What is the body of law that governs negotiable instruments? Bob Broker represents Mary Buyer. 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? D. The loan must be repaid before the borrowers death. Answer: B- Encourage the buyer to get the attorney to review it quickly. Brenda refuses. B. 6 of 10 Who typically presents an offer to the sellers? B. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. Call Us Today! Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz A. A. What should Jake do? D. All adjustable rate mortgages have negative amortization. Buys pools of mortgages in exchange for mortgage-backed securities. 5 of 10 Which of the following is not a source of information for professional ethics codes? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. The escrow holder will need information about the brokers commission. D. All repairs must be in compliance with existing building codes. A. Find solutions. Rule F-1. 4- Whats a bonus closing and whats important to keep in mind about this technique? What is the result? Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" 8 of 12 Fannie Mae does all of the following activities except which? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? B. D. The owner has 45 days to file a change in ownership statement. Sunday afternoon, Mary is driving around and finds a property she likes better. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? Use as little white space as possible. 10- What is the right to rescind and what is not covered by this rule? 2 of 10 Which of these is not an AIDA characteristic? Ask the buyer if the buyer would like to make an offer taking the roof age into account. 5- Define the term loan-to-value ratio. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 3- What signals do buyers use to indicate they may be willing to make a purchase? B. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? D. The casement windows have broken seals. How to make a Best Offer. Here are the steps to follow to make an offer to purchase: Step 1. 12- What does TRID require of lenders? The borrower makes payments of interest only over the term of the loan. A. Lead-based paint was used in the home. 33- Which statement is true about a loan that has a negative amortization? He asks his real estate agent if she could tell him how to go about building a house on the land. Ask the caller if he or she would like to receive e-mails on newly listed properties. California: Real Estate Practice Ch5 Quiz with no answers. A. Go back to the buyer's agent and try to get the offer higher. C. Consider child support payments in the decision. A. 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 The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Fill out a separate, numbered counteroffer form. However, she believes the sellers will not be willing to accept the offering price. What is the major difference between an employee and an independent contractor? Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. What kind of listing agreement does Alice have with Jack? 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? D. If the buyer rejects the first counteroffer, the seller can accept the first offer. How does ALTA-R differ from ALTA? 4- Amanda calls broker Tim to schedule a showing of one of his listings. She can do all of the following except which? Referral fee to a homeowners insurance agent. 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. Sam accepts the offer and executes the contract on March 1, a Sunday. Gives the names of lawyers who might require property assistance. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo What is the market value of the property? 2. A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. A. Wills weekly report indicates two showings and five inquiries for the week. B. There is nothing that can offset this problem. 7- What is the difference between an FHA loan and a VA loan? 16 juin 2022 why do babies clap their feet. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? A. B. Jim Sharp is purchasing his fathers home. 4- Agent Greg receives a call about one of his firms ads. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? C. The owner has 45 days to pay the new property taxes. 3. 3- Differentiate between mortgage brokers and mortgage bankers. If a seller changes the terms of the offer to purchase, he has created a counteroffer. 2- Name one advantage and one disadvantage of telephone contacts. 5 of 10 What would be the least effective way to get to know your buyers needs? The fees that Eric charges Paul for making the loan could be any but which of the following amounts? D. The advertiser must prove he was grandfathered in as a licensee. You can use a reverse telephone directory to get the names of residents. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 10- Which disclosures are NOT required to be made when selling residential property? The difference between what Sara owes and what her home is worth is known as what? C. Tell the sellers you expect an offer to be coming soon. 6- Whats important to know about the Liquidated Damages paragraph? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 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. D. Tim and Gail have qualified for an FHA loan. 8- What actions does a lender take to sell a mortgage in the secondary market? 1 of 10 Which of the following actions by an agent would most probably upset the sellers? 4- Explain the documentary transfer tax. The check that accompanies the salesperson license application must be for what amount? 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. 2- Explain the difference between the primary and secondary mortgage markets. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. B. Its easier to prioritize your tasks if your goals are in writing. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. Preparation of an appraisal of the property, D. Help with required forms and disclosures. 