buyer randy makes an offer to purchase

Bob Broker knows that another offer will be coming in at about the same time. 10. Private mortgage insurance is available for FHA loans. The monthly net rental is $600. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 7- Agent Jim needs to do a visual inspection of his listing. 67- Hannah is a real estate assistant. What should Bob do? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 8- What does the Water Heater Statement of Compliance address? 2- What kind of problem can result from a straight loan? What is the most often used form of earnest money deposit? Virtual tours are a very expensive marketing tool to use. What economic factors affect the real estate market as well as other goods and services? 68- Greg and Joyce have an adjustable rate mortgage on their home. Harry has some buyers that he believes are ready to make an offer. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. 21- Which form of advertising is considered the most cost-effective method for selling a home? 1- What is an important thing to remember about listing agreements? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? Tell Linda that the sellers will be very disappointed if they cancel the appointment. 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. What should Bob do? 31- Patrick has a written independent contractor agreement with his broker Tami. They will owe a balloon payment at the end of the loan term. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. Sharon and Steve have just taken a second mortgage on their home. Alex Jones owns a duplex and lives in one unit. There . 77- Which of the following Internet pages might not be of particular interest to buyers? Retain the check for use with a future sales contract offer. Sending cards and newsletters is a good way to keep in contact with clients and prospects. Rule F-1. In the past year they have referred two dozen people who have purchased flooring from New Age. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? What kind of loan do they have? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. A. 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? 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? Be open-minded. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. He paid $100,000 for it, and made $300,000 worth of improvements. Last year, about 25% of his income came from sales commissions. What kind of listing agreement does Alice have with Jack? Which of the following statements is true? Give an example of a specific short-term goal. 7 of 10 Which of the following is a possible benefit of investing in real property? Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. B. D. The first and second mortgage will be rolled into one. B. 5- How do life insurance companies get involved in the investment market? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? 41 of 50 What was the important ruling in Jones v. Mayer? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? C. The fair market value at the time of sale Select Review offer. Be a deal maker. Buyer Norm just signed a purchase contract with licensee Pat. C. The loan term will extend gradually over time. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. 37 of 50 Which of the following economic characteristics is true? Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. 8- What is the major difference between a CalVet loan and other loans? California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? D. Brenda has not violated any fiduciary duty. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 7 of 10 Which statement is not true about opening escrows? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? Answer: B- Encourage the buyer to get the attorney to review it quickly. Discourage Sam from accepting an offer so far below Sam's asking price. How would Grants lease at this time be classified? What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? buyer randy makes an offer to purchase. How to Write a Purchase Agreement? B. Its easier to prioritize your tasks if your goals are in writing. A. Youll know how much house they can afford. D. Arrange to meet the prospect at your office. C. Moving closer to the agent to get a better look. A. The listing price of a house is $139,900. D. Offer something valuable to the reader. D. Chris is a buyer's agent. There are no offers on the property during the 6-month listing period and the listing expires. 2- Explain the difference between the primary and secondary mortgage markets. 4- Whats a bonus closing and whats important to keep in mind about this technique? 5 of 10 Which of the following would not be a reason to choose to be an assistant? 9 of 50 Which of the following is a credit to the seller on the settlement statement? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). He refuses to rent the other unit to families with children. C. Be sure all requested inspections have been ordered. 57- Under federal income tax law, the basis for a personal residence is which of the following: Which of the following is true, if you are licensed as a referral agent? C. Gather listing forms for her employer. Please remove your shoes before entering the home. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. 5- What should a good management contract contain? What does that mean? 11- What is a public report and when must it be provided? C. How much time the licensees must spend in the office. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 2 of 10 Which of these statements is true? C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. Which area of specialization would she fall into? 6 of 10 Who typically presents an offer to the sellers? 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? Pellentesque dapibus efficitur laoreet. residential transactions financed by federally related mortgage loans. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? 9 of 10 A shopping center would be primarily categorized as what type of property? Which of these expenses is not associated with owning a home? The offer with the fewest contingencies From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). What kind of a mortgage do they have? What should Bill do? 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? B. FSBO sellers believe they will save money if they sell themselves. What kind of closing technique is Harry using? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. Bob receives an offer from a buyer that is 12% below Sam's asking price. Rule E-1 What is Gregs capital gain on the apartment? What property type will be his specialty? A. 1.555.555.555 | frontier airlines crash history. C. Deposit into the brokerage business account. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? What should Bob do? C. An offer or counteroffer can be withdrawn at any time before it has been accepted. C. The Bryants have not received any feedback from any showings in the past month. 65- Which of the following items is usually not prorated at closing? Their interest rate will rise after the first few years. B. 8- Under what conditions may a landlord enter a tenants property? B. 3 of 10 What kind of ad usually combines both institutional and product advertising? 