A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. 4- What is the agreement that a broker can enter into with a buyer? 2- List the three Institute of Real Estate Management property management designations. Giving information about a listing to prospective buyers. B. B. 7 of 10 When the broker and seller agree that the broker can receive commission for a specified number of days after the listing expires if selling to a named party on a list, its referred to by what term? 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. A. Start in the room with the best features. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. B. B. 9 of 10 All of these might be a buying signal except which? B. An open listing is an exclusive contract. A. His depreciation was $2,500 per year. 103- Kirk and Sandy obtained a wraparound mortgage. What kind of listing agreement does Alice have with Jack? California: Real Estate Practice Ch10 Quiz with no answers. 3 of 12 All of the following are primary mortgage market lenders except which? Senior housing for residents 62 or older, B. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? C. Give the tenant a 3-day notice to pay or quit. B. Buyer Norm called and rescinded the offer. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. What should agent Phil do? C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Launch into your list of the homes special features and hope she changes her mind. 10- Which disclosures are NOT required to be made when selling residential property? B. A. It is determined by who pays the compensation. B. B. Jim has decided to specialize in what area of real estate? How to make a Best Offer. 4- Why is coordinating escrow so important and how can an assistant help? 3 of 10 Jake has received two offers on one of his listings. 3. A. Make sure all required disclosures have been done. D. The UCC is a body of law that standardizes a number of business practices. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. A. Be a deal maker. 1 of 10 Which of the following types of agency is not allowed in California? 7- How can a builder help you generate leads? 3- When preparing a competitive market analysis, what categories of homes should an agent research? Information on current loan programs. C. If Larry verbally accepted the offer, Kirk is bound by it. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. What must Tim do? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? What kind of mortgage might they get? D. Amanda smiles at Jim when she sees the whirlpool tub. C. Tell the sellers you expect an offer to be coming soon. Who makes the payments to a claimant from the Guaranty Fund? The sellers want the earnest money check made payable to them instead. 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. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? Which of these actions might have caused their upset? C. How much time the licensees must spend in the office. A. 3- In what three ways can an assistant aid an agent with appointments? A. The borrower makes payments of interest only over the term of the loan. Each of their payments is for the same amount. Which area of specialization would she fall into? 11- What is a public report and when must it be provided? C. Regulating reserves of institutions with savings accounts only. What is Gregs capital gain on the apartment? 1 of 10 Gail is a licensed real estate assistant. D. She should persuade them to accept the offer. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 10 of 10 Which of the following statements is not true about a net listing? Mary learns that Sam is selling only half of the duplex. What should Tom do? 9 of 10 Which of these is not a helpful homeowner tip? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Present the $200,000 first and recommend rejection. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. They will have a number of new expenses as a result of this purchase. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. C. Write and sign commission checks to salespersons. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 7- What is the difference between an FHA loan and a VA loan? California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 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. 5- What is the Closing Disclosure? Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. California: Real Estate Practice Ch12 Quiz with no answers. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 1- What is important to know about unlicensed real estate assistants? B. She tells them that this action could decrease their property values. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. mejores programas bases de datos. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. It was terminated when Mary delivered the recission to Sam. 3. Pellentesque dapibus efficitur laoreet. C. The seller can do all repairs himself. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. In the past year they have referred two dozen people who have purchased flooring from New Age. A. Making a Best Offer | eBay Which is a true statement? 57- Under federal income tax law, the basis for a personal residence is which of the following: 33- Which statement is true about a loan that has a negative amortization? 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? She put 20% down and got a mortgage for the remainder. Tom violated the law by not providing notice of information that would affect Fred, When a broker received an unexpected bill, he deposited a client's earnest money check into his personal account to cover the expense. What should you keep in mind when developing your marketing plans? 81- Jake has decided to specialize in working with clients who purchase schools. 1 of 10 Which of these statements is not true? Tell Mike that the sellers will be upset if they cancel the appointment. 10 of 10 Which of these Internet pages might be of particular interest to sellers? A. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? New Age purchased a new coffee maker the office was in need of. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. They were counting on a full-price offer and are very disappointed. B. Exclusive-authorization-and-right-to-sell agreement. The purchase price, plus improvements 1 of 10 Which of the following actions by an agent would most probably upset the sellers? D. An exclusive listing must always be at least 30 days long. He succeeds in setting up an appointment to meet with the caller. California: Real Estate Practice Ch3 Quiz with no answers. cross elasticity of demand for train rides with respect to the price of a plane ride 3- What is the difference between CLTA and ALTA policies? The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). B. Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. ", Answer: A- "What would you like to offer? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? A. Kirk doesnt have the right to withdraw the offer so soon. A rental condominium for a recreational vehicle. A secondary bid for a property from the same buyer. If the loan is VA guaranteed, no down payment is required. 10 of 10 Which of these is not an exemption to fair housing law? It helps to identify buyer and seller needs. You can make a Best Offer on listings that have a Make Offer button. A. However, she believes the sellers will not be willing to accept the offering price. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. A. 19- Which of the following is not an advantage of hosting an open house? 7- In the initial meetings with the prospects, the agent should do all of the following except which? The second mortgage has now become the primary loan. A. Name and define the two forms of advertising. 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. 7- What are the capital gains exclusions associated with the sale of a personal residence? Rate of return is computed by dividing the annual net income by the rate of return. Which of the these activities does she have control over? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? B. 2 of 50 Residential property includes all of the following EXCEPT which? 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. Give as much detailed information about the property as you can. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? D. The lender assumes Tim and Sues income will rise over the first few years of the loan. Sam plans to overnight the acceptance on Monday. Which is true? D. Avoid negative comments while hes inside the home. 37- When dealing with the sale of a business, which is not a true statement? 5- How do life insurance companies get involved in the investment market? How should Jan's licensee handle the offer? D. The buyers love the landscaping improvements the sellers have made. 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. A secondary bid for a property that is for more than the first offer 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Give a discount to families with children. A. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? five letter words with l; jaiswal surname caste; pros and cons of herzberg theory; sechrest funeral home obituaries; curious george stuffed animal 1975; cornerstone staffing application 0 D. Broker Tom has only limited responsibility for the actions of his licensees.