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3- What is the difference between CLTA and ALTA policies? They were counting on a full-price offer and are very disappointed. B. 3- In what three ways can an assistant aid an agent with appointments? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. Make no recommendations and let the sellers decide on their own. 5 of 10 California allows a property manager to charge a non-refundable fee for which? D. Property evaluations from other agents have valuable information for sellers. 2- What is floor time and why is it important? 45- Kirk wants to get an FHA loan. A. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} B. Exclusive-authorization-and-right-to-sell agreement. The loan value is based on the appraised value, not the sale price. B. Supervises the Truth in Lending Act. A. However, he is objecting because the roof is 12 years old. Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. Broker Ashley has been working for a seller for the past seven months. 3- For whom do property tax exemptions exist and for how much? What should Tom do? 68- Greg and Joyce have an adjustable rate mortgage on their home. 100- What does the Real Estate Disclosure Law refer to? 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? A. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. Secure documents that are public information from the courthouse and other sources available to the public. 8 of 10 When is the first installment of property taxes due? D. Allows a broker to have as a commission anything above the minimum the seller sets. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 46 of 50 Greg grew up in and lives in a rural area. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. D. Must start out as a part-time employee. A. Encourage the buyer to get the attorney to review it quickly. Which is true? munich latitude compared to us; pro sun tan. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? 2- What types of office administration tasks are important for a licensed assistant to perform? D. Administers special assistance programs. The original loan becomes subordinate to the wraparound. 1- What is escrow? B. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. castilian drive, los angeles. C. Identifies buyers for other properties. 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? During a phone call, a salesperson discusses showing a property to a prospect. 5 of 10 All of the following are valid listing agreements. This is not true of which duty? California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. A. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase "Let's make a low ball offer?" Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. California: Real Estate Practice Chapter 17 Quiz with no answers. D. I will distribute 200 business cards every month for the next six months. New Age purchased a new coffee maker the office was in need of. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 1. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? D. The first and second mortgage will be rolled into one. California: Real Estate Practice Chapter 15 Quiz with no answers. Find a home that meets FHA requirements. B. buyer randy makes an offer to purchase 8- Why is it important to have a written prospecting plan? In the past year they have referred two dozen people who have purchased flooring from New Age. 2 of 10 All of these statements are true except which one? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? A. A buyer mails an offer to an out-of-town seller. Entails entering into two agreements simultaneously. 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Bob Broker represents Sam Seller. 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. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? 3- What signals do buyers use to indicate they may be willing to make a purchase? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? He just sold it for $13,000. D. The date Abby makes the request to receive the booklet. B. Hometown received $2400.00 in referrals. Rule F-1. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. The borrower makes payments of interest only over the term of the loan. 8- What is the major difference between a CalVet loan and other loans? Jim has decided to specialize in what area of real estate? Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 9 of 10 Which of the following statements is not true? 3. The property is in an area that could flood. 31- Patrick has a written independent contractor agreement with his broker Tami. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. C. The air conditioner does not work. Which statement is true? Instead, Bob terminates the relationship with Mary. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? university of missouri hospital salaries 2021; port orange arrests today. C. Recommend a counteroffer back to list price. The salesperson entered into a buyer-broker contract with her brother. 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? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. D. Avoid negative comments while hes inside the home. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? However, she believes the sellers will not be willing to accept the offering price. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 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? Which of the following is Kirk himself not likely to do during the application process? Sunday afternoon, Mary is driving around and finds a property she likes better. 4- Why is coordinating escrow so important and how can an assistant help? Give as much detailed information about the property as you can. 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. C. The broker must conduct the escrow personally and not delegate any escrow activities. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? A. I will make two new contacts every day this week. 4- What are the major areas of newspaper leads? Has Bob acted properly? 10- What is the right to rescind and what is not covered by this rule? 1- When is real property reassessed? 16- Dave and Nadine have decided that they want to become property investors. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. What kind of loan do they have? B. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 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? Private mortgage insurance is available for FHA loans. 5- How do life insurance companies get involved in the investment market? Housing and Community Development Act. There . 3- When making your presentation, what topics should you cover? 8. 37- When dealing with the sale of a business, which is not a true statement? Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet A buyer applies for a loan that is neither insured nor guaranteed by a government agency. D. Make sure all light bulbs and lamps are working and are bright. 3- When making your presentation, what topics should you cover? Now, calculate how much you lost: $153,890 - $139,900 = $13,990. A. Kirk doesnt have the right to withdraw the offer so soon. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. D. All adjustable rate mortgages have negative amortization. lumberton man killed; guggenheim annuity rates. Jim and Jane financed the remaining $25,000 through the seller. 5- What is the Closing Disclosure? At time of license renewal, what is the renewal charge for a salespersons license? The broker will not provide any. Mary learns that Sam is selling only half of the duplex. California: Real Estate Practice Ch5 Quiz with no answers. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 7 of 11 In which of the following types of loans is the payment allocated only to interest? 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. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. 6- What is the main reason sellers choose to sell their property without an agents help? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 11- What is a public report and when must it be provided? Wait until next week to send an activity report, hoping things will pick up. California: Real Estate Practice Ch10 Quiz with no answers. 7- How can a builder help you generate leads? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. Their first mortgage will get paid off immediately. 2- What exception exists to the duty of obedience when working with a client? B. Local ordinance requires a 20-foot rear and front setback. C. Real estate can respond quickly to changes in the market. Explain the method used to write good advertising. A. B. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? \hline Now, calculate the origination fee; $168,500 x 0.02 = $3,370. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 96- Which statement is not true about a listing contract? 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. Nam lacinia pulvinar tortor nec facilisis. $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. This term typically refers to. Could be a violation of state licensing laws. B. Who makes the payments to a claimant from the Guaranty Fund? Explain. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. B. Each of their payments is for the same amount. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? A purchase offer is a binding contract between the buyer, the seller and their agents. How would Grants lease at this time be classified? 8- Why should agent Grace give her client a Combined Hazards Book? 4- Agent Greg receives a call about one of his firms ads. It can be considered an employment contract. A. C. Greg has violated the duty of confidentiality to Kim. She sold the property and several months later the buyer sued Pam for not disclosing the problem. B. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? What should Bob do? D. The interest payment is always smaller then the amount allocated to the principal. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 5 of 10 Alice has decided that she will specialize in selling farm land. A. Ken is responsible for his own taxes, while the broker pays Sarahs. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. B. Sets a limit on the commission a broker can earn. Tell Linda that the sellers will be very disappointed if they cancel the appointment. : 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. She tells them that this action could decrease their property values. D. Tell the sellers its time to reevaluate the price. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. C. Real Estate Settlement and Procedures Act. D. Chris is a buyer's agent. Sample Final Exam for California Real Estate Practice Questions with no 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. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. 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. What is Gregs capital gain on the apartment? Which area of specialization would she fall into? buyer randy makes an offer to purchase - 740alvarado.com D. Placing a classified ad in the weekend paper. C. It creates an agency relationship. B. I will practice my listing presentations. Bob writes the offer but is too embarrassed to submit it. 92- Which of the following situations is not exempt from the seller disclosure requirement? 10 of 10 Which of these is not an exemption to fair housing law? B. A secondary bid for a property from the same buyer. C. How much time the licensees must spend in the office. 8- When does a purchase offer become a legal contract? 10 of 10 Which of these Internet pages might be of particular interest to sellers? Return the earnest money to buyer Norm. C. Clearly written contractor agreement must exist. D. There is a loan protection plan included with the loan. It became a contingent contract when Sam accepted Mary's offer. Share that information with the sellers. A. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. Sam asks Bob what the price is. Ask the buyer if the buyer would like to make an offer taking the roof age into account. Does not need to be familiar with office policy. B. What will they have to pay at closing for the points? A. 1- What is goodwill as it relates to a business? D. Greg has no fiduciary responsibilities to Kim once the listing expired. B. Give the deposit money to the seller. Who is responsible for removing the lien to clear the title? B. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. Which of these statements is true about the wraparound mortgage? 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. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? 5- When must a licensee provide an agency disclosure to a prospective client? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. What should Tom do? The advertiser can be sentenced to up to a year in prison. 5 of 10 Which of these statements is not true about qualifying buyers? Hes no longer interested in seeing the inside and Marge agrees. C. Make up some statistics to share with the Bowers. C. Shows property addresses that should be excluded from prospecting. What should Bob do? is 0.4. B. 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. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? The lender gives a mortgage to the borrower and gets funds in exchange. 9 of 10 When you believe an offer is both fair and reasonable but it does not meet the sellers asking price, you should: A. What will they have to pay the lender? 57- Under federal income tax law, the basis for a personal residence is which of the following: He sounds really excited about this property. B. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? A net listing is illegal in all states. In this scenario, which of the following is not true? 6 of 10 Which of the following statements is not true? The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. B. D. Preparing flyers and promotional materials for the brokers approval. B. B. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. C. Can perform some real estate activities without a license. What is meant by the term sphere of influence? A. D. Whether or not the licensees attend staff meetings. B. 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? Sharon and Steve have just taken a second mortgage on their home. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? At the time the agreement is signed. C. It keeps your name in front of potential buyers and sellers. D. Call the sellers immediately and let them know you wont be coming by. A. Which statement is true ? 2- Name one advantage and one disadvantage of telephone contacts. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? 2- When establishing rapport, whats one of the best ways to get to know your buyers? A. Brenda refuses. an opinion of value for the day of the appraisal only. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. Go back to the buyer's agent and try to get the offer higher. 8- What does the Water Heater Statement of Compliance address? California: Real Estate Practice Ch11 Quiz with no answers. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 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? Which is a true statement? 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. Display lots of family photos to impress potential buyers. Deposit the check into his trust fund account on the next business day. Plastic dishes last a long time because they are unbreakable. Which of the following is true, if you are licensed as a referral agent? 3. In addition to agent and MLS home tours, what are some other ancillary tools you can use? 3- How could refinancing be an investment benefit? D. Exclusive-authorization-and-right-to-sell agreement. A. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Is there a contract between the buyer and seller? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. 8 of 10 Which of the following will give you comparative market data the fastest? She would likely be required to do which of the following? Hes very comfortable selling that type of property and knows he can work well with clients in that area. 5 of 11 Which of these statements is true about a CalVet loan? What is the result? 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. Present the offer and tell the seller that the check needs to be held until June 30. the buyer is not allowed to make a counteroffer. A. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? Which statement is TRUE? Preparation of an appraisal of the property, D. Help with required forms and disclosures. 4- What are the major areas of newspaper leads? B. Its easier to prioritize your tasks if your goals are in writing. California: Real Estate Practice Chapter 14 Quiz with no answers. C. Jim and Amanda whisper and frown when they see the basement. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? B. C. Give the tenant a 3-day notice to pay or quit. If you like, you can add a message to the seller. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. What law creates an automatic lien on a commercial property, subject to the listing agreement? 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. D. All adjustable rate mortgages have negative amortization. What does that mean? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Which of the these activities does she have control over? Whoever brings the buyer will get the commission. D. The buyers love the landscaping improvements the sellers have made. One day later. 7 of 10 Which statement is not true about opening escrows? D. Hold it with the buyers permission until the contract is accepted. What property type will be his specialty? Ashley should end this relationship by, : asking the seller to sign a mutual release. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. C. I will get three new listings this month. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 77- Which of the following Internet pages might not be of particular interest to buyers? What property type will he be dealing with? 5- If lenders intend to sell mortgages in the secondary market, what must they do? B. 4- Describe how a property manager can receive his or her fees. 4. 41- Agricultural land includes all of the following EXCEPT which? 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. Lorem ipsum dolor sit amet, consectetur adipiscing elit. C. The borrower pays a fixed rate of interest. 7 of 10 How might probate information help in prospecting? Seeking buyers for your listings B. $90,000 3 of 10 Sara just bought her first new home. It helps to identify buyer and seller needs. 33- Which statement is true about a loan that has a negative amortization? Which of the following statements is not true? B. Answer: D- Avoid telling him the price by setting up an immediate appointment. A rental property has a return rate of 8%. Which one is illegal in many states? 12- What are grant programs typically used for? 3- Differentiate between mortgage brokers and mortgage bankers. C. Eric may not represent the sellers interests to the detriment of the buyer. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. B. How should licensee Fred handle this offer? 5 of 10 Mike bought his home last year for $150,000. If a seller changes the terms of the offer to purchase, he has created a counteroffer. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 86- Which of the following is not considered a benefit of investing in real estate? buyer randy makes an offer to purchase. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Mary makes an offer to purchase a duplex from Sam. D. Will conducted an agent open house last week that was attended by 25 agents. 8 of 10 Which of these marketing tools is not considered a traditional tool? Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? C. The same amount will go towards the principal every month. 101- Which type of loan typically carries the most loan points? 6- What does the security and insurance clause of the listing agreement address? 7- Name three benefits of listing a home with an agent that you could share with sellers. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? What kind of mortgage might they get? 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? 2- Explain the difference between the primary and secondary mortgage markets. 4- Why is it important to talk to the sellers about the buyers? 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. C. Is permissible if being accepted on behalf of a third party. B. Pam is not liable since it was summer and the heating problem was not obvious. B. 1- What are the five aspects that are involved in any selling approach? 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? A. He made $150,000 of improvements during the three years he lived in it before he sold it. The definition of race was expanded to include ancestry.