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. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? B. Secure documents that are public information from the courthouse and other sources available to the public. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. 14- Value includes which of the following aspects? California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. Which is a true statement? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? D. An exclusive listing must always be at least 30 days long. What kind of agreement is this? Which of the following statements is not true? Is depreciation accounted for by a hospital? Answer: C- Try to get Sam to accept the offer. 6- What does the security and insurance clause of the listing agreement address? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. B. Norm gave Pat a $500 earnest money check. 5- If lenders intend to sell mortgages in the secondary market, what must they do? The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. 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. A. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? A. For purposes of federal income tax, which statement is true? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Other than residential list three kinds of property in the real estate market. The Reality of Purchase Offers . Lenders are in the best position to qualify buyers. This term typically refers to. 6- When is a lender required to terminate a borrowers private mortgage insurance? What will the new owners pay in property taxes? Mary wants to make an offer on a house that is 25% lower than the asking price. 55- Greg is approved for a Cal-Vet loan. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. buyer randy makes an offer to purchase - cspconlutas.org.br Sam plans to overnight the acceptance on Monday. B. The borrower makes payments of interest only over the term of the loan. C. Exclusive-authorization-and-right-to-sell agreement. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? C. Regulating reserves of institutions with savings accounts only. 1- What are the five aspects that are involved in any selling approach? The couple now has. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Which term is the process of joining several parcels of land into one larger parcel? Course Hero is not sponsored or endorsed by any college or university. Display lots of family photos to impress potential buyers. C. Once you set a goal you should never change it. fairbanks ice dogs standings . In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? A net listing is illegal in all states. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Has Bob acted properly? mejores programas bases de datos. 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. She should advise them to let the offer expire with no action so the buyers will get nervous. 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. 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? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. They will have a number of new expenses as a result of this purchase. D. The buyers love the landscaping improvements the sellers have made. B. Allows the agent to determine community market trends. A. John offers weekly training seminars. D. The advertiser must prove he was grandfathered in as a licensee. A Bill of Sale gives title to the business equipment. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? What should Bob do? B. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 9- What is the basic purpose of Truth in Lending Regulation Z? 3- In what three ways can an assistant aid an agent with appointments? 4- Amanda calls broker Tim to schedule a showing of one of his listings. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? Will placed an ad in the most recent Home Buyers Guide. 29- Which of the following is not a good direct mail technique? 1- What are the five aspects that are involved in any selling approach? Deposit the check into his trust fund account on the next business day. B. Ask questions of the prospects children. The borrower gives the lender a note and a mortgage in exchange for the funds. 1. 3- For whom do property tax exemptions exist and for how much? What are members of NAR required to do? B. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 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. 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?. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. C. The date the lender receives her application. C. The Bryants have not received any feedback from any showings in the past month. Launch into your list of the homes special features and hope she changes her mind. 4- Explain the documentary transfer tax. 9 of 10 A shopping center would be primarily categorized as what type of property? 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? 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. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. A. C. Neither Sarah nor Ken can get employer-provided health insurance. D. Make the headline bold and all caps. Pellentesque dapibus efficitur laoreet. 100- What does the Real Estate Disclosure Law refer to? Course Hero is not sponsored or endorsed by any college or university. Certain homeowners may qualify for a $10,000 exemption. 8 of 10 Which statement is true about a real estate assistant? What should Pat do with the earnest money deposit? What do you need to remember about making phone calls to potential clients? Only after receiving the tenants consent. Answer: D- They are effectively terminating the original offer. This is not true of which duty? 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 1- What is an important thing to remember about listing agreements? 4. A. Brenda must follow all of Jims instructions. D. Allows viewing access to strangers. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? Which of these expenses is not associated with owning a home? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. A secondary bid for a property that is less than the first offer B. A. Forwarding calls from the public to one of the salespersons in the office. B. B. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. 100 A. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. What approach can Greg use to discourage the person from calling other agents? Pellentesque dapibus efficitur laoreet. 3- What is a good approach to use when contacting the owner of an expired listing? 10 of 10 Which of these Internet pages might be of particular interest to sellers? 24 of 50 Tim thinks his buyers are ready to make an offer. 7- Agent Jim needs to do a visual inspection of his listing. C. How much time the licensees must spend in the office. 42- Alice is planning her career and setting her goals. 