44 of 50 Fair Housing laws are designed to: A. C. The fair market value at the time of sale 9- What is the basic purpose of Truth in Lending Regulation Z? Course Hero is not sponsored or endorsed by any college or university. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. A secondary bid for a property that the seller will accept if the first offer fails 103- Kirk and Sandy obtained a wraparound mortgage. D. Make the headline bold and all caps. Buys pools of mortgages in exchange for mortgage-backed securities. A Bill of Sale gives title to the business equipment. 4- Amanda calls broker Tim to schedule a showing of one of his listings. What are members of NAR required to do? Certain homeowners may qualify for a $10,000 exemption. Which would NOT result from the exercise of police power? 1 of 10 What kind of lease contains a recapture clause? D. The buyers love the landscaping improvements the sellers have made. Before completing the form, discuss the following important points with the home seller: Price. You had a 9% loss. Pellentesque dapibus efficitur laoreet. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. The borrower gives the lender a note and a mortgage in exchange for the funds. B. 17 of 50 Kathy is a personal assistant at Action Realty. 10 of 50 There has been very little interest in the Bowers home this past week. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 5- What does the safety clause in the listing agreement do? 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. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Plastic dishes last a long time because they are unbreakable. Who makes the payments to a claimant from the Guaranty Fund? He made $150,000 of improvements during the three years he lived in it before he sold it. Step 2. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? B. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. 9 of 10 Janet is an unlicensed assistant. One day later. 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? Which of the following is Kirk himself not likely to do during the application process? \hline 75- All but which of the following is NOT an AIDA feature? California: Real Estate Practice Chapter 18 Quiz with no answers. Brenda refuses. 6- What is the main reason sellers choose to sell their property without an agents help? 3- How could refinancing be an investment benefit? 4- Describe a reverse annuity mortgage. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Hes no longer interested in seeing the inside and Marge agrees. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? Answer: A- No, Bob Should have submitted the offer. 6 of 10 Which of the following statements is not true? What approach can their agent take to change the sellers perception of the offer? 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. 6- How does a limited partnership differ from a general partnership? A. C. Brenda could be liable for a breach of the listing terms. D. Their loan payments will gradually increase. The property is in an area that could flood. Donec aliquet. 41- Agricultural land includes all of the following EXCEPT which? Next, calculate the points charged; $168,500 x 0.02 = $3,370. He refuses to rent the other unit to families with children. C. Print postage labels from your computer. D. The interest payment is always smaller then the amount allocated to the principal. A. What should Tom do? 63- Jennys home appraised for $550,000. What is the most often used form of earnest money deposit? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? Sets a limit on the commission a broker can earn. D. Purchasing loans from primary lenders. A. How should licensee Fred handle this offer? 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? 73- Which of these is not a buying signal? Name and define the two forms of advertising. Free Purchase Agreement | PDF & Word | Legal Templates Go back to the buyer's agent and try to get the offer higher. 2- What is important to remember about multiple offers? Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. C. Moving closer to the agent to get a better look. Goodwill is an intangible asset that results from the reputation of the business. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. What are some important tips for home tours? How would Grants lease at this time be classified? Private mortgage insurance is available for FHA loans. 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. How much do you have in your savings account? Underline each word that should be capitalized in the following items. C. Can perform some real estate activities without a license. 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? 3 of 10 What kind of ad usually combines both institutional and product advertising? Last year, about 25% of his income came from sales commissions. B. Greg has put himself in a potential dual agency situation. 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? C. Exclusive-authorization-and-right-to-sell. 47 of 50 Which of the following would not qualify as a 1031 exchange? 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. 8- Why is it important to have a written prospecting plan? 37- When dealing with the sale of a business, which is not a true statement? Present the higher-priced offer first. Code Violations and Tax Delinquencies. Which term is the process of joining several parcels of land into one larger parcel? 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? 77- Which of the following Internet pages might not be of particular interest to buyers? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? Deposit the check into his trust fund account on the next business day. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 8- What does the Water Heater Statement of Compliance address? C. Greg has violated the duty of confidentiality to Kim. 8- Under what conditions may a landlord enter a tenants property? Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. 8- What does the Water Heater Statement of Compliance address? An apartment building for a vacant lot, B. 80- Which of the following is an example of commingling? 