C. Be sure all requested inspections have been ordered. B. 43 of 50 Which one of these statements would not be considered a measurable goal? 74- Which statement is not true about an agency relationship? 7 of 10 Which of the following is not a national real estate trade organization? Which statement is true? Give the sellers a copy of some homeowners tips. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. B. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. D. An exclusive listing must always be at least 30 days long. 5 of 10 Which of the following would not be a reason to choose to be an assistant? A. D. Preparing flyers and promotional materials for the brokers approval. 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. Clearly written contractor agreement must exist. Course Hero is not sponsored or endorsed by any college or university. C. Exclusive-authorization-and-right-to-sell. Which of these statements is true about the wraparound mortgage? 1.555.555.555 | frontier airlines crash history. 3- In what three ways can an assistant aid an agent with appointments? 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? Other than residential list three kinds of property in the real estate market. Mary learns that Sam is selling only half of the duplex. The term of the loan can be shortened. C. Prepare additional documentation to take to the presentation. 3. 3 of 12 All of the following are primary mortgage market lenders except which? 5 of 10 Mike bought his home last year for $150,000. A. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? D. This action is deliberate misrepresentation. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. What should agent Phil do? 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. Recommend a counteroffer back to list price. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 5- What is the Closing Disclosure? D. All adjustable rate mortgages have negative amortization. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? At the time the agreement is signed. 32 of 50 Alice is an employee of Mid-State Realty Services. 3- How could refinancing be an investment benefit? 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. When should the agent have disclosed this fact? What would we call Hannah? 5 of 10 The principles of an agency relationship include all of these factors except which one? It became a contingent contract when Sam accepted Mary's offer. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? 2 of 12 Which of the following statements is not true about the Federal Reserve? D. Brenda has not violated any fiduciary duty. He succeeds in setting up an appointment to meet with the caller. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. B. Enumerate the homes special features and hope they change their minds. How long does he have to file a complaint with the Department of Housing and Urban Development? Code Violations and Tax Delinquencies. 1- How much is the loan origination fee and what does it cover? 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. C. Consider child support payments in the decision. B. Preparation of an appraisal of the property, D. Help with required forms and disclosures. 5 of 10 What would be the least effective way to get to know your buyers needs? B. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. Answer: C- Try to get Sam to accept the offer. D. Give the sellers the price over the phone so that they can think about it before you meet with them. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 38 of 50 What is the primary role of Fannie Mae? Certain homeowners may qualify for a $10,000 exemption. A. Goodwill is an intangible asset that results from the reputation of the business. List the details of all parties involved. Write a counteroffer. A. 7- Agent Jim needs to do a visual inspection of his listing. She put 20% down and got a mortgage for the remainder. Who is responsible for removing the lien to clear the title? C. Can perform some real estate activities without a license. The advertiser is subject to a fine. They will owe a balloon payment at the end of the loan term. 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? 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? B. FSBO sellers believe they will save money if they sell themselves. D. Call the sellers immediately and let them know you wont be coming by. Mortgage brokers do not lend money. 5- What kind of newspaper ad could you place to solicit a listing? Have you been pre-qualified or pre-approved by a lender yet? A. 2 of 10 A competitive market analysis contains information about all of the following items except which? They made $50,000 of improvements. 3- Differentiate between mortgage brokers and mortgage bankers. B. 5 of 10 How many properties should be included for comparison in a competitive market analysis? C. Payments will not be enough to retire the loan. 7- What is the difference between an FHA loan and a VA loan? Lorem ipsum dolor sit amet, consecteticitur laoreet. Has Bob acted properly? 3- What is a good approach to use when contacting the owner of an expired listing? 93- Jim has created a nice property flier for the James home. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. 5 of 10 Which of these is not a true statement? A. A. Seeking buyers for your listings B. What is the body of law that governs negotiable instruments? 7- Name three benefits of listing a home with an agent that you could share with sellers. 5 of 10 Alice has decided that she will specialize in selling farm land. A secondary bid for a property that the seller will accept if the first offer fails She sold the property and several months later the buyer sued Pam for not disclosing the problem. The property is in an area that could flood. D. Call the sellers immediately and let them know you wont be coming by. 3- What is a good approach to use when contacting the owner of an expired listing? Sam accepts the offer and executes the contract on March 1, a Sunday. Mary wants to make an offer on a house that is 25% lower than the asking price. 3- What are the three general responsibilities of a property manager? C. Have keys made for company listings. B. 11- What are the penalties for violating Regulation Z? The purchase price, plus depreciation, B. C. Make up some statistics to share with the Bowers. B. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. What should Tom do? A. 4- Whats a bonus closing and whats important to keep in mind about this technique? A. C. Salespersons must perform all of their activities on behalf of their employing broker. 6 of 50 Broker Tami has a very low advertising budget. C. Supervises the Federal Housing Authority. B. 4- What is the agreement that a broker can enter into with a buyer? B. 4- Agent Greg receives a call about one of his firms ads. Pellentesque dapibus efficitur laoreet. Which statement is true? Tom thereupon submits a full-price offer to the owner and purchases the property. 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? Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. B. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. Amanda loves the home and wants to make an offer. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 10- Whats the difference between a lease purchase and a lease option? The sellers want the earnest money check made payable to them instead. : 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. What should a licensees written employment agreement contain? 62- When agent Hal shows a home he should never: A. C. It must specify a definite termination date. 2- What exception exists to the duty of obedience when working with a client? A. Salesperson Harry can solicit his own listings. Be a deal maker. 6- What is the main reason sellers choose to sell their property without an agents help? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? California: Real Estate Practice Ch11 Quiz with no answers. 4- Why is it important to talk to the sellers about the buyers? The purchase price, plus depreciation Go back to the buyer's agent and try to get the offer higher. B. Name and define the two forms of advertising. 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. Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. A. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Which area of specialization would she fall into? Step 2. "Yes, let's offer $10,000 less than the asking price. C. Knocking on doors never requires special permits. B. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? ", Answer: A- "What would you like to offer? 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? What should Pat do with the earnest money deposit? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. The difference between what Sara owes and what her home is worth is known as what? Secure documents that are public information from the courthouse and other sources available to the public. C. I will get three new listings this month. 2. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? D. Interest rates are typically fixed rate. Sets a limit on the commission a broker can earn. D. She should persuade them to accept the offer. The sellers want the earnest money check made payable to them instead. A. D. Allows a broker to have as a commission anything above the minimum the seller sets. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Negotiate agreements regarding commission structuring. What property type will be his specialty? C. The broker must conduct the escrow personally and not delegate any escrow activities. 7- What does the net operating income of a property represent? The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 12,800 square feet B. Greg has put himself in a potential dual agency situation. If checked, the seller can complete repairs after closing. residential transactions financed by federally related mortgage loans. 3 of 10 All of these items are important to include on your weekly activity report except which? C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. 8 of 10 Which of these statements about counteroffers is not true? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. B. 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. 7 of 10 Which statement is not true about opening escrows? 6- When is a lender required to terminate a borrowers private mortgage insurance? C. There is a 6-month pre-payment penalty for paying off the loan early. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? Donec aliquet. 5 of 10 RESPA applies to all of the following EXCEPT which? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 5- What kind of newspaper ad could you place to solicit a listing? 6- How does a limited partnership differ from a general partnership? D. Placing a classified ad in the weekend paper. B. Newsletters can be a very effective advertising forum for niche marketers. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. A. John offers weekly training seminars. 9 of 10 Which of these is not a helpful homeowner tip? A. Bob Broker knows that another offer will be coming in at about the same time. D. All repairs must be in compliance with existing building codes. C. Do you need the equity from your current home for the new home purchase? What should Tim do next? The buyer was responsible for making the discovery, so Pam is therefore liable. What kind of closing technique is Jim using? 6 of 10 Who typically presents an offer to the sellers? Local ordinance requires a 20-foot rear and front setback. Display lots of family photos to impress potential buyers. 5- Your listing presentation manual should be made up of two sections that address what issues? 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. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Which statement is TRUE? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. During business hours and only after giving the tenant 24 hours notice. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. Housing and Community Development Act. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. What property type will he be dealing with? The price of a plane ride rises by 10 percent. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 4- What items are not covered by any title insurance policy? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. C. Moving closer to the agent to get a better look. 70- Which of these items would be a credit to the buyer on the settlement statement? 54- Jim and Jane are buying a home for $120,000. 5 of 10 All of these would be effective at capturing a readers attention except which? C. Use an attractive first-class stamp. It can provide a steady stream of future clients. Broker Ashley has been working for a seller for the past seven months. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. Which would NOT result from the exercise of police power? Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs D. Is best left to experienced brokers. 8- What does the Water Heater Statement of Compliance address? Where is it that he likely found out the property was for sale? The purchase price, plus improvements, C. The fair market value at the time of sale. 4. What kind of closing technique is Harry using? D. Have the prospects sign the disclosure about agency relationship. C. Real estate can respond quickly to changes in the market. There are no offers on the property during the 6-month listing period and the listing expires. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. B. C. Present Alexs offer first since it came in first. Does not need to be familiar with office policy. D. Exert pressure on the sellers to include something the other party wants. B. 5- When must a licensee provide an agency disclosure to a prospective client? C. Greg has violated the duty of confidentiality to Kim. The escrow holder will need information about the brokers commission. Mary wants to terminate the contract. "What would you like to offer?" 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? C. Maintaining the office filing system. D. Supply cannot be moved to a high demand area. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Write a contingent counteroffer. D. