A. A rental condominium for a recreational vehicle. 6 of 10 Who typically presents an offer to the sellers? 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? 3- What are the three general responsibilities of a property manager? The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 50 of 50 Eric is acting as a disclosed dual agent in a transaction. 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? B. Answer: A- Proceed as if the buyer has decided to make an offer. 7- What are the capital gains exclusions associated with the sale of a personal residence? 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. 8- Why is it important to have a written prospecting plan? 101- Which type of loan typically carries the most loan points? The offer with the fewest contingencies 4- What items are not covered by any title insurance policy? 3- When preparing a competitive market analysis, what categories of homes should an agent research? C. The seller can do all repairs himself. 77- Which of the following Internet pages might not be of particular interest to buyers? Alex Jones owns a duplex and lives in one unit. 5 of 10 California allows a property manager to charge a non-refundable fee for which? Course Hero is not sponsored or endorsed by any college or university. 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. Which of the following would be considered an intermediate goal? Which statement is true? 4- Why is coordinating escrow so important and how can an assistant help? 12- What are grant programs typically used for? D. Call the sellers immediately and let them know you wont be coming by. Housing and Community Development Act. Find a home that meets FHA requirements. A secondary bid for a property that is less than the first offer Bill cannot contact the seller. Here are the steps to follow to make an offer to purchase: Step 1. 42 of 50 Alex makes an offer to purchase one of Bills listings. What would you say about Alexs actions? D. Have the prospects sign the disclosure about agency relationship. B. Its a good idea for brokers to carry workers compensation coverage. : The Commission could suspend or revoke Rob's license. Bob Broker represents Mary Buyer. C. It keeps your name in front of potential buyers and sellers. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Which of the following statements is not true? They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. There are no offers on the property during the 6-month listing period and the listing expires. A secondary bid for a property that the seller will accept if the first offer fails 1 of 10 Gail is a licensed real estate assistant. B. I will practice my listing presentations. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? California: Real Estate Practice Chapter 18 Quiz with no answers. Which one is illegal in many states? 64- Which of the following is not a form of personal advertising? If you like, you can add a message to the seller. Suggest that the buyer look at a different house. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. C. Shows property addresses that should be excluded from prospecting. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 2- Name one advantage and one disadvantage of telephone contacts. A. Eric can require that both the buyer and seller share equally in his commission. 42- Alice is planning her career and setting her goals. Mortgage bankers bring borrowers and lenders together. 1 of 10 Which of these statements is not true? B. The monthly net rental is $600. It is determined by who pays the compensation. A. 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 advertiser is subject to a fine. 37- When dealing with the sale of a business, which is not a true statement? 7 of 10 Which of these forms is not filled out by the seller? Loan terms are from 15 to 25 years. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. B. 4 of 10 Which of the following is NOT a condition of the safe harbor test? B. Exclusive-authorization-and-right-to-sell agreement. California: Real Estate Practice Chapter 17 Quiz with no answers. A. A. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. 2- Who needs title insurance and why? A. Kirk doesnt have the right to withdraw the offer so soon. C. Knocking on doors never requires special permits. A. Buys conventional, FHA and VA loans. Which of the following items can Matt not add to the original cost when doing the computation? B. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. D. The appraised value prior to sale B. The Residential Environmental Hazards Guide, B. 1 of 10 Which of the following types of agency is not allowed in California? lumberton man killed; guggenheim annuity rates. B. C. Recommend a counteroffer back to list price. A. A. B. Which area of specialization would she fall into? 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 3- What is a good approach to use when contacting the owner of an expired listing? 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. The lender gives a mortgage to the borrower and gets funds in exchange. Answer: A- No, Bob Should have submitted the offer. 13 of 50 What is the most common reason that owners try to sell their homes themselves? Installation of central air conditioning, D. Addition of a tenant laundry facility. C. Is not necessary if the verbal presentation is strong. Their first mortgage will get paid off immediately. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. 9 of 10 Janet is an unlicensed assistant. B. Bob writes the offer but is too embarrassed to submit it. A. 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 buyers and sellers agents will sign the escrow instructions. He sounds really excited about this property. Which of the following is true, if you are licensed as a referral agent? 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? Does not need to be familiar with office policy. 7 of 50 Glenna and Amanda just bought their first home. 9 of 50 Which of the following is a credit to the seller on the settlement statement? What law creates an automatic lien on a commercial property, subject to the listing agreement? 5- Your listing presentation manual should be made up of two sections that address what issues? C. Gather listing forms for her employer. D. Kirks offer to Larry is legally cancelled. What do many firms do to avoid confusion with their advertising plan? 1- How much is the loan origination fee and what does it cover? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. Launch into your list of the homes special features and hope she changes her mind. 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? Jim has decided to specialize in what area of real estate? kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 8 of 10 What does the paragraph on repairs state? Will placed an ad in the most recent Home Buyers Guide. Better yet, try to avoid deal breakers. B. 3- When preparing a competitive market analysis, what categories of homes should an agent research? What should you keep in mind when developing your marketing plans? Is generally viewed as unprofessional. 3- For whom do property tax exemptions exist and for how much? 5- What does the safety clause in the listing agreement do? rickey smiley and grandson videos Decide which offer is best and present that one. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. A. The difference between what Sara owes and what her home is worth is known as what? Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} 4- Agent Greg receives a call about one of his firms ads. 6- What is important for the sellers to know about a counteroffer? 6- What does the security and insurance clause of the listing agreement address? Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. A. B. Donec aliquet. 1- What is escrow? 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. 5- What is the Closing Disclosure? 2- What are some tax benefits associated with investing? Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. 4. The following table lists all costs of quality incurred by Sam's Surf Shop last year. The property is in an area that could flood. C. The borrower pays a fixed rate of interest. There is nothing that can offset this problem. What kind of mortgage are they looking for? Sexta, 26 de novembro de 2021 . In the meantime, Bill gets another offer on the property from another buyer at a higher price. Harry has some buyers that he believes are ready to make an offer. A. Generates leads for new listings. A. D. Their lender can profit from the difference in interest rates. Given the rise in the price of a plane ride, what percentage change in the price D. Arrange to meet the prospect at your office. Mary wants to terminate the contract. What should Jake do? D. Administers special assistance programs. Supervises the Truth in Lending Act. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? What kind of lease does Jim have? 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. What should Bob do? It can provide a steady stream of future clients. Gives the names of lawyers who might require property assistance. D. Ensure fair real estate negotiations. A rental property has a return rate of 8%. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. A. How much did Sam gain or lose on the sale? 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. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? A. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? Give the prospects a black copy of a purchase agreement to look over. Broker John puts $500 into his trust account. C. The air conditioner does not work. 10- Whats the difference between a lease purchase and a lease option? 6- What is the ultimate result of using the Closing Disclosure form? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 2- Explain the difference between the primary and secondary mortgage markets. Their interest rate will rise after the first few years. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? C. Jim and Amanda whisper and frown when they see the basement. B. Which of these ad headlines would probably be the least effective for this home? 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.. At the end of the term, the loan balance will be negative. D. Amanda smiles at Jim when she sees the whirlpool tub. 10- Which disclosures are NOT required to be made when selling residential property? D. Interest rates are typically fixed rate. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? C. Payments will not be enough to retire the loan. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. 1- What are the three important considerations for a good property investment? Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. A. 41 of 50 What was the important ruling in Jones v. Mayer? Wait until next week to send an activity report, hoping things will pick up. C. When you have 200 names in your contact database. D. Gross income must be based on hours worked. 7- Name three benefits of listing a home with an agent that you could share with sellers. D. The property is in a state fire responsibility area. Is depreciation accounted for by a hospital? Explain the method used to write good advertising. B. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 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? A. C. Clearly written contractor agreement must exist. B. Its easier to prioritize your tasks if your goals are in writing. Brenda refuses. buyer randy makes an offer to purchase. D. Greg has no fiduciary responsibilities to Kim once the listing expired. 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? 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. C. Participation in the MLS increases a licensees inventory. 5- If lenders intend to sell mortgages in the secondary market, what must they do? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). C. Mortgage bankers are a large source of residential loans in California. 11 of 11 Which of the following is a low loan-to-value ratio? A. Who makes the payments to a claimant from the Guaranty Fund? Authors Channel Summit. 2. B. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? 5 of 10 All of the following are valid listing agreements. C. The broker must conduct the escrow personally and not delegate any escrow activities. B. They called Wills office and told the secretary they are upset and need to speak with Will. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. Rule E-1 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. mejores programas bases de datos. Checking your browser. What kinds of things should he be looking for? 1. Underline the correct pronoun in parentheses in the following sentence. California: Real Estate Practice Chapter 13 Quiz with no answers. A. B. 1. D. Broker Tom has only limited responsibility for the actions of his licensees. 