- Greg sold an apartment building he owned for 20 years. 6- What does the security and insurance clause of the listing agreement address? Skip the activity report for that week. C. Give the tenant a 3-day notice to pay or quit. 7- How can a builder help you generate leads? C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. 1- What are the three important considerations for a good property investment? Give the deposit money to the seller. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? 6. 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? What should agent Phil do? 5- What kind of newspaper ad could you place to solicit a listing? 5 of 10 All of the following are valid listing agreements. 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? Lenders are in the best position to qualify buyers. 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. 5- Your listing presentation manual should be made up of two sections that address what issues? 6 of 10 Which of the following is not a true statement? 1- What is escrow? 10- Which disclosures are NOT required to be made when selling residential property? 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. He paid $100,000 for it, and made $300,000 worth of improvements. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? The sales agent should: Write a counteroffer stipulating the sellers' request. D. Similar expired listings that didnt sell. Click the "Allow" button. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. C. It keeps your name in front of potential buyers and sellers. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? Elaine parks across the street from the home and Mike is disappointed by what he sees. 2 of 10 A competitive market analysis contains information about all of the following items except which? 10 of 10 Which of the following is not a possible benefit of investing in real property? 3- What is a good approach to use when contacting the owner of an expired listing? D. Buyers of FSBO homes are usually the ones who save money. 3- What is the difference between CLTA and ALTA policies? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. Answer: D- They are effectively terminating the original offer. 2. $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. buyer randy makes an offer to purchase Retired persons are a good source of neighborhood information. \end{array} 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. You can make a Best Offer on listings that have a Make Offer button. A buyer wants to take the offer to an attorney to review it. What should Bob advise Sam? 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? 38 of 50 What is the primary role of Fannie Mae? buyer randy makes an offer to purchase How long must a broker be licensed in order to apply for a temporary broker's license? C. Theyre probably paying a higher interest rate on the second mortgage. Code Violations and Tax Delinquencies. 51- Which statement is true about a homeowners exemption? 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 5 of 11 Which of these statements is true about a CalVet loan? Who would be exempt under New Jersey fair housing law? C. The date the lender receives her application. The What kind of mortgage might they get? 20- Which of the following would not be an essential component when researching the purchase of an apartment building? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 3 of 12 All of the following are primary mortgage market lenders except which? 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? 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? buyer randy makes an offer to purchase - ftp.ivnowandzen.com