A. Forwarding calls from the public to one of the salespersons in the office. Is critical to your success in real estate. At the end of the term, the loan balance will be negative. A. Answer: D- Return the money to buyer Norm. B. I will practice my listing presentations. 1- What are the five aspects that are involved in any selling approach? 70- Which of these items would be a credit to the buyer on the settlement statement? The broker will owe fiduciary responsibilities to the seller as well as the buyer. 1- What is goodwill as it relates to a business? B. The sellers want the earnest money check made payable to them instead. D. Exert pressure on the sellers to include something the other party wants. C. Clearly written contractor agreement must exist. 1- When is an agency relationship created? There is nothing that can offset this problem. When a home seller accepts a purchase offer, the seller is hoping the buyer will complete the transaction at the agreed-on price and believes there is nothing wrong with the condition of the home. 8- Why should agent Grace give her client a Combined Hazards Book? Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. What are some important tips for home tours? What should agent Phil do? 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? 5- Your listing presentation manual should be made up of two sections that address what issues? 5- Your listing presentation manual should be made up of two sections that address what issues? 50 of 50 Eric is acting as a disclosed dual agent in a transaction. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 6- List the steps of underwriting. 68- Greg and Joyce have an adjustable rate mortgage on their home. A Bill of Sale gives title to the business equipment. yellowbrick scholarship reviews. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. 5 of 10 Which of these statements is not true about qualifying buyers? 36- Broker Eric secures a loan for buyer Paul. B. B. 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? What is the key feature of this type of loan? Bob receives an offer from a buyer that is 12% below Sam's asking price. C. The broker must conduct the escrow personally and not delegate any escrow activities. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. A rental property has a return rate of 8%. D. Exclusive-authorization-and-right-to-sell agreement. 88- Sally and Dan must pay 2 points on their new $65,000 loan. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. 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? 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. How to make a Best Offer. 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. buyer randy makes an offer to purchase C. Eric may not represent the sellers interests to the detriment of the buyer. What is the status of the contract between Sam and Mary? There is a crack in the basement wall. Mary makes an offer to purchase a duplex from Sam. Mortgage bankers bring borrowers and lenders together. Code Violations and Tax Delinquencies. Before completing the form, discuss the following important points with the home seller: Price. The escrow holder will need information about the brokers commission. Deposit the check into his trust fund account on the next business day. It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. B. In the meantime, Bill gets another offer on the property from another buyer at a higher price. A. Answer: B- Encourage the buyer to get the attorney to review it quickly. A. What kind of mortgage might they get? A broker may advertise that he or she is an escrow agent. 44 of 50 Fair Housing laws are designed to: A. A. lumberton man killed; guggenheim annuity rates. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. A. C. Print postage labels from your computer. D. Tim and Gail have qualified for 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? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? To access the website, click "Allow". 4 of 10 Which of the following is NOT a condition of the safe harbor test? B. Broker John puts $500 into his trust account. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? This is not true of which duty? D. The loan must be repaid before the borrowers death. She is probably using all but which of the following tools? 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Buyer Jim asks if he can visit the property for a second time. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. 96- Which statement is not true about a listing contract? 74- Which statement is not true about an agency relationship? On what amount will he pay capital gains tax? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? Here are the steps to follow to make an offer to purchase: Step 1. B. What kind of agreement is this? The buyer must pay the broker a commission. Has Bob acted properly? Each of their payments is for the same amount. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? Tell Linda that the sellers will be very disappointed if they cancel the appointment. 2- What exception exists to the duty of obedience when working with a client? Last year, about 25% of his income came from sales commissions. D. Understanding characteristics of the rental market. C. Shows property addresses that should be excluded from prospecting. C. Discuss alternative properties that may be interest. The buyer was responsible for making the discovery, so Pam is therefore liable. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. A. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. The couple now has. 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. The lender gives a mortgage to the borrower and gets funds in exchange. 10 of 10 Which of these Internet pages might be of particular interest to sellers? 1- What is important to know about unlicensed real estate assistants? C. Payments will not be enough to retire the loan. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 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? The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. 5. Answer a question with a question when possible. 5 of 10 Alice has decided that she will specialize in selling farm land. fairbanks ice dogs standings . 