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Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. 14- Value includes which of the following aspects? C. Maintaining the office filing system. 12- What does TRID require of lenders? Click the "Allow" button. A net listing is illegal in all states. Tom thereupon submits a full-price offer to the owner and purchases the property. What should Tim do next? Broker Ashley has been working for a seller for the past seven months. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. 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. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. B. 103- Kirk and Sandy obtained a wraparound mortgage. D. Administers special assistance programs. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 7 of 50 Glenna and Amanda just bought their first home. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. B. 6. She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? Wait until next week to send an activity report, hoping things will pick up. B. 8. 9- Define a purchase money mortgage. C. A counteroffer can give the buyers an out if they want one. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 1- What is an important thing to remember about listing agreements? 2 of 10 Which of these statements is true? 8- What does the Water Heater Statement of Compliance address? D. Whether or not the licensees attend staff meetings. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? C. Tell the sellers you expect an offer to be coming soon. 8- Why should agent Grace give her client a Combined Hazards Book? She would likely be required to do which of the following? A. Forwarding calls from the public to one of the salespersons in the office. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? A. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz 07 Jun. 3- What is a good approach to use when contacting the owner of an expired listing? 11- What is a public report and when must it be provided? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 33 of 50 Sal bought a personal residence for $150,000. 10 of 10 Which of these Internet pages might be of particular interest to sellers? 1 of 10 All of the following are good approaches for handling objections except which? Which of these forms of advertising is she most likely to avoid? Her broker has asked her to be available for tasks in the field rather than in the office. Which would NOT result from the exercise of police power? A. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. Rule E-1 Recommend a counteroffer back to list price. A. A. Underline each word that should be capitalized in the following items. 9- What is the basic purpose of Truth in Lending Regulation Z? 2- What is important to remember about multiple offers? A. List the details of all parties involved. 7- In the initial meetings with the prospects, the agent should do all of the following except which? 8- What is an important issue for potential buyer clients to understand? 4- What are the major areas of newspaper leads? PRACTICE QUESTIONS), >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. 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. C. Once you set a goal you should never change it. They agree on a price and both parties execute the contract. B. Name four traditional marketing tools that you should use with every listing you get. 7- How can a builder help you generate leads? California: Real Estate Practice Ch9 Quiz with no answers. C. Johns office has a selection of books, CDs and tapes for agent use. A. D. Amanda smiles at Jim when she sees the whirlpool tub. of a train ride will leave the quantity demanded of train rides unchanged. 8 of 10 Which of these is a free form of advertising? C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. B. A. The adjusted cost basis of the first home was $140,000. 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. The Residential Environmental Hazards Guide, B. 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.. 8- What does the Water Heater Statement of Compliance address? 8. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 4- How is property management seen as a risk to investing? What percent of loss did you have? Give housing choices to the widest range of people. 3- What signals do buyers use to indicate they may be willing to make a purchase? 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 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. It never was effective since Sam had not notified Mary of the acceptance. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 4- Why is it important to talk to the sellers about the buyers? 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. 5 of 50 Jane has been working with some buyers for several weeks. A. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. Which of these ad headlines would probably be the least effective for this home? "No, you may lose the house." Give credit to all potential borrowers. Sam accepts the offer and executes the contract on March 1, a Sunday. 2- Explain the difference between the primary and secondary mortgage markets. B. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. B. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. Refusing to make loans based on the racial composition of a neighborhood is called. D. The first and second mortgage will be rolled into one. Which of the following is true, if you are licensed as a referral agent? B. 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. California: Real Estate Practice Chapter 16 Quiz with no answers, 1 of 10 According to FIRPTA, what percent would a buyer who is buying the property as a personal residence need to withhold when purchasing a $200,000 home from a foreigner?. 7- Agent Jim needs to do a visual inspection of his listing. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 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. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? 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. ", Answer: A- "What would you like to offer? The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? Information on current loan programs. 2- Name one advantage and one disadvantage of telephone contacts. 33- Which statement is true about a loan that has a negative amortization? 2. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. Have you been pre-qualified or pre-approved by a lender yet? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? 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. The purchase price, plus depreciation Sharon and Steve have just taken a second mortgage on their home. Why or why not? kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase A. Eric can require that both the buyer and seller share equally in his commission. Is depreciation accounted for by a hospital? B. 8- Why should agent Grace give her client a Combined Hazards Book? The second mortgage has now become the primary loan. B. 4. : 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. C. Knocking on doors never requires special permits. How would Grants lease at this time be classified? How long does he have to file a complaint with the Department of Housing and Urban Development? A. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. 76- Mark believes he has been discriminated against during his home search. Two months later she purchased and moved into a new home that cost $145,000. Who will pay the points? Checking your browser. D. Offer something valuable to the reader. What should Bob do? C. The home sits on an earthquake fault zone. B. FSBO sellers believe they will save money if they sell themselves. A. Kirk doesnt have the right to withdraw the offer so soon. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. D. The interest payment is always smaller then the amount allocated to the principal. What kind of mortgage are they looking for? Attend weekly staff meetings at the office. C. It creates an agency relationship. What is the body of law that governs negotiable instruments? 7- Name three benefits of listing a home with an agent that you could share with sellers. B. 44 of 50 Fair Housing laws are designed to: A. 6- What is important for the sellers to know about a counteroffer? The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. Their interest rate will rise after the first few years. B. It is determined by who pays the compensation. D. Tim and Gail have qualified for an FHA loan. yellowbrick scholarship reviews. B. 6. What should Bob do? What kind of mortgage might they get? He succeeds in setting up an appointment to meet with the caller. A. 74- Which statement is not true about an agency relationship? 8- When does a purchase offer become a legal contract? 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? A. Suggest that the buyer look at a different house. Ask the buyers to sign a real estate transfer disclosure statement. Nam lacinia pulvinar tortor nec facilisis. Only after receiving the tenants consent. What is this called? A. Explain the method used to write good advertising. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. 2- What is important to remember about multiple offers? 7 of 10 Which of the following is not a national real estate trade organization? Sets a limit on the commission a broker can earn. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 5- What actions can the sellers take regarding the purchase offer? 5 of 10 Which of the following is not a source of information for professional ethics codes? Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. Which is true? Broker compensation to other brokers. A rental property has a return rate of 8%. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? What kinds of things should he be looking for? What kind of closing technique is Jim using? What percent of commission the licensees can charge. Gross income must be based on production. 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.