3 of 10 Jake has received two offers on one of his listings. A. Before the sale can get finalized, the owner would require you to first meet certain conditions. C. Is not necessary if the verbal presentation is strong. 7- Agent Jim needs to do a visual inspection of his listing. 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. 2- What does Proposition 58 state? His depreciation was $2,500 per year. 19- Which of the following is not an advantage of hosting an open house? 1 of 10 Gail is a licensed real estate assistant. D. Buyer indemnity and seller protection. A counteroffer represents a rejection of an offer. Hes very comfortable selling that type of property and knows he can work well with clients in that area. D. Their lender can profit from the difference in interest rates. C. The seller can do all repairs himself. B. Alice knows everything about the exclusive east side neighborhoods. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. D. Avoid negative comments while hes inside the home. A. Jake is getting a VA loan with no down payment. Bob Broker knows that another offer will be coming in at about the same time. 2- What types of office administration tasks are important for a licensed assistant to perform? A. Share that information with the sellers. D. Lends good visual support to what the agent is saying. D. Will conducted an agent open house last week that was attended by 25 agents. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. The lender makes payments to the borrower. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Possession date. California: Real Estate Practice Chapter 13 Quiz with no answers. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. 1- What is important to know about unlicensed real estate assistants? The buyers family is pressuring them to purchase this home. B. Gross income must be based on production. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? The purchase price, plus improvements 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? 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. The offer with the highest price The ordinance also requires a 10-foot side set back. 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? B. 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. 77- Which of the following Internet pages might not be of particular interest to buyers? Lenders are in the best position to qualify buyers. There are several steps in calculating the answer to this question. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. B. Exclusive-authorization-and-right-to-sell agreement. 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? 2- What exception exists to the duty of obedience when working with a client? 57- Under federal income tax law, the basis for a personal residence is which of the following: 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? A basis of $148,000 and no taxable gain, B. B. They will have to make a very high down payment. Virtual tours are a very expensive marketing tool to use. It can be considered an employment contract. Amanda loves the home and wants to make an offer. B. B. A. I will make two new contacts every day this week. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 4. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? A. What kinds of things should he be looking for? Pellentesque dapibus efficitur laoreet. Seeking buyers for your listings B. 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. A. B. Enumerate the homes special features and hope they change their minds. Answer: D- Avoid telling him the price by setting up an immediate appointment. B. 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? 5- If lenders intend to sell mortgages in the secondary market, what must they do? The purchase price, plus depreciation, B. Step 2. C. If Bill pays off the loan early, there will be no prepayment penalty. rickey smiley and grandson videos 2. Which of these actions might have caused their upset? C. The buyers and sellers agents will sign the escrow instructions. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? 9 of 10 All of these might be a buying signal except which? 64- Which of the following is not a form of personal advertising? D. I will distribute 200 business cards every month for the next six months. A. (Who, Whom) has been selected as the team captain? 8 of 10 Which of these is a free form of advertising? Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . Mary makes an offer to purchase a duplex from Sam. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. When should the agent have disclosed this fact? Checking your browser. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. B. 8 of 10 Which of the following will give you comparative market data the fastest? A. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. 5 of 10 How many properties should be included for comparison in a competitive market analysis? 8 of 10 When is the first installment of property taxes due? 1- What is goodwill as it relates to a business? Buyer Jim asks if he can visit the property for a second time. 4. To access the website, click "Allow". He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Regulates reserve requirements for all institutions that offer checking accounts. 10. 11- What are the penalties for violating Regulation Z? Encourage Sam to make a counteroffer at 2% below Sam's asking price. an opinion of value for the day of the appraisal only. 3- How could refinancing be an investment benefit? 2 of 10 Which lender typically deals in interim financing? Which term is the process of joining several parcels of land into one larger parcel? What kind of closing technique is Jim using? Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. 3 of 10 How long must trust account records be kept? Find things in the home a seller needs to repair. 6- When is a lender required to terminate a borrowers private mortgage insurance? 