Gross income must be based on production. 4- What is a good method for estimating what a seller will net from the sale of the property? C. Giving buyers your opinion of what works best for them. 36- Broker Eric secures a loan for buyer Paul. C. Tell the sellers you expect an offer to be coming soon. Each of their payments is for the same amount. Donec aliquet. 101- Which type of loan typically carries the most loan points? Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. B. I will practice my listing presentations. 4 of 10 Which of the following is NOT a condition of the safe harbor test? Who would be exempt under New Jersey fair housing law? California: Real Estate Practice Ch10 Quiz with no answers. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. What property type will be his specialty? B. C. Guarantees payment of all interest and principal on mortgage-backed securities. B. 6- What is important for the sellers to know about a counteroffer? 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. Which of these actions might have caused their upset? 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. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. B. Pleases the sellers by inv=creasing activity. The home is listed at $210,000. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 1- What is important to know about unlicensed real estate assistants? 8 of 10 Which of the following is a good direct mail technique? He refuses to rent the other unit to families with children. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. This broker is guilty of what prohibited activity? Documents showing your affiliations with real estate organizations. 10- Which disclosures are NOT required to be made when selling residential property? 8- What is an important issue for potential buyer clients to understand? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? D. Erics broker should appoint Eric as the designated agent in this transaction. Then present the $208,000 offer. B. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. What should Elaine do? What is the status of the contract between Sam and Mary? D. Whether or not the licensees attend staff meetings. 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. A purchase offer is a binding contract between the buyer, the seller and their agents. From whom may a salesperson receive compensation for performed activities? A. A. What kind of mortgage are they looking for? He succeeds in setting up an appointment to meet with the caller. Encourage Sam to make a counteroffer at 2% below Sam's asking price. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Answer: B- Encourage the buyer to get the attorney to review it quickly. B. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. buyer randy makes an offer to purchase. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. Why or why not? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 4- Describe a reverse annuity mortgage. What should Bob do? Gross income must be based on production. You bought if for the listing price plus 10% and sold it for the listing price. A. Decide which offer is best and present that one. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 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. 2- What is floor time and why is it important? 8 of 10 Which of the following circumstances would concern you about working for Broker John? C. Sharing all visitor comments two weeks before the listing ends. 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 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? The offer with the highest price 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? B. B. California: Real Estate Practice Chapter 18 Quiz with no answers. D. Interest rates are typically fixed rate. Ask questions of the prospects children. The listing price of a house is $139,900. C. The broker must conduct the escrow personally and not delegate any escrow activities. Housing and Community Development Act. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. Recommend a counteroffer back to list price. To access the website, click "Allow". 6 of 10 Which of these is an emotional reason that buyers buy property? 5- When must a licensee provide an agency disclosure to a prospective client? What should Pat do with the earnest money deposit? Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. A buyer wants to take the offer to an attorney to review it. A. Installation of central air conditioning, D. Addition of a tenant laundry facility. D. The property is in a state fire responsibility area. Make no recommendations and let the sellers decide on their own. Supervises the Truth in Lending Act. 6 of 50 Broker Tami has a very low advertising budget. Other than residential list three kinds of property in the real estate market. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? A. Randy and his real estate agent, Bob, enter into a listing agreement whereby Bob may list Randy's property but Randy may also try to find a buyer Bob finds Clarice, a buyer who has enough cash to purchase the property and would like to purchase the property today. C. Payments will not be enough to retire the loan. What kind of a mortgage do they have? 6 of 10 Who typically presents an offer to the sellers? B. The term of the loan can be shortened. What should Tom do? Deposit the check into his trust fund account on the next business day. D. Similar expired listings that didnt sell. 56- Which is not a true statement about the Agency Disclosure? Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 9. How would Grants lease at this time be classified? Click the "Allow" button. California: Real Estate Practice Sample of Final Course Exam. 11 of 11 Which of the following is a low loan-to-value ratio? B. Her asking price was $560,000 and the property sold for $575,000. C. The loan term will extend gradually over time. D. Gross income must be based on hours worked. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? A broker may advertise that he or she is an escrow agent. A. What would you say about Alexs actions? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 9- Define a purchase money mortgage. B. You can use a reverse telephone directory to get the names of residents. A. Wills weekly report indicates two showings and five inquiries for the week. A. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. $5,500 the first year, plus a maximum 2% increase in market value per year, B. B. The owner has 30 days to notify the county assessor. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. Better yet, try to avoid deal breakers. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 7 of 50 Glenna and Amanda just bought their first home. Could be a violation of state licensing laws. D. Do not show the home between 10 a.m. and noon on Sundays. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? What should Tom do? How long does he have to file a complaint with the Department of Housing and Urban Development? 5. 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? His depreciation was $2,500 per year. D. Placing a classified ad in the weekend paper. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? C. The air conditioner does not work. Negotiate agreements regarding commission structuring. \hline 4 of 11 Which of these is also called a contract for deed? California: Real Estate Practice Chapter 15 Quiz with no answers. 8- Why should agent Grace give her client a Combined Hazards Book? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? Encourage the buyer to get the attorney to review it quickly. The salesperson entered into a buyer-broker contract with her brother. 2 of 10 Which of these is not a good technique to get the name of a caller who is reluctant to give you that information? D. Their loan payments will gradually increase. Mary makes an offer to purchase a duplex from Sam. C. Present Alexs offer first since it came in first. Goodwill is an intangible asset that results from the reputation of the business. C. Once you set a goal you should never change it. 69,200 The sales agent should: Write a counteroffer stipulating the sellers' request At time of license renewal, what is the renewal charge for a salespersons license? 11. D. Reduces the monthly payment for a borrower during the initial years. 6. 9- What is the basic purpose of Truth in Lending Regulation Z? Loan terms are from 15 to 25 years. 7 of 10 Which of the following is not a national real estate trade organization? 10 of 10 Which of these is not an exemption to fair housing law? C. Analyzing the income potential of the property. Tell the buyer to submit the offer first and then take a copy to the attorney to review. B. California: Real Estate Practice Ch12 Quiz with no answers. Last year, about 25% of his income came from sales commissions. It can provide a steady stream of future clients. 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. Broker Ashley has been working for a seller for the past seven months. D. Property evaluations from other agents have valuable information for sellers. C. Is permissible if being accepted on behalf of a third party. California: Real Estate Practice Chapter 17 Quiz with no answers. This action is legal but very unprofessional. 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. 2- What types of office administration tasks are important for a licensed assistant to perform? 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? \text { Annual cost of scrap materials } & 286,000 \\ 4- Amanda calls broker Tim to schedule a showing of one of his listings. 4- Why is it important to talk to the sellers about the buyers? If the loan is for $68,000, what will Mark be assessed in points? buyer randy makes an offer to purchase. Rule 21 D. Have the broker send a thank you for listing letter to the sellers. A. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 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. Name four traditional marketing tools that you should use with every listing you get. C. Regulating reserves of institutions with savings accounts only. D. After the agent has had time to make copies at the office. 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. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. C. The buyers are interested in another property. B. B. What is the major difference between an employee and an independent contractor? Answer: A- No, Bob Should have submitted the offer. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 2. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. A. How much did Sam gain or lose on the sale? Amanda loves the home and wants to make an offer. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. Housing and Community Development Act. How should licensee Fred handle this offer? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. Sexta, 26 de novembro de 2021 . "What would you like to offer?" B. Give as much detailed information about the property as you can. Give the deposit money to the seller. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. D. The interest payment is always smaller then the amount allocated to the principal. 47 of 50 Which of the following would not qualify as a 1031 exchange? Bill is purchasing a 6-family apartment building. Buyer Norm called and rescinded the offer. 1- When is real property reassessed? 80- Which of the following is an example of commingling? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Information on current loan programs. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase D. Avoid negative comments while hes inside the home. 2. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. 1- What are the five aspects that are involved in any selling approach? C. Real Estate Settlement and Procedures Act. Covers more than one piece of property. B. The If an item is already correct, write C on the line provided. 75- All but which of the following is NOT an AIDA feature? Jim has decided to specialize in what area of real estate? Preparation of an appraisal of the property, D. Help with required forms and disclosures. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. There . The difference between what Sara owes and what her home is worth is known as what? How to Write a Purchase Agreement? A. Generates leads for new listings. A. 7- What is the difference between an FHA loan and a VA loan? B. Properties are very liquid and can move quickly. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? B. Checking your browser. The definition of race was expanded to include ancestry. 4- Whats a bonus closing and whats important to keep in mind about this technique? 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? 4- What is a good method for estimating what a seller will net from the sale of the property? 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. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 42 of 50 Alex makes an offer to purchase one of Bills listings. sam neill laura tingle split 10- Which disclosures are NOT required to be made when selling residential property? B. A. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. C. Find a lender who is willing to do FHA loans. rickey smiley and grandson videos D. A shopping center might have to remodel their public restrooms. Rate of return is computed by dividing the annual net income by the rate of return. (Who, Whom) has been selected as the team captain? A. Jim specializes in clients who want to buy restaurants. 1. The interest rate will increase gradually over time. How does ALTA-R differ from ALTA? A. an opinion of value for the day of the appraisal only. Find solutions. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? C. Exclusive-authorization-and-right-to-sell agreement. Private mortgage insurance is available for FHA loans. D. Their lender can profit from the difference in interest rates. B. C. Tell them that this home is an exceptional buy and encourage them to look anyway. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. They were counting on a full-price offer and are very disappointed. D. The UCC is a body of law that standardizes a number of business practices. D. Hold both offers because he heard that a full-price offer is on its way. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 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? C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. A. B. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. Retired persons are a good source of neighborhood information. 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. The other 75% came from an hourly wage paid by Tami. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. D. Meet with an inspector at a listing. In this case, multiply the monthly income ($600) by 12. B. Its easier to prioritize your tasks if your goals are in writing. Enter your offer. B. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? A. : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. 5 of 10 Mike bought his home last year for $150,000. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 4. What do many firms do to avoid confusion with their advertising plan? C. Accept commissions from referral agents. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . 16- Dave and Nadine have decided that they want to become property investors. A. What kind of closing technique is Jim using? The monthly net rental is $600. D. Supply cannot be moved to a high demand area. 93- Jim has created a nice property flier for the James home. C. Deposit into the brokerage business account. Change the locks on the tenants apartment. What should Bob do? Step 2. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 6- What is important for the sellers to know about a counteroffer? The date Abby receives the good faith estimate. The borrower makes payments of interest only over the term of the loan. In addition to agent and MLS home tours, what are some other ancillary tools you can use? How would you classify this essay (high or low comedy)? 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? 4- What are the major areas of newspaper leads? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Suggest to the sellers that their listing price is too high. You can make a Best Offer on listings that have a Make Offer button. D. Offer something valuable to the reader. 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? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. What is the primary criticism that sellers have about their agents? 78- Nancy bought her home last year for $425,000. chris kelly rock 92 net worth. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 2 of 12 Which of the following statements is not true about the Federal Reserve? D. Have the prospects sign the disclosure about agency relationship. B. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? A. What approach can Greg use to discourage the person from calling other agents? A. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? 6- Whats important to know about the Liquidated Damages paragraph? C. A broker is not responsible for the acts of independent contractors. 6- When is a lender required to terminate a borrowers private mortgage insurance? C. I will get three new listings this month. Tell Linda that the sellers will be very disappointed if they cancel the appointment. He has put up $50,000 in preferred stock as earnest money. 76- Mark believes he has been discriminated against during his home search. \text { Annual warranty cost } & 1,546,000 \\ A. A rental condominium for a recreational vehicle. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. 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? Answer: A- Proceed as if the buyer has decided to make an offer. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. How long must a broker be licensed in order to apply for a temporary broker's license? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. 1- What is escrow? If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. 1- How much is the loan origination fee and what does it cover? 8 of 10 Which of these marketing tools is not considered a traditional tool? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Course Hero is not sponsored or endorsed by any college or university. Only needs to be done periodically. B. 6- When is a lender required to terminate a borrowers private mortgage insurance? 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? If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? Entails entering into two agreements simultaneously. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. B. 5- If lenders intend to sell mortgages in the secondary market, what must they do? 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? B. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. What California Fair Housing law has the manager violated? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? B. Alice knows everything about the exclusive east side neighborhoods. A. Find things in the home a seller needs to repair. Rule F-21 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? What kind of listing agreement does Alice have with Jack? It became a contingent contract when Sam accepted Mary's offer. Which statement is true ? What is most likely their main motivation for investing? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. This would be the maximum the purchaser would be permitted to borrow. 51- Which statement is true about a homeowners exemption? C. Shows property addresses that should be excluded from prospecting. B. Brenda refuses. A. 5- What does the safety clause in the listing agreement do? The loan will be distributed to them gradually. 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? D. Tell the sellers its time to reevaluate the price. 5 of 10 All of these would be effective at capturing a readers attention except which? 30- Being prepared to handle incoming phone calls means all of the following except which? 2 of 10 Which is not a true statement about the Americans with Disabilities Act? 3- What is the difference between CLTA and ALTA policies? California: Real Estate Practice Chapter 13 Quiz with no answers. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. Which law extended discrimination to include handicap and familial status? buyer randy makes an offer to purchase The Reality of Purchase Offers . 96- Which statement is not true about a listing contract? A. Regulates reserve requirements for all institutions that offer checking accounts. They called Wills office and told the secretary they are upset and need to speak with Will. 1- What is goodwill as it relates to a business?
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