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7- What does the paragraph in the listing agreement titled Entire Contract deal with? Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. This is not true of which duty? Answer: D- Avoid telling him the price by setting up an immediate appointment. A. John offers weekly training seminars. From whom may a salesperson receive compensation for performed activities? 8- When does a purchase offer become a legal contract? $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. Which of the following would be the least likely place for them to obtain a loan? Elaine parks across the street from the home and Mike is disappointed by what he sees. A. 30- Being prepared to handle incoming phone calls means all of the following except which? C. It creates an agency relationship. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. However, he is objecting because the roof is 12 years old. 7- In the initial meetings with the prospects, the agent should do all of the following except which? "Let's make a low ball offer?" Each of their payments is for the same amount. buyer randy makes an offer to purchase. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Bill is purchasing a 6-family apartment building. 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? 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? 5. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Which of the following statements is not true? It can provide a steady stream of future clients. The Reality of Purchase Offers . The purchase price, plus improvements, C. The fair market value at the time of sale. C. Find a lender who is willing to do FHA loans. It can be considered an employment contract. 1 of 10 Broker Alice has hired several independent contractors in her firm. $5,500 the first year, plus a maximum 2% increase in market value per year, B. A. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? New Age purchased a new coffee maker the office was in need of. A secondary bid for a property that the seller will accept if the first offer fails Mortgage bankers bring borrowers and lenders together. 8- What actions does a lender take to sell a mortgage in the secondary market? If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? Buyer Norm just signed a purchase contract with licensee Pat. Which of these expenses is not associated with owning a home? D. Magazine ads are significantly more expensive than newspaper ads. 62- When agent Hal shows a home he should never: A. Click the "Allow" button. During a phone call, a salesperson discusses showing a property to a prospect. D. Amanda smiles at Jim when she sees the whirlpool tub. Ask questions of the prospects children. What is this agreement called? Underline each word that should be capitalized in the following items. What should Elaine do? A. Pam should tell them to reject the offer so that the buyers will counter back with full price. Referral fee to a homeowners insurance agent. 5- What kind of newspaper ad could you place to solicit a listing? B. Rewrite whole paragraphs to ensure clarity. D. The owner has 45 days to file a change in ownership statement. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? Find things in the home a seller needs to repair. 1 of 10 Which of the following types of agency is not allowed in California? Not waste anymore time on this house, the buyer will never make an offer. 10 of 10 Which of these Internet pages might be of particular interest to sellers? "Yes, let's offer $10,000 less than the asking price. 8 of 12 Fannie Mae does all of the following activities except which? Bob Broker represents Mary Buyer. How would Grants lease at this time be classified? C. Give the tenant a 3-day notice to pay or quit. During this interim period, grant makes monthly rent payments and the owner accepts them. C. Real estate can respond quickly to changes in the market. 7 of 10 Which disclosure form gives detailed information about the propertys condition? 4- What items are not covered by any title insurance policy? A. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 5 of 10 Alice has decided that she will specialize in selling farm land. B. D. Tell the sellers its time to reevaluate the price. Licensee Pat was in transit to the cooperating licensee's office with the offer. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. B. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? D. Give the sellers the price over the phone so that they can think about it before you meet with them. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. B. 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? Establish a homes fair market value. 2- Name one advantage and one disadvantage of telephone contacts. Nam lacinia pulvinar tortor nec facilisis. Deposit the check into his trust fund account on the next business day. A. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Pellentesque dapibus efficitur laoreet. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings 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. 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? Hes very comfortable selling that type of property and knows he can work well with clients in that area. D. Buyers of FSBO homes are usually the ones who save money. C. Discover why some homes havent sold. 8- What actions does a lender take to sell a mortgage in the secondary market? What would you say about Sallys behavior? B. 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. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? CSP-Conlutas Central Sindical e Popular . B. FSBO sellers believe they will save money if they sell themselves. 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? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Ask the buyer if the buyer would like to make an offer taking the roof age into account. 1- What is important to know about unlicensed real estate assistants? 10 of 10 Which of the following is not a possible benefit of investing in real property? This is not true of which duty? 3- What is a good approach to use when contacting the owner of an expired listing? B. A buyer mails an offer to an out-of-town seller. It became a contingent contract when Sam accepted Mary's offer. A. The sellers want the earnest money check made payable to them instead. C. Mortgage bankers are a large source of residential loans in California. 8- Why is it important to have a written prospecting plan? 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. 3 of 10 How long must trust account records be kept? 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? C. The home sits on an earthquake fault zone. D. Reduces the monthly payment for a borrower during the initial years. D. The borrower gets a note in exchange for a mortgage. Which of the following activities would she not be authorized to perform? C. The Bryants have not received any feedback from any showings in the past month. 4 of 10 Which of the following is NOT a condition of the safe harbor test? : The Commission could suspend or revoke Rob's license. D. Allows a broker to have as a commission anything above the minimum the seller sets. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. Bob Broker represents Sam Seller. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. How much do you have in your savings account? C. A broker is not responsible for the acts of independent contractors. A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. 12,800 square feet 70- Which of these items would be a credit to the buyer on the settlement statement? 75- All but which of the following is NOT an AIDA feature? 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? Only after receiving the tenants consent. 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. The purchase price, plus improvements Does not need to be familiar with office policy. 10. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. A broker cannot use the word escrow in a fictitious name. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. The home is listed at $210,000. 93- Jim has created a nice property flier for the James home. 11- What is a public report and when must it be provided? Which of the following statements is not true? Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. Then present the $208,000 offer. D. Convince a seller to list with you. A. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? B. C. Prepare additional documentation to take to the presentation. She sold the property and several months later the buyer sued Pam for not disclosing the problem. 