A. The price elasticity of demand for 28- Abby applies for a federally-related loan to purchase a home. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. D. Whether or not the licensees attend staff meetings. 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. B. Documents showing your affiliations with real estate organizations. C. Discuss alternative properties that may be interest. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? D. The date Abby makes the request to receive the booklet. 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. Course Hero is not sponsored or endorsed by any college or university. 4- Amanda calls broker Tim to schedule a showing of one of his listings. How to make a Best Offer. What do you need to remember about making phone calls to potential clients? For purposes of federal income tax, which statement is true? D. Seeking buyers for others agents listings. C. It must specify a definite termination date. What kinds of things should he be looking for? 7 of 10 Which of the following is a possible benefit of investing in real property? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? 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?" This broker is guilty of what prohibited activity? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 3. Minimize expenses while maximizing profits for the owner. 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? 4- What is the agreement that a broker can enter into with a buyer? 1- What is escrow? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? B. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. What will the new owners pay in property taxes? C. Johns office has a selection of books, CDs and tapes for agent use. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. C. Regulating reserves of institutions with savings accounts only. 4- Agent Greg receives a call about one of his firms ads. 6- What is the main reason sellers choose to sell their property without an agents help? Give credit to all potential borrowers. 8 of 10 Which of these marketing tools is not considered a traditional tool? What kind of closing technique is Harry using? buyer randy makes an offer to purchase 3- When making your presentation, what topics should you cover? 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? How are properties affected by the local economy? D. Is permissible in amounts under $50. 2- When establishing rapport, whats one of the best ways to get to know your buyers? C. I will open my own office within nine years. 4. 2 of 10 Which of these is not an AIDA characteristic? Present the offer and tell the seller that the check needs to be held until June 30. 1 of 10 Which of the following types of agency is not allowed in California? Mary wants to terminate the contract. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. Pellentesque dapibus efficitur laoreet. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. B. 31- Patrick has a written independent contractor agreement with his broker Tami. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. Referral fee to a homeowners insurance agent. 1- What are the three important considerations for a good property investment? It became a contingent contract when Sam accepted Mary's offer. 3 of 10 Jake has received two offers on one of his listings. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. What will they have to pay at closing for the points? They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. 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? 8- Why is it important to have a written prospecting plan? 6- How does a limited partnership differ from a general partnership? What kind of mortgage might they get? 9 of 10 Janet is an unlicensed assistant. The listing price of a house is $139,900. C. Is subordinate to a first mortgage. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 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. California: Real Estate Practice Chapter 13 Quiz with no answers. 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 Make no recommendations and let the sellers decide on their own. I think theyre asking a fair price., C. What do you think would be a fair price?, D. The comps say that this price is right on target.. 4- What is a good method for estimating what a seller will net from the sale of the property? Other than residential list three kinds of property in the real estate market. B. What should Tim do next? Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. It is determined by who pays the compensation. It helps to identify buyer and seller needs. Which of these expenses is not associated with owning a home? Given the rise in the price of a plane ride, what percentage change in the price A. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. They were counting on a full-price offer and are very disappointed. B. of a train ride will leave the quantity demanded of train rides unchanged. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. C. Once filed, it remains until terminated. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). A secondary bid for a property that is for more than the first offer Sending cards and newsletters is a good way to keep in contact with clients and prospects. 7. Bob writes the offer but is too embarrassed to submit it. 6 of 10 Which of the following is not a true statement? 93- Jim has created a nice property flier for the James home. C. Deposit into the brokerage business account. 9- Define a purchase money mortgage. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. He refuses to rent the other unit to families with children. 3- What are the three general responsibilities of a property manager? D. Exclusive-authorization-and-right-to-sell agreement. Which of the these activities does she have control over? B. Loan terms are from 15 to 25 years. What should a licensees written employment agreement contain? 4- What items are not covered by any title insurance policy? The owner has 30 days to notify the county assessor. 2- Who needs title insurance and why? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 1- How much is the loan origination fee and what does it cover? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? What property type will be his specialty? C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. Answer: D- Avoid telling him the price by setting up an immediate appointment. Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. D. The monthly payments increase overtime. An assistant should never be left with the task of taking photos of a new listing. He succeeds in setting up an appointment to meet with the caller. B. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. 11 of 11 Which of the following is a low loan-to-value ratio? When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? 4- Explain the documentary transfer tax. 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? 