4- What is a good method for estimating what a seller will net from the sale of the property? Return the earnest money to buyer Norm. Certain homeowners may qualify for a $10,000 exemption. C. The date the lender receives her application. D. Make the headline bold and all caps. buyer randy makes an offer to purchasei miss you text art copy and paste. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. A. buyer randy makes an offer to purchase. 32 of 50 Alice is an employee of Mid-State Realty Services. buyer randy makes an offer to purchase. Change the locks on the tenants apartment. $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. A. 4 of 10 All of these are true of prospecting except: A. D. Goals must be realistic if you hope to accomplish them. Answer: A- Proceed as if the buyer has decided to make an offer. Goodwill is an intangible asset that results from the reputation of the business. 3 of 12 All of the following are primary mortgage market lenders except which? A. Which of the these activities does she have control over? C. The air conditioner does not work. B. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 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. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. 2 of 10 A competitive market analysis contains information about all of the following items except which? The sales agent should: Write a counteroffer stipulating the sellers' request. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 6- List the steps of underwriting. The second mortgage has now become the primary loan. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? 3- When preparing a competitive market analysis, what categories of homes should an agent research? 56- Which is not a true statement about the Agency Disclosure? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). Gross income must be based on production. Anasayfa; Hakkmzda. 2- Name one advantage and one disadvantage of telephone contacts. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. California: Real Estate Practice Chapter 18 Quiz with no answers. 10 of 10 A competitive market analysis is an attempt to: A. Her broker has asked her to be available for tasks in the field rather than in the office. 7- In the initial meetings with the prospects, the agent should do all of the following except which? D. Allows viewing access to strangers. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? 5 of 10 California allows a property manager to charge a non-refundable fee for which? B. B. One day later. 3- For whom do property tax exemptions exist and for how much? 6- How does a limited partnership differ from a general partnership? A. B. 51- Which statement is true about a homeowners exemption? What California Fair Housing law has the manager violated? The purchase price, plus depreciation, B. 2 of 50 Residential property includes all of the following EXCEPT which? B. 1 of 10 Gail is a licensed real estate assistant. how to type spanish accents on chromebook keyboard; one way process of communication; 47 brand franchise fitted hats; ncaa softball coaches' salaries 2019; albert pujols home run record; She sold the property and several months later the buyer sued Pam for not disclosing the problem. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. How long must a broker be licensed in order to apply for a temporary broker's license? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? What kind of mortgage might they get? B. B. On what amount will they pay capital gains tax? B. Ken must obtain his own training. 7 of 10 How might probate information help in prospecting? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? A. Make no recommendations and let the sellers decide on their own. Pellentesque dapibus efficitur laoreet. B. A. Greg is violating the duties he owes to his new buyer. D. The advertiser must prove he was grandfathered in as a licensee. 8 of 10 Which of the following circumstances would concern you about working for Broker John? AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. 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. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} A buyer mails an offer to an out-of-town seller. In addition to agent and MLS home tours, what are some other ancillary tools you can use? C. Ask the caller when not if he or she wants to see the property. The ordinance also requires a 10-foot side set back. 37- When dealing with the sale of a business, which is not a true statement? Underline the correct pronoun in parentheses in the following sentence. 3- Differentiate between mortgage brokers and mortgage bankers. What is important to remember about capturing the readers attention? plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. B. A. Mike has changed jobs six times in the past six months. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. 2- What is important to remember about multiple offers? B. 3- How could refinancing be an investment benefit? Has Bob acted properly? B. D. The property is in a state fire responsibility area. Which of the following statements is not true? 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? Why is it important for licensees to understand the Americans with Disabilities Act? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. A. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? If a seller changes the terms of the offer to purchase, he has created a counteroffer. B. I will practice my listing presentations. Supervises the Truth in Lending Act. C. Consider child support payments in the decision. Checking your browser. B. C. Is subordinate to a first mortgage. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. It can provide a steady stream of future clients. yellowbrick scholarship reviews. This is not true of which duty? D. Is best left to experienced brokers. D. Call the sellers immediately and let them know you wont be coming by. The 7 of 50 Glenna and Amanda just bought their first home. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? The fees that Eric charges Paul for making the loan could be any but which of the following amounts? View an objection as the buyers request for more information. 9 of 10 Janet is an unlicensed assistant. California: Real Estate Practice Chapter 15 Quiz with no answers. 4. 2 of 10 Which of these is not an AIDA characteristic? 5. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. A. B. Enumerate the homes special features and hope they change their minds. 1- What is a competitive market analysis? 18 of 50 The listing type that assures a broker that he or she will receive compensation no matter who procures the buyer is what kind of agreement? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. Have you been pre-qualified or pre-approved by a lender yet? Terminate the first contract and accept the higher offer. B. Alice knows everything about the exclusive east side neighborhoods. She should advise them to let the offer expire with no action so the buyers will get nervous. C. It must specify a definite termination date. Give $250 to the buyer and $250 to the seller. A. At time of license renewal, what is the renewal charge for a salespersons license? A. The sellers want the earnest money check made payable to them instead. B. B. 5- Your listing presentation manual should be made up of two sections that address what issues? of a train ride will leave the quantity demanded of train rides unchanged. 3 of 10 How long must trust account records be kept? A. 4 of 10 Which of the following is NOT a condition of the safe harbor test? Which statement is true? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Then present the $208,000 offer. He asks his real estate agent if she could tell him how to go about building a house on the land. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? Maximize the return to the property management firm. castilian drive, los angeles. B. What approach can Greg use to discourage the person from calling other agents? Who will pay the points? 4- Why is it important to talk to the sellers about the buyers? Jim and Jane financed the remaining $25,000 through the seller. This would be the maximum the purchaser would be permitted to borrow. 53- Greg sold an apartment building he owned for 20 years. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 10 of 10 All of the following are true statements about goals except which one? 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. Amanda loves the home and wants to make an offer. What approach can their agent take to change the sellers perception of the offer? B. Greg has put himself in a potential dual agency situation. How are properties affected by the local economy? 2- When establishing rapport, whats one of the best ways to get to know your buyers? B. Not waste anymore time on this house, the buyer will never make an offer. Sam plans to overnight the acceptance on Monday. 2- List the three Institute of Real Estate Management property management designations. 3- What is the difference between CLTA and ALTA policies? whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. \hline 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. Accept commissions from referral agents. How much did Sam gain or lose on the sale? D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. Give housing choices to the widest range of people. The borrowers family in case of his or her death, B. Sam asks Bob what the price is. If checked, the seller can complete repairs after closing. 1- When is real property reassessed? A. The property is in an area that could flood. fairbanks ice dogs standings . They will have to make a very high down payment. 12,800 square feet 46 of 50 Greg grew up in and lives in a rural area. 2- What types of office administration tasks are important for a licensed assistant to perform? C. Classified ads placed on the property, D. Number of hits on the company website. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. B. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 36- Broker Eric secures a loan for buyer Paul. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. The buyers have been pre-qualified by a lender. 8 of 50 Buyer Kirk submits an offer to seller Larry. Which statement is true? What percent of commission the licensees can charge. 4 of 10 Which of these is not an important aspect of selling? 6- When is a lender required to terminate a borrowers private mortgage insurance? 5 of 10 Alice has decided that she will specialize in selling farm land. Which of the following would be the least likely place for them to obtain a loan? 45- Kirk wants to get an FHA loan. Documents showing your affiliations with real estate organizations. California: Real Estate Practice Ch5 Quiz with no answers. 7- What are the capital gains exclusions associated with the sale of a personal residence? A. C. Analyzing the income potential of the property. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. Norm gave Pat a $500 earnest money check. Who makes the payments to a claimant from the Guaranty Fund? 10- Whats the difference between a lease purchase and a lease option? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. C. The broker must conduct the escrow personally and not delegate any escrow activities. an opinion of value for the day of the appraisal only. California: Real Estate Practice Ch8 Quiz with no answers. B. What approach can Greg use to discourage the person from calling other agents? Hes no longer interested in seeing the inside and Marge agrees. A. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? The offer with the highest price that is the most likely to close If the loan is VA guaranteed, no down payment is required. However, he is objecting because the roof is 12 years old. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. 8- What does the Water Heater Statement of Compliance address? You had a 9% loss. C. Do you need the equity from your current home for the new home purchase? What would you say about Alexs actions? What would you say about Sallys behavior? Go back to the buyer's agent and try to get the offer higher. Whoever brings the buyer will get the commission. 7- How can a builder help you generate leads? 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. mejores programas bases de datos. What is the major difference between an employee and an independent contractor? The buyer was responsible for making the discovery, so Pam is therefore liable. 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. Most likely, what did they get? 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? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? What will they have to pay at closing for the points? What is most likely their main motivation for investing? A purchase offer is a binding contract between the buyer, the seller and their agents. 5 of 10 What would be the least effective way to get to know your buyers needs? 7- What does the net operating income of a property represent? What kind of agreement is this? 6 of 10 A buyer calls your office to inquire about a property he saw advertised. A. Negotiate agreements regarding commission structuring. Refusing to make loans based on the racial composition of a neighborhood is called. Seeking buyers for your listings B. During this interim period, grant makes monthly rent payments and the owner accepts them. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? Display lots of family photos to impress potential buyers. 7- Name three benefits of listing a home with an agent that you could share with sellers. What is the market value of the property? 50 of 50 Eric is acting as a disclosed dual agent in a transaction. B. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 6 of 10 Which of the following statements is not true? Hometown received $2400.00 in referrals. 7- What makes up a mortgage? California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 92- Which of the following situations is not exempt from the seller disclosure requirement? Two weeks before the close of seller Jan's property, buyer Sam makes an offer.