2- Name one advantage and one disadvantage of telephone contacts. D. The UCC is a body of law that standardizes a number of business practices. 6- What is important for the sellers to know about a counteroffer? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? 3- In what three ways can an assistant aid an agent with appointments? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. D. The monthly payments increase overtime. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. B. C. Real estate can respond quickly to changes in the market. Change the locks on the tenants apartment. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Tell Linda that the sellers will be very disappointed if they cancel the appointment. Information on current loan programs. The lender gives a mortgage to the borrower and gets funds in exchange. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. Answer: D- They are effectively terminating the original offer. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. university of missouri hospital salaries 2021; port orange arrests today. B. I will practice my listing presentations. Two months later she purchased and moved into a new home that cost $145,000. 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. 8 of 10 What does the paragraph on repairs state? This best describes. 57- Under federal income tax law, the basis for a personal residence is which of the following: Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. The purchase price, plus depreciation, B. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 1 of 10 Which of the following types of agency is not allowed in California? 46 of 50 Greg grew up in and lives in a rural area. C. They can make payments directly to the original lender. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. Ask the buyer if the buyer would like to make an offer taking the roof age into account. What property type will he be dealing with? Which is true? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? D. All repairs must be in compliance with existing building codes. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. 45- Kirk wants to get an FHA loan. C. Supervises the Federal Housing Authority. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 1- What is a competitive market analysis? D. After the agent has had time to make copies at the office. 1 of 10 Broker Alice has hired several independent contractors in her firm. 3- What signals do buyers use to indicate they may be willing to make a purchase? The advertiser can be sentenced to up to a year in prison. It took effect when Sam accepted Mary's offer. The seller must file a bill of sale with the county clerk. D. Placing a classified ad in the weekend paper. 3 of 10 Which of the following would be an example of a licensee specializing in business type? They called Wills office and told the secretary they are upset and need to speak with Will. C. Find a lender who is willing to do FHA loans. Which of the following would be considered an intermediate goal? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? D. Ensure fair real estate negotiations. 42 of 50 Alex makes an offer to purchase one of Bills listings. 33- Which statement is true about a loan that has a negative amortization? 8 of 50 Buyer Kirk submits an offer to seller Larry. 4- What items are not covered by any title insurance policy? 5 of 10 Which of the following is not a source of information for professional ethics codes? Can be used in place of a verbal presentation. They were counting on a full-price offer and are very disappointed. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). Amanda loves the home and wants to make an offer. C. Bake muffins or cinnamon rolls to create a homey feel. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 2 of 12 Which of the following statements is not true about the Federal Reserve? 8 of 10 Which of these statements about counteroffers is not true? The Residential Environmental Hazards Guide, B. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. The buyer was responsible for making the discovery, so Pam is therefore liable. Where is it that he likely found out the property was for sale? Which of the following statements is not true? 14- Value includes which of the following aspects? 6 of 10 Which of these is an emotional reason that buyers buy property? D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. A. 7- What are the capital gains exclusions associated with the sale of a personal residence? B. A. At the time the agreement is signed. What does the net operating income of a property represent? Nam lacinia pulvinar tortor nec facilisis. Explain the method used to write good advertising. 1. During business hours and only after giving the tenant 24 hours notice. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? She can do all of the following except which? C. How much time the licensees must spend in the office. B. Brenda has violated the fiduciary duty of obedience to Jim. A. 2 of 10 Which of these is not an AIDA characteristic? Preparation of an appraisal of the property, D. Help with required forms and disclosures. What would be determined by a location survey? "No, you may lose the house." Answer: D- Avoid telling him the price by setting up an immediate appointment. Bob writes the offer but is too embarrassed to submit it. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. 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. 2- Explain the difference between the primary and secondary mortgage markets. 5- If lenders intend to sell mortgages in the secondary market, what must they do? D. Is best left to experienced brokers. Use the yes-but technique to handle the objection. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? Rule E-1 Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. \text { Annual rework cost } & 34,679 \\ "Yes, let's offer $10,000 less than the asking price. C. Alice is getting a conventional loan and making a 15% down payment. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. Tell the buyer about the other offer and urge the buyer to skip the attorney. Housing and Community Development Act. 53- Greg sold an apartment building he owned for 20 years. 