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Which statement is true? 2- Explain the difference between the primary and secondary mortgage markets. One offer is for $208,000; the other is for $200,000. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. C. Discuss alternative properties that may be interest. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? The following table lists all costs of quality incurred by Sam's Surf Shop last year. Terminate the first contract and accept the higher offer. A. Broker Alice holds an uncashed check until the offer is accepted. How to Write a Purchase Agreement? C. Payments will not be enough to retire the loan. buyer randy makes an offer to purchase. A. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? What should Tim do next? What is most likely their main motivation for investing? B. Answer: D- Return the money to buyer Norm. C. Identifies buyers for other properties. Which of these statements is true about the wraparound mortgage? The borrowers family in case of his or her death, B. 5 of 10 Which of these is not a true statement? The ordinance also requires a 10-foot side set back. 10 of 10 Which of the following is not a possible benefit of investing in real property? Set up a face-to-face meeting with the sellers as soon as possible. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. Discourage Sam from accepting an offer so far below Sam's asking price. A. There are several successful agents at Johns office. buyer randy makes an offer to purchase. 1- How much is the loan origination fee and what does it cover? Who is responsible for removing the lien to clear the title? C. Brenda could be liable for a breach of the listing terms. 11. Sam accepts the offer and executes the contract on March 1, a Sunday. 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. 1. 10. The escrow holder will need information about the brokers commission. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? dota 2 annual revenue 2020. adam foote parents. 8- Why should agent Grace give her client a Combined Hazards Book? Enter your offer. 6 of 10 Which of the following statements is not true? A. The owner has 30 days to notify the county assessor. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? D. The interest payment is always smaller then the amount allocated to the principal. ", Answer: A- "What would you like to offer? 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. What should Jake do? What kind of closing technique is Jim using? of a train ride will leave the quantity demanded of train rides unchanged. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. C. Alice is getting a conventional loan and making a 15% down payment. 14- Value includes which of the following aspects? A. "No, you may lose the house." Ask the caller if he or she would like to receive e-mails on newly listed properties. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. Bob Broker represents Sam Seller. What is the result? how to type spanish accents on chromebook keyboard; one way process of communication; 47 brand franchise fitted hats; ncaa softball coaches' salaries 2019; albert pujols home run record; D. Their lender can profit from the difference in interest rates. 80- Which of the following is an example of commingling? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? A. C. If Larry verbally accepted the offer, Kirk is bound by it. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. Find solutions. PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 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? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Course Hero is not sponsored or endorsed by any college or university. The broker will not provide any. 4- What are the major areas of newspaper leads? D. Broker Tom has only limited responsibility for the actions of his licensees. 5. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 1 of 10 Which of the following types of agency is not allowed in California? C. Bake muffins or cinnamon rolls to create a homey feel. Minimize expenses while maximizing profits for the owner. Bob cannot do anything; it is out of his hands. B. B. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 4 of 11 Which of these is also called a contract for deed? Retired persons are a good source of neighborhood information. D. Make the headline bold and all caps. What would we call Hannah? A secondary bid for a property from the same buyer. D. Interest rates are typically fixed rate. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 6- What does the security and insurance clause of the listing agreement address? What is the body of law that governs negotiable instruments? residential transactions financed by federally related mortgage loans. B. Alice knows everything about the exclusive east side neighborhoods. 2 of 10 Which lender typically deals in interim financing? 67- Hannah is a real estate assistant. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? Hometown received $2400.00 in referrals. Here are the steps to follow to make an offer to purchase: Step 1. There are several steps in calculating the answer to this question. The borrower makes payments of interest only over the term of the loan. the buyer is not allowed to make a counteroffer. Which of the following statements is true? 8 of 10 Which of the following is a good direct mail technique? 4- Agent Greg receives a call about one of his firms ads. 3- What is a good approach to use when contacting the owner of an expired listing? B. Gross income must be based on production. Answer: D- Avoid telling him the price by setting up an immediate appointment. C. Neither Sarah nor Ken can get employer-provided health insurance. 33 of 50 Sal bought a personal residence for $150,000. Their first mortgage will get paid off immediately. A. B. Which statement is TRUE? D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. Suggest to the sellers that their listing price is too high. What kind of mortgage are they looking for? 9 of 10 Which of the following statements is not true? Each of their payments is for the same amount. C. Participate in a tax shelter program. Plastic dishes last a long time because they are unbreakable. Start in the room with the best features. A. D. The first and second mortgage will be rolled into one. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? The buyers family is pressuring them to purchase this home. C. Eric may not represent the sellers interests to the detriment of the buyer. The price of a plane ride rises by 10 percent. B. Hes no longer interested in seeing the inside and Marge agrees. What was Sam's appraisal cost for quality last year? He made $150,000 of improvements during the three years he lived in it before he sold it. Who will pay the points? 3- What is a good approach to use when contacting the owner of an expired listing? Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. The definition of race was expanded to include ancestry. This is not true of which duty? Alex Jones owns a duplex and lives in one unit. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 4- Amanda calls broker Tim to schedule a showing of one of his listings. California: Real Estate Practice Chapter 17 Quiz with no answers. 12. Name four traditional marketing tools that you should use with every listing you get. 1- What is important to know about unlicensed real estate assistants? 7- Name three benefits of listing a home with an agent that you could share with sellers. 4- What are the major areas of newspaper leads? 