If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. If a seller changes the terms of the offer to purchase, he has created a counteroffer. Find things in the home a seller needs to repair. 96- Which statement is not true about a listing contract? 2- What exception exists to the duty of obedience when working with a client? 2- What kind of problem can result from a straight loan? Only needs to be done periodically. California: Real Estate Practice Ch5 Quiz with no answers. C. The date the lender receives her application. Present the $200,000 first and recommend rejection. B. 64- Which of the following is not a form of personal advertising? They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. However, she believes the sellers will not be willing to accept the offering price. B. B. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. Does not need to be familiar with office policy. A. Jim specializes in clients who want to buy restaurants. 5 of 10 How many properties should be included for comparison in a competitive market analysis? How should licensee Fred handle this offer? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. B. Enumerate the homes special features and hope they change their minds. One day later. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 1- What is important to know about unlicensed real estate assistants? D. Give the sellers the price over the phone so that they can think about it before you meet with them. Bob should not have presented the offer after the property was under contract to another buyer. 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. Broker John puts $500 into his trust account. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? B. Sandy and Bill are putting 30% down on their home purchase. C. Once filed, it remains until terminated. Which of the following statements is true? B. 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. What should Bob do? Which of the following activities would she not be authorized to perform? Decide which offer is best and present that one. A. A. John offers weekly training seminars. Ask questions of the prospects children. 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? C. Sharing all visitor comments two weeks before the listing ends. Negotiate agreements regarding commission structuring. 4- Describe a reverse annuity mortgage. yellowbrick scholarship reviews. What is this agreement called? D. A basis of $140,000 and no taxable gain. What property type will he be dealing with? D. Their loan payments will gradually increase. C. Prepare additional documentation to take to the presentation. What would be a good approach for Pam to take? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. 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. 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. 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. What law creates an automatic lien on a commercial property, subject to the listing agreement? What do many firms do to avoid confusion with their advertising plan? C. FSBO sellers who list with an agent will pay their own advertising costs. Her broker has asked her to be available for tasks in the field rather than in the office. 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? C. It creates an agency relationship. 4 of 10 Which of the following would be the least desirable phone handling technique? 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. How can you prepare your sellers for receiving offers? 63- Jennys home appraised for $550,000. 1- What is important to know about unlicensed real estate assistants? Sample Final Exam for California Real Estate Practice Questions with no Sets a limit on the commission a broker can earn. What was Sam's appraisal cost for quality last year? 1. B. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. This is not true of which duty? D. The monthly payments increase overtime. What kind of loan do they have? C. Date and attach supporting documents. 3- What is the difference between CLTA and ALTA policies? 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- Why is it important to talk to the sellers about the buyers? Making An Offer To Buy A Business - 6 Key Considerations - Forbes 2. The steps to make an offer to purchase | DuProprio D. Hold both offers because he heard that a full-price offer is on its way. To access the website, click "Allow". What kind of mortgage might they get? 2 of 10 Which lender typically deals in interim financing? If the loan is for $68,000, what will Mark be assessed in points? buyer randy makes an offer to purchase - fridarestaurant.com 12- What are grant programs typically used for? Give as much detailed information about the property as you can. A. 75- All but which of the following is NOT an AIDA feature? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Which law extended discrimination to include handicap and familial status? 32 of 50 Alice is an employee of Mid-State Realty Services. During this interim period, grant makes monthly rent payments and the owner accepts them. However, he is objecting because the roof is 12 years old. Try to get Sam to accept the offer. C. Real Estate Settlement and Procedures Act. 10 of 50 There has been very little interest in the Bowers home this past week. A. fairbanks ice dogs standings . A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. Last year, about 25% of his income came from sales commissions. buyer randy makes an offer to purchase The term of the loan can be shortened. 8- What is an important issue for potential buyer clients to understand? 6 of 12 The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what? 22- Jane sold her personal home for $148,000. California: Real Estate Practice Ch12 Quiz with no answers. B. What kind of mortgage might they get? C. Allow indoor pets to leave their designated area. Display lots of family photos to impress potential buyers. 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. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? 5- If lenders intend to sell mortgages in the secondary market, what must they do? 3 of 10 Sara just bought her first new home. 37 of 50 Which of the following economic characteristics is true? Now, calculate how much you lost: $153,890 - $139,900 = $13,990. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. D. Greg has no fiduciary responsibilities to Kim once the listing expired. The definition of race was expanded to include ancestry. B. 7- Name three benefits of listing a home with an agent that you could share with sellers. 10 of 10 Which of the following is not a possible benefit of investing in real property? Which statement is true ? The 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? 68- Greg and Joyce have an adjustable rate mortgage on their home. 4- What is a good method for estimating what a seller will net from the sale of the property? Offer to Purchase Form - Fill Out and Sign Printable PDF Template | signNow 5- When must a licensee provide an agency disclosure to a prospective client? Give credit to all potential borrowers. 10. 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? Pellentesque dapibus efficitur laoreet. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 1. Each of their payments is for the same amount. A. C. Classified ads placed on the property, D. Number of hits on the company website. This best describes. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 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. D. Their lender can profit from the difference in interest rates. California: Real Estate Practice Ch8 Quiz with no answers. C. It keeps your name in front of potential buyers and sellers. A. What would you say about Alexs actions? B. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. B. 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? C. Use an attractive first-class stamp. 5- What kind of newspaper ad could you place to solicit a listing? 9 of 10 Which of the following statements is not true? "No, you may lose the house." 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 6- What is the main reason sellers choose to sell their property without an agents help? California: Real Estate Practice Chapter 17 Quiz with no answers. Buyer Jim asks if he can visit the property for a second time. Ordinary china is very fragile. The home comes equipped with all furnishings. 7- What is the difference between an FHA loan and a VA loan? In this scenario, which of the following is not true? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. FREE Offer to Purchase Real Estate Form - RealtyPact This action is legal but very unprofessional. Give the prospects a black copy of a purchase agreement to look over. Name and define the two forms of advertising. California: Real Estate Practice Chapter 18 Quiz with no answers. A. I will complete the GRI certification in the next four years. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 74- Which statement is not true about an agency relationship? Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 65- Which of the following items is usually not prorated at closing? It never was effective since Sam had not notified Mary of the acceptance. Bob Broker knows that another offer will be coming in at about the same time. Tom thereupon submits a full-price offer to the owner and purchases the property. A. D. She should persuade them to accept the offer. D. The owner has 45 days to file a change in ownership statement. Certain homeowners may qualify for a $10,000 exemption. C. Deposit into the brokerage business account. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). D. Must start out as a part-time employee. Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 7 of 10 Which disclosure form gives detailed information about the propertys condition? Share that information with the sellers. 56- Which is not a true statement about the Agency Disclosure? Covers more than one piece of property. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. Which of the following is Kirk himself not likely to do during the application process? 2- What is floor time and why is it important? The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. 8 of 12 Fannie Mae does all of the following activities except which? Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet residential transactions financed by federally related mortgage loans. 88- Sally and Dan must pay 2 points on their new $65,000 loan. C. How much time the licensees must spend in the office. buyer randy makes an offer to purchase buyer randy makes an offer to C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? Maximize the return to the property management firm. B. Click the "Allow" button. D. Allows viewing access to strangers. Amanda loves the home and wants to make an offer. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? Skip the activity report for that week. A. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. D. Placing a classified ad in the weekend paper. 5 of 10 California allows a property manager to charge a non-refundable fee for which? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 29- Which of the following is not a good direct mail technique? 7- What does the net operating income of a property represent? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. B. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? Where is it that he likely found out the property was for sale? A broker may require licensees to carry high levels of automobile insurance. C. Johns office has a selection of books, CDs and tapes for agent use. \text { Annual cost of scrap materials } & 286,000 \\ Lorem ipsum dolor sit amet, consecteticitur laoreet. 55- Greg is approved for a Cal-Vet loan. A. Give a discount to families with children. 37- When dealing with the sale of a business, which is not a true statement? 81- Jake has decided to specialize in working with clients who purchase schools. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 6 of 10 Which of the following statements is not true? 5 of 10 Mike bought his home last year for $150,000. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? A. Given the rise in the price of a plane ride, what percentage change in the price What kinds of things should he be looking for? 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. Accept commissions from referral agents. A. Buyer Norm called and rescinded the offer. California: Real Estate Practice Ch11 Quiz with no answers. Give $250 to the buyer and $250 to the seller. D. Will conducted an agent open house last week that was attended by 25 agents. D. Have the prospects sign the disclosure about agency relationship. 3- What is a good approach to use when contacting the owner of an expired listing? 5- What does the safety clause in the listing agreement do? What is important to remember about capturing the readers attention? C. Is subordinate to a first mortgage. 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. 9- What required disclosure is a result of Megans Law? A net listing is illegal in all states. 7- How can a builder help you generate leads? 51- Which statement is true about a homeowners exemption? What do you need to remember about making phone calls to potential clients? 9- What required disclosure is a result of Megans Law? C. The owner has 45 days to pay the new property taxes. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? Use as little white space as possible. D. All adjustable rate mortgages have negative amortization. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . B. 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? I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. A. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. C. The home sits on an earthquake fault zone. At the end of the term, the loan balance will be negative. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? C. The air conditioner does not work. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Jim and Jane financed the remaining $25,000 through the seller. What is the key feature of this type of loan? D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. A. Brenda must follow all of Jims instructions. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? D. Chris is a buyer's agent. Who will pay the points? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. D. Tim and Gail have qualified for an FHA loan. 1 of 10 What kind of lease contains a recapture clause? A. 1- How much is the loan origination fee and what does it cover? B. Its a good idea for brokers to carry workers compensation coverage. A. He says to them, "Would you prefer to take possession on September 1 or October 1?" The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. Go back to the buyer's agent and try to get the offer higher. D. Seeking buyers for others agents listings. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? Which of these actions might have caused their upset? 6 of 50 Broker Tami has a very low advertising budget. 57- Under federal income tax law, the basis for a personal residence is which of the following: 3- Differentiate between mortgage brokers and mortgage bankers. It is determined by who pays the compensation. 3- For whom do property tax exemptions exist and for how much? B. "What would you like to offer?" Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. D. Supply cannot be moved to a high demand area. Retain the check for use with a future sales contract offer. C. When you have 200 names in your contact database. What kinds of things should he be looking for? 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? 4. 5- What is the Closing Disclosure? 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. B. C. Bake muffins or cinnamon rolls to create a homey feel. A. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Terminate the first contract and accept the higher offer. Rule F-1. 10- Which disclosures are NOT required to be made when selling residential property? 100- What does the Real Estate Disclosure Law refer to? 21- Which form of advertising is considered the most cost-effective method for selling a home? B. Before the sale can get finalized, the owner would require you to first meet certain conditions. B. Bill is purchasing a 6-family apartment building.