6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? Elaine parks across the street from the home and Mike is disappointed by what he sees. What would we call Hannah? B. California: Real Estate Practice Ch11 Quiz with no answers. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. B. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. The borrower makes payments of interest only over the term of the loan. B. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 76- Mark believes he has been discriminated against during his home search. 11- What is a public report and when must it be provided? C. Regulating reserves of institutions with savings accounts only. A. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. D. Buyer indemnity and seller protection. Lorem ipsum dolor sit amet, consecteticitur laoreet. 16 juin 2022 why do babies clap their feet. A. Encourage the buyer to get the attorney to review it quickly. PRACTICE QUESTIONS), >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 57- Under federal income tax law, the basis for a personal residence is which of the following: C. Payments will not be enough to retire the loan. The offer with the fewest contingencies 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? What should Tim do next? 1- What is a competitive market analysis? D. Hold both offers because he heard that a full-price offer is on its way. This broker is guilty of what prohibited activity? 7- How can a builder help you generate leads? Explain the method used to write good advertising. B. Which of the following would be considered an intermediate goal? C. Brenda could be liable for a breach of the listing terms. D. Give the sellers the price over the phone so that they can think about it before you meet with them. What is the market value of the property? 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 9 of 10 All of these might be a buying signal except which? California: Real Estate Practice Ch9 Quiz with no answers. What property type will he be dealing with? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Which statement is true? C. A broker is not responsible for the acts of independent contractors. C. The fair market value at the time of sale 84- Four years ago, Sam purchased a vacant lot for $10,000. The loan will be distributed to them gradually. 5- What does the safety clause in the listing agreement do? They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? C. The buyers and sellers agents will sign the escrow instructions. A. Brenda must follow all of Jims instructions. D. Erics broker should appoint Eric as the designated agent in this transaction. 4- Why is it important to talk to the sellers about the buyers? D. Kirks offer to Larry is legally cancelled. 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? 105- Agent Alice has received an offer that she believes is not in the sellers best interest. Which is a true statement? C. An assistant can keep track of the progress of activities during escrow. B. \text { Annual warranty cost } & 1,546,000 \\ 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? 11- What are the penalties for violating Regulation Z? 7- Agent Jim needs to do a visual inspection of his listing. 2 of 10 Which of these statements is true? What should Bob do? 3 of 10 Jake has received two offers on one of his listings. A. She can do all of the following except which? Her asking price was $560,000 and the property sold for $575,000. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. 3- What signals do buyers use to indicate they may be willing to make a purchase? What will they have to pay at closing for the points? 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? How would Grants lease at this time be classified? It never was effective since Sam had not notified Mary of the acceptance. What kind of mortgage might they get? Which of these expenses is not associated with owning a home? What kind of closing technique is Jim using? B. Rule 21 California: Real Estate Practice Ch8 Quiz with no answers. C. Refuse to accept the offer and check. C. I will get three new listings this month. 62- When agent Hal shows a home he should never: A. 2- Name one advantage and one disadvantage of telephone contacts. B. 5 of 10 How many properties should be included for comparison in a competitive market analysis? Display lots of family photos to impress potential buyers. 5- When must a licensee provide an agency disclosure to a prospective client? 2- What is floor time and why is it important? D. Arrange to meet the prospect at your office. B. A. Not waste anymore time on this house, the buyer will never make an offer. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. C. Once filed, it remains until terminated. B. 1 of 10 Gail is a licensed real estate assistant. 7- How can a builder help you generate leads? 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a 4- Why is coordinating escrow so important and how can an assistant help? Most likely, what did they get? Then present the $208,000 offer. Give $250 to the buyer and $250 to the seller. They made $50,000 of improvements. B. To learn more about the real estate business, D. To make more money than a real estate agent. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 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? 8 of 50 Buyer Kirk submits an offer to seller Larry. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 4- What is the agreement that a broker can enter into with a buyer? 3 of 12 All of the following are primary mortgage market lenders except which? C. Is not necessary if the verbal presentation is strong. The price of a plane ride rises by 10 percent. What would you say about Sallys behavior? Licensee Pat was in transit to the cooperating licensee's office with the offer. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 53- Greg sold an apartment building he owned for 20 years. 69,200 Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. 59- Which of the following is a sellers request that an agent cannot honor? Bill cannot contact the seller. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. 8- What is an important issue for potential buyer clients to understand? A. 6 of 10 Who typically presents an offer to the sellers? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. How long does he have to file a complaint with the Department of Housing and Urban Development? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. California: Real Estate Practice Chapter 17 Quiz with no answers. The check that accompanies the salesperson license application must be for what amount? 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? It became a contingent contract when Sam accepted Mary's offer. Nam lacinia pulvinar tortor nec facilisis. A. D. Make the headline bold and all caps. The borrower makes payments of interest only over the term of the loan. California: Real Estate Practice Chapter 15 Quiz with no answers. Bob receives an offer from a buyer that is 12% below Sam's asking price. B. Housing and Community Development Act. D. Lends good visual support to what the agent is saying. 8 of 10 Which of these is a free form of advertising? Hes very comfortable selling that type of property and knows he can work well with clients in that area. 2. B. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. D. Buyers of FSBO homes are usually the ones who save money. A. Brenda refuses. 4- Why is coordinating escrow so important and how can an assistant help? 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? A. A. A basis of $148,000 and no taxable gain, B. Authors Channel Summit. A rental condominium for a recreational vehicle. 5 of 10 All of the following are valid listing agreements. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? Which of these statements is true about the wraparound mortgage? 7 of 10 Which of the following is a possible benefit of investing in real property? B. FSBO sellers believe they will save money if they sell themselves. What percent of commission the licensees can charge. She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? How can you prepare your sellers for receiving offers? It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? Broker Alice holds an uncashed check until the offer is accepted. The borrowers family in case of his or her death, B. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. Give the prospects a black copy of a purchase agreement to look over. At the time the agent presents an offer. The advertiser is subject to a fine. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 6- What does the security and insurance clause of the listing agreement address? D. Is best left to experienced brokers. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? This mortgage type is popular among the elderly. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. yellowbrick scholarship reviews. 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. 52- Which statement is true about a listing contract? 2- Describe an open listing. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? 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? He made $150,000 of improvements during the three years he lived in it before he sold it. 9- Define a purchase money mortgage. The buyer was responsible for making the discovery, so Pam is therefore liable. A secondary bid for a property that the seller will accept if the first offer fails A counteroffer represents a rejection of an offer. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 33- Which statement is true about a loan that has a negative amortization? A. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? Retired persons are a good source of neighborhood information. Which of the following activities would she not be authorized to perform? 10- What is the right to rescind and what is not covered by this rule? List the details of all parties involved. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. She is probably using all but which of the following tools? 63- Jennys home appraised for $550,000. C. The broker must conduct the escrow personally and not delegate any escrow activities. A. 5 of 10 RESPA applies to all of the following EXCEPT which? D. Their loan payments will gradually increase. What is this called? Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. C. Make up some statistics to share with the Bowers. Is critical to your success in real estate. An apartment building for a vacant lot, B. What does that mean? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. A. The seller must file a bill of sale with the county clerk. Return the earnest money to buyer Norm. D. Reduces the monthly payment for a borrower during the initial years. A. C. Exclusive-authorization-and-right-to-sell. California: Real Estate Practice Ch5 Quiz with no answers. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. C. Discuss alternative properties that may be interest. Which of the following statements is true? 5 of 10 Which of the following would not be a reason to choose to be an assistant? A. I will complete the GRI certification in the next four years. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. A. 1- When is real property reassessed? There are no offers on the property during the 6-month listing period and the listing expires. B. D. The buyers love the landscaping improvements the sellers have made. The purchase price, plus depreciation What kinds of insurance do brokers normally require of their employees? Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. What law creates an automatic lien on a commercial property, subject to the listing agreement? A. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? A. 5- Your listing presentation manual should be made up of two sections that address what issues? C. It must specify a definite termination date. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. 3- When preparing a competitive market analysis, what categories of homes should an agent research? Private mortgage insurance is available for FHA loans. A. I will make two new contacts every day this week. Which would NOT result from the exercise of police power? She sold the property and several months later the buyer sued Pam for not disclosing the problem. 4- Describe a reverse annuity mortgage. A. A. 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? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. 5- What should a good management contract contain? 37 of 50 Which of the following economic characteristics is true? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 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. C. Maintaining the office filing system. A. A. Local ordinance requires a 20-foot rear and front setback. It can provide a steady stream of future clients. C. Neither Sarah nor Ken can get employer-provided health insurance. 1- The amount that a seller takes away from a sale is termed: A) Net sale price B) Seller's proceeds C) Gross sales price D) Profit margin 2- Which of the following best describes prospecting? Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. Checking your browser. If a seller is in a multiple offer situation, how do you determine the best offer? buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . Underline each word that should be capitalized in the following items. buyer randy makes an offer to purchase. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 3 of 10 How long must trust account records be kept? 6 of 10 Which of the following statements is not true? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 2 of 10 When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? 1- What are the five aspects that are involved in any selling approach? 2. This term typically refers to. D. Have the prospects sign the disclosure about agency relationship. 5 of 10 Mike bought his home last year for $150,000. Information on current loan programs. 