07 Jun. 3- Differentiate between mortgage brokers and mortgage bankers. Nam lacinia pulvinar tortor nec facilisis. 4- What are the major areas of newspaper leads? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. She should advise them to let the offer expire with no action so the buyers will get nervous. B. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. B. 5 of 11 Which of these statements is true about a CalVet loan? 92- Which of the following situations is not exempt from the seller disclosure requirement? B. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. D. Similar expired listings that didnt sell. Be open-minded. A net listing is illegal in all states. Negotiate agreements regarding commission structuring. 6- Whats important to know about the Liquidated Damages paragraph? Maximize the return to the property management firm. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. Who is responsible for removing the lien to clear the title? For what type of loan is the borrower applying? 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? What kind of closing technique is Harry using? 6- When is a lender required to terminate a borrowers private mortgage insurance? C. Broker Harry deposits $1000 into his brokerage business account. In the meantime, Bill gets another offer on the property from another buyer at a higher price. B. 6- What does the security and insurance clause of the listing agreement address? There are no offers on the property during the 6-month listing period and the listing expires. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. 50- Harry has some buyers that he believes are ready to make an offer. 2- Who needs title insurance and why? Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. C. Consider child support payments in the decision. Sam plans to overnight the acceptance on Monday. A. Jim specializes in clients who want to buy restaurants. C. Discuss alternative properties that may be interest. Encourage Sam to make a counteroffer at 2% below Sam's asking price. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. When You Should Make a Purchase Offer - The Balance C. Write and sign commission checks to salespersons. buyer randy makes an offer to purchase What should Tim do next? The price elasticity of demand for List the details of all parties involved. 6 of 10 Which booklet is not part of the Combined Hazards Book? Offer to Purchase Form - Fill Out and Sign Printable PDF Template | signNow Anasayfa; Hakkmzda. B. When should the agent have disclosed this fact? 8- What is an important issue for potential buyer clients to understand? D. Supply cannot be moved to a high demand area. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Tom thereupon submits a full-price offer to the owner and purchases the property. buyer randy makes an offer to purchase Sending cards and newsletters is a good way to keep in contact with clients and prospects. C. Present Alexs offer first since it came in first. C. The broker must conduct the escrow personally and not delegate any escrow activities. What is important to remember about capturing the readers attention? First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. lumberton man killed; guggenheim annuity rates. He says to them, "Would you prefer to take possession on September 1 or October 1?" B. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? What kind of closing technique is Jim using? 2- What types of office administration tasks are important for a licensed assistant to perform? A. John offers weekly training seminars. What does that mean? What kind of lease does Jim have? B. 8 of 10 Which of these marketing tools is not considered a traditional tool? 3- In what three ways can an assistant aid an agent with appointments? D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. B. Deposit the check into his trust fund account on the next business day. A. A. 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. A secondary bid for a property that is less than the first offer 8 of 10 Which of the following circumstances would concern you about working for Broker John? What kinds of things should he be looking for? 6- Whats important to know about the Liquidated Damages paragraph? C. Guarantees payment of all interest and principal on mortgage-backed securities. Buyers looking at FSBO homes are usually looking for a bargain. Write a counteroffer. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? B. Alice knows everything about the exclusive east side neighborhoods. munich latitude compared to us; pro sun tan. C. Maintaining the office filing system. The purchase price, plus depreciation The second mortgage has now become the primary loan. \text { Annual testing cost } & 543,000 \\ buyer randy makes an offer to purchase - cspconlutas.org.br C. Identifies buyers for other properties. 4. 4- What is a good method for estimating what a seller will net from the sale of the property? He succeeds in setting up an appointment to meet with the caller. The salesperson entered into a buyer-broker contract with her brother. Lenders are in the best position to qualify buyers. A. Youll know how much house they can afford. A. B. 4 of 10 Which of the following would be the least desirable phone handling technique? 5- How do life insurance companies get involved in the investment market? Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? What must Tim do? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. 4- Whats a bonus closing and whats important to keep in mind about this technique? A. 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? B. At time of license renewal, what is the renewal charge for a salespersons license? 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? 33 of 50 Sal bought a personal residence for $150,000. Which statement is true? D. A basis of $140,000 and no taxable gain. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. Which law extended discrimination to include handicap and familial status? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. California: Real Estate Practice Ch9 Quiz with no answers. 16- Dave and Nadine have decided that they want to become property investors.