8 of 10 Which of these statements about counteroffers is not true? The buyers family is pressuring them to purchase this home. Deposit the check into his trust fund account on the next business day. B. Jim Sharp is purchasing his fathers home. What should Tom do? 7 of 10 When the broker and seller agree that the broker can receive commission for a specified number of days after the listing expires if selling to a named party on a list, its referred to by what term? C. How much time the licensees must spend in the office. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. 3 of 10 Which paragraph of the purchase agreement states that if the buyer defaults after acceptance, he or she may be liable for the brokers commission? 2- Name one advantage and one disadvantage of telephone contacts. 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? 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. \end{array} 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? What is the most often used form of earnest money deposit? B. A. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. Which is true? 7 of 10 Which of the following is not a national real estate trade organization? 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. B. Newsletters can be a very effective advertising forum for niche marketers. Rule F-21 Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. B. Gross income must be based on production. A. C. The date the lender receives her application. D. All repairs must be in compliance with existing building codes. Enter your offer. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 8- Under what conditions may a landlord enter a tenants property? What do many firms do to avoid confusion with their advertising plan? If you like, you can add a message to the seller. D. All adjustable rate mortgages have negative amortization. 3- How could refinancing be an investment benefit? 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. A broker may advertise that he or she is an escrow agent. 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? C. Maintaining the office filing system. A. A. Youll know how much house they can afford. B. 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. \text { Annual cost of scrap materials } & 286,000 \\ 7 of 50 Glenna and Amanda just bought their first home. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. B. There are several steps in calculating the answer to this question. D. Lends good visual support to what the agent is saying. A. 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. Gives the names of lawyers who might require property assistance. The loan value is based on the appraised value, not the sale price. Answer a question with a question when possible. Tell the buyer to submit the offer first and then take a copy to the attorney to review. His depreciation was $2,500 per year. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 4- Why is it important to talk to the sellers about the buyers? A. B. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 3- For whom do property tax exemptions exist and for how much? 13 of 50 What is the most common reason that owners try to sell their homes themselves? 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. A. Eric can require that both the buyer and seller share equally in his commission. Go back to the buyer's agent and try to get the offer higher. D. I will distribute 200 business cards every month for the next six months. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Receives special tax considerations. C. Eric may not represent the sellers interests to the detriment of the buyer. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? D. Have the prospects sign the disclosure about agency relationship. 3 of 10 How long must trust account records be kept? D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. 6- What does the security and insurance clause of the listing agreement address? D. Is best left to experienced brokers. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. B. D. Have the broker send a thank you for listing letter to the sellers. A. 3 of 10 Which of the following would be an example of a licensee specializing in business type? What would be a good approach for Pam to take? Which one is illegal in many states? 11. 100- What does the Real Estate Disclosure Law refer to? A. Brenda must follow all of Jims instructions. D. Magazine ads are significantly more expensive than newspaper ads. Checking your browser. C. The buyers are interested in another property. Has Bob acted properly? C. Salespersons must perform all of their activities on behalf of their employing broker. Could be a violation of state licensing laws. 11- What is a public report and when must it be provided? The property is in an area that could flood. C. Sharing all visitor comments two weeks before the listing ends. Alex Jones owns a duplex and lives in one unit. Bill is purchasing a 6-family apartment building. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? What is meant by the term sphere of influence? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? There are no offers on the property during the 6-month listing period and the listing expires. Return the earnest money to buyer Norm. 2- What is important to remember about multiple offers? What does that mean? B. 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. B. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. 3- What is the difference between CLTA and ALTA policies? 12- What are grant programs typically used for? Needs a license to perform activities that are not strictly administrative in nature. The seller must file a bill of sale with the county clerk. The borrower gives the lender a note and a mortgage in exchange for the funds. 3. 10. 7 of 11 In which of the following types of loans is the payment allocated only to interest? D. Preparing flyers and promotional materials for the brokers approval. What should Bob do? 3- Differentiate between mortgage brokers and mortgage bankers. Listen carefully to everything your prospects say and repeat some specifics back at appropriate times so that they know you have heard what they said. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. What is the status of the contract between Sam and Mary? B. Hometown received $2400.00 in referrals. 2. D. There is a loan protection plan included with the loan. For what type of loan is the borrower applying? Mortgage brokers do not lend money. 38 of 50 What is the primary role of Fannie Mae? 4- What are the major areas of newspaper leads? 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? Ask the buyers to sign a real estate transfer disclosure statement. A. The ordinance also requires a 10-foot side set back. B. A. Norm gave Pat a $500 earnest money check. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? The definition of race was expanded to include ancestry. D. I will complete a property management seminar within the next year. 5. He has put up $50,000 in preferred stock as earnest money. Prices of properties currently on the market, C. Properties that were listed but did not sell. Who should Tommy recommend the owner consult with before making a decision? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. (Who, Whom) has been selected as the team captain? 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. 11- What is a public report and when must it be provided? 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? chris kelly rock 92 net worth. Write a counteroffer. Properties are very liquid and can move quickly. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. He pays rent for occupancy, plus maintenance and operating expenses. Is critical to your success in real estate. 30- Being prepared to handle incoming phone calls means all of the following except which? B. I will do two practice listing presentations per week with an experienced agent for the next two months. C. Giving buyers your opinion of what works best for them. "Let's make a low ball offer?" A secondary bid for a property that is less than the first offer This is not true of which duty? 7- What are the capital gains exclusions associated with the sale of a personal residence? A. C. Bake muffins or cinnamon rolls to create a homey feel. He succeeds in setting up an appointment to meet with the caller. C. Accept commissions from referral agents. 4. Where is it that he likely found out the property was for sale? California: Real Estate Practice Chapter 18 Quiz with no answers. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Give a discount to families with children. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. B. Ken must obtain his own training. 57- Under federal income tax law, the basis for a personal residence is which of the following: 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. What is this agreement called? In addition to agent and MLS home tours, what are some other ancillary tools you can use? B. Its a good idea for brokers to carry workers compensation coverage. A. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. The advertiser is subject to a fine. 7- Name three benefits of listing a home with an agent that you could share with sellers. This form is the first step in any real estate deal. B. 8- What is an important issue for potential buyer clients to understand? 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? A. 8- Why is it important to have a written prospecting plan? B. Rewrite whole paragraphs to ensure clarity. A. Preparation of an appraisal of the property, D. Help with required forms and disclosures. B. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? The difference between what Sara owes and what her home is worth is known as what? $6,740 D. The first and second mortgage will be rolled into one. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. The couple now has. A. B. B. What property type will he be dealing with? How to Write a Purchase Agreement? A. 4 of 10 Which of these is not an important aspect of selling? B. Refusing to make loans based on the racial composition of a neighborhood is called. 7- What does the net operating income of a property represent? D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. What disclosure does the salesperson owe to the buyer and seller? D. Avoid negative comments while hes inside the home. Give an example of a specific short-term goal. Broker compensation to other brokers. 33- Which statement is true about a loan that has a negative amortization? 5 of 10 Which of the following is not a source of information for professional ethics codes? The buyer must pay the broker a commission. C. Date and attach supporting documents. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. Sunday afternoon, Mary is driving around and finds a property she likes better. On what amount will they pay capital gains tax? D. The buyers love the landscaping improvements the sellers have made. Tom then resells the property to the developer and pockets a $300,000 profit. A. D. She should persuade them to accept the offer. 4 of 10 All of these are true of prospecting except: A. This term typically refers to. 5 of 11 Which of these statements is true about a CalVet loan? D. Exert pressure on the sellers to include something the other party wants. 8- What is an important issue for potential buyer clients to understand? A counteroffer represents a rejection of an offer. 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? C. It creates an agency relationship. However, she believes the sellers will not be willing to accept the offering price. B. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 4 of 10 Which of the following would be the least desirable phone handling technique? 3 of 12 All of the following are primary mortgage market lenders except which? D. Employee status versus independent contractor status is an IRS issue. What should Bill do? Next, calculate the points charged; $168,500 x 0.02 = $3,370. yellowbrick scholarship reviews. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 4- What is the agreement that a broker can enter into with a buyer? Jim and Jane financed the remaining $25,000 through the seller. Which of the following statements is not true? The monthly net rental is $600. 2. D. The advertiser must prove he was grandfathered in as a licensee. D. Amanda smiles at Jim when she sees the whirlpool tub. Rule 21 B. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? : The Commission could suspend or revoke Rob's license. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase : 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. A. B. Installation of central air conditioning, D. Addition of a tenant laundry facility. B. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. A. What kinds of things should you include in a weekly activity report? Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. $5,500 the first year, plus a maximum 2% increase in market value per year, B. \hline \text { Annual inspection costs } & \$ 155,000 \\ A purchase offer is a binding contract between the buyer, the seller and their agents. She should advise them to let the offer expire with no action so the buyers will get nervous. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. What percent of commission the licensees can charge. A. Mike has changed jobs six times in the past six months. 10 of 10 Which of the following is not a possible benefit of investing in real property? lumberton man killed; guggenheim annuity rates. A. 6. Click the "Allow" button. B. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. 6. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} A secondary bid for a property that the seller will accept if the first offer fails sam neill laura tingle split
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