3- For whom do property tax exemptions exist and for how much? 6 of 11 Which of the following is not true about reverse annuity mortgages? I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 8- Why should agent Grace give her client a Combined Hazards Book? C. Present Alexs offer first since it came in first. B. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? What is the major difference between an employee and an independent contractor? 4 of 11 Which of these is also called a contract for deed? Suggest to the sellers that their listing price is too high. C. The buyers are interested in another property. C. Discover why some homes havent sold. (Who, Whom) has been selected as the team captain? From whom may a salesperson receive compensation for performed activities? 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. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} Here are the steps to follow to make an offer to purchase: Step 1. 7- Name three benefits of listing a home with an agent that you could share with sellers. B. Jim Sharp is purchasing his fathers home. D. Tim and Gail have qualified for an FHA loan. There is nothing that can offset this problem. 1 of 10 All of the following are good approaches for handling objections except which? Launch into your list of the homes special features and hope she changes her mind. Sexta, 26 de novembro de 2021 . 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? A. C. A counteroffer can give the buyers an out if they want one. 3 of 10 All of these items are important to include on your weekly activity report except which? 9 of 10 How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket? 10- Whats the difference between a lease purchase and a lease option? D. A basis of $140,000 and no taxable gain. The other 75% came from an hourly wage paid by Tami. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 6- What is important for the sellers to know about a counteroffer? Needs a license to perform activities that are not strictly administrative in nature. 2- What is important to remember about multiple offers? escrow money must be passed back to the buyer. 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. Does not need to be familiar with office policy. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Donec aliquet. 24 of 50 Tim thinks his buyers are ready to make an offer. 10- Which disclosures are NOT required to be made when selling residential property? Giving information about a listing to prospective buyers. 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? One day later. B. Harry has some buyers that he believes are ready to make an offer. 12. 2- What types of office administration tasks are important for a licensed assistant to perform? Bob Broker represents Mary Buyer. 4- What is a good method for estimating what a seller will net from the sale of the property? B. A. C. Tell them that this home is an exceptional buy and encourage them to look anyway. A. is 0.4. 8- What is the major difference between a CalVet loan and other loans? 8- Why is it important to have a written prospecting plan? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. B. 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? Set up a face-to-face meeting with the sellers as soon as possible. 2 of 10 All of these statements are true except which one? Which statement is TRUE? 4- Whats a bonus closing and whats important to keep in mind about this technique? He succeeds in setting up an appointment to meet with the caller. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Sharon and Steve have just taken a second mortgage on their home. 1 of 10 Which of these statements is not true? Mortgage bankers bring borrowers and lenders together. they are effectively terminating the original offer. 4- What items are not covered by any title insurance policy? 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. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. A. D. Exert pressure on the sellers to include something the other party wants. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 5 of 10 Which of these statements is not true about qualifying buyers? chris kelly rock 92 net worth. D. Meet with the buyers lender to ensure theyre getting a good deal. On what amount will he pay capital gains tax? D. The loan must be repaid before the borrowers death. B. What will they have to pay the lender? This action is legal but very unprofessional. 47 of 50 Which of the following would not qualify as a 1031 exchange? D. Is permissible in amounts under $50. A. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. D. After the agent has had time to make copies at the office. 88- Sally and Dan must pay 2 points on their new $65,000 loan. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. C. Greg has violated the duty of confidentiality to Kim. Ask the buyers to sign a real estate transfer disclosure statement. Who will pay the points? B. 32 of 50 Alice is an employee of Mid-State Realty Services. 4. B. 22- Jane sold her personal home for $148,000. B. Enumerate the homes special features and hope they change their minds. C. If Bill pays off the loan early, there will be no prepayment penalty. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. 4- What is a good method for estimating what a seller will net from the sale of the property? A. What is the body of law that governs negotiable instruments? 4. B. 6- What is the main reason sellers choose to sell their property without an agents help? What should Tim do next? 12- What are grant programs typically used for? If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? Example 1. During this interim period, grant makes monthly rent payments and the owner accepts them. C. Guarantees payment of all interest and principal on mortgage-backed securities. What should Bill do? 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. C. Knocking on doors never requires special permits. B. Ken must obtain his own training. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. A. B. What California Fair Housing law has the manager violated? An open listing is an exclusive contract. 93- Jim has created a nice property flier for the James home. What should you keep in mind when developing your marketing plans? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. C. Jim and Amanda whisper and frown when they see the basement. 4- Whats a bonus closing and whats important to keep in mind about this technique? Enter your offer. A. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). A. What is the key feature of this type of loan? Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). Answer: B- The contract is voidable due to mutual mistake. D. The casement windows have broken seals. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. of a train ride will leave the quantity demanded of train rides unchanged.
What Happened To Alan Curbishley,
Articles B