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. B. Give the sellers a copy of some homeowners tips. Launch into your list of the homes special features and hope she changes her mind. Before completing the form, discuss the following important points with the home seller: Price. C. Giving buyers your opinion of what works best for them. The other 75% came from an hourly wage paid by Tami. 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. Kirks offer to Larry is legally cancelled. 55- Greg is approved for a Cal-Vet loan. What should Bob do? B. 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. D. Broker Tom has only limited responsibility for the actions of his licensees. Answer: B- The contract is voidable due to mutual mistake. B. 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? 6. 4- What is a good method for estimating what a seller will net from the sale of the property? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 4. 29 of 50 What is one way the Federal Reserve System regulates the money supply? A. D. Allows viewing access to strangers. (Who, Whom) has been selected as the team captain? Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. A. Jim specializes in clients who want to buy restaurants. The seller must file a bill of sale with the county clerk. A. If checked, the seller can complete repairs after closing. He says to them, "Would you prefer to take possession on September 1 or October 1?" B. D. Offer something valuable to the reader. 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? C. An assistant can keep track of the progress of activities during escrow. 7- What makes up a mortgage? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? Here are the steps to follow to make an offer to purchase: Step 1. B. Exclusive-authorization-and-right-to-sell agreement. 11- What is a public report and when must it be provided? For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. The lender gives a mortgage to the borrower and gets funds in exchange. B. A rental property has a return rate of 8%. buyer randy makes an offer to purchase Needs a license to perform activities that are not strictly administrative in nature. 5- What is the Closing Disclosure? What percent of loss did you have? 6- What is important for the sellers to know about a counteroffer? yellowbrick scholarship reviews. In the meantime, Bill gets another offer on the property from another buyer at a higher price. A. How should licensee Fred handle this offer? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 10 of 10 Which of these Internet pages might be of particular interest to sellers? C. Consider child support payments in the decision. Studying population trends in the area. Wait until next week to send an activity report, hoping things will pick up. B. Newsletters can be a very effective advertising forum for niche marketers. It can provide a steady stream of future clients. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase D. The borrower gets a note in exchange for a mortgage. 84- Four years ago, Sam purchased a vacant lot for $10,000. 2- What does Proposition 58 state? Her broker has asked her to be available for tasks in the field rather than in the office. Negotiate agreements regarding commission structuring. 5- Your listing presentation manual should be made up of two sections that address what issues? Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings Offer to mail the caller a set of fliers on interesting properties. What would we call Hannah? residential transactions financed by federally related mortgage loans. B. 46- A life insurance company would most likely invest in all but which of the following properties? 3- What is the difference between CLTA and ALTA policies? Set up a face-to-face meeting with the sellers as soon as possible. castilian drive, los angeles. 1- When is real property reassessed? 2. California: Real Estate Practice Ch3 Quiz with no answers. What would you say about Alexs actions? California: Real Estate Practice Ch11 Quiz with no answers. buyer randy makes an offer to purchasei miss you text art copy and paste. 8- Why is it important to have a written prospecting plan? Give an example of a specific short-term goal. Find things in the home a seller needs to repair. Offer to Purchase Form - Fill Out and Sign Printable PDF Template | signNow Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . B. They will owe a balloon payment at the end of the loan term. A. On what amount will he pay capital gains tax? "No, you may lose the house." 07 Jun. D. Must start out as a part-time employee. This broker is guilty of what prohibited activity? C. They can make payments directly to the original lender. Buyer Norm just signed a purchase contract with licensee Pat. Elaine parks across the street from the home and Mike is disappointed by what he sees. Tell Linda that the sellers will be very disappointed if they cancel the appointment. buyer randy makes an offer to purchase. Tom thereupon submits a full-price offer to the owner and purchases the property. California: Real Estate Practice Chapter 14 Quiz with no answers. 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. He just sold it for $13,000. D. The buyers love the landscaping improvements the sellers have made. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? Rule 21 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? C. An offer or counteroffer can be withdrawn at any time before it has been accepted. Present the $200,000 first and recommend rejection. The offer with the highest price that is the most likely to close How much do you have in your savings account? There is nothing that can offset this problem. B. 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? If a seller changes the terms of the offer to purchase, he has created a counteroffer. C. If Bill pays off the loan early, there will be no prepayment penalty. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. A. Checking your browser. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. A. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. D. Chris is a buyer's agent. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 7. $6,740 Example 1. Recommend a counteroffer back to list price. 96- Which statement is not true about a listing contract? 5 of 10 All of these would be effective at capturing a readers attention except which? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. How to Write a Purchase Agreement? Then present the $208,000 offer. B. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. What kind of closing technique is Jim using? She put 20% down and got a mortgage for the remainder. What kinds of insurance do brokers normally require of their employees? 16- Dave and Nadine have decided that they want to become property investors. B. The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? Installation of central air conditioning, D. Addition of a tenant laundry facility. One day later. D. The first and second mortgage will be rolled into one. What should Alice do? C. Identifies buyers for other properties. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. B. lumberton man killed; guggenheim annuity rates. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. Housing and Community Development Act. 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? Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. 7 of 10 Which disclosure form gives detailed information about the propertys condition? A. Greg is violating the duties he owes to his new buyer. A. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. D. Ensure fair real estate negotiations. 74- Which statement is not true about an agency relationship? ", Answer: A- "What would you like to offer? A. B. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). Other than residential list three kinds of property in the real estate market. Rate of return is computed by dividing the annual net income by the rate of return. Entails entering into two agreements simultaneously. Sam accepts the offer and executes the contract on March 1, a Sunday. 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? What should Bob advise Sam? Prior to bringing an offer to purchase. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. 4- Agent Greg receives a call about one of his firms ads. fairbanks ice dogs standings . A. List the details of all parties involved. C. Do you need the equity from your current home for the new home purchase? 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? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. buyer randy makes an offer to purchase - cspconlutas.org.br The adjusted cost basis of the first home was $140,000. What should Tom do? A. Change the locks on the tenants apartment. B. C. Jim and Amanda whisper and frown when they see the basement. 3 of 10 What kind of ad usually combines both institutional and product advertising? 1- How much is the loan origination fee and what does it cover? 46 of 50 Greg grew up in and lives in a rural area. It was terminated when Mary delivered the recission to Sam. 2- Explain the difference between the primary and secondary mortgage markets. B. A. Eric can require that both the buyer and seller share equally in his commission. B. 4- What items are not covered by any title insurance policy? Amanda loves the home and wants to make an offer. D. Convince a seller to list with you. What kind of mortgage are they looking for? Which of the following items can Matt not add to the original cost when doing the computation? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? A. A. 17 of 50 Kathy is a personal assistant at Action Realty. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. D. I will distribute 200 business cards every month for the next six months. The buyer was responsible for making the discovery, so Pam is therefore liable. Local ordinance requires a 20-foot rear and front setback. Encourage the buyer to get the attorney to review it quickly. The buyer must pay the broker a commission. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? The buyers have been pre-qualified by a lender. 1- What is a competitive market analysis? The sellers want the earnest money check made payable to them instead. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? This mortgage type is popular among the elderly. B. 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. 2 of 10 Assistants who are asked to be available for tasks in the field rather than in the office are referred to as: 3 of 10 Which of these items on a resume accompanying an application for an assistants position should be kept brief? D. An exclusive listing must always be at least 30 days long. 3- What signals do buyers use to indicate they may be willing to make a purchase? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? Donec aliquet. What should agent Phil do? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. C. The loan term will extend gradually over time. 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? Nam lacinia pulvinar tortor nec facilisis. The advertiser can be sentenced to up to a year in prison. A. Which statement is true? 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. D. Make the headline bold and all caps. Answer: A- No, Bob Should have submitted the offer. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. B. 8- What is an important issue for potential buyer clients to understand? B. I will practice my listing presentations. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. C. Refuse to accept the offer and check. What should Tom do? A broker may require licensees to carry high levels of automobile insurance. 73- Which of these is not a buying signal? The broker will not provide any. D. Call the sellers immediately and let them know you wont be coming by. The borrower makes payments of interest only over the term of the loan. A. There are no offers on the property during the 6-month listing period and the listing expires. What kind of closing technique is Harry using? Is there a contract between the buyer and seller? 2 of 10 Which is not a true statement about the Americans with Disabilities Act? Broker Ashley has been working for a seller for the past seven months. 57- Under federal income tax law, the basis for a personal residence is which of the following: The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. Buys conventional, FHA and VA loans. Where is it that he likely found out the property was for sale? What is most likely their main motivation for investing? 78- Nancy bought her home last year for $425,000. B. C. I will open my own office within nine years. What approach can Greg use to discourage the person from calling other agents? This is not true of which duty? What is the major difference between an employee and an independent contractor? B. Last year, about 25% of his income came from sales commissions. What should Tom do? During a phone call, a salesperson discusses showing a property to a prospect. 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. 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? D. Avoid negative comments while hes inside the home. 7- What is the difference between an FHA loan and a VA loan? 41 of 50 What was the important ruling in Jones v. Mayer? Rule F-21 9- Define a purchase money mortgage. A. Underline each word that should be capitalized in the following items. buyer randy makes an offer to purchase. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. B. 1- What are the five aspects that are involved in any selling approach? 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. 8- What does the Water Heater Statement of Compliance address? The purchase price, plus improvements, C. The fair market value at the time of sale. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. Give $250 to the buyer and $250 to the seller. $90,000 C. Discover why some homes havent sold. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. What will they have to pay at closing for the points? Prices of properties currently on the market, C. Properties that were listed but did not sell. 7- What are the capital gains exclusions associated with the sale of a personal residence? The borrowers family in case of his or her death, B. 93- Jim has created a nice property flier for the James home. B. 2- What is floor time and why is it important? An assistant should never be left with the task of taking photos of a new listing. Which of the these activities does she have control over? C. Prepare additional documentation to take to the presentation. D. Call the sellers immediately and let them know you wont be coming by. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. 8- What actions does a lender take to sell a mortgage in the secondary market? 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? 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. Return the earnest money to buyer Norm. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. C. I will get three new listings this month. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? Which is true? A. 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. 6- What is the main reason sellers choose to sell their property without an agents help? 4- Explain the documentary transfer tax. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? D. Broker Gina puts $150 into her trust account. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. What should you keep in mind when developing your marketing plans? A. 2 of 10 Which of these statements is true? Be open-minded. 3- What signals do buyers use to indicate they may be willing to make a purchase? 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? Broker Alice holds an uncashed check until the offer is accepted. What kinds of things should you include in a weekly activity report? 7 of 10 How might probate information help in prospecting? D. Erics broker should appoint Eric as the designated agent in this transaction. 1- What are the three important considerations for a good property investment? 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? C. Johns office has a selection of books, CDs and tapes for agent use. Which law extended discrimination to include handicap and familial status? 7- How can a builder help you generate leads? A. 5. How should Jan's licensee handle the offer? A. The salesperson entered into a buyer-broker contract with her brother. 4- What is the agreement that a broker can enter into with a buyer? 3- When making your presentation, what topics should you cover? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? What kind of a mortgage do they have? 8 of 10 Which of the following will give you comparative market data the fastest? Next, calculate the points charged; $168,500 x 0.02 = $3,370. A secondary bid for a property that is for more than the first offer Private mortgage insurance is available for FHA loans. 2- What types of office administration tasks are important for a licensed assistant to perform? C. Eric may not represent the sellers interests to the detriment of the buyer. Go back to the buyer's agent and try to get the offer higher. D. The casement windows have broken seals. B. What kind of lease does Jim have? Please remove your shoes before entering the home. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. The lender makes payments to the borrower. 9 of 10 Janet is an unlicensed assistant. A. practice test Flashcards | Quizlet an opinion of value for the day of the appraisal only. buyer randy makes an offer to purchase - ftp.ivnowandzen.com B. Make no recommendations and let the sellers decide on their own. 6- What is the main reason sellers choose to sell their property without an agents help? 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. One offer is for $208,000; the other is for $200,000. You can make a Best Offer on listings that have a Make Offer button. Ask questions of the prospects children. 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. B. B. Pam is not liable since it was summer and the heating problem was not obvious. 5 of 10 Which of the following would not be a reason to choose to be an assistant? buyer randy makes an offer to purchase - nubblesitesolutions.com 6. Underline the correct pronoun in parentheses in the following sentence. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. B. Retired persons are a good source of neighborhood information. What is the key feature of this type of loan? What should Bill do? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? C. Is permissible if being accepted on behalf of a third party. Give a discount to families with children. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. : The Commission could suspend or revoke Rob's license. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? A. A. 8- What is an important issue for potential buyer clients to understand? A. Jake is getting a VA loan with no down payment. What should Bob do? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? For what type of loan is the borrower applying? 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 4 of 10 All of these are true of prospecting except: A. C. Guarantees payment of all interest and principal on mortgage-backed securities. Harry has some buyers that he believes are ready to make an offer. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? C. Real estate can respond quickly to changes in the market. D. Brenda has not violated any fiduciary duty. B. 5 of 50 Jane has been working with some buyers for several weeks. A. Brenda must follow all of Jims instructions. \text { Annual cost of quality training } & 456,000 \\ This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. Goodwill is an intangible asset that results from the reputation of the business. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? Properties are very liquid and can move quickly. C. Regulating reserves of institutions with savings accounts only. 2. What is this called? Buyers looking at FSBO homes are usually looking for a bargain. 1- What is an important thing to remember about listing agreements? Her asking price was $560,000 and the property sold for $575,000. 10- What is the right to rescind and what is not covered by this rule? 52- Which statement is true about a listing contract? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? D. Lends good visual support to what the agent is saying. 6 of 50 Broker Tami has a very low advertising budget. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. D. Purchasing loans from primary lenders. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 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. C. The Bryants have not received any feedback from any showings in the past month. Answer: C- Try to get Sam to accept the offer. buyer randy makes an offer to purchase B. Its a good idea for brokers to carry workers compensation coverage. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 10- Whats the difference between a lease purchase and a lease option? 81- Jake has decided to specialize in working with clients who purchase schools. C. There is a 6-month pre-payment penalty for paying off the loan early. Sam plans to overnight the acceptance on Monday. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. B. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. C. Once you set a goal you should never change it. B. buyer randy makes an offer to purchase - fabricadecosas.com 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 8 of 10 Which of these is a free form of advertising? A. Salesperson Harry can solicit his own listings. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Hometown received $2400.00 in referrals. Referral fee to a homeowners insurance agent. D. Goals must be realistic if you hope to accomplish them. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 5- Define the term loan-to-value ratio. He succeeds in setting up an appointment to meet with the caller. 2- What is floor time and why is it important? Ask the buyers to sign a real estate transfer disclosure statement. C. Broker Harry deposits $1000 into his brokerage business account. D. Exclusive-authorization-and-right-to-sell agreement.