An assistant should never be left with the task of taking photos of a new listing. B. Answer: D- They are effectively terminating the original offer. C. Theyre probably paying a higher interest rate on the second mortgage. If a seller is in a multiple offer situation, how do you determine the best offer? What kind of loan do they have? Name four traditional marketing tools that you should use with every listing you get. 8- Why is it important to have a written prospecting plan? 5- When must a licensee provide an agency disclosure to a prospective client? 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 an example of a specific short-term goal. C. It must specify a definite termination date. The offer with the highest price that is the most likely to close The borrower makes payments of interest only over the term of the loan. 5- What is the Closing Disclosure? 5 of 10 All of these would be effective at capturing a readers attention except which? The seller must file a bill of sale with the county clerk. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? A. A. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 3 of 10 All of these items are important to include on your weekly activity report except which? A. What kind of agreement is this? Buyer Norm just signed a purchase contract with licensee Pat. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. Lorem ipsum dolor sit amet, consecteticitur laoreet. 5 of 10 Mike bought his home last year for $150,000. 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. 2- Name one advantage and one disadvantage of telephone contacts. A. Which is true? There is nothing that can offset this problem. D. The borrower gets a note in exchange for a mortgage. Better yet, try to avoid deal breakers. Write a counteroffer. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. B. California: Real Estate Practice Ch9 Quiz with no answers. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. Next, calculate the points charged; $168,500 x 0.02 = $3,370. 4- Describe a reverse annuity mortgage. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. 1 of 10 What kind of lease contains a recapture clause? C. Sharing all visitor comments two weeks before the listing ends. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 10 of 10 Which of these Internet pages might be of particular interest to sellers? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 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. 7 of 10 How might probate information help in prospecting? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. A. D. Make the headline bold and all caps. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. 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. 3. C. The same amount will go towards the principal every month. B. C. Tell them that this home is an exceptional buy and encourage them to look anyway. C. The borrower pays a fixed rate of interest. A net listing is illegal in all states. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 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. B. I will do two practice listing presentations per week with an experienced agent for the next two months. C. Real Estate Settlement and Procedures Act. 1. A. B. Sam accepts the offer and executes the contract on March 1, a Sunday. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? D. The monthly payments increase overtime. A. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. This is not true of which duty? Seeking buyers for your listings B. C. If Bill pays off the loan early, there will be no prepayment penalty. B. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 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 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? Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Enter your offer. During this interim period, grant makes monthly rent payments and the owner accepts them. C. Can perform some real estate activities without a license. 33- Which statement is true about a loan that has a negative amortization? 4- What items are not covered by any title insurance policy? Her asking price was $560,000 and the property sold for $575,000. C. Make up some statistics to share with the Bowers. Sample Final Exam for California Real Estate Practice Questions with no Find solutions. 16 juin 2022 why do babies clap their feet. On what amount will they pay capital gains tax? Which of these expenses is not associated with owning a home? Who would be exempt under New Jersey fair housing law? Amanda loves the home and wants to make an offer. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. 7 of 10 Which of the following is a possible benefit of investing in real property? Rate of return is computed by dividing the annual net income by the rate of return. 2- What kind of problem can result from a straight loan? 96- Which statement is not true about a listing contract? university of missouri hospital salaries 2021; port orange arrests today. 5- What does the safety clause in the listing agreement do? A. 11 of 11 Which of the following is a low loan-to-value ratio? B. Select Review offer. B. Enumerate the homes special features and hope they change their minds. A. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. 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. D. Brenda has not violated any fiduciary duty. The loan will be distributed to them gradually. A. Before completing the form, discuss the following important points with the home seller: Price. Be open-minded. 4- Amanda calls broker Tim to schedule a showing of one of his listings. B. A secondary bid for a property from the same buyer. 3- In what three ways can an assistant aid an agent with appointments? What approach can Greg use to discourage the person from calling other agents? D. Allows a broker to have as a commission anything above the minimum the seller sets. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. A counteroffer represents a rejection of an offer. 7 of 10 Which of these forms is not filled out by the seller? D. Is permissible in amounts under $50. C. Insurance agents dealing with customers. 37 of 50 Which of the following economic characteristics is true? Present the offer and tell the seller that the check needs to be held until June 30. Hometown received $2400.00 in referrals. Click the "Allow" button. A secondary bid for a property that is less than the first offer Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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 New Age purchased a new coffee maker the office was in need of. Step 2. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz B. They will owe a balloon payment at the end of the loan term. B. buyer randy makes an offer to purchase. In the past year they have referred two dozen people who have purchased flooring from New Age. 2- Explain the difference between the primary and secondary mortgage markets. Who makes the payments to a claimant from the Guaranty Fund? In this scenario, which of the following is not true? 5 of 10 The principles of an agency relationship include all of these factors except which one? From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 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? What is Gregs capital gain on the apartment? 6- What is the main reason sellers choose to sell their property without an agents help? If an item is already correct, write C on the line provided. fairbanks ice dogs standings . 8- What is the major difference between a CalVet loan and other loans? 10 of 50 There has been very little interest in the Bowers home this past week. A. B. 52- Which statement is true about a listing contract? The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. Tell Mike that the sellers will be upset if they cancel the appointment. 1- When is an agency relationship created? \end{array} 4- Agent Greg receives a call about one of his firms ads. Which is a true statement? B. He has put up $50,000 in preferred stock as earnest money. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. 5. C. The owner has 45 days to pay the new property taxes. C. The loan term will extend gradually over time. 9- What is the basic purpose of Truth in Lending Regulation Z? D. All adjustable rate mortgages have negative amortization. What should Bill do? B. $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. A secondary bid for a property that is for more than the first offer 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? 11. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. Answer: B- The contract is voidable due to mutual mistake. 8- Under what conditions may a landlord enter a tenants property? 9 of 10 Which of these is not a helpful homeowner tip? B. 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. Pellentesque dapibus efficitur laoreet. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. Facebook Instagram. It must be in writing to be enforceable. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? A. Answer: A- Proceed as if the buyer has decided to make an offer. 5- What actions can the sellers take regarding the purchase offer? For purposes of federal income tax, which statement is true? 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? 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 9- What is the basic purpose of Truth in Lending Regulation Z? Sunday afternoon, Mary is driving around and finds a property she likes better. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 69,200 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Checking your browser. $90,000 Buyer Jim asks if he can visit the property for a second time. C. Recommend a counteroffer back to list price. 4- Why is coordinating escrow so important and how can an assistant help? The sellers want the earnest money check made payable to them instead. D. Broker Gina puts $150 into her trust account. A. The buyers family is pressuring them to purchase this home. Which statement is true? Tell the buyer to submit the offer first and then take a copy to the attorney to review. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? To access the website, click "Allow". 6 of 10 Which of the following statements is not true? The sellers want the earnest money check made payable to them instead. A. 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. 5 of 10 Which of these statements is not true about qualifying buyers? Go back to the buyer's agent and try to get the offer higher. In the meantime, Bill gets another offer on the property from another buyer at a higher price. 9 of 10 A shopping center would be primarily categorized as what type of property? 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. D. Broker Tom has only limited responsibility for the actions of his licensees. 68- Greg and Joyce have an adjustable rate mortgage on their home. Use as little white space as possible. A. B. 8- What is an important issue for potential buyer clients to understand? B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. 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?
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