A. How long does he have to file a complaint with the Department of Housing and Urban Development? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? Rate of return is computed by dividing the annual net income by the rate of return. Sam plans to overnight the acceptance on Monday. 8- What actions does a lender take to sell a mortgage in the secondary market? 51- Which statement is true about a homeowners exemption? A. Eric can require that both the buyer and seller share equally in his commission. What is meant by the term sphere of influence? 1- What is escrow? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? C. If Bill pays off the loan early, there will be no prepayment penalty. 9- What required disclosure is a result of Megans Law? It was terminated when Mary delivered the recission to Sam. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? When should the agent have disclosed this fact? A. Brenda must follow all of Jims instructions. C. The Bryants have not received any feedback from any showings in the past month. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. B. B. mejores programas bases de datos. 3- What signals do buyers use to indicate they may be willing to make a purchase? What is most likely their main motivation for investing? buyer randy makes an offer to purchase. A. 36- Broker Eric secures a loan for buyer Paul. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? A. A. C. Theyre probably paying a higher interest rate on the second mortgage. Give the sellers a copy of some homeowners tips. B. 6- Whats important to know about the Liquidated Damages paragraph? 8 of 10 What does the paragraph on repairs state? \text { Annual testing cost } & 543,000 \\ 65- Which of the following items is usually not prorated at closing? The price elasticity of demand for 12,800 square feet 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? A. 5- What kind of newspaper ad could you place to solicit a listing? Their first mortgage will get paid off immediately. B. Anasayfa; Hakkmzda. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. A. Youll know how much house they can afford. Wait until next week to send an activity report, hoping things will pick up. Virtual tours are a very expensive marketing tool to use. B. FSBO sellers believe they will save money if they sell themselves. C. I will open my own office within nine years. C. Mortgage bankers are a large source of residential loans in California. Her broker has asked her to be available for tasks in the field rather than in the office. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Certain homeowners may qualify for a $10,000 exemption. A. I will complete the GRI certification in the next four years. A basis of $148,000 and no taxable gain, B. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 10- Whats the difference between a lease purchase and a lease option? 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? Mary wants to make an offer on a house that is 25% lower than the asking price. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. Norm gave Pat a $500 earnest money check. D. Offer something valuable to the reader. What should Tom do? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? (Who, Whom) has been selected as the team captain? B. The definition of race was expanded to include ancestry. What California Fair Housing law has the manager violated? The buyer was responsible for making the discovery, so Pam is therefore liable. 3- In what three ways can an assistant aid an agent with appointments? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 4. 100 8- Why should agent Grace give her client a Combined Hazards Book? Tom then resells the property to the developer and pockets a $300,000 profit. 8 of 10 Which of these statements about counteroffers is not true? In the meantime, Bill gets another offer on the property from another buyer at a higher price. C. How much time the licensees must spend in the office. D. Avoid negative comments while hes inside the home. California: Real Estate Practice Ch9 Quiz with no answers. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. How does ALTA-R differ from ALTA? California: Real Estate Practice Chapter 15 Quiz with no answers. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Which of these ad headlines would probably be the least effective for this home? Which law extended discrimination to include handicap and familial status? plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. 9 of 10 All of these might be a buying signal except which? B. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. D. Have the broker send a thank you for listing letter to the sellers. 8 of 10 Which of the following will give you comparative market data the fastest? buyer randy makes an offer to purchase. 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. Name four traditional marketing tools that you should use with every listing you get. 84- Four years ago, Sam purchased a vacant lot for $10,000. What would you say about Alexs actions? D. Call the sellers immediately and let them know you wont be coming by. 6- Whats important to know about the Liquidated Damages paragraph? B. 2- What is floor time and why is it important? buyer randy makes an offer to purchase C. Once filed, it remains until terminated. C. Can perform some real estate activities without a license. Underline the correct pronoun in parentheses in the following sentence. D. The monthly payments increase overtime. D. Chris is a buyer's agent. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Given the rise in the price of a plane ride, what percentage change in the price Bill is purchasing a 6-family apartment building. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? 4 of 10 Which of the following would be the least desirable phone handling technique? 8 of 10 Which of the following is a good direct mail technique? 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? \text { Annual cost of quality training } & 456,000 \\ What kind of agreement is this? \text { Annual cost of scrap materials } & 286,000 \\ 10 of 50 There has been very little interest in the Bowers home this past week. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 100- What does the Real Estate Disclosure Law refer to? This is not true of which duty? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? Most likely, what did they get? 7. You can use a reverse telephone directory to get the names of residents. A. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. 29- Which of the following is not a good direct mail technique? A. California: Real Estate Practice Ch10 Quiz with no answers. 