4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? B. A. How does ALTA-R differ from ALTA? the buyer is not allowed to make a counteroffer. 9 of 10 Janet is an unlicensed assistant. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. \hline \text { Annual inspection costs } & \$ 155,000 \\ 2- What exception exists to the duty of obedience when working with a client? A broker may advertise that he or she is an escrow agent. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? Step 2. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 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. Jake is getting a VA loan with no down payment. 11- What is a public report and when must it be provided? 2 of 10 When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? B. Brenda refuses. What kinds of things should you include in a weekly activity report? B. 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. 3- What is a good approach to use when contacting the owner of an expired listing? Most likely, what did they get? Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. A. Wills weekly report indicates two showings and five inquiries for the week. 92- Which of the following situations is not exempt from the seller disclosure requirement? 2- What exception exists to the duty of obedience when working with a client? 4- Agent Greg receives a call about one of his firms ads. Information on current loan programs. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 10. Mary learns that Sam is selling only half of the duplex. The loan value is based on the appraised value, not the sale price. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. 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. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? The second mortgage has now become the primary loan. The purchase price, plus depreciation, B. Prior to bringing an offer to purchase. buyer randy makes an offer to purchase. 5 of 11 Which of these statements is true about a CalVet loan? 2- List the three Institute of Real Estate Management property management designations. Certain homeowners may qualify for a $10,000 exemption. C. Neither Sarah nor Ken can get employer-provided health insurance. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? D. Purchasing loans from primary lenders. A. Amanda loves the home and wants to make an offer. What kinds of things should he be looking for? If an item is already correct, write C on the line provided. C. The Bryants have not received any feedback from any showings in the past month. 67- Hannah is a real estate assistant. 2 of 50 Residential property includes all of the following EXCEPT which? 4 of 10 Which of the following is NOT a condition of the safe harbor test? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. Decide which offer is best and present that one. "No, you may lose the house." 81- Jake has decided to specialize in working with clients who purchase schools. B. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. C. Alice is getting a conventional loan and making a 15% down payment. Rate of return is computed by dividing the annual net income by the rate of return. 63- Jennys home appraised for $550,000. What should Elaine do? Licensee Pat was in transit to the cooperating licensee's office with the offer. D. All adjustable rate mortgages have negative amortization. Where is it that he likely found out the property was for sale? 9- What is the basic purpose of Truth in Lending Regulation Z? What are some important tips for home tours? 5 of 50 Jane has been working with some buyers for several weeks. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. The listing price of a house is $139,900. Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? B. He sounds really excited about this property. 5 of 10 What would be the least effective way to get to know your buyers needs? Write a contingent counteroffer. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. A. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? A. A. Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" Could be a violation of state licensing laws. 3- When making your presentation, what topics should you cover? In this scenario, which of the following is not true? What is Gregs capital gain on the apartment? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. 10 of 10 Which of the following statements is not true about a net listing? An open listing is an exclusive contract. The 4- Explain the documentary transfer tax. 4- What are the major areas of newspaper leads? This form is the first step in any real estate deal. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? Given the rise in the price of a plane ride, what percentage change in the price Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? A. 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. At the end of the term, the loan balance will be negative. 7- How can a builder help you generate leads? From whom may a salesperson receive compensation for performed activities? Why or why not? 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? B. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. Answer: A- No, Bob Should have submitted the offer. B. C. It must specify a definite termination date. an opinion of value for the day of the appraisal only. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. D. Call the sellers immediately and let them know you wont be coming by. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. B. Give a discount to families with children. B. 6- How does a limited partnership differ from a general partnership? C. Shows property addresses that should be excluded from prospecting. Explain. What should Tom do? 6- What is the main reason sellers choose to sell their property without an agents help? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 11- What are the penalties for violating Regulation Z? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 8- Why should agent Grace give her client a Combined Hazards Book? D. If the buyer rejects the first counteroffer, the seller can accept the first offer. Give $250 to the buyer and $250 to the seller. California: Real Estate Practice Ch10 Quiz with no answers. A. The adjusted cost basis of the first home was $140,000. This would be the maximum the purchaser would be permitted to borrow. A. Jim specializes in clients who want to buy restaurants. C. Refuse to accept the offer and check. 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? 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? How to make a Best Offer. Bob writes the offer but is too embarrassed to submit it. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. A. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. D. Erics broker should appoint Eric as the designated agent in this transaction. Will placed an ad in the most recent Home Buyers Guide. 5- When must a licensee provide an agency disclosure to a prospective client? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. buyer randy makes an offer to purchase. 103- Kirk and Sandy obtained a wraparound mortgage. 62- When agent Hal shows a home he should never: A. For what type of loan is the borrower applying? Here are the steps to follow to make an offer to purchase: Step 1. A. 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. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? A. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? 1- What are the five aspects that are involved in any selling approach? Find a home that meets FHA requirements. 2- What is important to remember about multiple offers? 1 of 10 Broker Alice has hired several independent contractors in her firm. 2- Explain the difference between the primary and secondary mortgage markets. D. Must start out as a part-time employee. C. Supervises the Federal Housing Authority. C. Theyre probably paying a higher interest rate on the second mortgage. 8- What is the major difference between a CalVet loan and other loans? 3 of 10 How long must trust account records be kept? A. Broker John puts $500 into his trust account. C. Exclusive-authorization-and-right-to-sell. What should Tom do? 44 of 50 Fair Housing laws are designed to: A. of a train ride will leave the quantity demanded of train rides unchanged. A. Better yet, try to avoid deal breakers. They will have a number of new expenses as a result of this purchase. 5- How do life insurance companies get involved in the investment market? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. Elaine parks across the street from the home and Mike is disappointed by what he sees. A. Brenda must follow all of Jims instructions. Buys conventional, FHA and VA loans. Which one is illegal in many states? What disclosure does the salesperson owe to the buyer and seller? A. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 8 of 10 Which of the following circumstances would concern you about working for Broker John? D. Is best left to experienced brokers. You bought if for the listing price plus 10% and sold it for the listing price. 7 of 10 Which document shows the assets and liabilities of a business? The fees that Eric charges Paul for making the loan could be any but which of the following amounts? Harry has some buyers that he believes are ready to make an offer. B. Secure documents that are public information from the courthouse and other sources available to the public. Giving information about a listing to prospective buyers. The other 75% came from an hourly wage paid by Tami. Senior housing for residents 62 or older, B. A. Pellentesque dapibus efficitur laoreet. The advertiser is subject to a fine. Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. Tell the buyer to submit the offer first and then take a copy to the attorney to review. D. Hold it with the buyers permission until the contract is accepted. Ask the caller if he or she would like to receive e-mails on newly listed properties. 3 of 10 Jake has received two offers on one of his listings. What does that mean? \hline 88- Sally and Dan must pay 2 points on their new $65,000 loan. What was Sam's appraisal cost for quality last year? 14 of 50 The title report on a property shows there is a lien on the property. C. Participate in a tax shelter program. B. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. What would be determined by a location survey? A. 3- What is the difference between CLTA and ALTA policies? A rental property has a return rate of 8%. buyer randy makes an offer to purchase. 7 of 10 Which of the following is a possible benefit of investing in real property? 7- What is the difference between an FHA loan and a VA loan? 68- Greg and Joyce have an adjustable rate mortgage on their home. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. 9- Define a purchase money mortgage. A broker may require licensees to carry high levels of automobile insurance. B. Find solutions. B. 69,200 5- If lenders intend to sell mortgages in the secondary market, what must they do? How much did Sam gain or lose on the sale? In addition to agent and MLS home tours, what are some other ancillary tools you can use? D. Employee status versus independent contractor status is an IRS issue. D. Offer something valuable to the reader. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. 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? Who will pay the points? 9 of 10 A shopping center would be primarily categorized as what type of property? Norm gave Pat a $500 earnest money check. C. It keeps your name in front of potential buyers and sellers. C. The home sits on an earthquake fault zone. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. 41- Agricultural land includes all of the following EXCEPT which? Which of these statements is true about the wraparound mortgage? Can be used in place of a verbal presentation. B. Rewrite whole paragraphs to ensure clarity. 3 of 10 What kind of ad usually combines both institutional and product advertising? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. C. The buyers and sellers agents will sign the escrow instructions. She tells them that this action could decrease their property values. B. Its easier to prioritize your tasks if your goals are in writing. 2 of 10 Which of these is not an AIDA characteristic? Alex Jones owns a duplex and lives in one unit. What property type will be his specialty? It helps to identify buyer and seller needs. 52- Which statement is true about a listing contract? Before the sale can get finalized, the owner would require you to first meet certain conditions. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? 3- What signals do buyers use to indicate they may be willing to make a purchase? Has New Age violated any laws? A. D. Administers special assistance programs. 3 of 10 All of these items are important to include on your weekly activity report except which? The advertiser can be sentenced to up to a year in prison. 7. 3- Differentiate between mortgage brokers and mortgage bankers. B. Exclusive-authorization-and-right-to-sell agreement. Use as little white space as possible. The property is in an area that could flood. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing?
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