8 of 10 Which of these statements about counteroffers is not true? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 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. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. D. All adjustable rate mortgages have negative amortization. What kinds of insurance do brokers normally require of their employees? The price of a plane ride rises by 10 percent. Prior to bringing an offer to purchase. Discourage Sam from accepting an offer so far below Sam's asking price. A. Mike has changed jobs six times in the past six months. 3- What is the difference between CLTA and ALTA policies? A. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Give credit to all potential borrowers. C. The Bryants have not received any feedback from any showings in the past month. an opinion of value for the day of the appraisal only. A. Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? 10 of 50 There has been very little interest in the Bowers home this past week. 84- Four years ago, Sam purchased a vacant lot for $10,000. 6 of 10 Which of these is an emotional reason that buyers buy property? The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Pellentesque dapibus efficitur laoreet. Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property. A rental condominium for a recreational vehicle. C. Bake muffins or cinnamon rolls to create a homey feel. A. 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. 6- What is the ultimate result of using the Closing Disclosure form? 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? 3 of 10 Jake has received two offers on one of his listings. Which is true? 07 Jun. Tom thereupon submits a full-price offer to the owner and purchases the property. 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. 64- Which of the following is not a form of personal advertising? D. Property evaluations from other agents have valuable information for sellers. The steps to make an offer to purchase | DuProprio Make sure all required disclosures have been done. 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. D. Gross income must be based on hours worked. D. Employee status versus independent contractor status is an IRS issue. 8- What is an important issue for potential buyer clients to understand? Write a counteroffer. ", Answer: A- "What would you like to offer? 77- Which of the following Internet pages might not be of particular interest to buyers? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. Bob Broker represents Mary Buyer. 5 of 10 Which of these is not a true statement? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? A. B. 2- List the three Institute of Real Estate Management property management designations. For purposes of federal income tax, which statement is true? They will have to make a very high down payment. C. When you have 200 names in your contact database. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? B. Ken must obtain his own training. California: Real Estate Practice Ch10 Quiz with no answers. 6- According to California real estate law, how often must a broker balance his or her trust accounts? I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 2 of 10 Which of these statements is true? 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? The advertiser is subject to a fine. Which of the following statements is not true? 4. Sets a limit on the commission a broker can earn. B. Jim has decided to specialize in what area of real estate? 5- When must a licensee provide an agency disclosure to a prospective client? 8 of 10 Which of the following is a good direct mail technique? 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. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? 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. 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- What actions does a lender take to sell a mortgage in the secondary market? Other than residential list three kinds of property in the real estate market. Studying population trends in the area. 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? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. C. How much time the licensees must spend in the office. 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. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . Plastic dishes last a long time because they are unbreakable. B. A. Kirk doesnt have the right to withdraw the offer so soon. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. A. A. Ask the buyer if the buyer would like to make an offer taking the roof age into account. A. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. C. Accept commissions from referral agents. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Which of the following is true, if you are licensed as a referral agent? 8- What is an important issue for potential buyer clients to understand? What is meant by the term sphere of influence? Covers more than one piece of property. Which of these forms of advertising is she most likely to avoid? 3 of 12 All of the following are primary mortgage market lenders except which? 3 of 10 How long must trust account records be kept? 32 of 50 Alice is an employee of Mid-State Realty Services. 2- Explain the difference between the primary and secondary mortgage markets. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Gross income must be based on production. D. Tell the sellers its time to reevaluate the price. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. B. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. B. Exclusive-authorization-and-right-to-sell agreement. buyer randy makes an offer to purchase - cspconlutas.org.br D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. California: Real Estate Practice Ch7 Quiz with no answers. The interest rate will increase gradually over time. Next, calculate the points charged; $168,500 x 0.02 = $3,370. A. B. 47 of 50 Which of the following would not qualify as a 1031 exchange? Answer a question with a question when possible. Answer: D- Return the money to buyer Norm. 8 of 10 Which statement is true about a real estate assistant? C. Date and attach supporting documents. A. 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?" Change the locks on the tenants apartment. A. Eric can require that both the buyer and seller share equally in his commission. 1- What is important to know about unlicensed real estate assistants? D. There is a loan protection plan included with the loan. It can provide a steady stream of future clients. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? C. Ask the caller when not if he or she wants to see the property. D. Hold both offers because he heard that a full-price offer is on its way. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. C. An assistant can keep track of the progress of activities during escrow. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? The adjusted cost basis of the first home was $140,000. 7- What does the net operating income of a property represent? lumberton man killed; guggenheim annuity rates. Better yet, try to avoid deal breakers. 38 of 50 What is the primary role of Fannie Mae? However, he is objecting because the roof is 12 years old. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? buyer randy makes an offer to purchase buyer randy makes an offer to purchase. Broker John puts $500 into his trust account. 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? Hometown received $2400.00 in referrals. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? Ordinary china is very fragile. 3 of 10 A listing presentation can be compared to: 4 of 10 All of the following are benefits of listing with an agent except which? Housing and Community Development Act. The difference between what Sara owes and what her home is worth is known as what? Deposit the check into his trust fund account on the next business day. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The lender makes payments to the borrower. 4. How to Write a Purchase Agreement? 9- Define a purchase money mortgage. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 46 of 50 Greg grew up in and lives in a rural area. A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. C. A broker is not responsible for the acts of independent contractors. There is nothing that can offset this problem. B. 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. This best describes. 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? B. Which of these actions might have caused their upset? C. The fair market value at the time of sale Facebook Instagram. 8- Why is it important to have a written prospecting plan? Sexta, 26 de novembro de 2021 . 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. What should Pat do with the earnest money deposit? 56- Which is not a true statement about the Agency Disclosure? buyer randy makes an offer to purchase A. This mortgage type is popular among the elderly. Retain the check for use with a future sales contract offer. Virtual tours are a very expensive marketing tool to use. C. The loan term will extend gradually over time. B. D. I will distribute 200 business cards every month for the next six months. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. Minimize expenses while maximizing profits for the owner. Code Violations and Tax Delinquencies. Their first mortgage will get paid off immediately. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. What would be determined by a location survey? There are several successful agents at Johns office. 2- Name one advantage and one disadvantage of telephone contacts. The definition of race was expanded to include ancestry. B. 4 of 10 All of these are true of prospecting except: A. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. How much did Sam gain or lose on the sale? He made $150,000 of improvements during the three years he lived in it before he sold it. 10 of 10 A competitive market analysis is an attempt to: A. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 7- What is the difference between an FHA loan and a VA loan? 4- What is the agreement that a broker can enter into with a buyer? In addition to agent and MLS home tours, what are some other ancillary tools you can use? He sounds really excited about this property. Donec aliquet. B. Its a good idea for brokers to carry workers compensation coverage. D. The owner has 45 days to file a change in ownership statement. 5 of 10 How many properties should be included for comparison in a competitive market analysis? 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. Mary wants to terminate the contract. 5 of 10 Which of these statements is not true about qualifying buyers? D. In most situations, an assistant should not have the responsibility of in-person contact with clients. The original loan becomes subordinate to the wraparound. Which of these ad headlines would probably be the least effective for this home? 7 of 10 Which of these is not a good thing to do when writing a counteroffer? What should Alice do? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. California: Real Estate Practice Chapter 13 Quiz with no answers. B. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? A. 9 of 10 Janet is an unlicensed assistant. Give the prospects a black copy of a purchase agreement to look over. B. A. A. 41 of 50 What was the important ruling in Jones v. Mayer? 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? Which is a true statement? 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? the buyer is not allowed to make a counteroffer. How should Jan's licensee handle the offer? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. B. Name four traditional marketing tools that you should use with every listing you get. What kind of listing agreement does Alice have with Jack? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? B. I will practice my listing presentations. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 10- Whats the difference between a lease purchase and a lease option? What is Gregs capital gain on the apartment? C. Exclusive-authorization-and-right-to-sell agreement. D. Erics broker should appoint Eric as the designated agent in this transaction. A. Bob receives an offer from a buyer that is 12% below Sam's asking price. Sunday afternoon, Mary is driving around and finds a property she likes better. A. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? 3- In what three ways can an assistant aid an agent with appointments? What will they have to pay the lender? C. If Bill pays off the loan early, there will be no prepayment penalty. Which of the following items can Matt not add to the original cost when doing the computation? A net listing is illegal in all states. C. A counteroffer can give the buyers an out if they want one. D. The advertiser must prove he was grandfathered in as a licensee. 70- Which of these items would be a credit to the buyer on the settlement statement? Bob Broker knows that another offer will be coming in at about the same time. The advertiser can be sentenced to up to a year in prison. buyer randy makes an offer to purchase - ftp.ivnowandzen.com D. Broker Gina puts $150 into her trust account. B. FREE Offer to Purchase Real Estate Form - RealtyPact