Kite Runner Baba Quotes With Page Numbers, Dr Goldberg Beverly Hills, Wilford Hall Medical Center Directory, Dayton Refrigeration Vacuum Pump Model 4z577 Manual, Steam Box For Cooking Burgers, Articles B

is 0.4. C. Make up some statistics to share with the Bowers. What approach can their agent take to change the sellers perception of the offer? Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 6 of 10 Who typically presents an offer to the sellers? 11- What are the penalties for violating Regulation Z? What is the major difference between an employee and an independent contractor? 8- When does a purchase offer become a legal contract? C. Find a lender who is willing to do FHA loans. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. C. Explain your marketing plan to the sellers. C. Real Estate Settlement and Procedures Act. 8- What actions does a lender take to sell a mortgage in the secondary market? The lender makes payments to the borrower. 7- How can a builder help you generate leads? 4- Whats a bonus closing and whats important to keep in mind about this technique? C. Is not necessary if the verbal presentation is strong. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? B. 5 of 10 You should try to attach a rider strip to your For Sale sign that has: 6 of 10 If there is no interest in the property on a given week, the agent should: A. In this scenario, which of the following is not true? Make no recommendations and let the sellers decide on their own. Person must be properly licensed. 8 of 50 Buyer Kirk submits an offer to seller Larry. 11 of 11 Which of the following is a low loan-to-value ratio? B. Why or why not? What should Elaine do? A buyer wants to take the offer to an attorney to review it. Instead, Bob terminates the relationship with Mary. D. The borrower gets a note in exchange for a mortgage. 5- If lenders intend to sell mortgages in the secondary market, what must they do? 9- What required disclosure is a result of Megans Law? 4- How is property management seen as a risk to investing? 6 of 10 A buyer calls your office to inquire about a property he saw advertised. California: Real Estate Practice Ch5 Quiz with no answers. C. Clearly written contractor agreement must exist. If a seller is in a multiple offer situation, how do you determine the best offer? How to make a Best Offer. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 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. During a phone call, a salesperson discusses showing a property to a prospect. 86- Which of the following is not considered a benefit of investing in real estate? Better yet, try to avoid deal breakers. B. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 9 of 50 Which of the following is a credit to the seller on the settlement statement? C. Write and sign commission checks to salespersons. C. Greg has violated the duty of confidentiality to Kim. What kind of lease does Jim have? A. 10- What is the right to rescind and what is not covered by this rule? Mary wants to make an offer on a house that is 25% lower than the asking price. Deposit the check into his trust fund account on the next business day. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. $5,500 the first year, plus a maximum 2% increase in market value per year, B. Present the offer and tell the seller that the check needs to be held until June 30. 6- How does a limited partnership differ from a general partnership? buyer randy makes an offer to purchase buyer randy makes an offer to purchase. View an objection as the buyers request for more information. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? Listen carefully to everything your prospects say and repeat some specifics back at appropriate times so that they know you have heard what they said. They made $50,000 of improvements. D. The UCC is a body of law that standardizes a number of business practices. One offer is for $208,000; the other is for $200,000. C. Identifies buyers for other properties. Amanda loves the home and wants to make an offer. Rule F-1. A. Give housing choices to the widest range of people. C. Is subordinate to a first mortgage. 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? C. Once filed, it remains until terminated. B. 4- What is a good method for estimating what a seller will net from the sale of the property? Establish a homes fair market value. It was terminated when Mary delivered the recission to Sam. 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? The borrower makes payments of interest only over the term of the loan. 1.555.555.555 | frontier airlines crash history. 88- Sally and Dan must pay 2 points on their new $65,000 loan. Is generally viewed as unprofessional. A. D. Chris is a buyer's agent. D. A shopping center might have to remodel their public restrooms. 10 of 10 Which of the following statements is not true about a net listing? The date Abby receives the good faith estimate. 7- Agent Jim needs to do a visual inspection of his listing. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Which of the following activities would she not be authorized to perform? D. Tim and Gail have qualified for an FHA loan. The term of the loan can be shortened. 4 of 10 All of these are true of prospecting except: A. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. Negotiate agreements regarding commission structuring. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 6- What is important for the sellers to know about a counteroffer? D. Whether or not the licensees attend staff meetings. 10. A. A. I will make two new contacts every day this week. Which statement is TRUE? The couple now has. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? Have you been pre-qualified or pre-approved by a lender yet? A. C. An assistant can keep track of the progress of activities during escrow. 8- What does the Water Heater Statement of Compliance address? Last year, about 25% of his income came from sales commissions. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. Private mortgage insurance is available for FHA loans. When should the agent have disclosed this fact? B. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. 6- What does the security and insurance clause of the listing agreement address? He asks his real estate agent if she could tell him how to go about building a house on the land. Next, calculate the points charged; $168,500 x 0.02 = $3,370. 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 a seller changes the terms of the offer to purchase, he has created a counteroffer. Whoever brings the buyer will get the commission. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. Use the yes-but technique to handle the objection. What percent of loss did you have? Mary wants to terminate the contract. What is the body of law that governs negotiable instruments? What should Pat do with the earnest money deposit? A. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 5 of 10 All of the following are valid listing agreements. 4- Agent Greg receives a call about one of his firms ads. What is the primary criticism that sellers have about their agents? 8- When does a purchase offer become a legal contract? 8 of 10 Which statement is true about a real estate assistant? 62- When agent Hal shows a home he should never: A. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? C. When you have 200 names in your contact database. Tom thereupon submits a full-price offer to the owner and purchases the property. Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. C. Tell them that this home is an exceptional buy and encourage them to look anyway. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. buyer randy makes an offer to purchase. She tells them that this action could decrease their property values. D. The owner has 45 days to file a change in ownership statement. B. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. 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? D. Administers special assistance programs. Set up a face-to-face meeting with the sellers as soon as possible. He just sold it for $13,000. 96- Which statement is not true about a listing contract? 81- Jake has decided to specialize in working with clients who purchase schools. rickey smiley and grandson videos C. The buyers are interested in another property. ", Answer: A- "What would you like to offer? B. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). B. 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. Give a discount to families with children. If the loan is VA guaranteed, no down payment is required. C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. A. A. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Code Violations and Tax Delinquencies. D. The interest payment is always smaller then the amount allocated to the principal. D. Greg has no fiduciary responsibilities to Kim once the listing expired. 55- Greg is approved for a Cal-Vet loan. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? Is critical to your success in real estate. The advertiser is subject to a fine. D. Provides the names of individuals who may want to sell inherited property. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. B. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 10 of 10 All of the following are true statements about goals except which one? 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. C. Maintaining the office filing system. Who is responsible for removing the lien to clear the title? 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. B. C. Guarantees payment of all interest and principal on mortgage-backed securities. C. The same amount will go towards the principal every month. 1- What are the three important considerations for a good property investment? B. B. Enumerate the homes special features and hope they change their minds. 92- Which of the following situations is not exempt from the seller disclosure requirement? 2- What types of office administration tasks are important for a licensed assistant to perform? Allows the agent to determine community market trends. He says to them, "Would you prefer to take possession on September 1 or October 1?" Has New Age violated any laws? Tell the buyer to submit the offer first and then take a copy to the attorney to review. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. : 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. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. The price of a plane ride rises by 10 percent. C. Exclusive-authorization-and-right-to-sell agreement. A Bill of Sale gives title to the business equipment. Pellentesque dapibus efficitur laoreet. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? B. B. 1. Which is a true statement? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. B. Buyer Norm just signed a purchase contract with licensee Pat. 46- A life insurance company would most likely invest in all but which of the following properties? A rental property has a return rate of 8%. B. C. Supervises the Federal Housing Authority. B. \text { Annual warranty cost } & 1,546,000 \\ The purchase price, plus improvements C. Classified ads placed on the property, D. Number of hits on the company website. A. 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? A. The purchase price, plus improvements, C. The fair market value at the time of sale. 3 of 10 Which paragraph of the purchase agreement states that if the buyer defaults after acceptance, he or she may be liable for the brokers commission? California: Real Estate Practice Sample of Final Course Exam. 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. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? 1- What is important to know about unlicensed real estate assistants? The sellers want the earnest money check made payable to them instead. Answer: C- Try to get Sam to accept the offer. Seeking buyers for your listings B. Discourage Sam from accepting an offer so far below Sam's asking price. 9 of 10 Which of these is not a helpful homeowner tip? 10 of 10 Which of these Internet pages might be of particular interest to sellers? Encourage the buyer to get the attorney to review it quickly. Before the sale can get finalized, the owner would require you to first meet certain conditions. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 7 of 10 Which of the following is not a national real estate trade organization? 2- What is important to remember about multiple offers? Encourage Sam to make a counteroffer at 2% below Sam's asking price. A. 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? $90,000 D. Make the headline bold and all caps. What should a licensees written employment agreement contain? B. 2- Explain the difference between the primary and secondary mortgage markets. Answer: A- Proceed as if the buyer has decided to make an offer. A. Kirk doesnt have the right to withdraw the offer so soon. 1- What is an important thing to remember about listing agreements? During this interim period, grant makes monthly rent payments and the owner accepts them. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. She should advise them to let the offer expire with no action so the buyers will get nervous. 5- When must a licensee provide an agency disclosure to a prospective client? D. I will complete a property management seminar within the next year. What kind of closing technique is Harry using? Select Review offer. 76- Mark believes he has been discriminated against during his home search. 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. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes.