25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 3- What is a good approach to use when contacting the owner of an expired listing? Answer: D- They are effectively terminating the original offer. B. 7- What are the capital gains exclusions associated with the sale of a personal residence? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? C. Make up some statistics to share with the Bowers. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. D. Their loan payments will gradually increase. Jim has decided to specialize in what area of real estate? 2- What are some tax benefits associated with investing? 1 of 10 Which Fair Housing Law added sex to the list of protected classes? A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? Private mortgage insurance is available for FHA loans. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? B. 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? Pellentesque dapibus efficitur laoreet. 3- What is a good approach to use when contacting the owner of an expired listing? 3- When preparing a competitive market analysis, what categories of homes should an agent research? B. 103- Kirk and Sandy obtained a wraparound mortgage. Mary makes an offer to purchase a duplex from Sam. A buyer wants to take the offer to an attorney to review it. Amanda loves the home and wants to make an offer. Most likely, what did they get? 22- Jane sold her personal home for $148,000. The borrower gives the lender a note and a mortgage in exchange for the funds. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. Rule F-1. D. Do not show the home between 10 a.m. and noon on Sundays. A. What would you say about Alexs actions? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? Try to get Sam to accept the offer. California: Real Estate Practice Sample of Final Course Exam. The check that accompanies the salesperson license application must be for what amount? Broker Alice holds an uncashed check until the offer is accepted. an opinion of value for the day of the appraisal only. C. It keeps your name in front of potential buyers and sellers. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. B. Local ordinance requires a 20-foot rear and front setback. A. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. An open listing is an exclusive contract. C. Payments will not be enough to retire the loan. B. Ordinary china is very fragile. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. Buyer Jim asks if he can visit the property for a second time. 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. 2- Explain the difference between the primary and secondary mortgage markets. How long does he have to file a complaint with the Department of Housing and Urban Development? B. I will practice my listing presentations. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 14 of 50 The title report on a property shows there is a lien on the property. A. Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. D. The appraised value prior to sale 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? C. Sellers are apt to choose qualified buyers over ones who have not been qualified. $5,500 the first year, plus a maximum 2% increase in market value per year, B. 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? D. Ensure fair real estate negotiations. What should Bob do? C. How much time the licensees must spend in the office. How should licensee Fred handle this offer? B. Sam accepts the offer and executes the contract on March 1, a Sunday. A. A. In this case, multiply the monthly income ($600) by 12. The Residential Environmental Hazards Guide, B. 4- Why is coordinating escrow so important and how can an assistant help? What should Bob do? C. An assistant can keep track of the progress of activities during escrow. C. Use an attractive first-class stamp. D. Goals must be realistic if you hope to accomplish them. Mary makes an offer to purchase a duplex from Sam. B. B. B. B. D. Hold both offers because he heard that a full-price offer is on its way. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 7 of 10 How might probate information help in prospecting? He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. A. dota 2 annual revenue 2020. adam foote parents. yellowbrick scholarship reviews. This best describes. 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? Present the higher-priced offer first. 1. How would Grants lease at this time be classified? \text { Annual cost of scrap materials } & 286,000 \\ A buyer applies for a loan that is neither insured nor guaranteed by a government agency. B. they are effectively terminating the original offer. For purposes of federal income tax, which statement is true? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 1 of 10 What kind of lease contains a recapture clause? For what type of loan is the borrower applying? It was terminated when Mary delivered the recission to Sam. B. 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. 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. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? 5. D. Amanda smiles at Jim when she sees the whirlpool tub. cross elasticity of demand for train rides with respect to the price of a plane ride B. Ken must obtain his own training. 5- What should a good management contract contain? 6. B. Which would NOT result from the exercise of police power? Bob writes the offer but is too embarrassed to submit it. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? Given the rise in the price of a plane ride, what percentage change in the price 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. Is generally viewed as unprofessional. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? Be a deal maker. 3. How would you classify this essay (high or low comedy)? D. Offer to call the prospect when new listings that meet his or her criteria come on the market. California: Real Estate Practice Chapter 15 Quiz with no answers. Courtesy of RealtyPact. What approach can Greg use to discourage the person from calling other agents? Before completing the form, discuss the following important points with the home seller: Price. C. The buyers and sellers agents will sign the escrow instructions. $6,740 They will have to make a very high down payment. California: Real Estate Practice Chapter 14 Quiz with no answers. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? 4- How is property management seen as a risk to investing? Hes very comfortable selling that type of property and knows he can work well with clients in that area. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. The adjusted cost basis of the first home was $140,000. 51- Which statement is true about a homeowners exemption? A. A. D. Placing a classified ad in the weekend paper. A. 7- How can a builder help you generate leads? 21- Which form of advertising is considered the most cost-effective method for selling a home? 3 of 10 All of these items are important to include on your weekly activity report except which? D. Tell the sellers its time to reevaluate the price. Give housing choices to the widest range of people. A secondary bid for a property that is for more than the first offer 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? 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. The property is in a state fire responsibility area. 1- What are the five aspects that are involved in any selling approach? D. Property evaluations from other agents have valuable information for sellers. lumberton man killed; guggenheim annuity rates. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. A. D. Allows a broker to have as a commission anything above the minimum the seller sets. Installation of central air conditioning, D. Addition of a tenant laundry facility. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 2- When establishing rapport, whats one of the best ways to get to know your buyers? 2- Name one advantage and one disadvantage of telephone contacts. 41 of 50 What was the important ruling in Jones v. Mayer? She can do all of the following except which? Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. The home is listed at $210,000. B. D. A shopping center might have to remodel their public restrooms. C. Mortgage bankers are a large source of residential loans in California. Give the prospects a black copy of a purchase agreement to look over. Sunday afternoon, Mary is driving around and finds a property she likes better. 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? What percent of commission the licensees can charge. Regulates reserve requirements for all institutions that offer checking accounts. 5- When must a licensee provide an agency disclosure to a prospective client? D. Is best left to experienced brokers. Properties are very liquid and can move quickly. C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. What will they have to pay at closing for the points? 57- Under federal income tax law, the basis for a personal residence is which of the following: Return the earnest money to buyer Norm. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? 29 of 50 What is one way the Federal Reserve System regulates the money supply? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. How long must a broker be licensed in order to apply for a temporary broker's license? Bob cannot do anything; it is out of his hands. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. 2. Only after receiving the tenants consent. A net listing is illegal in all states. A basis of $148,000 and no taxable gain, B. 101- Which type of loan typically carries the most loan points? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. The loan will be distributed to them gradually. Which is a true statement? What is the status of the contract between Sam and Mary? Give credit to all potential borrowers. Her asking price was $560,000 and the property sold for $575,000. 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? 07 Jun. Rate of return is computed by dividing the annual net income by the rate of return. 63- Jennys home appraised for $550,000. Present the $200,000 first and recommend rejection. Facebook Instagram. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? Change the locks on the tenants apartment. Nam lacinia pulvinar tortor nec facilisis. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? Virtual tours are a very expensive marketing tool to use. What would we call Hannah? A. A. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 2 of 12 Which of the following statements is not true about the Federal Reserve? California: Real Estate Practice Ch7 Quiz with no answers. 6 of 50 Broker Tami has a very low advertising budget. Is critical to your success in real estate. B. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. B. Minimize expenses while maximizing profits for the owner. B. 3- For whom do property tax exemptions exist and for how much? What disclosure does the salesperson owe to the buyer and seller? B. Which law extended discrimination to include handicap and familial status? They made $50,000 of improvements. A. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. What approach can their agent take to change the sellers perception of the offer? C. Payments will not be enough to retire the loan. 4- Why is it important to talk to the sellers about the buyers? A. 5 of 10 Alice has decided that she will specialize in selling farm land. B. Enumerate the homes special features and hope they change their minds. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. California: Real Estate Practice Ch10 Quiz with no answers. 11- What is a public report and when must it be provided? D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? B. A. 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? D. Purchasing loans from primary lenders. C. The lender gives the borrower a mortgage and funds. Plastic dishes last a long time because they are unbreakable. Launch into your list of the homes special features and hope she changes her mind. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. A. A. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. buyer randy makes an offer to purchasei miss you text art copy and paste. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. It can be considered an employment contract. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. 10- Which disclosures are NOT required to be made when selling residential property? Please remove your shoes before entering the home. Which statement is TRUE? 6 of 10 Which of the following statements is not true? 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. 4- What items are not covered by any title insurance policy? 5- What actions can the sellers take regarding the purchase offer? A. Ken is responsible for his own taxes, while the broker pays Sarahs. A. 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. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. C. The date the lender receives her application. 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? Present the offer and tell the seller that the check needs to be held until June 30. 37- When dealing with the sale of a business, which is not a true statement? 2- What kind of problem can result from a straight loan? One day later. Fill out a separate, numbered counteroffer form. 9 of 10 All of these might be a buying signal except which? A. B. 10 of 10 All of the following are true statements about goals except which one? 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. 1 of 10 Gail is a licensed real estate assistant. C. Analyzing the income potential of the property. 3- What is the difference between CLTA and ALTA policies? 44- Jim owns a gift shop in a commercial building. 8- Why is it important to have a written prospecting plan? 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. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. A. Youll know how much house they can afford. Tell Linda that the sellers will be very disappointed if they cancel the appointment. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. If checked, the seller can complete repairs after closing. 36- Broker Eric secures a loan for buyer Paul. Buys conventional, FHA and VA loans. A. Kirk doesnt have the right to withdraw the offer so soon. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? Broker John puts $500 into his trust account. B. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. Deposit the check into his trust fund account on the next business day. 8- What actions does a lender take to sell a mortgage in the secondary market? Mortgage brokers do not lend money. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? 12- What does TRID require of lenders? This action is legal but very unprofessional. Which term is the process of joining several parcels of land into one larger parcel? D. Erics broker should appoint Eric as the designated agent in this transaction. Ask the buyer if the buyer would like to make an offer taking the roof age into account. B. 10- Whats the difference between a lease purchase and a lease option? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? At time of license renewal, what is the renewal charge for a salespersons license? 4- Amanda calls broker Tim to schedule a showing of one of his listings. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. B. The home comes equipped with all furnishings. : The Commission could suspend or revoke Rob's license. Better yet, try to avoid deal breakers. 1- What is goodwill as it relates to a business? A. What must Tim do? 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. 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. The C. Deposit into the brokerage business account. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. A. 3. 5- If lenders intend to sell mortgages in the secondary market, what must they do? B. Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 4- What are the major areas of newspaper leads? What are members of NAR required to do? 73- Which of these is not a buying signal? Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. What would be a good approach for Pam to take? D. Similar expired listings that didnt sell. 4- Agent Greg receives a call about one of his firms ads. 6 of 11 Which of the following is not true about reverse annuity mortgages? ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? Buyer Norm called and rescinded the offer. 2- What is important to remember about multiple offers? Before the sale can get finalized, the owner would require you to first meet certain conditions. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? Terminate the first contract and accept the higher offer. The original loan becomes subordinate to the wraparound. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? 42- Alice is planning her career and setting her goals. What kind of closing technique is Jim using? 1- What is important to know about unlicensed real estate assistants? 6- What does the security and insurance clause of the listing agreement address?