buyer randy makes an offer to purchase

D. Broker Gina puts $150 into her trust account. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 3- What signals do buyers use to indicate they may be willing to make a purchase? 1. 5- What actions can the sellers take regarding the purchase offer? 24 of 50 Tim thinks his buyers are ready to make an offer. C. Clearly written contractor agreement must exist. B. Which is a true statement? A. 36- Broker Eric secures a loan for buyer Paul. 5 of 50 Jane has been working with some buyers for several weeks. How long must a broker be licensed in order to apply for a temporary broker's license? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? What should Bill do? For what type of loan is the borrower applying? C. Theyre probably paying a higher interest rate on the second mortgage. 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? C. Gather listing forms for her employer. C. Allow indoor pets to leave their designated area. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? The buyers have been pre-qualified by a lender. D. Meet with the buyers lender to ensure theyre getting a good deal. 6- How does a limited partnership differ from a general partnership? fairbanks ice dogs standings . Possession date. 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? 30- Being prepared to handle incoming phone calls means all of the following except which? B. Which of the following conditions is Paul not required to report on this form? A counteroffer by a seller to a buyer turns the seller from offeree to offeror. Rule F-1. Bob cannot do anything; it is out of his hands. B. 6- According to California real estate law, how often must a broker balance his or her trust accounts? 4- What is the agreement that a broker can enter into with a buyer? B. Rule 21 The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. Set up a face-to-face meeting with the sellers as soon as possible. 2- What kind of problem can result from a straight loan? 1- What are the three important considerations for a good property investment? Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. C. Salespersons must perform all of their activities on behalf of their employing broker. castilian drive, los angeles. 1.555.555.555 | frontier airlines crash history. 33- Which statement is true about a loan that has a negative amortization? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. A. Generates leads for new listings. 8- What actions does a lender take to sell a mortgage in the secondary market? What kind of listing agreement does Alice have with Jack? 96- Which statement is not true about a listing contract? What kind of mortgage might they get? Is generally viewed as unprofessional. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? B. A. Buys conventional, FHA and VA loans. 9- What required disclosure is a result of Megans Law? 8- Why should agent Grace give her client a Combined Hazards Book? 51- Which statement is true about a homeowners exemption? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Rule F-21 B. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? B. Give the prospects a black copy of a purchase agreement to look over. Which is true? An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. C. Giving buyers your opinion of what works best for them. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? Rate of return is computed by dividing the annual net income by the rate of return. C. FSBO sellers who list with an agent will pay their own advertising costs. What would you say about Alexs actions? 5- What does the safety clause in the listing agreement do? Preparation of an appraisal of the property, D. Help with required forms and disclosures. Retired persons are a good source of neighborhood information. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. C. Insurance agents dealing with customers. 46 of 50 Greg grew up in and lives in a rural area. 5- Define the term loan-to-value ratio. An apartment building for a vacant lot, B. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. A. 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. 10 of 10 Which of the following is not a possible benefit of investing in real property? A. What should Bob do? 8- What is an important issue for potential buyer clients to understand? There are several steps in calculating the answer to this question. 7- In the initial meetings with the prospects, the agent should do all of the following except which? they are effectively terminating the original offer. 12. 31- Patrick has a written independent contractor agreement with his broker Tami. B. B. C. There is a 6-month pre-payment penalty for paying off the loan early. B. Gross income must be based on production. D. Property evaluations from other agents have valuable information for sellers. 3- For whom do property tax exemptions exist and for how much? Broker compensation to other brokers. C. Present Alexs offer first since it came in first. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. B. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? D. Offer something valuable to the reader. 55- Greg is approved for a Cal-Vet loan. D. The casement windows have broken seals. Bob receives an offer from a buyer that is 12% below Sam's asking price. The property is in an area that could flood. Before completing the form, discuss the following important points with the home seller: Price. C. An assistant can keep track of the progress of activities during escrow. Tell the buyer to submit the offer first and then take a copy to the attorney to review. 3- Differentiate between mortgage brokers and mortgage bankers. A. B. 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. He made $150,000 of improvements during the three years he lived in it before he sold it. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? In addition to agent and MLS home tours, what are some other ancillary tools you can use? an opinion of value for the day of the appraisal only. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 8 of 10 Which of these is a free form of advertising? D. The date Abby makes the request to receive the booklet. Answer: B- The contract is voidable due to mutual mistake. \text { Annual cost of quality training } & 456,000 \\ In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? C. Payments will not be enough to retire the loan. Start in the room with the best features. B. C. Johns office has a selection of books, CDs and tapes for agent use. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? residential transactions financed by federally related mortgage loans. What should Bob advise Sam? Give as much detailed information about the property as you can. 5- What kind of newspaper ad could you place to solicit a listing? 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? A. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. Which of the following activities would she not be authorized to perform? Only after receiving the tenants consent. What should Bob do? dota 2 annual revenue 2020. adam foote parents. Certain homeowners may qualify for a $10,000 exemption. Receives special tax considerations. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? He succeeds in setting up an appointment to meet with the caller. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. D. A shopping center might have to remodel their public restrooms. There are no offers on the property during the 6-month listing period and the listing expires. buyer randy makes an offer to purchase B. They were counting on a full-price offer and are very disappointed. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. What approach can Greg use to discourage the person from calling other agents? A secondary bid for a property that the seller will accept if the first offer fails 4- Explain the documentary transfer tax. 5- When must a licensee provide an agency disclosure to a prospective client? Secure documents that are public information from the courthouse and other sources available to the public. D. Employee status versus independent contractor status is an IRS issue. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. Give housing choices to the widest range of people. Mary wants to make an offer on a house that is 25% lower than the asking price. 4- Whats a bonus closing and whats important to keep in mind about this technique? Housing and Community Development Act. A. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 6- What is the ultimate result of using the Closing Disclosure form? 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. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. : The Commission could suspend or revoke Rob's license. An open listing is an exclusive contract. A. On what amount will they pay capital gains tax? 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? C. Once you set a goal you should never change it. C. Eric may not represent the sellers interests to the detriment of the buyer. A. I will make two new contacts every day this week. Mortgage brokers do not lend money. What is the major difference between an employee and an independent contractor? The borrower gives the lender a note and a mortgage in exchange for the funds. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. D. Supply cannot be moved to a high demand area. The purchase price, plus depreciation A. 4 of 10 If a person believes he or she has been discriminated against, how long does he or she have to file a HUD complaint? (Who, Whom) has been selected as the team captain? The broker will not provide any. C. The lender gives the borrower a mortgage and funds. Decide which offer is best and present that one. A. What will they have to pay the lender? 5. 45- Kirk wants to get an FHA loan. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 33- Which statement is true about a loan that has a negative amortization? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. What should Tom do? 3- When making your presentation, what topics should you cover? 3- What is the difference between CLTA and ALTA policies? 5- If lenders intend to sell mortgages in the secondary market, what must they do? 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? 10 of 10 A competitive market analysis is an attempt to: A. You can make a Best Offer on listings that have a Make Offer button. The original loan becomes subordinate to the wraparound. 6- What is the main reason sellers choose to sell their property without an agents help? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. 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? buyer randy makes an offer to purchase. A. B. Mary makes an offer to purchase a duplex from Sam. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. \text { Annual rework cost } & 34,679 \\ C. It must specify a definite termination date. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 6- List the steps of underwriting. Answer: A- Proceed as if the buyer has decided to make an offer. Which is a true statement? A. A. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 88- Sally and Dan must pay 2 points on their new $65,000 loan. Allows the agent to determine community market trends. A. 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? 56- Which is not a true statement about the Agency Disclosure? The salesperson entered into a buyer-broker contract with her brother. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. D. Make sure all light bulbs and lamps are working and are bright. The purchase price, plus improvements What economic factors affect the real estate market as well as other goods and services? A. Course Hero is not sponsored or endorsed by any college or university. 6 of 10 Which of these is an emotional reason that buyers buy property? How would you classify this essay (high or low comedy)? C. The borrower pays a fixed rate of interest. During business hours and only after giving the tenant 24 hours notice. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. Private mortgage insurance is available for FHA loans. The couple now has. 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. 4- What are the major areas of newspaper leads? 3 of 10 Jake has received two offers on one of his listings. A. Greg is violating the duties he owes to his new buyer. This mortgage type is popular among the elderly. 18 of 50 The listing type that assures a broker that he or she will receive compensation no matter who procures the buyer is what kind of agreement? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 4- How is property management seen as a risk to investing? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? They will have a number of new expenses as a result of this purchase. What kind of closing technique is Jim using? C. The loan term will extend gradually over time. B. They were counting on a full-price offer and are very disappointed. Courtesy of RealtyPact. What is meant by the term sphere of influence? A. They will have to make a very high down payment. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? D. In most situations, an assistant should not have the responsibility of in-person contact with clients. 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. 2- List the three Institute of Real Estate Management property management designations. At the time the agent presents an offer. B. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. Buyer Norm called and rescinded the offer. D. The owner has 45 days to file a change in ownership statement. Who would be exempt under New Jersey fair housing law? 2- What kind of problem can result from a straight loan? 46- A life insurance company would most likely invest in all but which of the following properties? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. D. An exclusive listing must always be at least 30 days long. 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. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. In this case, multiply the monthly income ($600) by 12. 8- Why is it important to have a written prospecting plan? The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. Local ordinance requires a 20-foot rear and front setback. A buyer mails an offer to an out-of-town seller. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 92- Which of the following situations is not exempt from the seller disclosure requirement? The purchase price, plus depreciation, B. 1. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? A. B. Jim Sharp is purchasing his fathers home. 1- What is goodwill as it relates to a business? 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. The check that accompanies the salesperson license application must be for what amount? 8- What is an important issue for potential buyer clients to understand? Buyers looking at FSBO homes are usually looking for a bargain. \text { Annual warranty cost } & 1,546,000 \\ 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. Sam asks Bob what the price is. 3- In what three ways can an assistant aid an agent with appointments? She put 20% down and got a mortgage for the remainder. She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? Referral fee to a homeowners insurance agent. C. Exclusive-authorization-and-right-to-sell. 5 of 10 The principles of an agency relationship include all of these factors except which one? A. The buyers family is pressuring them to purchase this home. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 8 of 10 Which of the following circumstances would concern you about working for Broker John? B. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? Which of the following items can Matt not add to the original cost when doing the computation? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Which of the following would be the least likely place for them to obtain a loan? At time of license renewal, what is the renewal charge for a salespersons license? Person must be properly licensed. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 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. Please remove your shoes before entering the home. 50- Harry has some buyers that he believes are ready to make an offer. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. What is the market value of the property? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? The advertiser can be sentenced to up to a year in prison. 8 of 10 When is the first installment of property taxes due? 8 of 10 Which of the following will give you comparative market data the fastest? C. If Larry verbally accepted the offer, Kirk is bound by it. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? The definition of race was expanded to include ancestry. Is depreciation accounted for by a hospital? 14- Value includes which of the following aspects? 7- What are the capital gains exclusions associated with the sale of a personal residence? Answer: D- Return the money to buyer Norm. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? C. It keeps your name in front of potential buyers and sellers. How are properties affected by the local economy? 7. buyer randy makes an offer to purchase. 21- Which form of advertising is considered the most cost-effective method for selling a home? The adjusted cost basis of the first home was $140,000. Studying population trends in the area. C. Explain your marketing plan to the sellers. A. B. The buyer must pay the broker a commission. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 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. 2. 5 of 10 Which of these statements is not true about qualifying buyers? A. 10 of 10 Which of these is not an exemption to fair housing law? Documents showing your affiliations with real estate organizations. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. D. Similar expired listings that didnt sell. How does ALTA-R differ from ALTA? To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. 64- Which of the following is not a form of personal advertising? The loan value is based on the appraised value, not the sale price. Other than residential list three kinds of property in the real estate market. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 6. Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. B. 10- Whats the difference between a lease purchase and a lease option? Which of the following is true, if you are licensed as a referral agent? A. A. B. 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? 6- What is the main reason sellers choose to sell their property without an agents help? Allows quick repayment of the loan through accelerated payments. A. Brenda must follow all of Jims instructions. Retain the check for use with a future sales contract offer. California: Real Estate Practice Ch3 Quiz with no answers. On what amount will he pay capital gains tax? Which of these ad headlines would probably be the least effective for this home? What will they have to pay at closing for the points? Licensee Pat was in transit to the cooperating licensee's office with the offer. Buys pools of mortgages in exchange for mortgage-backed securities. Step 2. B. Rewrite whole paragraphs to ensure clarity. Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a A buyer wants to take the offer to an attorney to review it. How should licensee Fred handle this offer? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. The offer with the fewest contingencies D. Purchasing loans from primary lenders. B. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 07 Jun. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? It never was effective since Sam had not notified Mary of the acceptance. 11- What is a public report and when must it be provided? Pellentesque dapibus efficitur laoreet. 5 of 10 Alice has decided that she will specialize in selling farm land. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? D. This action is deliberate misrepresentation. A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Launch into your list of the homes special features and hope she changes her mind. 8 of 10 Which of these statements about counteroffers is not true? D. Meet with an inspector at a listing. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 62- When agent Hal shows a home he should never: A. What kind of mortgage might they get? C. Broker Harry deposits $1000 into his brokerage business account. A. 7- Name three benefits of listing a home with an agent that you could share with sellers. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. Facebook Instagram. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 105- Agent Alice has received an offer that she believes is not in the sellers best interest.

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