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? B. If checked, the seller can complete repairs after closing. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. 4- What items are not covered by any title insurance policy? Course Hero is not sponsored or endorsed by any college or university. She sold the property and several months later the buyer sued Pam for not disclosing the problem. Buys conventional, FHA and VA loans. D. Have the prospects sign the disclosure about agency relationship. A. Lorem ipsum dolor sit amet, consectetur adipiscing elit. A. B. B. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? A. 28- Abby applies for a federally-related loan to purchase a home. He sounds really excited about this property. Mary learns that Sam is selling only half of the duplex. Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs B. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? What are some important tips for home tours? 4- Describe how a property manager can receive his or her fees. Bob Broker represents Mary Buyer. 1 of 10 Which of these statements is not true? One day later. 10 of 10 Which proposition limited the maximum amount of tax on real property? California: Real Estate Practice Chapter 14 Quiz with no answers. Housing and Community Development Act. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. D. Goals must be realistic if you hope to accomplish them. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. She tells them that this action could decrease their property values. 1. The borrower makes payments of interest only over the term of the loan. 1. Which statement is true? Maximize the return to the property management firm. What would be determined by a location survey? Regulates reserve requirements for all institutions that offer checking accounts. 7 of 10 Which of the following is a possible benefit of investing in real property? 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. Is there a contract between the buyer and seller? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. C. Allow indoor pets to leave their designated area. Which of the following statements is not true? B. 77- Which of the following Internet pages might not be of particular interest to buyers? A buyer applies for a loan that is neither insured nor guaranteed by a government agency. 22- Jane sold her personal home for $148,000. A. Pellentesque dapibus efficitur laoreet. 101- Which type of loan typically carries the most loan points? Which of these expenses is not associated with owning a home? What kind of loan do they have? Whoever brings the buyer will get the commission. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? Amanda loves the home and wants to make an offer. A. You bought if for the listing price plus 10% and sold it for the listing price. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. 9 of 10 Which of the following statements is not true? 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. 67- Hannah is a real estate assistant. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. Make no recommendations and let the sellers decide on their own. B. D. The casement windows have broken seals. Possession date. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. C. Find a lender who is willing to do FHA loans. The date Abby receives the good faith estimate. Covers more than one piece of property. 30- Being prepared to handle incoming phone calls means all of the following except which? 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. C. Exclusive-authorization-and-right-to-sell agreement. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 10 of 10 A competitive market analysis is an attempt to: A. C. Date and attach supporting documents. The Residential Environmental Hazards Guide, B. 1- What is a competitive market analysis? Skip the activity report for that week. Other than residential list three kinds of property in the real estate market. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. B. 1- What is important to know about unlicensed real estate assistants? 2. A. She would likely be required to do which of the following? C. The date the lender receives her application. Sending cards and newsletters is a good way to keep in contact with clients and prospects. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Licensee Pat was in transit to the cooperating licensee's office with the offer. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. 4 of 10 Which of the following is NOT a condition of the safe harbor test? Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. C. A broker is not responsible for the acts of independent contractors. 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. D. Placing a classified ad in the weekend paper. Documents showing your affiliations with real estate organizations. B. The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. 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? The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. A. Tell Linda that the sellers will be very disappointed if they cancel the appointment. 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. There are several steps in calculating the answer to this question. D. Gross income must be based on hours worked. Hes very comfortable selling that type of property and knows he can work well with clients in that area. 11- What is a public report and when must it be provided? 6. What percent of loss did you have? The purchase price, plus depreciation, B. C. An assistant can keep track of the progress of activities during escrow. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. This would be the maximum the purchaser would be permitted to borrow. 44- Jim owns a gift shop in a commercial building. C. It keeps your name in front of potential buyers and sellers. 6 of 10 Which of the following statements is not true? 3. 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. 7 of 10 Which of these forms is not filled out by the seller? A. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. The loan value is based on the appraised value, not the sale price. B. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. What would be a good approach for Pam to take? 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. Mary makes an offer to purchase a duplex from Sam. C. Once you set a goal you should never change it. The offer with the highest price 1- What are the three important considerations for a good property investment? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. It is determined by who pays the compensation. A. What law creates an automatic lien on a commercial property, subject to the listing agreement? B. What will they have to pay at closing for the points? 