7 of 10 Which disclosure form gives detailed information about the propertys condition? 46 of 50 Greg grew up in and lives in a rural area. They will have a number of new expenses as a result of this purchase. 3 of 10 How long must trust account records be kept? A. What approach can their agent take to change the sellers perception of the offer? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 6- What is the ultimate result of using the Closing Disclosure form? Rule 21 3 of 10 Homeowners can deduct all but which of the following from their income taxes? What is the major difference between an employee and an independent contractor? Which of these forms of advertising is she most likely to avoid? Discourage Sam from accepting an offer so far below Sam's asking price. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. B. 11- What is a public report and when must it be provided? What would you say about Sallys behavior? 2- Explain the difference between the primary and secondary mortgage markets. 11- What are the penalties for violating Regulation Z? 4- What is a good method for estimating what a seller will net from the sale of the property? Elaine parks across the street from the home and Mike is disappointed by what he sees. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. 52- Which statement is true about a listing contract? B. The advertiser can be sentenced to up to a year in prison. A. C. Is subordinate to a first mortgage. D. Call the sellers immediately and let them know you wont be coming by. D. The owner has 45 days to file a change in ownership statement. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. Not waste anymore time on this house, the buyer will never make an offer. The loan will be distributed to them gradually. B. What is the market value of the property? Set up a face-to-face meeting with the sellers as soon as possible. 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. 1- What is an important thing to remember about listing agreements? 2- What is floor time and why is it important? I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. Housing and Community Development Act. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? Tell the buyer to submit the offer first and then take a copy to the attorney to review. C. Neither Sarah nor Ken can get employer-provided health insurance. Virtual tours are a very expensive marketing tool to use. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. 4 of 10 Which of the following is NOT a condition of the safe harbor test? D. Hold it with the buyers permission until the contract is accepted. D. There is a loan protection plan included with the loan. C. Is permissible if being accepted on behalf of a third party. C. Alice is getting a conventional loan and making a 15% down payment. Only after receiving the tenants consent. 6- According to California real estate law, how often must a broker balance his or her trust accounts? However, he is objecting because the roof is 12 years old. 1 of 10 Gail is a licensed real estate assistant. B. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. C. Your plan for finding the buyer a home. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? D. Their loan payments will gradually increase. A. B. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. B. university of missouri hospital salaries 2021; port orange arrests today. 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? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. What kinds of things should he be looking for? B. A. Studying population trends in the area. Is critical to your success in real estate. 4- What items are not covered by any title insurance policy? Bob Broker represents Mary Buyer. 2- When establishing rapport, whats one of the best ways to get to know your buyers? Before the sale can get finalized, the owner would require you to first meet certain conditions. 77- Which of the following Internet pages might not be of particular interest to buyers? C. A broker is not responsible for the acts of independent contractors. D. Gross income must be based on hours worked. 4- What is a good method for estimating what a seller will net from the sale of the property? 1. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 62- When agent Hal shows a home he should never: A. When should the agent have disclosed this fact? It must be in writing to be enforceable. 1 of 10 Which of these statements is not true? 3. If the loan is VA guaranteed, no down payment is required. C. If Bill pays off the loan early, there will be no prepayment penalty. 3. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. CSP-Conlutas Central Sindical e Popular . What should Pat do with the earnest money deposit? they are effectively terminating the original offer. Share that information with the sellers. Properties are very liquid and can move quickly. C. Recommend a counteroffer back to list price. 2- What kind of problem can result from a straight loan? A. Kirk doesnt have the right to withdraw the offer so soon. Present the offer and tell the seller that the check needs to be held until June 30. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. A. C. Giving buyers your opinion of what works best for them. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 8. 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? It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. C. Moving closer to the agent to get a better look. Deposit the check into his trust fund account on the next business day. Broker compensation to other brokers. 10- Whats the difference between a lease purchase and a lease option? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? This mortgage type is popular among the elderly. C. It creates an agency relationship. What kind of closing technique is Harry using? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. The difference between what Sara owes and what her home is worth is known as what? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. California: Real Estate Practice Sample of Final Course Exam. What kind of mortgage might they get? D. Goals must be realistic if you hope to accomplish them. 3- When preparing a competitive market analysis, what categories of homes should an agent research? A. Greg is violating the duties he owes to his new buyer. B. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? B. Its easier to prioritize your tasks if your goals are in writing. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. What is this agreement called? 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. 44- Jim owns a gift shop in a commercial building. C. Be sure all requested inspections have been ordered. The Reality of Purchase Offers . D. Make the headline bold and all caps. 6- Whats important to know about the Liquidated Damages paragraph? B. C. Payments will not be enough to retire the loan. You had a 9% loss. A. Buyer Norm called and rescinded the offer. What kind of mortgage are they looking for? D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. 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? 92- Which of the following situations is not exempt from the seller disclosure requirement? 3- Differentiate between mortgage brokers and mortgage bankers. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? A. $5,500 the first year, plus a maximum 2% increase in market value per year, B. A. John offers weekly training seminars. 4 of 10 Which of the following would be the least desirable phone handling technique? Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. 36- Broker Eric secures a loan for buyer Paul. 8- When does a purchase offer become a legal contract? Can be used in place of a verbal presentation. B. An open listing is an exclusive contract. Alex Jones owns a duplex and lives in one unit. Which one is illegal in many states? B. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? C. It keeps your name in front of potential buyers and sellers. Her broker has asked her to be available for tasks in the field rather than in the office. C. Classified ads placed on the property, D. Number of hits on the company website. C. The same amount will go towards the principal every month. B. C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. 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? D. The UCC is a body of law that standardizes a number of business practices. D. Purchasing loans from primary lenders. sam neill laura tingle split A. 3- Differentiate between mortgage brokers and mortgage bankers. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. In this scenario, which of the following is not true? There are no offers on the property during the 6-month listing period and the listing expires. C. Clearly written contractor agreement must exist. A broker may require licensees to carry high levels of automobile insurance. Allows the agent to determine community market trends. 1- What is an important thing to remember about listing agreements? At the time the agreement is signed. Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. B. Offer to mail the caller a set of fliers on interesting properties. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. 2- Describe an open listing. C. There is a 6-month pre-payment penalty for paying off the loan early. At time of license renewal, what is the renewal charge for a salespersons license? 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. What will they have to pay at closing for the points? C. Date and attach supporting documents. 8 of 10 What does the paragraph on repairs state? 14- Value includes which of the following aspects? A. Youll know how much house they can afford. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 10 of 10 Which of the following statements is not true about a net listing? D. Magazine ads are significantly more expensive than newspaper ads. Which statement is true ? A. Mike has changed jobs six times in the past six months. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. Start in the room with the best features. One offer is for $208,000; the other is for $200,000. Select Review offer. C. The borrower pays a fixed rate of interest. 51- Which statement is true about a homeowners exemption? California: Real Estate Practice Ch11 Quiz with no answers. A. They made $50,000 of improvements. How can you prepare your sellers for receiving offers? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). What is important to remember about capturing the readers attention? 3 of 10 Sara just bought her first new home. 4 of 10 Which of the following is NOT a condition of the safe harbor test? an opinion of value for the day of the appraisal only. Use as little white space as possible. D. A shopping center might have to remodel their public restrooms. C. Salespersons must perform all of their activities on behalf of their employing broker. Sam asks Bob what the price is. Who will pay the points? 76- Mark believes he has been discriminated against during his home search. A. Give the deposit money to the seller. 5- How do life insurance companies get involved in the investment market? 29 of 50 What is one way the Federal Reserve System regulates the money supply? 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? B. I will do two practice listing presentations per week with an experienced agent for the next two months. What does that mean? Her asking price was $560,000 and the property sold for $575,000. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. Buyers looking at FSBO homes are usually looking for a bargain. C. Once filed, it remains until terminated. He refuses to rent the other unit to families with children. California: Real Estate Practice Ch10 Quiz with no answers. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. 3- For whom do property tax exemptions exist and for how much? 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? If a seller changes the terms of the offer to purchase, he has created a counteroffer. Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. B. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 8 of 10 When is the first installment of property taxes due? A. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. Prices of properties currently on the market, C. Properties that were listed but did not sell. D. Interest rates are typically fixed rate. What is the most often used form of earnest money deposit? 1- How much is the loan origination fee and what does it cover? Each of their payments is for the same amount. 10- Which disclosures are NOT required to be made when selling residential property? At the time the agent presents an offer. 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? 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. B. 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? B. C. An assistant can keep track of the progress of activities during escrow. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. cross elasticity of demand for train rides with respect to the price of a plane ride 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? 8 of 50 Buyer Kirk submits an offer to seller Larry. C. Give the tenant a 3-day notice to pay or quit. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? 5 of 50 Jane has been working with some buyers for several weeks. Needs a license to perform activities that are not strictly administrative in nature. A. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. B. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 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? What should Bob do? The broker will owe fiduciary responsibilities to the seller as well as the buyer. 37- When dealing with the sale of a business, which is not a true statement? What would we call Hannah? 12- What are grant programs typically used for? A. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 33 of 50 Sal bought a personal residence for $150,000. B. On what amount will they pay capital gains tax? 1- What is goodwill as it relates to a business? Which area of specialization would she fall into? A. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). Answer: B- The contract is voidable due to mutual mistake. 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 Courtesy of RealtyPact. D. Will conducted an agent open house last week that was attended by 25 agents. There is a crack in the basement wall. This is not true of which duty? B. C. Ask the caller when not if he or she wants to see the property. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. Establish a homes fair market value. Explain the method used to write good advertising. 3 of 10 Jake has received two offers on one of his listings. The borrower makes payments of interest only over the term of the loan. B. C. Have keys made for company listings. D. Have the prospects sign the disclosure about agency relationship. A. Give an example of a specific short-term goal. 1- What are the five aspects that are involved in any selling approach? D. Allows viewing access to strangers. D. I will complete a property management seminar within the next year. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 7- What makes up a mortgage? Give as much detailed information about the property as you can. 2- When establishing rapport, whats one of the best ways to get to know your buyers? The lender gives a mortgage to the borrower and gets funds in exchange. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 2 of 50 Residential property includes all of the following EXCEPT which? What kind of lease does Jim have? What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? 3- What are the three general responsibilities of a property manager? D. Tim and Gail have qualified for an FHA loan. 6- List the steps of underwriting. Broker Alice holds an uncashed check until the offer is accepted.