In the meantime, Bill gets another offer on the property from another buyer at a higher price. D. Kirks offer to Larry is legally cancelled. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. Donec aliquet. 9 of 10 A shopping center would be primarily categorized as what type of property? 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. 5 of 10 California allows a property manager to charge a non-refundable fee for which? Who will pay the points? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? Which of the these activities does she have control over? 1 of 10 Which Fair Housing Law added sex to the list of protected classes? Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. On what amount will they pay capital gains tax? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. B. There is a crack in the basement wall. B. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. 3 of 10 What kind of ad usually combines both institutional and product advertising? Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Negotiate agreements regarding commission structuring. buyer randy makes an offer to purchase. 10- Whats the difference between a lease purchase and a lease option? Which of the following statements is not true? C. The buyers and sellers agents will sign the escrow instructions. If checked, the seller can complete repairs after closing. What kind of lease does Jim have? Sam accepts the offer and executes the contract on March 1, a Sunday. B. Loan terms are from 15 to 25 years. A purchase offer is a binding contract between the buyer, the seller and their agents. 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? C. It must specify a definite termination date. Launch into your list of the homes special features and hope she changes her mind. A. 7 of 10 Which of the following is a possible benefit of investing in real property? B. Jim Sharp is purchasing his fathers home. How to make a Best Offer. A. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. They called Wills office and told the secretary they are upset and need to speak with Will. B. B. 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. 42- Alice is planning her career and setting her goals. 7- How can a builder help you generate leads? California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 5- What actions can the sellers take regarding the purchase offer? 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. 6 of 10 Which of these is an emotional reason that buyers buy property? 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? This form is the first step in any real estate deal. 14- Value includes which of the following aspects? B. A. 11 of 11 Which of the following is a low loan-to-value ratio? It is determined by who pays the compensation. 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? D. Make the headline bold and all caps. What kind of mortgage might they get? 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. An apartment building for a vacant lot, B. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? C. The same amount will go towards the principal every month. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? 9 of 10 How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket? What is meant by the term sphere of influence? 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? List the details of all parties involved. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 12- What are grant programs typically used for? What is most likely their main motivation for investing? C. Guarantees payment of all interest and principal on mortgage-backed securities. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. C. Be sure all requested inspections have been ordered. 5- What does the safety clause in the listing agreement do? 5 of 10 Mike bought his home last year for $150,000. C. Is permissible if being accepted on behalf of a third party. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? C. Once filed, it remains until terminated. A. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? 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. 100- What does the Real Estate Disclosure Law refer to? 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? It can provide a steady stream of future clients. What is this called? Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. C. Jim and Amanda whisper and frown when they see the basement. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 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. How much do you have in your savings account? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. A Bill of Sale gives title to the business equipment. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. 1 of 10 Broker Alice has hired several independent contractors in her firm. B. Alice knows everything about the exclusive east side neighborhoods. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. What kind of mortgage might they get? They made $50,000 of improvements. The Reality of Purchase Offers . 6- What does the security and insurance clause of the listing agreement address? What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? B. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 1- What are the five aspects that are involved in any selling approach? B. D. Lends good visual support to what the agent is saying. What will they have to pay at closing for the points? Giving information about a listing to prospective buyers. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? an opinion of value for the day of the appraisal only. C. Recommend a counteroffer back to list price. A. 5- When must a licensee provide an agency disclosure to a prospective client? 32 of 50 Alice is an employee of Mid-State Realty Services. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. What should Tom do? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. 8 of 10 Which of the following will give you comparative market data the fastest? 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. Referral fee to a homeowners insurance agent. What approach can Greg use to discourage the person from calling other agents? To learn more about the real estate business, D. To make more money than a real estate agent. 1. D. Their loan payments will gradually increase. A. D. Offer something valuable to the reader. Deposit the check into his trust fund account on the next business day. What should Tom do? D. Brenda has not violated any fiduciary duty. 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. 9 of 10 All of these might be a buying signal except which? 6 of 11 Which of the following is not true about reverse annuity mortgages? 13 of 50 What is the most common reason that owners try to sell their homes themselves? Ask the caller if he or she would like to receive e-mails on newly listed properties. The buyer must pay the broker a commission. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 9% 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? Be a deal maker. An assistant should never be left with the task of taking photos of a new listing. Gross income must be based on production. 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. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. Give a discount to families with children. 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? Use as little white space as possible. She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. 4- What items are not covered by any title insurance policy? buyer randy makes an offer to purchase buyer randy makes an offer to purchase. B. 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. lumberton man killed; guggenheim annuity rates. Anasayfa; Hakkmzda. 41 of 50 What was the important ruling in Jones v. Mayer? Have you been pre-qualified or pre-approved by a lender yet? Answer: A- Proceed as if the buyer has decided to make an offer. 1- What is an important thing to remember about listing agreements? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. A. Other than residential list three kinds of property in the real estate market. How does ALTA-R differ from ALTA? Given the rise in the price of a plane ride, what percentage change in the price Prices of properties currently on the market, C. Properties that were listed but did not sell. Pellentesque dapibus efficitur laoreet. What property type will he be dealing with? Ashley should end this relationship by, : asking the seller to sign a mutual release. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 5- What does the safety clause in the listing agreement do? 46 of 50 Greg grew up in and lives in a rural area. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. What should agent Phil do? B. 8- Why should agent Grace give her client a Combined Hazards Book? A. A. 3- Differentiate between mortgage brokers and mortgage bankers. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. 8 of 10 Which of these is a free form of advertising? A broker may advertise that he or she is an escrow agent. 33- Which statement is true about a loan that has a negative amortization? C. Supervises the Federal Housing Authority. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. Can be used in place of a verbal presentation. During this interim period, grant makes monthly rent payments and the owner accepts them. 22- Jane sold her personal home for $148,000. Bob cannot do anything; it is out of his hands. 2- List the three Institute of Real Estate Management property management designations. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? A counteroffer represents a rejection of an offer. Point out that the roof is not leaking despite its age. 12- What are grant programs typically used for? C. If Bill pays off the loan early, there will be no prepayment penalty. B. 88- Sally and Dan must pay 2 points on their new $65,000 loan. Write a counteroffer. 8- What actions does a lender take to sell a mortgage in the secondary market? 46- A life insurance company would most likely invest in all but which of the following properties? What does the net operating income of a property represent? Share that information with the sellers. A. A secondary bid for a property that the seller will accept if the first offer fails 5- What should a good management contract contain? 10 of 10 A competitive market analysis is an attempt to: A. 1- How much is the loan origination fee and what does it cover? A. B. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. 4- Describe a reverse annuity mortgage. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? What California Fair Housing law has the manager violated? Elaine parks across the street from the home and Mike is disappointed by what he sees. 14 of 50 The title report on a property shows there is a lien on the property. 8 of 10 Which of the following circumstances would concern you about working for Broker John? of a train ride will leave the quantity demanded of train rides unchanged. 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? Make no recommendations and let the sellers decide on their own. Housing and Community Development Act. 7 of 10 How might probate information help in prospecting? 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? What approach can Greg use to discourage the person from calling other agents? A. Go back to the buyer's agent and try to get the offer higher. Norm gave Pat a $500 earnest money check. 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. A. Mike has changed jobs six times in the past six months. 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? D. Is best left to experienced brokers. A buyer mails an offer to an out-of-town seller. The ordinance also requires a 10-foot side set back. B. She sold the property and several months later the buyer sued Pam for not disclosing the problem. What do many firms do to avoid confusion with their advertising plan? 100 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. 4. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. B. D. The date Abby makes the request to receive the booklet. 51- Which statement is true about a homeowners exemption? fairbanks ice dogs standings . 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? A. 2. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. B. Enumerate the homes special features and hope they change their minds. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? 4- What are the major areas of newspaper leads? 65- Which of the following items is usually not prorated at closing? 9 of 10 Which of these is not a helpful homeowner tip? C. A counteroffer can give the buyers an out if they want one. What was Sam's appraisal cost for quality last year? Which statement is true ? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 33- Which statement is true about a loan that has a negative amortization? 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? B. B. Give the sellers a copy of some homeowners tips. 77- Which of the following Internet pages might not be of particular interest to buyers? Ordinary china is very fragile. The home comes equipped with all furnishings. B. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. Which of the following would be the least likely place for them to obtain a loan? D. Arrange to meet the prospect at your office. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? At the end of the term, the loan balance will be negative. 7 of 10 Which of the following is not a national real estate trade organization? D. Hold it with the buyers permission until the contract is accepted. B. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. What should Tim do next? 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. B. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. How should Jan's licensee handle the offer? They were counting on a full-price offer and are very disappointed. C. Allow indoor pets to leave their designated area. 2 of 10 Which of these statements is true? D. All adjustable rate mortgages have negative amortization. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? Who should Tommy recommend the owner consult with before making a decision? Minimize expenses while maximizing profits for the owner. 3. Which law extended discrimination to include handicap and familial status? Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. Buys conventional, FHA and VA loans. 9 of 10 A reference list of alternative comparable properties is sometimes referred to as the: 10 of 10 Prospects Jim and Linda arrive with agent Bill at the first showing. 78- Nancy bought her home last year for $425,000. Start in the room with the best features. C. Find a lender who is willing to do FHA loans. sam neill laura tingle split A. What kind of closing technique is Jim using? Who would be exempt under New Jersey fair housing law? The listing price of a house is $139,900. What are members of NAR required to do? C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. Gives the names of lawyers who might require property assistance. Answer: C- Try to get Sam to accept the offer. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. 4- Agent Greg receives a call about one of his firms ads. chris kelly rock 92 net worth. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Sending cards and newsletters is a good way to keep in contact with clients and prospects. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? C. When you have 200 names in your contact database. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? buyer randy makes an offer to purchasei miss you text art copy and paste. If the loan value is 80%, and the property was appraised at $86,500 and sold for $88,000, how much would the purchaser be permitted to borrow? He refuses to rent the other unit to families with children. This is not true of which duty? 2- What kind of problem can result from a straight loan? A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? Which of these ad headlines would probably be the least effective for this home? C. Eric may not represent the sellers interests to the detriment of the buyer. C. Gather listing forms for her employer. B. Checking your browser. D. Allows a broker to have as a commission anything above the minimum the seller sets. You had a 9% loss. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. Which of the following is true, if you are licensed as a referral agent? A. 4. Answer: D- They are effectively terminating the original offer. B. A. How much did Sam gain or lose on the sale? Who makes the payments to a claimant from the Guaranty Fund? What economic factors affect the real estate market as well as other goods and services? Sam plans to overnight the acceptance on Monday. 36- Broker Eric secures a loan for buyer Paul. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? B. How can you prepare your sellers for receiving offers? 4- What items are not covered by any title insurance policy? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. 4 of 10 All of these are true of prospecting except: A. 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? Which is a true statement? When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. is 0.4. A. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 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. C. The owner has 45 days to pay the new property taxes. What should Jake do? D. Have the prospects sign the disclosure about agency relationship. What will they have to pay the lender? Next, calculate the points charged; $168,500 x 0.02 = $3,370. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? However, she believes the sellers will not be willing to accept the offering price. Not waste anymore time on this house, the buyer will never make an offer. 84- Four years ago, Sam purchased a vacant lot for $10,000. 52- Which statement is true about a listing contract?