8- Why should agent Grace give her client a Combined Hazards Book? Answer a question with a question when possible. 13 of 50 What is the most common reason that owners try to sell their homes themselves? C. Real Estate Settlement and Procedures Act. What kinds of things should you include in a weekly activity report? fairbanks ice dogs standings . 2- What is important to remember about multiple offers? Which area of specialization would she fall into? 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? 41- Agricultural land includes all of the following EXCEPT which? 14 of 50 The title report on a property shows there is a lien on the property. Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. 7 of 50 Glenna and Amanda just bought their first home. Give the sellers a copy of some homeowners tips. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? Only after receiving the tenants consent. 7- In the initial meetings with the prospects, the agent should do all of the following except which? What approach can Greg use to discourage the person from calling other agents? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. 8- Under what conditions may a landlord enter a tenants property? 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? Make no recommendations and let the sellers decide on their own. C. Refuse to accept the offer and check. Most likely, what did they get? Bob cannot do anything; it is out of his hands. 52- Which statement is true about a listing contract? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property. Which statement is true? If the loan is for $68,000, what will Mark be assessed in points? The original loan becomes subordinate to the wraparound. 3- In what three ways can an assistant aid an agent with appointments? 7 of 10 Which of these forms is not filled out by the seller? You can make a Best Offer on listings that have a Make Offer button. 2 of 50 Residential property includes all of the following EXCEPT which? Attend weekly staff meetings at the office. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 10- Which disclosures are NOT required to be made when selling residential property? 59- Which of the following is a sellers request that an agent cannot honor? Housing and Community Development Act. C. Once filed, it remains until terminated. A. The This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. Giving information about a listing to prospective buyers. D. Arrange to meet the prospect at your office. Who makes the payments to a claimant from the Guaranty Fund? Buys conventional, FHA and VA loans. B. What kind of mortgage might they get? 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? 45- Kirk wants to get an FHA loan. sam neill laura tingle split For what type of loan is the borrower applying? Buyer Norm just signed a purchase contract with licensee Pat. 5. B. B. 8 of 50 Buyer Kirk submits an offer to seller Larry. A. 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? 100 D. The monthly payments increase overtime. If you like, you can add a message to the seller. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? Loan terms are from 15 to 25 years. C. Alice is getting a conventional loan and making a 15% down payment. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 29 of 50 What is one way the Federal Reserve System regulates the money supply? D. Is best left to experienced brokers. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. Negotiate agreements regarding commission structuring. Underline the correct pronoun in parentheses in the following sentence. Suggest to the sellers that their listing price is too high. 6- How does a limited partnership differ from a general partnership? He made $150,000 of improvements during the three years he lived in it before he sold it. A. B. D. Meet with the buyers lender to ensure theyre getting a good deal. 1- How much is the loan origination fee and what does it cover? D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. An apartment building for a vacant lot, B. 5 of 50 Jane has been working with some buyers for several weeks. 9- What is the basic purpose of Truth in Lending Regulation Z? D. The date Abby makes the request to receive the booklet. California: Real Estate Practice Ch8 Quiz with no answers. The term of the loan can be shortened. Will placed an ad in the most recent Home Buyers Guide. C. Do you need the equity from your current home for the new home purchase? C. Salespersons must perform all of their activities on behalf of their employing broker. B. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? A. A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. Jim and Jane financed the remaining $25,000 through the seller. 88- Sally and Dan must pay 2 points on their new $65,000 loan. 1- When is real property reassessed? At the end of the term, the loan balance will be negative. C. Exclusive-authorization-and-right-to-sell agreement. 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? Does not need to be familiar with office policy. Has New Age violated any laws? What is the most often used form of earnest money deposit? 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? 4- Amanda calls broker Tim to schedule a showing of one of his listings. Secure documents that are public information from the courthouse and other sources available to the public. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. Present the higher-priced offer first. The seller must file a bill of sale with the county clerk. How does ALTA-R differ from ALTA? C. How much time the licensees must spend in the office. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? Facebook Instagram. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? 73- Which of these is not a buying signal? 10 of 10 Which of these Internet pages might be of particular interest to sellers? Which of these ad headlines would probably be the least effective for this home? 2 chainz concert atlanta, masoud shojaee shoma net worth, inland star distribution centers,