Answer: D- Avoid telling him the price by setting up an immediate appointment. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? 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. A basis of $148,000 and no taxable gain, B. 33- Which statement is true about a loan that has a negative amortization? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? B. 1- When is real property reassessed? Referral fee to a homeowners insurance agent. C. Jim and Amanda whisper and frown when they see the basement. B. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. Use the yes-but technique to handle the objection. 1 of 10 Which of these statements is not true? 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? Which of these statements is true about the wraparound mortgage? The other 75% came from an hourly wage paid by Tami. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. A. 5- What does the safety clause in the listing agreement do? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 7- What are the capital gains exclusions associated with the sale of a personal residence? 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. Give a discount to families with children. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? D. Their lender can profit from the difference in interest rates. D. Whether or not the licensees attend staff meetings. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? 8- What is the major difference between a CalVet loan and other loans? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 7- Name three benefits of listing a home with an agent that you could share with sellers. mejores programas bases de datos. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. How should Jan's licensee handle the offer? 2. Which statement is true? B. Its easier to prioritize your tasks if your goals are in writing. 3- What signals do buyers use to indicate they may be willing to make a purchase? 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. How does ALTA-R differ from ALTA? Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. Ashley should end this relationship by, : asking the seller to sign a mutual release. 07 Jun. Answer: D- Return the money to buyer Norm. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. C. Participate in a tax shelter program. C. Alice is getting a conventional loan and making a 15% down payment. There is nothing that can offset this problem. Rule F-21 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? Answer: A- No, Bob Should have submitted the offer. What should a licensees written employment agreement contain? A. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. Sharon and Steve have just taken a second mortgage on their home. C. Knocking on doors never requires special permits. 7 of 10 Which of these forms is not filled out by the seller? 6 of 10 Which of the following statements is not true? 2. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. A. 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. What kind of mortgage are they looking for? Which of these actions might have caused their upset? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. D. Seeking buyers for others agents listings. Present the higher-priced offer first. is 0.4. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 84- Four years ago, Sam purchased a vacant lot for $10,000. C. Participation in the MLS increases a licensees inventory. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. B. The sellers want the earnest money check made payable to them instead. Example 1. Tell Linda that the sellers will be very disappointed if they cancel the appointment. Recommend a counteroffer back to list price. D. The borrower gets a note in exchange for a mortgage. B. What law creates an automatic lien on a commercial property, subject to the listing agreement? 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? If you like, you can add a message to the seller. B. He just sold it for $13,000. What kinds of things should he be looking for? C. Identifies buyers for other properties. Give the sellers a copy of some homeowners tips. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 5 of 10 All of these would be effective at capturing a readers attention except which? Bob receives an offer from a buyer that is 12% below Sam's asking price. The offer with the fewest contingencies 7. 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? The ordinance also requires a 10-foot side set back. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? 24 of 50 Tim thinks his buyers are ready to make an offer. C. Use an attractive first-class stamp. Here are the steps to follow to make an offer to purchase: Step 1. D. Allows a broker to have as a commission anything above the minimum the seller sets. 41- Agricultural land includes all of the following EXCEPT which? kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 9. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. 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? He says to them, "Would you prefer to take possession on September 1 or October 1?" D. Purchasing loans from primary lenders. B. C. Find a lender who is willing to do FHA loans. C. Give the tenant a 3-day notice to pay or quit. Which is true? 2- What is important to remember about multiple offers? Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. A. Forwarding calls from the public to one of the salespersons in the office. 6- Whats important to know about the Liquidated Damages paragraph? What kind of closing technique is Jim using? Encourage the buyer to get the attorney to review it quickly. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. A. 4- What items are not covered by any title insurance policy? B. Rewrite whole paragraphs to ensure clarity. The advertiser is subject to a fine. California: Real Estate Practice Sample of Final Course Exam. 2- What does Proposition 58 state? C. The home sits on an earthquake fault zone. A. 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. 2- Describe an open listing. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. Entails entering into two agreements simultaneously. A. 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. D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. Then present the $208,000 offer. 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. university of missouri hospital salaries 2021; port orange arrests today. 10- What is the right to rescind and what is not covered by this rule? Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. 3- What is the difference between CLTA and ALTA policies? What approach can their agent take to change the sellers perception of the offer? What kinds of things should he be looking for? At the end of the term, the loan balance will be negative. What should Bill do? Can be used in place of a verbal presentation. 9 of 50 Which of the following is a credit to the seller on the settlement statement? 6 of 11 Which of the following is not true about reverse annuity mortgages? A. 1- What are the five aspects that are involved in any selling approach? Secure documents that are public information from the courthouse and other sources available to the public. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? Mortgage brokers do not lend money. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. What was Sam's appraisal cost for quality last year? Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. 3 of 10 Which of the following would be an example of a licensee specializing in business type? A broker may require licensees to carry high levels of automobile insurance. 5- When must a licensee provide an agency disclosure to a prospective client? How would Grants lease at this time be classified? 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. Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. A. 8- What does the Water Heater Statement of Compliance address? 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? D. An exclusive listing must always be at least 30 days long. Person must be properly licensed. What should Alice do? D. Understanding characteristics of the rental market. 1- When is an agency relationship created? From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 21- Which form of advertising is considered the most cost-effective method for selling a home? 2- What is floor time and why is it important? 4- Amanda calls broker Tim to schedule a showing of one of his listings. You can use a reverse telephone directory to get the names of residents. D. Make sure all light bulbs and lamps are working and are bright. There is a crack in the basement wall. A. 63- Jennys home appraised for $550,000. A buyer wants to take the offer to an attorney to review it. What should Tim do next? How should licensee Fred handle this offer? Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. Allows the agent to determine community market trends. \text { Annual cost of scrap materials } & 286,000 \\ A. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. A. Generates leads for new listings. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. The monthly net rental is $600. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? D. A shopping center might have to remodel their public restrooms. 3- Differentiate between mortgage brokers and mortgage bankers. 32 of 50 Alice is an employee of Mid-State Realty Services. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? Prices of properties currently on the market, C. Properties that were listed but did not sell. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Write a counteroffer. 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. Their first mortgage will get paid off immediately. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? A. Greg is violating the duties he owes to his new buyer. A. A rental condominium for a recreational vehicle. 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? 42 of 50 Alex makes an offer to purchase one of Bills listings. B. 4. 7 of 10 Which of the following is a possible benefit of investing in real property? Broker Ashley has been working for a seller for the past seven months. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 8 of 12 Fannie Mae does all of the following activities except which? A. Which one is illegal in many states? B. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. B. Newsletters can be a very effective advertising forum for niche marketers. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 67- Hannah is a real estate assistant. What should Bob do? 10 of 10 Which of the following is not a possible benefit of investing in real property? 5- Define the term loan-to-value ratio. 5- What actions can the sellers take regarding the purchase offer? An apartment building for a vacant lot, B. 3 of 10 Jake has received two offers on one of his listings. 4 of 10 Which of the following is NOT a condition of the safe harbor test? Wait until next week to send an activity report, hoping things will pick up. 46 of 50 Greg grew up in and lives in a rural area. 5- What is the Closing Disclosure? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 6- Whats important to know about the Liquidated Damages paragraph? He asks his real estate agent if she could tell him how to go about building a house on the land. B. Give an example of a specific short-term goal. C. Print postage labels from your computer. B. A. D. Kirks offer to Larry is legally cancelled. The owner of the property is HIV positive. C. The loan term will extend gradually over time. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? 54- Jim and Jane are buying a home for $120,000. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. D. Do not show the home between 10 a.m. and noon on Sundays. A secondary bid for a property that is less than the first offer 59- Which of the following is a sellers request that an agent cannot honor? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. Name four traditional marketing tools that you should use with every listing you get. B. How much did Sam gain or lose on the sale? 9 of 10 Which of these is not a helpful homeowner tip? Give housing choices to the widest range of people. 2- Who needs title insurance and why? What is the major difference between an employee and an independent contractor? 44- Jim owns a gift shop in a commercial building. 4- What items are not covered by any title insurance policy? B. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? Mary makes an offer to purchase a duplex from Sam. 8 of 50 Buyer Kirk submits an offer to seller Larry. 3 of 10 A listing presentation can be compared to: 4 of 10 All of the following are benefits of listing with an agent except which? 4 of 10 Which of the following would be the least desirable phone handling technique? B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. 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. A. Wills weekly report indicates two showings and five inquiries for the week. 3 of 10 What kind of ad usually combines both institutional and product advertising? The second mortgage has now become the primary loan. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} B. B. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? What kind of lease does Jim have? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 8. C. The Bryants have not received any feedback from any showings in the past month. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? B. Pam is not liable since it was summer and the heating problem was not obvious. Underline each word that should be capitalized in the following items. C. It must specify a definite termination date. C. The owner has 45 days to pay the new property taxes. A. The purchase price, plus depreciation An assistant should never be left with the task of taking photos of a new listing. A. To access the website, click "Allow". Bob writes the offer but is too embarrassed to submit it. 9 of 10 Which of the following statements is not true? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. by | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 1- How much is the loan origination fee and what does it cover? Answer: B- The contract is voidable due to mutual mistake. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase?
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