8 of 10 Which of these statements about counteroffers is not true? In fact, the meter's location is dictated by the town building codes; what could happen to Rob? 17 of 50 Kathy is a personal assistant at Action Realty. Person must be properly licensed. D. Gross income must be based on hours worked. C. The lender gives the borrower a mortgage and funds. C. Present Alexs offer first since it came in first. The Reality of Purchase Offers . Use as little white space as possible. Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a 9- What is the basic purpose of Truth in Lending Regulation Z? B. How does ALTA-R differ from ALTA? 12. B. 8- Under what conditions may a landlord enter a tenants property? What kind of a mortgage do they have? buyer randy makes an offer to purchase. He must withdraw his representation of one of the parties. 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? He succeeds in setting up an appointment to meet with the caller. B. Make sure all required disclosures have been done. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. This term typically refers to. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? 6- How does a limited partnership differ from a general partnership? 7- Agent Jim needs to do a visual inspection of his listing. She should advise them to let the offer expire with no action so the buyers will get nervous. Documents showing your affiliations with real estate organizations. five letter words with l; jaiswal surname caste; pros and cons of herzberg theory; sechrest funeral home obituaries; curious george stuffed animal 1975; cornerstone staffing application 0 9. 29 of 50 What is one way the Federal Reserve System regulates the money supply? 75- All but which of the following is NOT an AIDA feature? B. 8- Why is it important to have a written prospecting plan? C. Clearly written contractor agreement must exist. \end{array} 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? Attend weekly staff meetings at the office. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? California: Real Estate Practice Ch9 Quiz with no answers. 6- When is a lender required to terminate a borrowers private mortgage insurance? C. Have keys made for company listings. A. D. Reduces the monthly payment for a borrower during the initial years. 2- Who needs title insurance and why? 4- What items are not covered by any title insurance policy? A. Which statement is true? Answer: B- The contract is voidable due to mutual mistake. B. Its a good idea for brokers to carry workers compensation coverage. A. Point out that the roof is not leaking despite its age. $5,500 the first year, plus a maximum 2% increase in market value per year, B. B. I will do two practice listing presentations per week with an experienced agent for the next two months. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? He pays rent for occupancy, plus maintenance and operating expenses. 5 of 10 Which of these is not a true statement? Certain homeowners may qualify for a $10,000 exemption. 3- What are the three general responsibilities of a property manager? One day later. 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? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. A. buyer randy makes an offer to purchase buyer randy makes an offer to purchase How long does he have to file a complaint with the Department of Housing and Urban Development? Which area of specialization would she fall into? C. A broker is not responsible for the acts of independent contractors. The purchase price, plus depreciation, B. buyer randy makes an offer to purchase - ftp.ivnowandzen.com Tom thereupon submits a full-price offer to the owner and purchases the property. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? 7 of 10 Which of the following is not a national real estate trade organization? An apartment building for a vacant lot, B. The term of the loan can be shortened. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. Jim and Jane financed the remaining $25,000 through the seller. 6- When is a lender required to terminate a borrowers private mortgage insurance? A. D. Preparing flyers and promotional materials for the brokers approval. 78- Nancy bought her home last year for $425,000. 9- What required disclosure is a result of Megans Law? 1- When is real property reassessed? B. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? 4. 5- What should a good management contract contain? A. I will complete the GRI certification in the next four years. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 8. A. C. Maintaining the office filing system. B. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. The salesperson entered into a buyer-broker contract with her brother. 2 of 50 Residential property includes all of the following EXCEPT which? A. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 4- Explain the documentary transfer tax. D. Brenda has not violated any fiduciary duty. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? 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. D. The UCC is a body of law that standardizes a number of business practices. Which of these ad headlines would probably be the least effective for this home? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? C. Use an attractive first-class stamp. Preparation of an appraisal of the property, D. Help with required forms and disclosures. A secondary bid for a property that is less than the first offer 6 of 10 A buyer calls your office to inquire about a property he saw advertised. A. 32 of 50 Alice is an employee of Mid-State Realty Services. What kind of closing technique is Harry using? 3- How could refinancing be an investment benefit? 10- Whats the difference between a lease purchase and a lease option? A. How much do you have in your savings account? D. The lender assumes Tim and Sues income will rise over the first few years of the loan. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. C. Exclusive-authorization-and-right-to-sell. D. All repairs must be in compliance with existing building codes. 3 of 10 What kind of ad usually combines both institutional and product advertising? 5 of 10 The principles of an agency relationship include all of these factors except which one? Who should Tommy recommend the owner consult with before making a decision? C. Write and sign commission checks to salespersons. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? 9 of 50 Which of the following is a credit to the seller on the settlement statement? B. B. A. 6 of 10 Which booklet is not part of the Combined Hazards Book? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? A. 7- What makes up a mortgage? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. Harry has some buyers that he believes are ready to make an offer. 6. This broker is guilty of what prohibited activity? 86- Which of the following is not considered a benefit of investing in real estate? B. Which law extended discrimination to include handicap and familial status? C. Payments will not be enough to retire the loan. 69,200 It is determined by who pays the compensation. 10 of 10 Which proposition limited the maximum amount of tax on real property? buyer randy makes an offer to purchase - fridarestaurant.com 3- What is the difference between CLTA and ALTA policies? B. Who is responsible for removing the lien to clear the title? 4- What are the major areas of newspaper leads? A. C. Find a lender who is willing to do FHA loans. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? A. It can be considered an employment contract. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. 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. Bob Broker represents Mary Buyer. 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. Supervises the Truth in Lending Act. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? A net listing is illegal in all states. 5 of 50 Jane has been working with some buyers for several weeks. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? What percent of commission the licensees can charge. Referral fee to a homeowners insurance agent. an opinion of value for the day of the appraisal only. What will the new owners pay in property taxes? 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. \text { Annual testing cost } & 543,000 \\ What does that mean? What would be determined by a location survey? Be open-minded. D. Is best left to experienced brokers. 1- What are the three important considerations for a good property investment? At the time the agent presents an offer. California: Real Estate Practice Ch10 Quiz with no answers. B. A. Ask the caller if he or she would like to receive e-mails on newly listed properties. 7- What does the net operating income of a property represent? B. 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? D. A basis of $140,000 and no taxable gain. 1- What is a competitive market analysis? The lender makes payments to the borrower. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. D. Arrange to meet the prospect at your office. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 3- When making your presentation, what topics should you cover? Is there a contract between the buyer and seller? Suggest that the buyer look at a different house. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. How can you prepare your sellers for receiving offers? A. He paid $100,000 for it, and made $300,000 worth of improvements. 9 of 10 All of these might be a buying signal except which? Which of the following statements is true? 1 of 10 Broker Alice has hired several independent contractors in her firm. B. Pleases the sellers by inv=creasing activity. 80- Which of the following is an example of commingling? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? A. A. Minimize expenses while maximizing profits for the owner. 6- What is the main reason sellers choose to sell their property without an agents help? B. D. The first and second mortgage will be rolled into one. This best describes. Their interest rate will rise after the first few years. 43 of 50 Which one of these statements would not be considered a measurable goal? What disclosure does the salesperson owe to the buyer and seller? Try to get Sam to accept the offer. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. D. I will complete a property management seminar within the next year. 4- Why is it important to talk to the sellers about the buyers? Ask the buyer if the buyer would like to make an offer taking the roof age into account. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. How should Jan's licensee handle the offer? C. The borrower pays a fixed rate of interest. 3- In what three ways can an assistant aid an agent with appointments? 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. Sam accepts the offer and executes the contract on March 1, a Sunday. Buyer Norm called and rescinded the offer. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. "Yes, let's offer $10,000 less than the asking price. 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. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 7 of 10 Which of the following is a possible benefit of investing in real property? 21- Which form of advertising is considered the most cost-effective method for selling a home? Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. Rate of return is computed by dividing the annual net income by the rate of return. D. Call the sellers immediately and let them know you wont be coming by. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. Alex Jones owns a duplex and lives in one unit. How much did Sam gain or lose on the sale? D. Allows a broker to have as a commission anything above the minimum the seller sets. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. When should the agent have disclosed this fact? What is the market value of the property? In this case, multiply the monthly income ($600) by 12. She sold the property and several months later the buyer sued Pam for not disclosing the problem. Bob Broker knows that another offer will be coming in at about the same time. The home is listed at $210,000. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 4. 6- What is the ultimate result of using the Closing Disclosure form? Brenda refuses. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? A. Jake is getting a VA loan with no down payment. B. Free Purchase Agreement | PDF & Word | Legal Templates B. rickey smiley and grandson videos 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 2- What is floor time and why is it important? D. There is a loan protection plan included with the loan. D. Call the sellers immediately and let them know you wont be coming by. D. The property is in a state fire responsibility area. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement.
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