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. rickey smiley and grandson videos 4- Describe a reverse annuity mortgage. A. Eric can require that both the buyer and seller share equally in his commission. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 52- Which statement is true about a listing contract? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? buyer randy makes an offer to purchase. You can use a reverse telephone directory to get the names of residents. D. Ensure fair real estate negotiations. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. Write a contingent counteroffer. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. Only after receiving the tenants consent. 2- What kind of problem can result from a straight loan? A. A broker cannot use the word escrow in a fictitious name. How much do you have in your savings account? B. 92- Which of the following situations is not exempt from the seller disclosure requirement? B. Make sure all required disclosures have been done. A. Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. Secure documents that are public information from the courthouse and other sources available to the public. C. How much time the licensees must spend in the office. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. Last year, about 25% of his income came from sales commissions. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. The offer with the highest price B. Brenda has violated the fiduciary duty of obedience to Jim. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. A. 1- What is a competitive market analysis? Harry has some buyers that he believes are ready to make an offer. California: Real Estate Practice Ch7 Quiz with no answers. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? C. Gather listing forms for her employer. For purposes of federal income tax, which statement is true? Select Review offer. The broker will owe fiduciary responsibilities to the seller as well as the buyer. C. Moving closer to the agent to get a better look. Which area of specialization would she fall into? D. The advertiser must prove he was grandfathered in as a licensee. Where is it that he likely found out the property was for sale? What is the most often used form of earnest money deposit? fairbanks ice dogs standings . A. B. 88- Sally and Dan must pay 2 points on their new $65,000 loan. What must Tim do? B. B. C. The borrower pays a fixed rate of interest. A. Greg is violating the duties he owes to his new buyer. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? A. Ken is responsible for his own taxes, while the broker pays Sarahs. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. D. The casement windows have broken seals. Mary makes an offer to purchase a duplex from Sam. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. Is critical to your success in real estate. Gross income must be based on production. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? What is the market value of the property? A. B. A. Wills weekly report indicates two showings and five inquiries for the week. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? B. D. Hold both offers because he heard that a full-price offer is on its way. C. When you have 200 names in your contact database. C. Regulating reserves of institutions with savings accounts only. B. B. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? 7- What is the difference between an FHA loan and a VA loan? California: Real Estate Practice Ch12 Quiz with no answers. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. Click the "Allow" button. California: Real Estate Practice Chapter 18 Quiz with no answers. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 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? C. Real Estate Settlement and Procedures Act. Which of the following is Kirk himself not likely to do during the application process? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? Who makes the payments to a claimant from the Guaranty Fund? It can provide a steady stream of future clients. Refusing to make loans based on the racial composition of a neighborhood is called. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? Use as little white space as possible. B. Launch into your list of the homes special features and hope she changes her mind. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 19- Which of the following is not an advantage of hosting an open house? 1- What is a competitive market analysis? 7. 8- What is an important issue for potential buyer clients to understand? D. Purchasing loans from primary lenders. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? A. Which statement is true ? On what amount will they pay capital gains tax? Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. California: Real Estate Practice Ch8 Quiz with no answers. Tell the buyer to submit the offer first and then take a copy to the attorney to review. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 6 of 10 Which booklet is not part of the Combined Hazards Book? 8 of 10 Which of the following will give you comparative market data the fastest? 4- Describe how a property manager can receive his or her fees. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? What should Bill do? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. 4- What items are not covered by any title insurance policy? Ashley should end this relationship by, : asking the seller to sign a mutual release. The term of the loan can be shortened. This action is legal but very unprofessional. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? A. John offers weekly training seminars. B. The purchase price, plus depreciation D. Hold it with the buyers permission until the contract is accepted. A broker may advertise that he or she is an escrow agent. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. Which of the following would be considered an intermediate goal? 1- When is real property reassessed? Jim and Jane financed the remaining $25,000 through the seller. C. They can make payments directly to the original lender. 5. California: Real Estate Practice Ch9 Quiz with no answers. Have you been pre-qualified or pre-approved by a lender yet? 6- When is a lender required to terminate a borrowers private mortgage insurance? Her asking price was $560,000 and the property sold for $575,000. 33- Which statement is true about a loan that has a negative amortization? 1.555.555.555 | frontier airlines crash history. What is Gregs capital gain on the apartment? A buyer mails an offer to an out-of-town seller. D. Have the broker send a thank you for listing letter to the sellers. A. B. Deposit the check into his trust fund account on the next business day. C. Guarantees payment of all interest and principal on mortgage-backed securities. D. Gross income must be based on hours worked. Jim has decided to specialize in what area of real estate? D. There is a loan protection plan included with the loan. 8- What does the Water Heater Statement of Compliance address? 5- How do life insurance companies get involved in the investment market? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? B. 2. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. D. Preparing flyers and promotional materials for the brokers approval. A. The couple now has. C. Supervises the Federal Housing Authority. B. Course Hero is not sponsored or endorsed by any college or university. 9- What required disclosure is a result of Megans Law? The advertiser can be sentenced to up to a year in prison. Two months later she purchased and moved into a new home that cost $145,000. Sexta, 26 de novembro de 2021 . This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters.