How would Grants lease at this time be classified? 9- Define a purchase money mortgage. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 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? Step 2. 5 of 10 RESPA applies to all of the following EXCEPT which? D. Preparing flyers and promotional materials for the brokers approval. A. D. Administers special assistance programs. 7- How can a builder help you generate leads? 100- What does the Real Estate Disclosure Law refer to? D. Hold it with the buyers permission until the contract is accepted. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 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? 45- Kirk wants to get an FHA loan. 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? 2- Describe an open listing. What should Tom do? D. Kirks offer to Larry is legally cancelled. A basis of $148,000 and no taxable gain, B. What kind of closing technique is Harry using? B. What should Tom do? C. How much time the licensees must spend in the office. 10 of 10 Which of the following is not a possible benefit of investing in real property? 46- A life insurance company would most likely invest in all but which of the following properties? D. Allows viewing access to strangers. Answer: A- Proceed as if the buyer has decided to make an offer. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? 57- Under federal income tax law, the basis for a personal residence is which of the following: 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. A. A. Offer to mail the caller a set of fliers on interesting properties. He says to them, "Would you prefer to take possession on September 1 or October 1?" 9 of 10 All of these might be a buying signal except which? B. A. 32 of 50 Alice is an employee of Mid-State Realty Services. The term of the loan can be shortened. 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. 7 of 10 Which disclosure form gives detailed information about the propertys condition? 5- When must a licensee provide an agency disclosure to a prospective client? The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. 2- What exception exists to the duty of obedience when working with a client? 19- Which of the following is not an advantage of hosting an open house? 65- Which of the following items is usually not prorated at closing? B. Greg has put himself in a potential dual agency situation. D. Provides the names of individuals who may want to sell inherited property. A. C. Real Estate Settlement and Procedures Act. Course Hero is not sponsored or endorsed by any college or university. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? 8- Why is it important to have a written prospecting plan? 2- Name one advantage and one disadvantage of telephone contacts. Refusing to make loans based on the racial composition of a neighborhood is called. Anasayfa; Hakkmzda. 16 juin 2022 why do babies clap their feet. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 2- What types of office administration tasks are important for a licensed assistant to perform? What is the market value of the property? The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. This form is the first step in any real estate deal. C. Make up some statistics to share with the Bowers. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. 8- What is an important issue for potential buyer clients to understand? The couple now has. D. Whether or not the licensees attend staff meetings. 53- Greg sold an apartment building he owned for 20 years. She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. A. (Who, Whom) has been selected as the team captain? B. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 10 of 10 Which of these Internet pages might be of particular interest to sellers? Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. Why is it important for licensees to understand the Americans with Disabilities Act? A. B. Secure documents that are public information from the courthouse and other sources available to the public. The other 75% came from an hourly wage paid by Tami. 5- What kind of newspaper ad could you place to solicit a listing? 8 of 10 Which statement is true about a real estate assistant? 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? Please remove your shoes before entering the home. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Answer: D- Avoid telling him the price by setting up an immediate appointment. At the time the agent presents an offer. Sharon and Steve have just taken a second mortgage on their home. Who would be exempt under New Jersey fair housing law? A. Forwarding calls from the public to one of the salespersons in the office. This action is legal but very unprofessional. C. Greg has violated the duty of confidentiality to Kim. How are properties affected by the local economy? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. Discourage Sam from accepting an offer so far below Sam's asking price. A. Rule 21 The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. C. The air conditioner does not work. 10 of 10 Which of these is not an exemption to fair housing law? C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. 4- Whats a bonus closing and whats important to keep in mind about this technique? The advertiser is subject to a fine. To learn more about the real estate business, D. To make more money than a real estate agent. She put 20% down and got a mortgage for the remainder. C. Bake muffins or cinnamon rolls to create a homey feel. C. Can perform some real estate activities without a license. A broker may require licensees to carry high levels of automobile insurance. D. I will distribute 200 business cards every month for the next six months. Sam asks Bob what the price is. 12,800 square feet 1- What is a competitive market analysis? B. D. The advertiser must prove he was grandfathered in as a licensee. You bought if for the listing price plus 10% and sold it for the listing price. Buyer Jim asks if he can visit the property for a second time. 6 of 10 Which of these is an emotional reason that buyers buy property? C. Clearly written contractor agreement must exist. B. Ken must obtain his own training. Buyer Norm just signed a purchase contract with licensee Pat. A. The lender makes payments to the borrower. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. California: Real Estate Practice Chapter 18 Quiz with no answers. 5 of 10 Which of these statements is not true about qualifying buyers? D. Is best left to experienced brokers. C. Discuss alternative properties that may be interest. What should a licensees written employment agreement contain? Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. 4 of 10 Which of the following is NOT a condition of the safe harbor test? Which statement is true? 4. Negotiate agreements regarding commission structuring. The offer with the highest price that is the most likely to close The adjusted cost basis of the first home was $140,000. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? B. C. Identifies buyers for other properties. Other than residential list three kinds of property in the real estate market. by | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 Answer: B- The contract is voidable due to mutual mistake. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 3 of 10 Which of the following would be an example of a licensee specializing in business type? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 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; What are members of NAR required to do? Which law extended discrimination to include handicap and familial status? You can make a Best Offer on listings that have a Make Offer button. Where is it that he likely found out the property was for sale? 9- What required disclosure is a result of Megans Law? 92- Which of the following situations is not exempt from the seller disclosure requirement? 4 of 10 All of these are true of prospecting except: A. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? D. Make the headline bold and all caps. He has put up $50,000 in preferred stock as earnest money. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? What is important to remember about capturing the readers attention? 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? Is critical to your success in real estate. 8 of 10 What does the paragraph on repairs state? 10- Whats the difference between a lease purchase and a lease option? The buyers have been pre-qualified by a lender. In addition to agent and MLS home tours, what are some other ancillary tools you can use? Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. Suggest that the buyer look at a different house. Point out that the roof is not leaking despite its age. D. Exert pressure on the sellers to include something the other party wants. C. Allow indoor pets to leave their designated area. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Go back to the buyer's agent and try to get the offer higher. Facebook Instagram. 2 of 50 Residential property includes all of the following EXCEPT which? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 3. 1 of 10 What kind of lease contains a recapture clause? They were counting on a full-price offer and are very disappointed. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. 63- Jennys home appraised for $550,000. Checking your browser. 2- What types of office administration tasks are important for a licensed assistant to perform? 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? Prices of properties currently on the market, C. Properties that were listed but did not sell. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 8 of 12 Fannie Mae does all of the following activities except which? What should Tom do? 52- Which statement is true about a listing contract? California: Real Estate Practice Ch3 Quiz with no answers. Be open-minded. B. B. C. Be sure all requested inspections have been ordered. B. Lorem ipsum dolor sit amet, consecteticitur laoreet. C. Participation in the MLS increases a licensees inventory. 7- What are the capital gains exclusions associated with the sale of a personal residence? Preparation of an appraisal of the property, D. Help with required forms and disclosures. escrow money must be passed back to the buyer. A. For purposes of federal income tax, which statement is true? Which statement is true? What kinds of insurance do brokers normally require of their employees? 4- Describe a reverse annuity mortgage. An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. 4. An assistant should never be left with the task of taking photos of a new listing. 3- Differentiate between mortgage brokers and mortgage bankers. munich latitude compared to us; pro sun tan. 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. A. 5- What actions can the sellers take regarding the purchase offer? If you like, you can add a message to the seller. 77- Which of the following Internet pages might not be of particular interest to buyers? What is the major difference between an employee and an independent contractor? C. Consider child support payments in the decision. 1 of 10 Gail is a licensed real estate assistant. 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. D. All adjustable rate mortgages have negative amortization. D. Allows a broker to have as a commission anything above the minimum the seller sets. B. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? What would you say about Alexs actions? The listing price of a house is $139,900. 13 of 50 What is the most common reason that owners try to sell their homes themselves? 59- Which of the following is a sellers request that an agent cannot honor? 9. D. Have the broker send a thank you for listing letter to the sellers. 8 of 50 Buyer Kirk submits an offer to seller Larry. Elaine parks across the street from the home and Mike is disappointed by what he sees. Attend weekly staff meetings at the office. Seeking buyers for your listings B. A. What should Bill do? What economic factors affect the real estate market as well as other goods and services? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? 3- What signals do buyers use to indicate they may be willing to make a purchase? B. D. Understanding characteristics of the rental market. sam neill laura tingle split 4- Why is coordinating escrow so important and how can an assistant help? They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. 8- What is the major difference between a CalVet loan and other loans? 8- Why should agent Grace give her client a Combined Hazards Book? Person must be properly licensed. 28- Abby applies for a federally-related loan to purchase a home. Ask the caller if he or she would like to receive e-mails on newly listed properties. 3- What are the three general responsibilities of a property manager? D. A shopping center might have to remodel their public restrooms. California: Real Estate Practice Ch11 Quiz with no answers. You had a 9% loss. 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. A. Course Hero is not sponsored or endorsed by any college or university. 4. 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. Their lender can profit from the difference in interest rates. What would you say about Sallys behavior? D. All repairs must be in compliance with existing building codes. B. 12. Lorem ipsum dolor sit amet, consectetur adipiscing elit. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? I think theyre asking a fair price., C. What do you think would be a fair price?, D. The comps say that this price is right on target.. What would be a good approach for Pam to take? Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. It was terminated when Mary delivered the recission to Sam. C. Broker Harry deposits $1000 into his brokerage business account. He paid $100,000 for it, and made $300,000 worth of improvements. Plastic dishes last a long time because they are unbreakable. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. C. Salespersons must perform all of their activities on behalf of their employing broker. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? This is not true of which duty? 103- Kirk and Sandy obtained a wraparound mortgage. A buyer wants to take the offer to an attorney to review it. B. Which is true? 6 of 50 Broker Tami has a very low advertising budget. 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. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. The borrower makes payments of interest only over the term of the loan. There are no offers on the property during the 6-month listing period and the listing expires. The buyers family is pressuring them to purchase this home. A. B. Answer: D- Return the money to buyer Norm. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 50 of 50 Eric is acting as a disclosed dual agent in a transaction. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. 101- Which type of loan typically carries the most loan points? C. Tell them that this home is an exceptional buy and encourage them to look anyway. B. Pam is not liable since it was summer and the heating problem was not obvious. Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. 38 of 50 What is the primary role of Fannie Mae? Courtesy of RealtyPact. 6- What is the main reason sellers choose to sell their property without an agents help? 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? 11- What are the penalties for violating Regulation Z? Amanda loves the home and wants to make an offer. The owner has 30 days to notify the county assessor. B. Who will pay the points? What property type will he be dealing with? 3- What is a good approach to use when contacting the owner of an expired listing? The buyer must pay the broker a commission. B. This would be the maximum the purchaser would be permitted to borrow. The advertiser can be sentenced to up to a year in prison. C. The owner has 45 days to pay the new property taxes. She should advise them to let the offer expire with no action so the buyers will get nervous. Suggest to the sellers that their listing price is too high. C. Ask the caller when not if he or she wants to see the property. B. Jim Sharp is purchasing his fathers home. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. 2- When establishing rapport, whats one of the best ways to get to know your buyers? Is depreciation accounted for by a hospital? A. C. The lender gives the borrower a mortgage and funds. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 8- When does a purchase offer become a legal contract? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. The offer with the fewest contingencies 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? C. Insurance agents dealing with customers. How can you prepare your sellers for receiving offers? D. Gross income must be based on hours worked. Have you been pre-qualified or pre-approved by a lender yet? 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? \hline 1 of 10 Broker Alice has hired several independent contractors in her firm. What kind of mortgage are they looking for? D. I will complete a property management seminar within the next year. Tell Mike that the sellers will be upset if they cancel the appointment. Ordinary china is very fragile. D. An exclusive listing must always be at least 30 days long. Mary learns that Sam is selling only half of the duplex. What kinds of things should he be looking for? Retain the check for use with a future sales contract offer. Code Violations and Tax Delinquencies. A net listing is illegal in all states. $6,740 Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. The monthly net rental is $600. The salesperson entered into a buyer-broker contract with her brother. Which statement is TRUE? A. I will complete the GRI certification in the next four years. : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller.
buyer randy makes an offer to purchase
