buyer randy makes an offer to purchase 1 of 10 Which figure represents the amount of income available as a return to an investor? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. California: Real Estate Practice Ch7 Quiz with no answers. The offer with the highest price A. Ken is responsible for his own taxes, while the broker pays Sarahs. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 5- Your listing presentation manual should be made up of two sections that address what issues? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? The sellers want the earnest money check made payable to them instead. 4- Why is coordinating escrow so important and how can an assistant help? 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. 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. Could be a violation of state licensing laws. Chapter 8: QUIZ QUESTIONS Flashcards | Quizlet A. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. D. Their loan payments will gradually increase. C. Give the tenant a 3-day notice to pay or quit. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? Properties are very liquid and can move quickly. 5- Define the term loan-to-value ratio. However, he is objecting because the roof is 12 years old. A broker may require licensees to carry high levels of automobile insurance. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. residential transactions financed by federally related mortgage loans. Is generally viewed as unprofessional. Which one is illegal in many states? 7- Name three benefits of listing a home with an agent that you could share with sellers. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? The lender makes payments to the borrower. If you like, you can add a message to the seller. B. Ken must obtain his own training. What disclosure does the salesperson owe to the buyer and seller? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. 33- Which statement is true about a loan that has a negative amortization? 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. What is Gregs capital gain on the apartment? Attend weekly staff meetings at the office. Who should Tommy recommend the owner consult with before making a decision? The sales agent should: Write a counteroffer stipulating the sellers' request. The salesperson entered into a buyer-broker contract with her brother. This action is legal but very unprofessional. Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. Her asking price was $560,000 and the property sold for $575,000. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Making An Offer To Buy A Business - 6 Key Considerations - Forbes A. Jim specializes in clients who want to buy restaurants. B. 4- What are the major areas of newspaper leads? What are some important tips for home tours? To learn more about the real estate business, D. To make more money than a real estate agent. 4- Agent Greg receives a call about one of his firms ads. They will owe a balloon payment at the end of the loan term. C. Explain your marketing plan to the sellers. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Which of the following would be considered an intermediate goal? 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? 6- What is the main reason sellers choose to sell their property without an agents help? Answer: A- No, Bob Should have submitted the offer. What do many firms do to avoid confusion with their advertising plan? A. Give the prospects a black copy of a purchase agreement to look over. What is the most often used form of earnest money deposit? If the loan is for $68,000, what will Mark be assessed in points? 6- What is the main reason sellers choose to sell their property without an agents help? C. A broker is not responsible for the acts of independent contractors. B. FSBO sellers believe they will save money if they sell themselves. What is the result? Checking your browser. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. How does ALTA-R differ from ALTA? Example 1. Be a deal maker. You can make a Best Offer on listings that have a Make Offer button. Bob should not have presented the offer after the property was under contract to another buyer. This mortgage type is popular among the elderly. 2- What is floor time and why is it important? Prior to bringing an offer to purchase. 57- Under federal income tax law, the basis for a personal residence is which of the following: What should Elaine do? C. Analyzing the income potential of the property. B. A. Lenders are in the best position to qualify buyers. 1- What are the five aspects that are involved in any selling approach? buyer randy makes an offer to purchase 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 1 of 10 Broker Alice has hired several independent contractors in her firm. What property type will be his specialty? 84- Four years ago, Sam purchased a vacant lot for $10,000. 1- When is an agency relationship created? 2- When establishing rapport, whats one of the best ways to get to know your buyers? D. I will complete a property management seminar within the next year. Course Hero is not sponsored or endorsed by any college or university. 5. buyer randy makes an offer to purchase B. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? There is nothing that can offset this problem. List the details of all parties involved. Over 300 California Real Estate Practice Exam questions to pass Tests! Has New Age violated any laws? Step 2. 1- What is a competitive market analysis? Gross income must be based on production. A. Brenda must follow all of Jims instructions. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. Rule F-21 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 7 of 10 Which of the following is not a national real estate trade organization? The offer with the highest price that is the most likely to close 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. C. Moving closer to the agent to get a better look. Anasayfa; Hakkmzda. C. Ask the caller when not if he or she wants to see the property. 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. 5- What kind of newspaper ad could you place to solicit a listing? Their interest rate will rise after the first few years. B. A. John offers weekly training seminars. 9. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. A. What is the key feature of this type of loan? C. The date the lender receives her application. A. buyer randy makes an offer to purchase - pet-anneve.com 10- What is the right to rescind and what is not covered by this rule? They were counting on a full-price offer and are very disappointed. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 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. California: Real Estate Practice Chapter 15 Quiz with no answers. The ordinance also requires a 10-foot side set back. 