California: Real Estate Practice Ch12 Quiz with no answers. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. : 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. Give the prospects a black copy of a purchase agreement to look over. Bill cannot contact the seller. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 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 3 of 10 Jake has received two offers on one of his listings. C. Clearly written contractor agreement must exist. The difference between what Sara owes and what her home is worth is known as what? B. Its a good idea for brokers to carry workers compensation coverage. Which of these statements is true about the wraparound mortgage? They were counting on a full-price offer and are very disappointed. 7 of 11 In which of the following types of loans is the payment allocated only to interest? Which of these actions might have caused their upset? munich latitude compared to us; pro sun tan. 5- Your listing presentation manual should be made up of two sections that address what issues? Which of the following activities would she not be authorized to perform? C. Clearly written contractor agreement must exist. A. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Present the offer and tell the seller that the check needs to be held until June 30. California: Real Estate Practice Chapter 13 Quiz with no answers. A. Eric can require that both the buyer and seller share equally in his commission. 10 of 50 There has been very little interest in the Bowers home this past week. What should Tim do next? A. Kirk doesnt have the right to withdraw the offer so soon. A. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? 1- How much is the loan origination fee and what does it cover? \text { Annual warranty cost } & 1,546,000 \\ What would you say about Sallys behavior? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? C. Payments will not be enough to retire the loan. 8 of 10 Which of the following will give you comparative market data the fastest? Last year, about 25% of his income came from sales commissions. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. C. Refuse to accept the offer and check. 9 of 10 A reference list of alternative comparable properties is sometimes referred to as the: 10 of 10 Prospects Jim and Linda arrive with agent Bill at the first showing. C. It creates an agency relationship. 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. 4- What is the agreement that a broker can enter into with a buyer? What percent of loss did you have? C. If Bill pays off the loan early, there will be no prepayment penalty. B. Answer: D- Avoid telling him the price by setting up an immediate appointment. Jim has decided to specialize in what area of real estate? You bought if for the listing price plus 10% and sold it for the listing price. 9 of 10 All of these might be a buying signal except which? What should Bob do? 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. Nam lacinia pulvinar tortor nec facilisis. B. I will do two practice listing presentations per week with an experienced agent for the next two months. She is probably using all but which of the following tools? 4- What are the major areas of newspaper leads? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? D. All adjustable rate mortgages have negative amortization. Buys pools of mortgages in exchange for mortgage-backed securities. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. The purchase price, plus improvements 4. On what amount will he pay capital gains tax? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. Why is it important for licensees to understand the Americans with Disabilities Act? 92- Which of the following situations is not exempt from the seller disclosure requirement? A Bill of Sale gives title to the business equipment. D. Magazine ads are significantly more expensive than newspaper ads. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. 84- Four years ago, Sam purchased a vacant lot for $10,000. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Use as little white space as possible. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? Have you been pre-qualified or pre-approved by a lender yet? 5 of 10 Alice has decided that she will specialize in selling farm land. 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 1- What are the five aspects that are involved in any selling approach? The salesperson entered into a buyer-broker contract with her brother. They will have a number of new expenses as a result of this purchase. How does ALTA-R differ from ALTA? 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. A. A buyer mails an offer to an out-of-town seller. Information on current loan programs. C. Is permissible if being accepted on behalf of a third party. A. Jim specializes in clients who want to buy restaurants. 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? C. Recommend a counteroffer back to list price. Bob Broker knows that another offer will be coming in at about the same time. 2- What exception exists to the duty of obedience when working with a client? 93- Jim has created a nice property flier for the James home. A. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. 33 of 50 Sal bought a personal residence for $150,000. D. Placing a classified ad in the weekend paper. He paid $100,000 for it, and made $300,000 worth of improvements. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. 6- What is important for the sellers to know about a counteroffer? This term typically refers to. C. The air conditioner does not work. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? They will have to make a very high down payment. Tom then resells the property to the developer and pockets a $300,000 profit. D. The loan must be repaid before the borrowers death. B. Greg has put himself in a potential dual agency situation. A. C. If Larry verbally accepted the offer, Kirk is bound by it. A. 5 of 10 The principles of an agency relationship include all of these factors except which one? Which of the following statements is true? Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. Underline the correct pronoun in parentheses in the following sentence. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Their first mortgage will get paid off immediately. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. 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. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. 1- What is escrow? C. The Bryants have not received any feedback from any showings in the past month. Tom violated the law by not providing notice of information that would affect Fred, When a broker received an unexpected bill, he deposited a client's earnest money check into his personal account to cover the expense. A. 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. D. Gross income must be based on hours worked. For what type of loan is the borrower applying? C. The broker must conduct the escrow personally and not delegate any escrow activities. dota 2 annual revenue 2020. adam foote parents. Norm gave Pat a $500 earnest money check. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 16 juin 2022 why do babies clap their feet. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? Answer: B- Encourage the buyer to get the attorney to review it quickly. 7 of 10 Which of the following is a possible benefit of investing in real property? B. A. The purchase price, plus depreciation A. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. Bob Broker represents Sam Seller. Her asking price was $560,000 and the property sold for $575,000. buyer randy makes an offer to purchase. Sam asks Bob what the price is. A. 3. 2- What is important to remember about multiple offers? California: Real Estate Practice Chapter 17 Quiz with no answers. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 8. Bob should not have presented the offer after the property was under contract to another buyer. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? B. It must be in writing to be enforceable. Checking your browser. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. B. Enumerate the homes special features and hope they change their minds. A. C. Maintaining the office filing system. \text { Annual testing cost } & 543,000 \\ 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 12- What are grant programs typically used for? Explain the method used to write good advertising. 7. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. Properties are very liquid and can move quickly. B. B. 1 of 10 Which of these statements is not true? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? Now, calculate how much you lost: $153,890 - $139,900 = $13,990. 3- What is a good approach to use when contacting the owner of an expired listing? California: Real Estate Practice Chapter 14 Quiz with no answers. Be a deal maker. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. 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? Donec aliquet. 1. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. B. 6 of 10 Which of the following is not a true statement? A. 8- What is an important issue for potential buyer clients to understand? 3- What is the difference between CLTA and ALTA policies? 8- What actions does a lender take to sell a mortgage in the secondary market? 2- What does Proposition 58 state? 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? 73- Which of these is not a buying signal? B. Suggest that the buyer look at a different house. What should Tom do? 29 of 50 What is one way the Federal Reserve System regulates the money supply? 1 of 10 All of the following are good approaches for handling objections except which? 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? The price elasticity of demand for D. In most situations, an assistant should not have the responsibility of in-person contact with clients. It can provide a steady stream of future clients. 8 of 50 Buyer Kirk submits an offer to seller Larry. He refuses to rent the other unit to families with children. A broker may require licensees to carry high levels of automobile insurance. C. Johns office has a selection of books, CDs and tapes for agent use. Make sure all required disclosures have been done. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? The buyer was responsible for making the discovery, so Pam is therefore liable. D. Is permissible in amounts under $50. B. The home comes equipped with all furnishings. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? B. A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. The broker will not provide any. B. Rule E-1 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. 8 of 10 Which of these statements about counteroffers is not true? C. The owner has 45 days to pay the new property taxes. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 6 of 10 A buyer calls your office to inquire about a property he saw advertised. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 11. 6- How does a limited partnership differ from a general partnership? 5 of 10 RESPA applies to all of the following EXCEPT which? C. Print postage labels from your computer. What was Sam's appraisal cost for quality last year? C. When you have 200 names in your contact database. Whoever brings the buyer will get the commission. During business hours and only after giving the tenant 24 hours notice. 2- Name one advantage and one disadvantage of telephone contacts. C. Your plan for finding the buyer a home. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? Broker Ashley has been working for a seller for the past seven months. Harry has some buyers that he believes are ready to make an offer. 6- List the steps of underwriting. 2- What types of office administration tasks are important for a licensed assistant to perform? 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. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. However, he is objecting because the roof is 12 years old. C. Exclusive-authorization-and-right-to-sell. 3- What is the difference between CLTA and ALTA policies? What approach can their agent take to change the sellers perception of the offer? 54- Jim and Jane are buying a home for $120,000. C. Guarantees payment of all interest and principal on mortgage-backed securities. C. Present Alexs offer first since it came in first. 4- What is a good method for estimating what a seller will net from the sale of the property? A. Sexta, 26 de novembro de 2021 . 4- What items are not covered by any title insurance policy? B. 4- What are the major areas of newspaper leads? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. D. Administers special assistance programs. 1 of 10 Which of the following types of agency is not allowed in California? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. A net listing is illegal in all states. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? He just sold it for $13,000. Give as much detailed information about the property as you can. A. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. Amanda loves the home and wants to make an offer. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 3- When making your presentation, what topics should you cover? 3- In what three ways can an assistant aid an agent with appointments? 6 of 10 Which of the following is not an item that a buyer usually pays at closing? 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 8. The offer with the highest price that is the most likely to close Refusing to make loans based on the racial composition of a neighborhood is called. Supervises the Truth in Lending Act. 6 of 10 Which booklet is not part of the Combined Hazards Book? "What would you like to offer?" Bob cannot do anything; it is out of his hands. C. They can make payments directly to the original lender. 11- What is a public report and when must it be provided? Sam plans to overnight the acceptance on Monday. D. Chris is a buyer's agent. C. Neither Sarah nor Ken can get employer-provided health insurance. 103- Kirk and Sandy obtained a wraparound mortgage. The owner has 30 days to notify the county assessor. Hometown received $2400.00 in referrals. D. Seeking buyers for others agents listings. Bob receives an offer from a buyer that is 12% below Sam's asking price. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 1- What is an important thing to remember about listing agreements? Answer a question with a question when possible. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. 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? 5- Your listing presentation manual should be made up of two sections that address what issues? There is nothing that can offset this problem. B. Most likely, what did they get? For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack.