buyer randy makes an offer to purchase buyer randy makes an offer to purchase

C. When you have 200 names in your contact database. 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. C. Gather listing forms for her employer. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? What should Bob do? 6- What is the ultimate result of using the Closing Disclosure form? 17 of 50 Kathy is a personal assistant at Action Realty. Gross income must be based on production. Courtesy of RealtyPact. D. Buyers of FSBO homes are usually the ones who save money. The seller must file a bill of sale with the county clerk. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? Answer: D- They are effectively terminating the original offer. Mary wants to terminate the contract. 2- What is important to remember about multiple offers? buyer randy makes an offer to purchase. 9- What required disclosure is a result of Megans Law? 20- Which of the following would not be an essential component when researching the purchase of an apartment building? 18- In a transaction that involves the purchase of a business, what document functions in the same way as the deed in a personal real estate transaction? C. Once you set a goal you should never change it. Point out that the roof is not leaking despite its age. A. D. Meet with an inspector at a listing. Other than residential list three kinds of property in the real estate market. castilian drive, los angeles. What do you need to remember about making phone calls to potential clients? 2 of 10 All of these statements are true except which one? The term of the loan can be shortened. D. All repairs must be in compliance with existing building codes. Is there a contract between the buyer and seller? 2- When establishing rapport, whats one of the best ways to get to know your buyers? Negotiate agreements regarding commission structuring. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. B. D. Provides the names of individuals who may want to sell inherited property. The check that accompanies the salesperson license application must be for what amount? 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? 4- Why is it important to talk to the sellers about the buyers? 4- Agent Greg receives a call about one of his firms ads. 100- What does the Real Estate Disclosure Law refer to? If a seller changes the terms of the offer to purchase, he has created a counteroffer. Name and define the two forms of advertising. D. Have the broker send a thank you for listing letter to the sellers. B. Pleases the sellers by inv=creasing activity. 6- What is important for the sellers to know about a counteroffer? D. An exclusive listing must always be at least 30 days long. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. A. Kirk doesnt have the right to withdraw the offer so soon. 1 of 10 All of the following are good approaches for handling objections except which? This term typically refers to. A. In the meantime, Bill gets another offer on the property from another buyer at a higher price. C. Exclusive-authorization-and-right-to-sell. 10 of 10 Which proposition limited the maximum amount of tax on real property? Lorem ipsum dolor sit amet, consecteticitur laoreet. B. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 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. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. One offer is for $208,000; the other is for $200,000. A. C. The buyers are interested in another property. What should Bill do? Broker Ashley has been working for a seller for the past seven months. Recommend a counteroffer back to list price. She sold the property and several months later the buyer sued Pam for not disclosing the problem. 10 of 10 Which of the following is not a possible benefit of investing in real property? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 6- How does a limited partnership differ from a general partnership? D. Make the headline bold and all caps. What should Tim do next? 7- Agent Jim needs to do a visual inspection of his listing. 9 of 10 Which of these is not a helpful homeowner tip? 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. How are properties affected by the local economy? 104- Lorna and Hal have obtained a growing equity mortgage for their new home. Present the higher-priced offer first. 41 of 50 What was the important ruling in Jones v. Mayer? California: Real Estate Practice Chapter 14 Quiz with no answers. 8- What actions does a lender take to sell a mortgage in the secondary market? A. Set up a face-to-face meeting with the sellers as soon as possible. 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? A. 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?. B. Give the prospects a black copy of a purchase agreement to look over. The price of a plane ride rises by 10 percent. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? Which is true? 2 of 10 A competitive market analysis contains information about all of the following items except which? Lenders are in the best position to qualify buyers. B. Greg has put himself in a potential dual agency situation. 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. B. 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. 4 of 10 Which of the following is NOT a condition of the safe harbor test? D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. Bob Broker represents Mary Buyer. He made $150,000 of improvements during the three years he lived in it before he sold it. What kinds of things should you include in a weekly activity report? D. Supply cannot be moved to a high demand area. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. buyer randy makes an offer to purchase. Pellentesque dapibus efficitur laoreet. 8- When does a purchase offer become a legal contract? C. Is permissible if being accepted on behalf of a third party. C. Neither Sarah nor Ken can get employer-provided health insurance. 57- Under federal income tax law, the basis for a personal residence is which of the following: Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). A. Jake is getting a VA loan with no down payment. 6- What is important for the sellers to know about a counteroffer? Facebook Instagram. How should Jan's licensee handle the offer? B. 2. 8- Why is it important to have a written prospecting plan? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? 9 of 50 Which of the following is a credit to the seller on the settlement statement? Encourage Sam to make a counteroffer at 2% below Sam's asking price. 5- What does the safety clause in the listing agreement do? kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 3- For whom do property tax exemptions exist and for how much? Explain the method used to write good advertising. 75- All but which of the following is NOT an AIDA feature? Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} 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. 5- What kind of newspaper ad could you place to solicit a listing? 3- When preparing a competitive market analysis, what categories of homes should an agent research? \text { Annual warranty cost } & 1,546,000 \\ 8- Why should agent Grace give her client a Combined Hazards Book? Fill out a separate, numbered counteroffer form. B. Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. D. Chris is a buyer's agent. Has New Age violated any laws? 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. 76- Mark believes he has been discriminated against during his home search. The second mortgage has now become the primary loan. 1- What is an important thing to remember about listing agreements? What kind of a mortgage do they have? 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? A. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? Make sure all required disclosures have been done. Most likely, what did they get? 46 of 50 Greg grew up in and lives in a rural area. What is the major difference between an employee and an independent contractor? Virtual tours are a very expensive marketing tool to use. Gives the names of lawyers who might require property assistance. What should Bob do? B. D. Gross income must be based on hours worked. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. Start in the room with the best features. What should Bob do? C. Tell them that this home is an exceptional buy and encourage them to look anyway. Amanda loves the home and wants to make an offer. This best describes. The borrower makes payments of interest only over the term of the loan. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. She tells them that this action could decrease their property values. Prices of properties currently on the market, C. Properties that were listed but did not sell. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 7 of 10 Which of these forms is not filled out by the seller? Which of these statements is true about the wraparound mortgage? There is nothing that can offset this problem. The lender gives a mortgage to the borrower and gets funds in exchange. A secondary bid for a property that the seller will accept if the first offer fails She would likely be required to do which of the following? Needs a license to perform activities that are not strictly administrative in nature. 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? B. D. The appraised value prior to sale B. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. Bob Broker represents Sam Seller. The offer with the highest price that is the most likely to close 4- Whats a bonus closing and whats important to keep in mind about this technique? D. Amanda smiles at Jim when she sees the whirlpool tub. What should Jake do? C. The buyers and sellers agents will sign the escrow instructions. C. Recommend a counteroffer back to list price. 5 of 10 Which of the following would not be a reason to choose to be an assistant? D. Is permissible in amounts under $50. 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? C. Clearly written contractor agreement must exist. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. Who will pay the points? 37- When dealing with the sale of a business, which is not a true statement? $90,000 5 of 10 RESPA applies to all of the following EXCEPT which? B. A. California: Real Estate Practice Ch9 Quiz with no answers. C. A broker is not responsible for the acts of independent contractors. 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. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? Mary makes an offer to purchase a duplex from Sam. Last year, about 25% of his income came from sales commissions. \text { Annual testing cost } & 543,000 \\ D. Property evaluations from other agents have valuable information for sellers. B. Rewrite whole paragraphs to ensure clarity. 1 of 10 Which figure represents the amount of income available as a return to an investor? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 4 of 10 Which of these is not an important aspect of selling? There are several successful agents at Johns office. For what type of loan is the borrower applying? The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 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. A. 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. A. Properties are very liquid and can move quickly. B. Jim Sharp is purchasing his fathers home. 1- What is a competitive market analysis? California: Real Estate Practice Ch8 Quiz with no answers. Bill cannot contact the seller. 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? 7- Name three benefits of listing a home with an agent that you could share with sellers. 10 of 10 Which of these is not an exemption to fair housing law? A secondary bid for a property from the same buyer. 50- Harry has some buyers that he believes are ready to make an offer. California: Real Estate Practice Ch3 Quiz with no answers. 4- What is the agreement that a broker can enter into with a buyer? What kind of mortgage might they get? Ask the buyer if the buyer would like to make an offer taking the roof age into account. B. Which of the following statements is true? 5 of 10 What would be the least effective way to get to know your buyers needs? If the loan is VA guaranteed, no down payment is required. A. Lead-based paint was used in the home. B. Which of these actions might have caused their upset? What is the result? Goodwill is an intangible asset that results from the reputation of the business. You can make a Best Offer on listings that have a Make Offer button. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. 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. Which statement is TRUE? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 43 of 50 Which one of these statements would not be considered a measurable goal? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? What should you keep in mind when developing your marketing plans? D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. How does ALTA-R differ from ALTA? C. Consider child support payments in the decision. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. California: Real Estate Practice Chapter 18 Quiz with no answers. A. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? B. Authors Channel Summit. 12- What are grant programs typically used for? 4- Why is it important to talk to the sellers about the buyers? 45- Kirk wants to get an FHA loan. 7 of 11 In which of the following types of loans is the payment allocated only to interest? Supervises the Truth in Lending Act. 1. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 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? D. The advertiser must prove he was grandfathered in as a licensee. In this case, multiply the monthly income ($600) by 12. Which of these expenses is not associated with owning a home? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? The sellers want the earnest money check made payable to them instead. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? D. Ensure fair real estate negotiations. D. A basis of $140,000 and no taxable gain. 2 of 50 Residential property includes all of the following EXCEPT which? A net listing is illegal in all states. 3 of 10 All of these items are important to include on your weekly activity report except which? Buys conventional, FHA and VA loans. 3- When making your presentation, what topics should you cover? 1- What is important to know about unlicensed real estate assistants? Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. B. Its easier to prioritize your tasks if your goals are in writing. They will have to make a very high down payment. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? B. Their first mortgage will get paid off immediately. 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. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? D. The interest payment is always smaller then the amount allocated to the principal. A. Eric can require that both the buyer and seller share equally in his commission. 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. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. Is generally viewed as unprofessional. 5 of 10 Alice has decided that she will specialize in selling farm land. Has Bob acted properly? The loan will be distributed to them gradually. D. The owner has 45 days to file a change in ownership statement. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. B. B. B. 9 of 10 Which of the following statements is not true? B. Which of the following conditions is Paul not required to report on this form? What is the status of the contract between Sam and Mary? Nam lacinia pulvinar tortor nec facilisis. 2- What types of office administration tasks are important for a licensed assistant to perform? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? Her broker has asked her to be available for tasks in the field rather than in the office. Bob should not have presented the offer after the property was under contract to another buyer. 2- What kind of problem can result from a straight loan? D. The date Abby makes the request to receive the booklet. 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. A. The borrower makes payments of interest only over the term of the loan. A. Salesperson Harry can solicit his own listings. D. Give the sellers the price over the phone so that they can think about it before you meet with them. Suggest to the sellers that their listing price is too high. She can do all of the following except which? D. I will complete a property management seminar within the next year. She put 20% down and got a mortgage for the remainder. Rate of return is computed by dividing the annual net income by the rate of return. 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. A. C. Payments will not be enough to retire the loan. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. 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? 4- What items are not covered by any title insurance policy? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? B. Which one is illegal in many states? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. 8- Why is it important to have a written prospecting plan? 9- Define a purchase money mortgage. Which of the following activities would she not be authorized to perform? B. 33 of 50 Sal bought a personal residence for $150,000. 1. A. 7 of 10 Which statement is not true about opening escrows? 5- What actions can the sellers take regarding the purchase offer? 3- What is a good approach to use when contacting the owner of an expired listing? Give an example of a specific short-term goal. A. Pellentesque dapibus efficitur laoreet. A. D. Will conducted an agent open house last week that was attended by 25 agents. C. I will get three new listings this month. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Checking your browser. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. California: Real Estate Practice Sample of Final Course Exam. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. A secondary bid for a property that is less than the first offer Housing and Community Development Act. The escrow holder will need information about the brokers commission. C. Tell the sellers you expect an offer to be coming soon. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. D. Call the sellers immediately and let them know you wont be coming by. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. Then present the $208,000 offer. 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. What would be a good approach for Pam to take? The advertiser is subject to a fine. 2- List the three Institute of Real Estate Management property management designations. B. Pam is not liable since it was summer and the heating problem was not obvious. 4- Why is coordinating escrow so important and how can an assistant help? A. Give credit to all potential borrowers. Sexta, 26 de novembro de 2021 . If the loan is for $68,000, what will Mark be assessed in points? Who would be exempt under New Jersey fair housing law? Does not need to be familiar with office policy. What do many firms do to avoid confusion with their advertising plan? D. Administers special assistance programs. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? What is the market value of the property? A. 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? A. Forwarding calls from the public to one of the salespersons in the office. Hometown received $2400.00 in referrals. If you like, you can add a message to the seller. A. I will complete the GRI certification in the next four years. Why is it important for licensees to understand the Americans with Disabilities Act? Ask the buyers to sign a real estate transfer disclosure statement. "What would you like to offer?" 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 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? From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 1- What are the five aspects that are involved in any selling approach? Before completing the form, discuss the following important points with the home seller: Price. 54- Jim and Jane are buying a home for $120,000. Write a contingent counteroffer. 8 of 10 Which of these is a free form of advertising? 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? Answer: B- The contract is voidable due to mutual mistake. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. View an objection as the buyers request for more information. 7- What is the difference between an FHA loan and a VA loan? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? \hline For purposes of federal income tax, which statement is true? D. Is best left to experienced brokers. What approach can their agent take to change the sellers perception of the offer? A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. 1- When is real property reassessed?