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? C. Once you set a goal you should never change it. 6. It took effect when Sam accepted Mary's offer. She tells them that this action could decrease their property values. Next, calculate the points charged; $168,500 x 0.02 = $3,370. 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? At the time the agreement is signed. D. The interest payment is always smaller then the amount allocated to the principal. This is not true of which duty? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 3- What signals do buyers use to indicate they may be willing to make a purchase? The buyer must pay the broker a commission. A. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. Sending cards and newsletters is a good way to keep in contact with clients and prospects. Answer: D- They are effectively terminating the original offer. 10- Whats the difference between a lease purchase and a lease option? Point out that the roof is not leaking despite its age. 3- When preparing a competitive market analysis, what categories of homes should an agent research? Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 4. Which is a true statement? 7- What is the difference between an FHA loan and a VA loan? Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. Which statement is true? The loan value is based on the appraised value, not the sale price. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 37- When dealing with the sale of a business, which is not a true statement? What are members of NAR required to do? What is this called? 5. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. This is not true of which duty? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. This would be the maximum the purchaser would be permitted to borrow. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. Her broker has asked her to be available for tasks in the field rather than in the office. \hline \text { Annual inspection costs } & \$ 155,000 \\ Their first mortgage will get paid off immediately. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. 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. buyer randy makes an offer to purchase. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. Authors Channel Summit. A. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. 7- How can a builder help you generate leads? Answer: B- Encourage the buyer to get the attorney to review it quickly. 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Buys pools of mortgages in exchange for mortgage-backed securities. What should Jake do? B. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? What should Tim do next? A. Generates leads for new listings. Minimize expenses while maximizing profits for the owner. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . What would be determined by a location survey? Which statement is true? The gross annual income, $7,200, divided by 8% (0.08), is $90,000. At time of license renewal, what is the renewal charge for a salespersons license? 6- When is a lender required to terminate a borrowers private mortgage insurance? In this case, multiply the monthly income ($600) by 12. It can be considered an employment contract. D. Supply cannot be moved to a high demand area. Broker Alice holds an uncashed check until the offer is accepted. 4. What would you say about Alexs actions? 10 of 10 Which of the following is not a possible benefit of investing in real property? The monthly net rental is $600. Amanda loves the home and wants to make an offer. chris kelly rock 92 net worth. Sam accepts the offer and executes the contract on March 1, a Sunday. Sets a limit on the commission a broker can earn. Is there a contract between the buyer and seller? D. Is permissible in amounts under $50. If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? 50 of 50 Eric is acting as a disclosed dual agent in a transaction. 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? 47 of 50 Which of the following would not qualify as a 1031 exchange? Only needs to be done periodically. D. Goals must be realistic if you hope to accomplish them. C. It creates an agency relationship. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? 2- What types of office administration tasks are important for a licensed assistant to perform? Display lots of family photos to impress potential buyers. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. D. Exert pressure on the sellers to include something the other party wants. 17 of 50 Kathy is a personal assistant at Action Realty. Establish a homes fair market value. A. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. D. Administers special assistance programs. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? D. Convince a seller to list with you. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. 3- What signals do buyers use to indicate they may be willing to make a purchase? rickey smiley and grandson videos He pays rent for occupancy, plus maintenance and operating expenses. B. Has Bob acted properly? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. Plastic dishes last a long time because they are unbreakable. C. Theyre probably paying a higher interest rate on the second mortgage. 16- Dave and Nadine have decided that they want to become property investors. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? A. The home is listed at $210,000. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Which of the following conditions is Paul not required to report on this form? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. Give an example of a specific short-term goal. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. What kind of agreement is this? The loan will be distributed to them gradually. C. Date and attach supporting documents. Hes very comfortable selling that type of property and knows he can work well with clients in that area. A. C. When you have 200 names in your contact database. A. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? Answer: D- Avoid telling him the price by setting up an immediate appointment. 8- What actions does a lender take to sell a mortgage in the secondary market? Most likely, what did they get? 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Better yet, try to avoid deal breakers. D. Hold both offers because he heard that a full-price offer is on its way. What does the net operating income of a property represent? Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? D. If the buyer rejects the first counteroffer, the seller can accept the first offer. Elaine parks across the street from the home and Mike is disappointed by what he sees.
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