3- What is the difference between CLTA and ALTA policies? A. 9% 105- Agent Alice has received an offer that she believes is not in the sellers best interest. The seller must file a bill of sale with the county clerk. B. 88- Sally and Dan must pay 2 points on their new $65,000 loan. D. Tim and Gail have qualified for an FHA loan. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. How much did Sam gain or lose on the sale? D. Understanding characteristics of the rental market. A. Generates leads for new listings. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 3- Differentiate between mortgage brokers and mortgage bankers. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? Now, calculate how much you lost: $153,890 - $139,900 = $13,990. A. Explain. B. Sandy and Bill are putting 30% down on their home purchase. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 6- When is a lender required to terminate a borrowers private mortgage insurance? The difference between what Sara owes and what her home is worth is known as what? They agree on a price and both parties execute the contract. Which of these statements is true about the wraparound mortgage? The home is listed at $210,000. 4- How is property management seen as a risk to investing? There are no offers on the property during the 6-month listing period and the listing expires. 4- Why is it important to talk to the sellers about the buyers? Tom then resells the property to the developer and pockets a $300,000 profit. A. Eric can require that both the buyer and seller share equally in his commission. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Which is true? Listen carefully to everything your prospects say and repeat some specifics back at appropriate times so that they know you have heard what they said. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. A. Ashley should end this relationship by, : asking the seller to sign a mutual release. buyer randy makes an offer to purchase At the end of the term, the loan balance will be negative. This mortgage type is popular among the elderly. His depreciation was $2,500 per year. 1- What is a competitive market analysis? B. Pam is not liable since it was summer and the heating problem was not obvious. 4 of 10 Which of the following would be the least desirable phone handling technique? 1 of 10 All of the following are good approaches for handling objections except which? What law creates an automatic lien on a commercial property, subject to the listing agreement? 2- When establishing rapport, whats one of the best ways to get to know your buyers? 2- What is important to remember about multiple offers? Who is responsible for removing the lien to clear the title? 41- Agricultural land includes all of the following EXCEPT which? Free Purchase Agreement | PDF & Word | Legal Templates 10 of 10 Which of these is not an exemption to fair housing law? 5- What should a good management contract contain? A. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? D. There is a loan protection plan included with the loan. C. It must specify a definite termination date. Tell the buyer about the other offer and urge the buyer to skip the attorney. 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. How to make a Best Offer. 45- Kirk wants to get an FHA loan. B. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 8- What actions does a lender take to sell a mortgage in the secondary market? buyer randy makes an offer to purchase. 12- What does TRID require of lenders? how to type spanish accents on chromebook keyboard; one way process of communication; 47 brand franchise fitted hats; ncaa softball coaches' salaries 2019; albert pujols home run record; 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? C. Gather listing forms for her employer. How long does he have to file a complaint with the Department of Housing and Urban Development? 1.555.555.555 | frontier airlines crash history. Alex Jones owns a duplex and lives in one unit. B. Rewrite whole paragraphs to ensure clarity. D. Administers special assistance programs. What should you keep in mind when developing your marketing plans? Click the "Allow" button. 1. Make sure all required disclosures have been done. Instead, Bob terminates the relationship with Mary. 4- Why is coordinating escrow so important and how can an assistant help? B. Courtesy of RealtyPact. What kind of closing technique is Jim using? Harry has some buyers that he believes are ready to make an offer. C. When you have 200 names in your contact database. A secondary bid for a property from the same buyer. 68- Greg and Joyce have an adjustable rate mortgage on their home. What should Bob do? She tells them that this action could decrease their property values. B. 3- What signals do buyers use to indicate they may be willing to make a purchase? C. Sharing all visitor comments two weeks before the listing ends. The term of the loan can be shortened. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. How would Grants lease at this time be classified? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? B. Brenda has violated the fiduciary duty of obedience to Jim. buyer randy makes an offer to purchase - ftp.ivnowandzen.com 6- According to California real estate law, how often must a broker balance his or her trust accounts? B. C. The owner has 45 days to pay the new property taxes. What kind of listing agreement does Alice have with Jack? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. A. 2- What does Proposition 58 state? 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? 9 of 10 Which of these is not a helpful homeowner tip? 8 of 12 Fannie Mae does all of the following activities except which? 07 Jun. B. A. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. The offer with the highest price that is the most likely to close Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs 2- Who needs title insurance and why? 4. Where is it that he likely found out the property was for sale? D. I will distribute 200 business cards every month for the next six months. 2- When establishing rapport, whats one of the best ways to get to know your buyers? What should Bob advise Sam? $90,000 Next, calculate the points charged; $168,500 x 0.02 = $3,370. Giving information about a listing to prospective buyers. She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. 8- What is the major difference between a CalVet loan and other loans? California: Real Estate Practice Ch12 Quiz with no answers. What is the result? Underline the correct pronoun in parentheses in the following sentence. "No, you may lose the house." 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. B. 3- What is a good approach to use when contacting the owner of an expired listing? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. Gross income must be based on production. C. Giving buyers your opinion of what works best for them. What property type will he be dealing with? 2- What exception exists to the duty of obedience when working with a client? A. D. Broker Gina puts $150 into her trust account. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 1- When is real property reassessed? 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? 77- Which of the following Internet pages might not be of particular interest to buyers? D. Avoid negative comments while hes inside the home. 7- Name three benefits of listing a home with an agent that you could share with sellers. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? Why or why not? A. Pam should tell them to reject the offer so that the buyers will counter back with full price. What would be determined by a location survey? 81- Jake has decided to specialize in working with clients who purchase schools. 2- What kind of problem can result from a straight loan? 6- Whats important to know about the Liquidated Damages paragraph? The lender gives a mortgage to the borrower and gets funds in exchange. \hline Who should Tommy recommend the owner consult with before making a decision? Sharon and Steve have just taken a second mortgage on their home. buyer randy makes an offer to purchase - fridarestaurant.com 1 of 10 What kind of lease contains a recapture clause? A broker cannot use the word escrow in a fictitious name. 12- What are grant programs typically used for? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. Regulates reserve requirements for all institutions that offer checking accounts. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? The sales agent should: Write a counteroffer stipulating the sellers' request. C. Consider child support payments in the decision. A. I will make two new contacts every day this week. The advertiser can be sentenced to up to a year in prison. 9 of 10 How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket? 8 of 10 When is the first installment of property taxes due? The owner of the property is HIV positive. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). Tell Linda that the sellers will be very disappointed if they cancel the appointment. The purchase price, plus depreciation, B. 8- Why should agent Grace give her client a Combined Hazards Book? 5- Your listing presentation manual should be made up of two sections that address what issues? B. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Her broker has asked her to be available for tasks in the field rather than in the office. Plastic dishes last a long time because they are unbreakable. Code Violations and Tax Delinquencies. Elaine parks across the street from the home and Mike is disappointed by what he sees. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. practice test Flashcards | Quizlet Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. 3 of 12 All of the following are primary mortgage market lenders except which? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. On what amount will they pay capital gains tax? Nam lacinia pulvinar tortor nec facilisis. Harry has some buyers that he believes are ready to make an offer. B. B. Checking your browser. 93- Jim has created a nice property flier for the James home. The buyers have been pre-qualified by a lender. A. D. The first and second mortgage will be rolled into one. C. A counteroffer can give the buyers an out if they want one. B. residential transactions financed by federally related mortgage loans. A. B. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? The buyer was responsible for making the discovery, so Pam is therefore liable. 5- How do life insurance companies get involved in the investment market? 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? B. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. A. 6 of 10 Which of these is an emotional reason that buyers buy property? ", Answer: A- "What would you like to offer? Sunday afternoon, Mary is driving around and finds a property she likes better. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? The interest rate will increase gradually over time. What would you say about Alexs actions? A buyer applies for a loan that is neither insured nor guaranteed by a government agency. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. buyer randy makes an offer to purchase 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 1- The amount that a seller takes away from a sale is termed: A) Net sale price B) Seller's proceeds C) Gross sales price D) Profit margin 2- Which of the following best describes prospecting? Bill is purchasing a 6-family apartment building. B. 1- What are the three important considerations for a good property investment? 21- Which form of advertising is considered the most cost-effective method for selling a home? What approach can their agent take to change the sellers perception of the offer? D. Kirks offer to Larry is legally cancelled. 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. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? What should Tom do? D. Property evaluations from other agents have valuable information for sellers. B. 12- What are grant programs typically used for? You had a 9% loss. B. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. Buys pools of mortgages in exchange for mortgage-backed securities. B. B. Greg has put himself in a potential dual agency situation. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? He pays rent for occupancy, plus maintenance and operating expenses. D. Arrange to meet the prospect at your office. 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. Prior to bringing an offer to purchase. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. Terminate the first contract and accept the higher offer. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 13 of 50 What is the most common reason that owners try to sell their homes themselves? When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? 44 of 50 Fair Housing laws are designed to: A. There are several successful agents at Johns office. A secondary bid for a property that the seller will accept if the first offer fails 1- When is an agency relationship created? cross elasticity of demand for train rides with respect to the price of a plane ride 2 of 10 A competitive market analysis contains information about all of the following items except which? 1- What is a competitive market analysis? 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. Buyer Norm called and rescinded the offer. Two months later she purchased and moved into a new home that cost $145,000. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. Senior housing for residents 62 or older, B. The definition of race was expanded to include ancestry. The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. Answer: D- Return the money to buyer Norm. 8 of 10 Which of these statements about counteroffers is not true? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Point out that the roof is not leaking despite its age. D. Give the sellers the price over the phone so that they can think about it before you meet with them. 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. D. The property is in a state fire responsibility area.