5- What actions can the sellers take regarding the purchase offer? B. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? If you like, you can add a message to the seller. Who will pay the points? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz 4 of 10 Which of the following is NOT a condition of the safe harbor test? Their interest rate will rise after the first few years. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? A. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 10- Which disclosures are NOT required to be made when selling residential property? There are several successful agents at Johns office. C. I will get three new listings this month. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? B. Its easier to prioritize your tasks if your goals are in writing. Gross income must be based on production. What should Alice do? Answer: D- Return the money to buyer Norm. 9 of 10 Which of these is not a helpful homeowner tip? C. Brenda could be liable for a breach of the listing terms. 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? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. There . 11 of 11 Which of the following is a low loan-to-value ratio? 4- Agent Greg receives a call about one of his firms ads. Is critical to your success in real estate. California: Real Estate Practice Ch3 Quiz with no answers. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? CSP-Conlutas Central Sindical e Popular . The fees that Eric charges Paul for making the loan could be any but which of the following amounts? 7- What does the net operating income of a property represent? What should Bob do? Buyer Norm just signed a purchase contract with licensee Pat. The buyer must pay the broker a commission. The escrow holder will need information about the brokers commission. What approach can Greg use to discourage the person from calling other agents? university of missouri hospital salaries 2021; port orange arrests today. Suggest that the buyer look at a different house. B. C. Write and sign commission checks to salespersons. "No, you may lose the house." What are members of NAR required to do? 11. A. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? D. Reduces the monthly payment for a borrower during the initial years. This best describes. C. Is not necessary if the verbal presentation is strong. 8. 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. Brenda refuses. Which is a true statement? C. Accept commissions from referral agents. Before completing the form, discuss the following important points with the home seller: Price. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Enter your offer. C. Consider child support payments in the decision. What approach can Greg use to discourage the person from calling other agents? D. Broker Gina puts $150 into her trust account. B. 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? buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. Checking your browser. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? A. Salesperson Harry can solicit his own listings. B. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 8. B. Tom thereupon submits a full-price offer to the owner and purchases the property. 8- Why is it important to have a written prospecting plan? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. B. I will practice my listing presentations. What kind of mortgage are they looking for? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). A. $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. D. I will complete a property management seminar within the next year. D. All adjustable rate mortgages have negative amortization. Offer to mail the caller a set of fliers on interesting properties. 1- What is goodwill as it relates to a business? D. In most situations, an assistant should not have the responsibility of in-person contact with clients. B. I will do two practice listing presentations per week with an experienced agent for the next two months. D. Lends good visual support to what the agent is saying. C. Identifies buyers for other properties. 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? 1. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. A. A secondary bid for a property that is for more than the first offer 7- What is the difference between an FHA loan and a VA loan? What property type will he be dealing with? What kinds of things should you include in a weekly activity report? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. Course Hero is not sponsored or endorsed by any college or university. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. 63- Jennys home appraised for $550,000. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? D. Provides the names of individuals who may want to sell inherited property. He has put up $50,000 in preferred stock as earnest money. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. Mary makes an offer to purchase a duplex from Sam. A secondary bid for a property that the seller will accept if the first offer fails What do you need to remember about making phone calls to potential clients? D. Gross income must be based on hours worked. D. The loan must be repaid before the borrowers death. What approach can their agent take to change the sellers perception of the offer? Find solutions. D. Is best left to experienced brokers. 37 of 50 Which of the following economic characteristics is true? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? The price of a plane ride rises by 10 percent. 5- When must a licensee provide an agency disclosure to a prospective client? 3- What is a good approach to use when contacting the owner of an expired listing? D. The first and second mortgage will be rolled into one. 7 of 10 How might probate information help in prospecting? 8 of 10 When is the first installment of property taxes due? Has Bob acted properly? Senior housing for residents 62 or older, B. On what amount will they pay capital gains tax? Bob Broker knows that another offer will be coming in at about the same time. C. Guarantees payment of all interest and principal on mortgage-backed securities. 2- Describe an open listing. B. Sandy and Bill are putting 30% down on their home purchase. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? B. Alice knows everything about the exclusive east side neighborhoods. Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Could be a violation of state licensing laws. B. C. Real Estate Settlement and Procedures Act. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack.