California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. 8 of 10 When is the first installment of property taxes due? What is the primary criticism that sellers have about their agents? 5 of 10 How many properties should be included for comparison in a competitive market analysis? Amanda loves the home and wants to make an offer. Here are the steps to follow to make an offer to purchase: Step 1. Person must be properly licensed. A. 5 of 10 Which of these statements is not true about qualifying buyers? 11 of 11 Which of the following is a low loan-to-value ratio? 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? Select Review offer. B. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. How should licensee Fred handle this offer? 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. A. To access the website, click "Allow". 9 of 10 When you believe an offer is both fair and reasonable but it does not meet the sellers asking price, you should: A. B. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. 1 of 10 Which of these statements is not true? 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? B. What should Bob do? B. D. Goals must be realistic if you hope to accomplish them. D. Hold both offers because he heard that a full-price offer is on its way. 92- Which of the following situations is not exempt from the seller disclosure requirement? 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? 77- Which of the following Internet pages might not be of particular interest to buyers? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 28- Abby applies for a federally-related loan to purchase a home. A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. Be a deal maker. The price of a plane ride rises by 10 percent. Tell Mike that the sellers will be upset if they cancel the appointment. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. C. Brenda could be liable for a breach of the listing terms. There . Entails entering into two agreements simultaneously. 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? In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? A. They were counting on a full-price offer and are very disappointed. 3. The original loan becomes subordinate to the wraparound. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. California: Real Estate Practice Ch7 Quiz with no answers. Studying population trends in the area. What should Tim do next? B. 2- Explain the difference between the primary and secondary mortgage markets. dota 2 annual revenue 2020. adam foote parents. A secondary bid for a property that the seller will accept if the first offer fails What do many firms do to avoid confusion with their advertising plan? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? What approach can Greg use to discourage the person from calling other agents? 8 of 50 Buyer Kirk submits an offer to seller Larry. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 101- Which type of loan typically carries the most loan points? In the meantime, Bill gets another offer on the property from another buyer at a higher price. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. Which of the following activities would she not be authorized to perform? 10- Whats the difference between a lease purchase and a lease option? What are some important tips for home tours? 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. A Bill of Sale gives title to the business equipment. This form is the first step in any real estate deal. Course Hero is not sponsored or endorsed by any college or university. 6 of 10 Which of these is an emotional reason that buyers buy property? C. Maintaining the office filing system. Tom thereupon submits a full-price offer to the owner and purchases the property. 6- According to California real estate law, how often must a broker balance his or her trust accounts? B. 5. C. The lender gives the borrower a mortgage and funds. 12- What are grant programs typically used for? 1- How much is the loan origination fee and what does it cover? 1- What is an important thing to remember about listing agreements? 2. 16- Dave and Nadine have decided that they want to become property investors. D. This action is deliberate misrepresentation. 2 of 50 Residential property includes all of the following EXCEPT which? 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? During a phone call, a salesperson discusses showing a property to a prospect. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Recommend a counteroffer back to list price. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 4- Agent Greg receives a call about one of his firms ads. buyer randy makes an offer to purchase. D. Call the sellers immediately and let them know you wont be coming by. D. Lends good visual support to what the agent is saying. A. Jake is getting a VA loan with no down payment. 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. What should Elaine do? Answer: D- Return the money to buyer Norm. She can do all of the following except which? 3- What are the three general responsibilities of a property manager? If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. Have you been pre-qualified or pre-approved by a lender yet? B. He paid $100,000 for it, and made $300,000 worth of improvements. 12. C. Analyzing the income potential of the property. Private mortgage insurance is available for FHA loans. 7- What is the difference between an FHA loan and a VA loan? This best describes. 3- What is a good approach to use when contacting the owner of an expired listing? Allows quick repayment of the loan through accelerated payments. C. Find a lender who is willing to do FHA loans. A. D. Similar expired listings that didnt sell. California: Real Estate Practice Ch11 Quiz with no answers. 8 of 10 Which of the following will give you comparative market data the fastest? How much do you have in your savings account? B. D. Supply cannot be moved to a high demand area. 3- When making your presentation, what topics should you cover? buyer randy makes an offer to purchase. California: Real Estate Practice Ch12 Quiz with no answers. 1 of 10 All of the following are good approaches for handling objections except which? Suggest to the sellers that their listing price is too high. California: Real Estate Practice Chapter 13 Quiz with no answers. 42 of 50 Alex makes an offer to purchase one of Bills listings. Which one is illegal in many states? 7- Name three benefits of listing a home with an agent that you could share with sellers. B. B. Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. Example 1. 5- When must a licensee provide an agency disclosure to a prospective client? 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. 5- Your listing presentation manual should be made up of two sections that address what issues? 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 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? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 10 of 10 Which proposition limited the maximum amount of tax on real property? Retain the check for use with a future sales contract offer. C. Insurance agents dealing with customers. B. They will have to make a very high down payment. 