6- What is the main reason sellers choose to sell their property without an agents help? Allows the agent to determine community market trends. D. Magazine ads are significantly more expensive than newspaper ads. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . The broker will not provide any. C. There is a 6-month pre-payment penalty for paying off the loan early. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. One day later. A basis of $148,000 and no taxable gain, B. The sellers want the earnest money check made payable to them instead. Private mortgage insurance is available for FHA loans. He paid $100,000 for it, and made $300,000 worth of improvements. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. B. This best describes. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. He must withdraw his representation of one of the parties. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. buyer randy makes an offer to purchase. The home is listed at $210,000. C. The owner has 45 days to pay the new property taxes. 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? Information on current loan programs. D. Chris is a buyer's agent. Hes no longer interested in seeing the inside and Marge agrees. 12,800 square feet 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. What is this agreement called? What kind of mortgage might they get? B. It never was effective since Sam had not notified Mary of the acceptance. D. She should persuade them to accept the offer. What kind of mortgage might they get? Has Bob acted properly? Discourage Sam from accepting an offer so far below Sam's asking price. 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?" B. B. A secondary bid for a property that is for more than the first offer 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. 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. B. 8- What is an important issue for potential buyer clients to understand? This would be the maximum the purchaser would be permitted to borrow. D. Convince a seller to list with you. 3- Differentiate between mortgage brokers and mortgage bankers. 44- Jim owns a gift shop in a commercial building. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. D. Exclusive-authorization-and-right-to-sell agreement. The advertiser can be sentenced to up to a year in prison. A. 8- Under what conditions may a landlord enter a tenants property? Which would NOT result from the exercise of police power? D. Allows viewing access to strangers. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. 80- Which of the following is an example of commingling? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. C. They can make payments directly to the original lender. A. C. Analyzing the income potential of the property. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? 6- What is important for the sellers to know about a counteroffer? A. Salesperson Harry can solicit his own listings. Which of the following statements is true? 37 of 50 Which of the following economic characteristics is true? plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. 96- Which statement is not true about a listing contract? 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. She can do all of the following except which? 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. Encourage Sam to make a counteroffer at 2% below Sam's asking price. If a seller changes the terms of the offer to purchase, he has created a counteroffer. 7 of 10 When the broker and seller agree that the broker can receive commission for a specified number of days after the listing expires if selling to a named party on a list, its referred to by what term? 54- Jim and Jane are buying a home for $120,000. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 1- When is real property reassessed? Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. 8. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. What California Fair Housing law has the manager violated? B. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? A. 6 of 10 Which of the following is not a true statement? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. A. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. C. It creates an agency relationship. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 3 of 10 Sara just bought her first new home. 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. A. 3- What signals do buyers use to indicate they may be willing to make a purchase? Answer: B- Encourage the buyer to get the attorney to review it quickly. Pellentesque dapibus efficitur laoreet. There are several successful agents at Johns office. Norm gave Pat a $500 earnest money check. What should Tim do next? Who will pay the points? He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 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? Which of the following conditions is Paul not required to report on this form? Rule F-21 Establish a homes fair market value. 7- Agent Jim needs to do a visual inspection of his listing. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. What should Bill do? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? The offer with the highest price B. A. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? C. Johns office has a selection of books, CDs and tapes for agent use. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 84- Four years ago, Sam purchased a vacant lot for $10,000. 10 of 10 Which of the following is not a possible benefit of investing in real property? 1- What is a competitive market analysis? Bill is purchasing a 6-family apartment building. 100 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. D. I will complete a property management seminar within the next year. Click the "Allow" button. 5- What kind of newspaper ad could you place to solicit a listing? Course Hero is not sponsored or endorsed by any college or university. 7- What are the capital gains exclusions associated with the sale of a personal residence? A. A. 38 of 50 What is the primary role of Fannie Mae? B. B. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000.