They will have to make a very high down payment. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? Start in the room with the best features. 33- Which statement is true about a loan that has a negative amortization? 3- In what three ways can an assistant aid an agent with appointments? 12- What does TRID require of lenders? Give an example of a specific short-term goal. C. Accept commissions from referral agents. buyer randy makes an offer to purchase. C. Broker Harry deposits $1000 into his brokerage business account. 1 of 10 Gail is a licensed real estate assistant. The offer with the highest price 29- Which of the following is not a good direct mail technique? Launch into your list of the homes special features and hope she changes her mind. 8- What is an important issue for potential buyer clients to understand? Which statement is true ? Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. Which of the following is Kirk himself not likely to do during the application process? 1- What is escrow? C. Payments will not be enough to retire the loan. Use the yes-but technique to handle the objection. 2- What is floor time and why is it important? A. John offers weekly training seminars. Give the sellers a copy of some homeowners tips. 37 of 50 Which of the following economic characteristics is true? C. Real Estate Settlement and Procedures Act. D. Give the sellers the price over the phone so that they can think about it before you meet with them. \hline When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 1- What are the three important considerations for a good property investment? Buyer Norm called and rescinded the offer. Her broker has asked her to be available for tasks in the field rather than in the office. C. Neither Sarah nor Ken can get employer-provided health insurance. munich latitude compared to us; pro sun tan. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? Attend weekly staff meetings at the office. 4- Describe a reverse annuity mortgage. C. Mortgage bankers are a large source of residential loans in California. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. B. C. A broker is not responsible for the acts of independent contractors. D. Provides the names of individuals who may want to sell inherited property. B. 4 of 10 Once an offer has been accepted, the agent should do all of the following except which? What kinds of things should you include in a weekly activity report? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. 6- When is a lender required to terminate a borrowers private mortgage insurance? B. Recommend a counteroffer back to list price. 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. 3 of 10 Sara just bought her first new home. The home comes equipped with all furnishings. 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. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. B. C. Explain your marketing plan to the sellers. 10. How much did Sam gain or lose on the sale? A. I will complete the GRI certification in the next four years. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 6 of 10 Which of the following statements is not true? Encourage Sam to make a counteroffer at 2% below Sam's asking price. Their first mortgage will get paid off immediately. B. I will do two practice listing presentations per week with an experienced agent for the next two months. 5 of 10 Mike bought his home last year for $150,000. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. California: Real Estate Practice Ch11 Quiz with no answers. She sold the property and several months later the buyer sued Pam for not disclosing the problem. Private mortgage insurance is available for FHA loans. The second mortgage has now become the primary loan. 4. B. A. The loan value is based on the appraised value, not the sale price. 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. B. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 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? C. Have keys made for company listings. How should licensee Fred handle this offer? He has put up $50,000 in preferred stock as earnest money. 2- Explain the difference between the primary and secondary mortgage markets. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. B. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. A. D. Broker Tom has only limited responsibility for the actions of his licensees. C. If Bill pays off the loan early, there will be no prepayment penalty. He paid $100,000 for it, and made $300,000 worth of improvements. B. 4- Agent Greg receives a call about one of his firms ads. 5- When must a licensee provide an agency disclosure to a prospective client? What disclosure does the salesperson owe to the buyer and seller? It is determined by who pays the compensation. B. 5 of 10 RESPA applies to all of the following EXCEPT which? Pellentesque dapibus efficitur laoreet. 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. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. What should Bill do? D. The property is in a state fire responsibility area. Rate of return is computed by dividing the annual net income by the rate of return. 8 of 10 Which of these statements about counteroffers is not true? Before the sale can get finalized, the owner would require you to first meet certain conditions. This is not true of which duty? Sam accepts the offer and executes the contract on March 1, a Sunday. Retired persons are a good source of neighborhood information. 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? Is generally viewed as unprofessional. The price elasticity of demand for D. Purchasing loans from primary lenders. B. B. 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 Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. Find a home that meets FHA requirements. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. What percent of loss did you have? D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. 4 of 11 Which of these is also called a contract for deed? D. All adjustable rate mortgages have negative amortization. What is important to remember about capturing the readers attention? B. FSBO sellers believe they will save money if they sell themselves. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? A. 7. A. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. 2- What exception exists to the duty of obedience when working with a client? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. The sellers want the earnest money check made payable to them instead. Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? B. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? The lender gives a mortgage to the borrower and gets funds in exchange. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. B. 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. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 81- Jake has decided to specialize in working with clients who purchase schools. Answer: D- They are effectively terminating the original offer. A. Generates leads for new listings. 5 of 10 You should try to attach a rider strip to your For Sale sign that has: 6 of 10 If there is no interest in the property on a given week, the agent should: A. 6- What is important for the sellers to know about a counteroffer? 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. 8- What actions does a lender take to sell a mortgage in the secondary market? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 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? What will they have to pay the lender? An open listing is an exclusive contract. C. Write and sign commission checks to salespersons. What do many firms do to avoid confusion with their advertising plan? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Deposit the check into his trust fund account on the next business day. C. How much time the licensees must spend in the office. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? ", Answer: A- "What would you like to offer? A. B. Brenda has violated the fiduciary duty of obedience to Jim. This best describes. Virtual tours are a very expensive marketing tool to use. On what amount will they pay capital gains tax? A. Youll know how much house they can afford. 5 of 10 How many properties should be included for comparison in a competitive market analysis? 4- Amanda calls broker Tim to schedule a showing of one of his listings. C. They can make payments directly to the original lender. A. I will make two new contacts every day this week. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. A. 4- Why is coordinating escrow so important and how can an assistant help? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? A. If you like, you can add a message to the seller. Where is it that he likely found out the property was for sale? C. Is subordinate to a first mortgage. 3 of 12 All of the following are primary mortgage market lenders except which? 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. Sam asks Bob what the price is. 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. B. Greg has put himself in a potential dual agency situation. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? yellowbrick scholarship reviews. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? D. Convince a seller to list with you. C. I will get three new listings this month. C. If Larry verbally accepted the offer, Kirk is bound by it. 1- What are the five aspects that are involved in any selling approach? He just sold it for $13,000. 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. 2- List the three Institute of Real Estate Management property management designations. How does ALTA-R differ from ALTA? What should you keep in mind when developing your marketing plans? 21- Which form of advertising is considered the most cost-effective method for selling a home? B. Pellentesque dapibus efficitur laoreet. Checking your browser. 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? 41 of 50 What was the important ruling in Jones v. Mayer? A secondary bid for a property that the seller will accept if the first offer fails 6 of 12 The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what? He pays rent for occupancy, plus maintenance and operating expenses. What should Jake do? B. C. I will open my own office within nine years. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? C. Eric may not represent the sellers interests to the detriment of the buyer. 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. A. 6- According to California real estate law, how often must a broker balance his or her trust accounts? Maximize the return to the property management firm. 3 of 10 How long must trust account records be kept? A. You can use a reverse telephone directory to get the names of residents. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 1- What is important to know about unlicensed real estate assistants? Rule F-1. B. 5- What actions can the sellers take regarding the purchase offer? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 2 of 50 Residential property includes all of the following EXCEPT which? For purposes of federal income tax, which statement is true? Buyer Norm just signed a purchase contract with licensee Pat. 1. Bill is purchasing a 6-family apartment building. 70- Which of these items would be a credit to the buyer on the settlement statement? Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. A. A. What does that mean? 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? C. It keeps your name in front of potential buyers and sellers. Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. Mary wants to terminate the contract. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. 2- Describe an open listing. D. The advertiser must prove he was grandfathered in as a licensee. A. Greg is violating the duties he owes to his new buyer. 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? California: Real Estate Practice Chapter 18 Quiz with no answers. Local ordinance requires a 20-foot rear and front setback. of a train ride will leave the quantity demanded of train rides unchanged. Mortgage bankers bring borrowers and lenders together. B. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. How much do you have in your savings account? 3- What is a good approach to use when contacting the owner of an expired listing? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 2 of 10 Which of these statements is true? For what type of loan is the borrower applying? Amanda loves the home and wants to make an offer. The purchase price, plus depreciation Make no recommendations and let the sellers decide on their own. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 6- How does a limited partnership differ from a general partnership? It took effect when Sam accepted Mary's offer. D. Offer something valuable to the reader. What property type will he be dealing with? C. Sellers are apt to choose qualified buyers over ones who have not been qualified. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. What California Fair Housing law has the manager violated? Name four traditional marketing tools that you should use with every listing you get. C. The buyers and sellers agents will sign the escrow instructions. 9% The monthly net rental is $600. Jim has decided that he will learn all he can about the new subdivisions at the west end of town.