44- Jim owns a gift shop in a commercial building. 5 of 10 Which of the following is not a source of information for professional ethics codes? castilian drive, los angeles. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. Go back to the buyer's agent and try to get the offer higher. 5 of 10 Alice has decided that she will specialize in selling farm land. Instead, Bob terminates the relationship with Mary. is 0.4. 3- What signals do buyers use to indicate they may be willing to make a purchase? buyer randy makes an offer to purchase. 30- Being prepared to handle incoming phone calls means all of the following except which? 56- Which is not a true statement about the Agency Disclosure? C. Classified ads placed on the property, D. Number of hits on the company website. A. Each of their payments is for the same amount. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? What do you need to remember about making phone calls to potential clients? D. Tim and Gail have qualified for an FHA loan. Is critical to your success in real estate. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. C. Johns office has a selection of books, CDs and tapes for agent use. Tell the buyer about the other offer and urge the buyer to skip the attorney. 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. 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? 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. The advertiser can be sentenced to up to a year in prison. 44 of 50 Fair Housing laws are designed to: A. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 33- Which statement is true about a loan that has a negative amortization? Plastic dishes last a long time because they are unbreakable. 8- Why is it important to have a written prospecting plan? Which of the following items can Matt not add to the original cost when doing the computation? C. Your plan for finding the buyer a home. What should Bob advise Sam? Skip the activity report for that week. They will owe a balloon payment at the end of the loan term. 2- Who needs title insurance and why? C. I will get three new listings this month. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? Bob writes the offer but is too embarrassed to submit it. He sounds really excited about this property. C. Jim and Amanda whisper and frown when they see the basement. A. C. Exclusive-authorization-and-right-to-sell agreement. Mary makes an offer to purchase a duplex from Sam. They were counting on a full-price offer and are very disappointed. A. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? 6 of 10 Which of the following is not a true statement? 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. \hline \text { Annual inspection costs } & \$ 155,000 \\ There is nothing that can offset this problem. D. Call the sellers immediately and let them know you wont be coming by. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. Deposit the check into his trust fund account on the next business day. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 7- In the initial meetings with the prospects, the agent should do all of the following except which? B. What should Alice do? B. B. A broker may require licensees to carry high levels of automobile insurance. D. She should persuade them to accept the offer. 1- What is goodwill as it relates to a business? Underline each word that should be capitalized in the following items. What will the new owners pay in property taxes? Other than residential list three kinds of property in the real estate market. 6- Whats important to know about the Liquidated Damages paragraph? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 8- What does the Water Heater Statement of Compliance address? C. Real Estate Settlement and Procedures Act. 2- Explain the difference between the primary and secondary mortgage markets. C. The borrower pays a fixed rate of interest. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. 3- How could refinancing be an investment benefit? C. The air conditioner does not work. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? It took effect when Sam accepted Mary's offer. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. A. A. 1 of 10 Broker Alice has hired several independent contractors in her firm. Which is a true statement? B. There are several steps in calculating the answer to this question. 6- What does the security and insurance clause of the listing agreement address? 50- Harry has some buyers that he believes are ready to make an offer. 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Hometown received $2400.00 in referrals. A. What was Sam's appraisal cost for quality last year? D. Magazine ads are significantly more expensive than newspaper ads. 12- What are grant programs typically used for? The adjusted cost basis of the first home was $140,000. In the past year they have referred two dozen people who have purchased flooring from New Age. In this case, multiply the monthly income ($600) by 12. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . Why is it important for licensees to understand the Americans with Disabilities Act? 5 of 10 What would be the least effective way to get to know your buyers needs? 6- What is important for the sellers to know about a counteroffer? 1. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 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. Their first mortgage will get paid off immediately. B. 6- When is a lender required to terminate a borrowers private mortgage insurance? Now, calculate how much you lost: $153,890 - $139,900 = $13,990. He succeeds in setting up an appointment to meet with the caller. A. Sam plans to overnight the acceptance on Monday. Which of these actions might have caused their upset? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. The interest rate will increase gradually over time. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? He made $150,000 of improvements during the three years he lived in it before he sold it. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 54- Jim and Jane are buying a home for $120,000. To learn more about the real estate business, D. To make more money than a real estate agent. The borrowers family in case of his or her death, B. B. 2 of 10 Which lender typically deals in interim financing? 1 of 10 Which of the following actions by an agent would most probably upset the sellers? Set up a face-to-face meeting with the sellers as soon as possible. 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. Ordinary china is very fragile. Next, calculate the points charged; $168,500 x 0.02 = $3,370. Last year, about 25% of his income came from sales commissions. 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. D. Provides the names of individuals who may want to sell inherited property. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. What kind of closing technique is Jim using? 7- How can a builder help you generate leads? B. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. 18- In a transaction that involves the purchase of a business, what document functions in the same way as the deed in a personal real estate transaction?