1. A. Sunday afternoon, Mary is driving around and finds a property she likes better. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 8 of 50 Buyer Kirk submits an offer to seller Larry. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. At the time the agent presents an offer. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? Name and define the two forms of advertising. Given the rise in the price of a plane ride, what percentage change in the price 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? D. Employee status versus independent contractor status is an IRS issue. Local ordinance requires a 20-foot rear and front setback. Which statement is true? B. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? Mary wants to make an offer on a house that is 25% lower than the asking price. What kind of lease does Jim have? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. Ask the buyers to sign a real estate transfer disclosure statement. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. What do you need to remember about making phone calls to potential clients? 2 of 10 All of these statements are true except which one? 8 of 10 Which of the following is a good direct mail technique? In the meantime, Bill gets another offer on the property from another buyer at a higher price. B. What will the new owners pay in property taxes? 5 of 11 Which of these statements is true about a CalVet loan? 3- When preparing a competitive market analysis, what categories of homes should an agent research? 3- For whom do property tax exemptions exist and for how much? B. Jim Sharp is purchasing his fathers home. B. It never was effective since Sam had not notified Mary of the acceptance. 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? Their first mortgage will get paid off immediately. Hes no longer interested in seeing the inside and Marge agrees. Make sure all required disclosures have been done. B. Skip the activity report for that week. 11- What is a public report and when must it be provided? Ordinary china is very fragile. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? A. Pellentesque dapibus efficitur laoreet. 4 of 11 Which of these is also called a contract for deed? 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? 1 of 10 What kind of lease contains a recapture clause? buyer randy makes an offer to purchase. 1 of 10 All of the following are good approaches for handling objections except which? Only needs to be done periodically. B. Its easier to prioritize your tasks if your goals are in writing. C. Regulating reserves of institutions with savings accounts only. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 2 of 50 Residential property includes all of the following EXCEPT which? A. Brenda must follow all of Jims instructions. Which of these forms of advertising is she most likely to avoid? 4. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. How does ALTA-R differ from ALTA? 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. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz 2. 3- For whom do property tax exemptions exist and for how much? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? B. He pays rent for occupancy, plus maintenance and operating expenses. B. Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. Last year, about 25% of his income came from sales commissions. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? Tell Linda that the sellers will be very disappointed if they cancel the appointment. \text { Annual warranty cost } & 1,546,000 \\ 41 of 50 What was the important ruling in Jones v. Mayer? 4- Whats a bonus closing and whats important to keep in mind about this technique? 1 of 10 Which of the following actions by an agent would most probably upset the sellers? B. Ken must obtain his own training. He paid $100,000 for it, and made $300,000 worth of improvements. What does that mean? D. The casement windows have broken seals. A. Jim specializes in clients who want to buy restaurants. 84- Four years ago, Sam purchased a vacant lot for $10,000. B. California: Real Estate Practice Ch12 Quiz with no answers. 6- What is important for the sellers to know about a counteroffer? California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. 2 of 10 Which of these statements is true? 4- What is a good method for estimating what a seller will net from the sale of the property? A. B. B. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. California: Real Estate Practice Ch11 Quiz with no answers. C. Johns office has a selection of books, CDs and tapes for agent use. buyer randy makes an offer to purchase. 4- Agent Greg receives a call about one of his firms ads. B. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. Which of the following would be considered an intermediate goal? C. Salespersons must perform all of their activities on behalf of their employing broker. B. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. 4- Agent Greg receives a call about one of his firms ads. He refuses to rent the other unit to families with children. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 10 of 50 There has been very little interest in the Bowers home this past week. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. B. A. A. The buyer was responsible for making the discovery, so Pam is therefore liable. Give $250 to the buyer and $250 to the seller. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. A. Example 1. Is critical to your success in real estate. Who makes the payments to a claimant from the Guaranty Fund? California: Real Estate Practice Sample of Final Course Exam. D. The interest payment is always smaller then the amount allocated to the principal. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 8- Why should agent Grace give her client a Combined Hazards Book? B. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. California: Real Estate Practice Ch7 Quiz with no answers. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. The listing price of a house is $139,900. What disclosure does the salesperson owe to the buyer and seller? California: Real Estate Practice Ch3 Quiz with no answers. 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? Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. A. 7- What makes up a mortgage? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? A net listing is illegal in all states. Find solutions. Start in the room with the best features. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. What California Fair Housing law has the manager violated? 4- Describe how a property manager can receive his or her fees. 50- Harry has some buyers that he believes are ready to make an offer. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . 6- When is a lender required to terminate a borrowers private mortgage insurance? C. Knocking on doors never requires special permits. Answer: B- Encourage the buyer to get the attorney to review it quickly. Tom thereupon submits a full-price offer to the owner and purchases the property. Make no recommendations and let the sellers decide on their own. Give as much detailed information about the property as you can. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. Goodwill is an intangible asset that results from the reputation of the business. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. How does ALTA-R differ from ALTA? 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. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? The difference between what Sara owes and what her home is worth is known as what? 1- What is an important thing to remember about listing agreements? 11. 1. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? What should Bill do? 2- Who needs title insurance and why? mejores programas bases de datos. 33- Which statement is true about a loan that has a negative amortization? A. 56- Which is not a true statement about the Agency Disclosure? 5 of 10 The principles of an agency relationship include all of these factors except which one? There is a crack in the basement wall. 4. A. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. A. Lead-based paint was used in the home. When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? Receives special tax considerations. Broker Alice holds an uncashed check until the offer is accepted. A. Greg is violating the duties he owes to his new buyer. A. This mortgage type is popular among the elderly. Most likely, what did they get? 37 of 50 Which of the following economic characteristics is true? A rental property has a return rate of 8%. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. Be a deal maker.