3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? C. The seller can do all repairs himself. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 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? 5 of 10 All of these would be effective at capturing a readers attention except which? 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? Broker Ashley has been working for a seller for the past seven months. A. 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? CSP-Conlutas Central Sindical e Popular . C. It must specify a definite termination date. This action is legal but very unprofessional. A. 6- What is the ultimate result of using the Closing Disclosure form? Deposit the check into his trust fund account on the next business day. Private mortgage insurance is available for FHA loans. A. 8- What is the major difference between a CalVet loan and other loans? D. Preparing flyers and promotional materials for the brokers approval. B. Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. C. The fair market value at the time of sale 10. California: Real Estate Practice Ch7 Quiz with no answers. 1- What is a competitive market analysis? 7- Name three benefits of listing a home with an agent that you could share with sellers. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 101- Which type of loan typically carries the most loan points? D. Must start out as a part-time employee. 1 of 10 Broker Alice has hired several independent contractors in her firm. A. B. This is not true of which duty? To access the website, click "Allow". 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? It can be considered an employment contract. Which of the these activities does she have control over? 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. California: Real Estate Practice Ch10 Quiz with no answers. 4. Referral fee to a homeowners insurance agent. Recommend a counteroffer back to list price. A. Answer: B- Encourage the buyer to get the attorney to review it quickly. A Bill of Sale gives title to the business equipment. A secondary bid for a property that the seller will accept if the first offer fails The borrower gives the lender a note and a mortgage in exchange for the funds. D. The property is in a state fire responsibility area. Randy and his real estate agent, Bob, enter into a listing agreement whereby Bob may list Randy's property but Randy may also try to find a buyer Bob finds Clarice, a buyer who has enough cash to purchase the property and would like to purchase the property today. A. A broker cannot use the word escrow in a fictitious name. B. Sample Final Exam for California Real Estate Practice Questions with no Their interest rate will rise after the first few years. 4- Describe a reverse annuity mortgage. 6- What does the security and insurance clause of the listing agreement address? 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. However, he is objecting because the roof is 12 years old. An open listing is an exclusive contract. 54- Jim and Jane are buying a home for $120,000. Suggest to the sellers that their listing price is too high. Course Hero is not sponsored or endorsed by any college or university. What should agent Phil do? 6- What is the main reason sellers choose to sell their property without an agents help? 6 of 10 Which of the following is not a true statement? C. Greg has violated the duty of confidentiality to Kim. What kind of closing technique is Harry using? 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? D. Have the prospects sign the disclosure about agency relationship. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 5- When must a licensee provide an agency disclosure to a prospective client? C. It keeps your name in front of potential buyers and sellers. C. Prepare additional documentation to take to the presentation. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. Mary learns that Sam is selling only half of the duplex. C. If Bill pays off the loan early, there will be no prepayment penalty. 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? 6. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. B. Greg has put himself in a potential dual agency situation. C. Identifies buyers for other properties. C. Is not necessary if the verbal presentation is strong. 65- Which of the following items is usually not prorated at closing? Click the "Allow" button. 8- Why is it important to have a written prospecting plan? B. A. The listing price of a house is $139,900. B. Ken must obtain his own training. D. A shopping center might have to remodel their public restrooms. 11- What is a public report and when must it be provided? is 0.4. The loan will be distributed to them gradually. 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. 2- What exception exists to the duty of obedience when working with a client? "No, you may lose the house." 53- Greg sold an apartment building he owned for 20 years. California: Real Estate Practice Chapter 15 Quiz with no answers. Encourage Sam to make a counteroffer at 2% below Sam's asking price. She should advise them to let the offer expire with no action so the buyers will get nervous. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. Authors Channel Summit. 3 of 10 What kind of ad usually combines both institutional and product advertising? The interest rate will increase gradually over time. buyer randy makes an offer to purchase A net listing is illegal in all states. 5- Your listing presentation manual should be made up of two sections that address what issues? Encourage the buyer to get the attorney to review it quickly. 3 of 12 All of the following are primary mortgage market lenders except which? 73- Which of these is not a buying signal? B. Jim Sharp is purchasing his fathers home. 51- Which statement is true about a homeowners exemption? What should Tom do? C. Use an attractive first-class stamp. 86- Which of the following is not considered a benefit of investing in real estate? D. Hold it with the buyers permission until the contract is accepted. What should Pat do with the earnest money deposit? 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? Allows quick repayment of the loan through accelerated payments. Which of these statements is true about the wraparound mortgage? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? In fact, the meter's location is dictated by the town building codes; what could happen to Rob? Tell the buyer to submit the offer first and then take a copy to the attorney to review. 41 of 50 What was the important ruling in Jones v. Mayer? A. Forwarding calls from the public to one of the salespersons in the office. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. C. An assistant can keep track of the progress of activities during escrow. 3. 2. 8- Why should agent Grace give her client a Combined Hazards Book? Explain. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? Senior housing for residents 62 or older, B. Could be a violation of state licensing laws. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. 38 of 50 What is the primary role of Fannie Mae? Which of the following is Kirk himself not likely to do during the application process? Return the earnest money to buyer Norm. 3 of 10 How long must trust account records be kept? They called Wills office and told the secretary they are upset and need to speak with Will. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. D. Allows a broker to have as a commission anything above the minimum the seller sets. 6 of 10 Which of the following statements is not true? Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. This is not true of which duty? A. Minimize expenses while maximizing profits for the owner. 4 of 10 All of these are true of prospecting except: 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. buyer randy makes an offer to purchase - fabricadecosas.com Explain the method used to write good advertising. Ask questions of the prospects children. How to make a Best Offer. What approach can Greg use to discourage the person from calling other agents? What will the new owners pay in property taxes? I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 45- Kirk wants to get an FHA loan. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. California: Real Estate Practice Ch12 Quiz with no answers. 4- What is a good method for estimating what a seller will net from the sale of the property? C. Have keys made for company listings. 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? AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. 14 of 50 The title report on a property shows there is a lien on the property. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 1- What is goodwill as it relates to a business? Retain the check for use with a future sales contract offer. B. buyer randy makes an offer to purchase 2 of 10 A competitive market analysis contains information about all of the following items except which? B. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? C. Participation in the MLS increases a licensees inventory. 1- What is an important thing to remember about listing agreements? C. Payments will not be enough to retire the loan. What percent of commission the licensees can charge. D. Tim and Gail have qualified for an FHA loan. How would you classify this essay (high or low comedy)? What should Bob do? FREE Offer to Purchase Real Estate Form - RealtyPact "What would you like to offer?" How should licensee Fred handle this offer? C. Discuss alternative properties that may be interest. A. Allows the agent to determine community market trends. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. D. I will complete a property management seminar within the next year. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. C. Is subordinate to a first mortgage. Point out that the roof is not leaking despite its age. 4- Describe how a property manager can receive his or her fees. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. 5- What does the safety clause in the listing agreement do? They agree on a price and both parties execute the contract. 1- What are the five aspects that are involved in any selling approach? Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. 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? C. It creates an agency relationship. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. What is the major difference between an employee and an independent contractor? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. D. Kirks offer to Larry is legally cancelled. Rule F-21 7- What is the difference between an FHA loan and a VA loan? 4. 16 juin 2022 why do babies clap their feet. A. Youll know how much house they can afford. The home is listed at $210,000. \text { Annual cost of scrap materials } & 286,000 \\ 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? If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. Next, calculate the points charged; $168,500 x 0.02 = $3,370. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. 7 of 10 Which of these forms is not filled out by the seller? B. buyer randy makes an offer to purchase. 4- Amanda calls broker Tim to schedule a showing of one of his listings.