Minimize expenses while maximizing profits for the owner. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 62- When agent Hal shows a home he should never: A. 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. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. B. A basis of $148,000 and no taxable gain, B. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. What approach can Greg use to discourage the person from calling other agents? 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. 9- What required disclosure is a result of Megans Law? Nam lacinia pulvinar tortor nec facilisis. C. I will open my own office within nine years. 3- What is a good approach to use when contacting the owner of an expired listing? A. 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. Only needs to be done periodically. He made $150,000 of improvements during the three years he lived in it before he sold it. Authors Channel Summit. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? 7. The sellers want the earnest money check made payable to them instead. B. C. Present Alexs offer first since it came in first. Nam lacinia pulvinar tortor nec facilisis. 2 of 10 Which of these statements is true? 7- What is the difference between an FHA loan and a VA loan? C. Shows property addresses that should be excluded from prospecting. C. Mortgage bankers are a large source of residential loans in California. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. D. The interest payment is always smaller then the amount allocated to the principal. 2 of 10 Which of these is not an AIDA characteristic? D. Have the broker send a thank you for listing letter to the sellers. Which law extended discrimination to include handicap and familial status? B. 1- What is an important thing to remember about listing agreements? 88- Sally and Dan must pay 2 points on their new $65,000 loan. 64- Which of the following is not a form of personal advertising? 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. Lenders are in the best position to qualify buyers. 6 of 11 Which of the following is not true about reverse annuity mortgages? C. Knocking on doors never requires special permits. B. Jim Sharp is purchasing his fathers home. Broker John puts $500 into his trust account. 2- What does Proposition 58 state? C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. C. The borrower pays a fixed rate of interest. Decide which offer is best and present that one. Pellentesque dapibus efficitur laoreet. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? Which of the following statements is not true? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. What should Elaine do? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? C. FSBO sellers who list with an agent will pay their own advertising costs. 5- What is the Closing Disclosure? 8- What is the major difference between a CalVet loan and other loans? Is there a contract between the buyer and seller? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 2- When establishing rapport, whats one of the best ways to get to know your buyers? C. Exclusive-authorization-and-right-to-sell. During a phone call, a salesperson discusses showing a property to a prospect. A. A. 3- In what three ways can an assistant aid an agent with appointments? 6- What is the main reason sellers choose to sell their property without an agents help? Studying population trends in the area. 14 of 50 The title report on a property shows there is a lien on the property. B. Ken must obtain his own training. D. Give the sellers the price over the phone so that they can think about it before you meet with them. C. A counteroffer can give the buyers an out if they want one. The price elasticity of demand for This would be the maximum the purchaser would be permitted to borrow. an opinion of value for the day of the appraisal only. 4- What is a good method for estimating what a seller will net from the sale of the property? \text { Annual rework cost } & 34,679 \\ Last year, about 25% of his income came from sales commissions. This mortgage type is popular among the elderly. The escrow holder will need information about the brokers commission. A secondary bid for a property that is for more than the first offer First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). 5 of 10 Alice has decided that she will specialize in selling farm land. 5 of 10 RESPA applies to all of the following EXCEPT which? 8- Why is it important to have a written prospecting plan? buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . 6 of 10 Which booklet is not part of the Combined Hazards Book? 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. Launch into your list of the homes special features and hope she changes her mind. B. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? The borrower gives the lender a note and a mortgage in exchange for the funds. residential transactions financed by federally related mortgage loans. If checked, the seller can complete repairs after closing. 7- How can a builder help you generate leads? 9- Define a purchase money mortgage. 9 of 10 Which of these is not a helpful homeowner tip? rickey smiley and grandson videos (Who, Whom) has been selected as the team captain? \text { Annual testing cost } & 543,000 \\ What kind of closing technique is Jim using? D. Erics broker should appoint Eric as the designated agent in this transaction. Courtesy of RealtyPact. A. 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. 8- What is the major difference between a CalVet loan and other loans? 5- What should a good management contract contain? 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. 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. 37 of 50 Which of the following economic characteristics is true? Senior housing for residents 62 or older, B. 2 of 50 Residential property includes all of the following EXCEPT which? D. Magazine ads are significantly more expensive than newspaper ads. What should Jake do? A. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. Entails entering into two agreements simultaneously. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. buyer randy makes an offer to purchasei miss you text art copy and paste. Point out that the roof is not leaking despite its age. B. She is probably using all but which of the following tools? C. Is permissible if being accepted on behalf of a third party. 8 of 10 Which of the following will give you comparative market data the fastest? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. Make sure all required disclosures have been done. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? Which of the following is Kirk himself not likely to do during the application process? A. Which statement is true? What does the net operating income of a property represent? A. Encourage the buyer to get the attorney to review it quickly. 8 of 10 Which of these is a free form of advertising? B. C. If Larry verbally accepted the offer, Kirk is bound by it. What would be determined by a location survey? 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? Tom thereupon submits a full-price offer to the owner and purchases the property. 5- How do life insurance companies get involved in the investment market? D. Offer to call the prospect when new listings that meet his or her criteria come on the market. Gross income must be based on production. There is a crack in the basement wall. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. The purchase price, plus depreciation What should Bill do? Be open-minded. Sharon and Steve have just taken a second mortgage on their home. 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. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 67- Hannah is a real estate assistant. B. A. Each of their payments is for the same amount. 3- Differentiate between mortgage brokers and mortgage bankers. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 8- What is an important issue for potential buyer clients to understand? He succeeds in setting up an appointment to meet with the caller. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? D. Hold both offers because he heard that a full-price offer is on its way. What should Tom do? C. It creates an agency relationship. D. Will conducted an agent open house last week that was attended by 25 agents. D. Seeking buyers for others agents listings. C. Prepare additional documentation to take to the presentation. What do you need to remember about making phone calls to potential clients? A. Information on current loan programs. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? Bob Broker knows that another offer will be coming in at about the same time. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). 3 of 12 All of the following are primary mortgage market lenders except which? Plastic dishes last a long time because they are unbreakable. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? A. D. Their lender can profit from the difference in interest rates. Which is true? 6 of 10 Which of the following is not an item that a buyer usually pays at closing? California: Real Estate Practice Ch3 Quiz with no answers. D. Is permissible in amounts under $50. D. The appraised value prior to sale \hline \text { Annual inspection costs } & \$ 155,000 \\ The borrower makes payments of interest only over the term of the loan. D. Administers special assistance programs. Does not need to be familiar with office policy. D. The advertiser must prove he was grandfathered in as a licensee. You had a 9% loss. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 2- What is important to remember about multiple offers? B. I will practice my listing presentations. D. All repairs must be in compliance with existing building codes. Hes very comfortable selling that type of property and knows he can work well with clients in that area. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. A. B. The owner of the property is HIV positive. 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? B. Write a contingent counteroffer. C. Use an attractive first-class stamp. 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? What is the market value of the property? Allows quick repayment of the loan through accelerated payments. B. Why is it important for licensees to understand the Americans with Disabilities Act? 1- What are the three important considerations for a good property investment? Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs C. Jim and Amanda whisper and frown when they see the basement. At time of license renewal, what is the renewal charge for a salespersons license? B. Exclusive-authorization-and-right-to-sell agreement. You bought if for the listing price plus 10% and sold it for the listing price. A. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? Giving information about a listing to prospective buyers. The loan value is based on the appraised value, not the sale price. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 7 of 10 How might probate information help in prospecting? 2 of 10 A competitive market analysis contains information about all of the following items except which? D. All adjustable rate mortgages have negative amortization. Give a discount to families with children. Lorem ipsum dolor sit amet, consectetur adipiscing elit. California: Real Estate Practice Ch11 Quiz with no answers. B. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. A. 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? 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. Sending cards and newsletters is a good way to keep in contact with clients and prospects. 6- What is the ultimate result of using the Closing Disclosure form? Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . D. Meet with the buyers lender to ensure theyre getting a good deal. 9- What is the basic purpose of Truth in Lending Regulation Z? 3. How to Write a Purchase Agreement? Given the rise in the price of a plane ride, what percentage change in the price Encourage Sam to make a counteroffer at 2% below Sam's asking price. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? A. Deposit the check into his trust fund account on the next business day. B. Newsletters can be a very effective advertising forum for niche marketers. D. Whether or not the licensees attend staff meetings. 1- What is important to know about unlicensed real estate assistants? Negotiate agreements regarding commission structuring. She should advise them to let the offer expire with no action so the buyers will get nervous. What is the status of the contract between Sam and Mary? Private mortgage insurance is available for FHA loans. B. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. B. FSBO sellers believe they will save money if they sell themselves. 9 of 10 Janet is an unlicensed assistant. You can make a Best Offer on listings that have a Make Offer button. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. 8- Why is it important to have a written prospecting plan? To learn more about the real estate business, D. To make more money than a real estate agent. 3 of 10 A listing presentation can be compared to: 4 of 10 All of the following are benefits of listing with an agent except which? they are effectively terminating the original offer. D. Allows viewing access to strangers. B. Answer: A- Proceed as if the buyer has decided to make an offer. 4- Whats a bonus closing and whats important to keep in mind about this technique? 9- What is the basic purpose of Truth in Lending Regulation Z? D. Goals must be realistic if you hope to accomplish them. 6- When is a lender required to terminate a borrowers private mortgage insurance? 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. mejores programas bases de datos. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. 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. Give the prospects a black copy of a purchase agreement to look over. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? 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. Buys pools of mortgages in exchange for mortgage-backed securities. 5- What actions can the sellers take regarding the purchase offer? 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? C. Payments will not be enough to retire the loan. Find things in the home a seller needs to repair. What will they have to pay the lender? B. 2- Name one advantage and one disadvantage of telephone contacts. Ordinary china is very fragile. 7 of 10 Which of the following is not a national real estate trade organization? Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. Which of these actions might have caused their upset? C. The buyers are interested in another property. Documents showing your affiliations with real estate organizations. 7 of 10 Which document shows the assets and liabilities of a business? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? California: Real Estate Practice Ch10 Quiz with no answers. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. C. Clearly written contractor agreement must exist. 4- What are the major areas of newspaper leads? What should Bob do? C. Be sure all requested inspections have been ordered. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Bob Broker represents Sam Seller. 93- Jim has created a nice property flier for the James home. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). The purchase price, plus improvements 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? 69,200 First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 29- Which of the following is not a good direct mail technique? 4- What items are not covered by any title insurance policy? D. Ensure fair real estate negotiations. 3- For whom do property tax exemptions exist and for how much? C. Accept commissions from referral agents. Which of the following would be considered an intermediate goal? B. 4 of 10 Which of these is not an important aspect of selling? B. Needs a license to perform activities that are not strictly administrative in nature. However, he is objecting because the roof is 12 years old. 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? The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. D. Placing a classified ad in the weekend paper. 10 of 10 Which of these is not an exemption to fair housing law? B. B. What should Tim do next? A. 38 of 50 What is the primary role of Fannie Mae? 5 of 10 Which of the following is not a source of information for professional ethics codes? A. Has New Age violated any laws? 5. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? Buys conventional, FHA and VA loans. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Which area of specialization would she fall into? 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? 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. 3- What is a good approach to use when contacting the owner of an expired listing? D. Interest rates are typically fixed rate. He paid $100,000 for it, and made $300,000 worth of improvements. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 4- What is a good method for estimating what a seller will net from the sale of the property? 36- Broker Eric secures a loan for buyer Paul. Then present the $208,000 offer. 7- What are the capital gains exclusions associated with the sale of a personal residence? C. It must specify a definite termination date. Checking your browser. A. C. Neither Sarah nor Ken can get employer-provided health insurance. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. A. Give the deposit money to the seller. 4- Why is coordinating escrow so important and how can an assistant help? He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? D. Understanding characteristics of the rental market. What should Bob do? C. Payments will not be enough to retire the loan. California: Real Estate Practice Chapter 18 Quiz with no answers.