B. In addition to agent and MLS home tours, what are some other ancillary tools you can use? Bill cannot contact the seller. 3 of 10 Sara just bought her first new home. It never was effective since Sam had not notified Mary of the acceptance. 101- Which type of loan typically carries the most loan points? Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. residential transactions financed by federally related mortgage loans. 38 of 50 What is the primary role of Fannie Mae? B. A rental condominium for a recreational vehicle. 4- Agent Greg receives a call about one of his firms ads. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? C. A broker is not responsible for the acts of independent contractors. Where is it that he likely found out the property was for sale? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. This form is the first step in any real estate deal. 6- What does the security and insurance clause of the listing agreement address? 3- When making your presentation, what topics should you cover? 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? A. A. Forwarding calls from the public to one of the salespersons in the office. 69,200 B. I will do two practice listing presentations per week with an experienced agent for the next two months. 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. Name and define the two forms of advertising. A. Harry has some buyers that he believes are ready to make an offer. How does ALTA-R differ from ALTA? From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. D. Seeking buyers for others agents listings. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. What is the primary criticism that sellers have about their agents? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. A rental property has a return rate of 8%. The loan value is based on the appraised value, not the sale price. 8 of 12 Fannie Mae does all of the following activities except which? buyer randy makes an offer to purchasei miss you text art copy and paste. C. Bake muffins or cinnamon rolls to create a homey feel. D. The date Abby makes the request to receive the booklet. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? D. Placing a classified ad in the weekend paper. Which of the these activities does she have control over? Pellentesque dapibus efficitur laoreet. Giving information about a listing to prospective buyers. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? Encourage Sam to make a counteroffer at 2% below Sam's asking price. Who makes the payments to a claimant from the Guaranty Fund? 33- Which statement is true about a loan that has a negative amortization? A secondary bid for a property from the same buyer. 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? The definition of race was expanded to include ancestry. 10. What should you keep in mind when developing your marketing plans? 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. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. A. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 9- What is the basic purpose of Truth in Lending Regulation Z? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? Documents showing your affiliations with real estate organizations. Buyer Norm called and rescinded the offer. A secondary bid for a property that the seller will accept if the first offer fails A. C. Find a lender who is willing to do FHA loans. 6- Whats important to know about the Liquidated Damages paragraph? 3. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? Local ordinance requires a 20-foot rear and front setback. The Reality of Purchase Offers . Discourage Sam from accepting an offer so far below Sam's asking price. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. 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. 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. 9. Which of the following statements is not true? Bob writes the offer but is too embarrassed to submit it. 4- Explain the documentary transfer tax. 5- What is the Closing Disclosure? A. Prior to bringing an offer to purchase. : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. 6- What does the security and insurance clause of the listing agreement address? What should Alice do? Code Violations and Tax Delinquencies. 1. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Answer: D- It was never effective since Sam had not notified Mary of the acceptance. To learn more about the real estate business, D. To make more money than a real estate agent. The listing price of a house is $139,900. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. Donec aliquet. Hometown received $2400.00 in referrals. 6. The ordinance also requires a 10-foot side set back. Tom thereupon submits a full-price offer to the owner and purchases the property. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? D. In most situations, an assistant should not have the responsibility of in-person contact with clients. 5 of 10 What would be the least effective way to get to know your buyers needs? Call Us Today! Allows the agent to determine community market trends. 3- In what three ways can an assistant aid an agent with appointments? dota 2 annual revenue 2020. adam foote parents. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Licensee Pat was in transit to the cooperating licensee's office with the offer. Properties are very liquid and can move quickly. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 67- Hannah is a real estate assistant. Name four traditional marketing tools that you should use with every listing you get. 4- Whats a bonus closing and whats important to keep in mind about this technique? the buyer is not allowed to make a counteroffer. What would be determined by a location survey? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. The sellers want the earnest money check made payable to them instead. A. D. Reduces the monthly payment for a borrower during the initial years. C. Identifies buyers for other properties. 7- Agent Jim needs to do a visual inspection of his listing. 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. D. Gross income must be based on hours worked. Which of the following is true, if you are licensed as a referral agent? B. The check that accompanies the salesperson license application must be for what amount? 21- Which form of advertising is considered the most cost-effective method for selling a home? 8 of 50 Buyer Kirk submits an offer to seller Larry. California: Real Estate Practice Chapter 13 Quiz with no answers. A. He asks his real estate agent if she could tell him how to go about building a house on the land. 1- What is escrow? D. Greg has no fiduciary responsibilities to Kim once the listing expired. A. What should Bob do? D. The monthly payments increase overtime. Which statement is true ? B. Housing and Community Development Act. B. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. Loan terms are from 15 to 25 years. 07 Jun. 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? 1- What are the five aspects that are involved in any selling approach? 5 of 50 Jane has been working with some buyers for several weeks. What will they have to pay at closing for the points? B. Try to get Sam to accept the offer. A. Encourage the buyer to get the attorney to review it quickly. A. Information on current loan programs. 8- What actions does a lender take to sell a mortgage in the secondary market? A. Attend weekly staff meetings at the office. B. 4- Why is coordinating escrow so important and how can an assistant help? A. A. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. Course Hero is not sponsored or endorsed by any college or university. California: Real Estate Practice Ch7 Quiz with no answers. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. D. Similar expired listings that didnt sell. Gives the names of lawyers who might require property assistance. The borrower makes payments of interest only over the term of the loan. B. Ken must obtain his own training. 8- What does the Water Heater Statement of Compliance address? Not waste anymore time on this house, the buyer will never make an offer. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? Sharon and Steve have just taken a second mortgage on their home. 1- When is an agency relationship created? Only after receiving the tenants consent. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? B. What approach can their agent take to change the sellers perception of the offer? 7 of 10 Which of these forms is not filled out by the seller? C. Your plan for finding the buyer a home. 22- Jane sold her personal home for $148,000. C. Supervises the Federal Housing Authority. 63- Jennys home appraised for $550,000. California: Real Estate Practice Ch5 Quiz with no answers. B. Tell the buyer about the other offer and urge the buyer to skip the attorney. D. Erics broker should appoint Eric as the designated agent in this transaction. 14 of 50 The title report on a property shows there is a lien on the property. What is this agreement called? 9 of 10 A shopping center would be primarily categorized as what type of property? 8. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. 6 of 10 Which of the following is not a true statement? 4. When should the agent have disclosed this fact? D. Call the sellers immediately and let them know you wont be coming by. C. The loan term will extend gradually over time. 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? They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. A. C. Tell the sellers you expect an offer to be coming soon. 7 of 10 Which of the following is not a national real estate trade organization? The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. On what amount will he pay capital gains tax? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. Which of these expenses is not associated with owning a home? Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. Sending cards and newsletters is a good way to keep in contact with clients and prospects. A. Mary makes an offer to purchase a duplex from Sam. Tell the buyer to submit the offer first and then take a copy to the attorney to review. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. 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? A. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 1- The amount that a seller takes away from a sale is termed: A) Net sale price B) Seller's proceeds C) Gross sales price D) Profit margin 2- Which of the following best describes prospecting? \text { Annual warranty cost } & 1,546,000 \\ D. Meet with an inspector at a listing. Instead, Bob terminates the relationship with Mary. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 46 of 50 Greg grew up in and lives in a rural area. 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. A. Mary makes an offer to purchase a duplex from Sam. B. Point out that the roof is not leaking despite its age. 5- What kind of newspaper ad could you place to solicit a listing? 2 of 10 Which of these is not a good technique to get the name of a caller who is reluctant to give you that information? 7- Name three benefits of listing a home with an agent that you could share with sellers. 6 of 10 Which booklet is not part of the Combined Hazards Book? 10 of 10 Which of these is not an exemption to fair housing law? 1 of 10 Which figure represents the amount of income available as a return to an investor? What is meant by the term sphere of influence? Course Hero is not sponsored or endorsed by any college or university. 8 of 10 Which of the following is a good direct mail technique? 5- What should a good management contract contain? A. escrow money must be passed back to the buyer. There are no offers on the property during the 6-month listing period and the listing expires. 9 of 10 Which of the following statements is not true? 2- What types of office administration tasks are important for a licensed assistant to perform? A. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. C. It keeps your name in front of potential buyers and sellers. C. Johns office has a selection of books, CDs and tapes for agent use. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 10 of 10 Which of the following is not a possible benefit of investing in real property? A. Pam should tell them to reject the offer so that the buyers will counter back with full price. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? A. Ask questions of the prospects children. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 8- When does a purchase offer become a legal contract? A. 2- Who needs title insurance and why? Answer: A- Proceed as if the buyer has decided to make an offer. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 5- If lenders intend to sell mortgages in the secondary market, what must they do? "No, you may lose the house." Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. Rule F-21 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? What must Tim do? Change the locks on the tenants apartment. 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. D. Broker Gina puts $150 into her trust account. At the time the agreement is signed. It can provide a steady stream of future clients. He succeeds in setting up an appointment to meet with the caller. Plastic dishes last a long time because they are unbreakable. D. Avoid negative comments while hes inside the home. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway.
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