Buys pools of mortgages in exchange for mortgage-backed securities. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. D. All repairs must be in compliance with existing building codes. 21- Which form of advertising is considered the most cost-effective method for selling a home? C. Exclusive-authorization-and-right-to-sell. Sam asks Bob what the price is. of a train ride will leave the quantity demanded of train rides unchanged. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. 7- How can a builder help you generate leads? California: Real Estate Practice Ch11 Quiz with no answers. He pays rent for occupancy, plus maintenance and operating expenses. Make sure all required disclosures have been done. Rule F-1. Select Review offer. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 33- Which statement is true about a loan that has a negative amortization? Answer: C- Try to get Sam to accept the offer. Which of these forms of advertising is she most likely to avoid? 7 of 50 Glenna and Amanda just bought their first home. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? D. Allows a broker to have as a commission anything above the minimum the seller sets. C. Analyzing the income potential of the property. 8- What is an important issue for potential buyer clients to understand? 46 of 50 Greg grew up in and lives in a rural area. Authors Channel Summit. 37 of 50 Which of the following economic characteristics is true? C. Your plan for finding the buyer a home. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? C. There is a 6-month pre-payment penalty for paying off the loan early. C. The home sits on an earthquake fault zone. He must withdraw his representation of one of the parties. Anasayfa; Hakkmzda. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. What should Bob do? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? What kind of mortgage might they get? The monthly net rental is $600. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Bob Broker represents Mary Buyer. Supervises the Truth in Lending Act. Fill out a separate, numbered counteroffer form. B. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? He asks his real estate agent if she could tell him how to go about building a house on the land. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. What should Bob advise Sam? 7. California: Real Estate Practice Ch10 Quiz with no answers. B. Gross income must be based on production. 2- Name one advantage and one disadvantage of telephone contacts. A. Jake is getting a VA loan with no down payment. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. 77- Which of the following Internet pages might not be of particular interest to buyers? C. Knocking on doors never requires special permits. The price elasticity of demand for 2- What exception exists to the duty of obedience when working with a client? A broker may require licensees to carry high levels of automobile insurance. 5- What does the safety clause in the listing agreement do? A. She tells them that this action could decrease their property values. 4. D. Preparing flyers and promotional materials for the brokers approval. 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? B. The listing price of a house is $139,900. A. A. 7. Bill cannot contact the seller. 78- Nancy bought her home last year for $425,000. B. She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. 3- Differentiate between mortgage brokers and mortgage bankers. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 1- What are the five aspects that are involved in any selling approach? A. Eric can require that both the buyer and seller share equally in his commission. The Reality of Purchase Offers . Decide which offer is best and present that one. $5,500 the first year, plus a maximum 2% increase in market value per year, B. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. C. Participation in the MLS increases a licensees inventory. 8 of 10 What does the paragraph on repairs state? 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? C. Present Alexs offer first since it came in first. C. Use an attractive first-class stamp. A. Salesperson Harry can solicit his own listings. A. If the loan is for $68,000, what will Mark be assessed in points? D. Exert pressure on the sellers to include something the other party wants. Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. A. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? Other than residential list three kinds of property in the real estate market. A. She sold the property and several months later the buyer sued Pam for not disclosing the problem. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? Use the yes-but technique to handle the objection. 46- A life insurance company would most likely invest in all but which of the following properties? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 4. Answer: D- They are effectively terminating the original offer. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. $90,000 He sounds really excited about this property. 2- Who needs title insurance and why? 88- Sally and Dan must pay 2 points on their new $65,000 loan. C. Be sure all requested inspections have been ordered. 8. Answer a question with a question when possible. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? 7- What makes up a mortgage? C. It keeps your name in front of potential buyers and sellers. Checking your browser. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. 5. Sunday afternoon, Mary is driving around and finds a property she likes better. What should Tom do? 4- What are the major areas of newspaper leads? Is depreciation accounted for by a hospital? This best describes. 10- Whats the difference between a lease purchase and a lease option? 7- What are the capital gains exclusions associated with the sale of a personal residence? 10 of 10 A competitive market analysis is an attempt to: A. D. Purchasing loans from primary lenders. Try to get Sam to accept the offer. Mortgage bankers bring borrowers and lenders together. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? The fees that Eric charges Paul for making the loan could be any but which of the following amounts? 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? Which statement is true? 67- Hannah is a real estate assistant. Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. B. A. 10 of 10 All of the following are true statements about goals except which one? B. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? California: Real Estate Practice Chapter 15 Quiz with no answers. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. B. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? 2- List the three Institute of Real Estate Management property management designations. 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? Sam accepts the offer and executes the contract on March 1, a Sunday. 10 of 10 Which of the following statements is not true about a net listing? 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? Which of the following statements is true? Which of the following statements is not true? munich latitude compared to us; pro sun tan. Two months later she purchased and moved into a new home that cost $145,000. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. D. Do not show the home between 10 a.m. and noon on Sundays. Pellentesque dapibus efficitur laoreet. What is meant by the term sphere of influence? 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? Broker Alice holds an uncashed check until the offer is accepted. 10 of 10 Which of the following is not a possible benefit of investing in real property? A. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). The purchase price, plus improvements From whom may a salesperson receive compensation for performed activities? What kind of a mortgage do they have? 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. 3- When making your presentation, what topics should you cover? D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. Sets a limit on the commission a broker can earn. In addition to agent and MLS home tours, what are some other ancillary tools you can use? What approach can Greg use to discourage the person from calling other agents? Elaine parks across the street from the home and Mike is disappointed by what he sees. 5 of 10 Mike bought his home last year for $150,000. At time of license renewal, what is the renewal charge for a salespersons license? C. Real Estate Settlement and Procedures Act. D. Broker Tom has only limited responsibility for the actions of his licensees. B. C. Brenda could be liable for a breach of the listing terms. Deposit the check into his trust fund account on the next business day. D. Meet with the buyers lender to ensure theyre getting a good deal. lumberton man killed; guggenheim annuity rates. What would we call Hannah? 16 juin 2022 why do babies clap their feet. What property type will he be dealing with? Last year, about 25% of his income came from sales commissions. The owner of the property is HIV positive. What should Tim do next? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. If you like, you can add a message to the seller. Donec aliquet. 3- For whom do property tax exemptions exist and for how much? C. Consider child support payments in the decision. 4- What are the major areas of newspaper leads? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. If the loan is VA guaranteed, no down payment is required. B. Can be used in place of a verbal presentation. 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. A. Greg is violating the duties he owes to his new buyer. Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. What is important to remember about capturing the readers attention? 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? A. 8- When does a purchase offer become a legal contract? To access the website, click "Allow". Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? A. A. Sending cards and newsletters is a good way to keep in contact with clients and prospects. The adjusted cost basis of the first home was $140,000. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. There are several successful agents at Johns office. 1- How much is the loan origination fee and what does it cover? Underline the correct pronoun in parentheses in the following sentence. C. Mortgage bankers are a large source of residential loans in California. 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; 3. C. Once filed, it remains until terminated. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. 8 of 10 Which of the following will give you comparative market data the fastest? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? C. The air conditioner does not work. Ordinary china is very fragile. Lorem ipsum dolor sit amet, consecteticitur laoreet. Prices of properties currently on the market, C. Properties that were listed but did not sell. 2. Which statement is TRUE? If the loan value is 80%, and the property was appraised at $86,500 and sold for $88,000, how much would the purchaser be permitted to borrow? D. Interest rates are typically fixed rate. 4- Describe how a property manager can receive his or her fees. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? Her broker has asked her to be available for tasks in the field rather than in the office. 10 of 10 Which of these is not an exemption to fair housing law? B. 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? buyer randy makes an offer to purchase. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? B. The buyers family is pressuring them to purchase this home. C. Jim and Amanda whisper and frown when they see the basement. Bob Broker knows that another offer will be coming in at about the same time. In this scenario, which of the following is not true? Rate of return is computed by dividing the annual net income by the rate of return. Goodwill is an intangible asset that results from the reputation of the business. wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo C. Insurance agents dealing with customers. 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Giving information about a listing to prospective buyers. 28- Abby applies for a federally-related loan to purchase a home. 3- What is the difference between CLTA and ALTA policies? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. How can you prepare your sellers for receiving offers? B. D. Greg has no fiduciary responsibilities to Kim once the listing expired. What approach can their agent take to change the sellers perception of the offer? 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Code Violations and Tax Delinquencies. It helps to identify buyer and seller needs. buyer randy makes an offer to purchase. 29 of 50 What is one way the Federal Reserve System regulates the money supply? 7 of 10 Which of the following is a possible benefit of investing in real property? In the meantime, Bill gets another offer on the property from another buyer at a higher price. The home comes equipped with all furnishings. A purchase offer is a binding contract between the buyer, the seller and their agents. C. Allow indoor pets to leave their designated area. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 75- All but which of the following is NOT an AIDA feature? 8- What does the Water Heater Statement of Compliance address? 5. 7 of 10 Which disclosure form gives detailed information about the propertys condition? It never was effective since Sam had not notified Mary of the acceptance. 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? C. Can perform some real estate activities without a license. 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? 56- Which is not a true statement about the Agency Disclosure? B. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. D. The loan must be repaid before the borrowers death. Which of the following conditions is Paul not required to report on this form? Lorem ipsum dolor sit amet, consectetur adipiscing elit. D. Call the sellers immediately and let them know you wont be coming by. B. A. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. 3- What is the difference between CLTA and ALTA policies? 4- What is a good method for estimating what a seller will net from the sale of the property? The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. Norm gave Pat a $500 earnest money check. A. an opinion of value for the day of the appraisal only. "Let's make a low ball offer?" An assistant should never be left with the task of taking photos of a new listing. 14 of 50 The title report on a property shows there is a lien on the property. 10. 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. What is the result? B. 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? Private mortgage insurance is available for FHA loans. A. B. 22- Jane sold her personal home for $148,000. 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. Write a contingent counteroffer. Answer: D- Avoid telling him the price by setting up an immediate appointment. Answer: A- No, Bob Should have submitted the offer. A. 6- List the steps of underwriting. B. List the details of all parties involved. Mary wants to make an offer on a house that is 25% lower than the asking price. 3 of 10 How long must trust account records be kept? A secondary bid for a property that is for more than the first offer Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. Ashley should end this relationship by, : asking the seller to sign a mutual release. B. 80- Which of the following is an example of commingling? 3- What signals do buyers use to indicate they may be willing to make a purchase? California: Real Estate Practice Chapter 14 Quiz with no answers. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. B. 10 of 10 Which proposition limited the maximum amount of tax on real property?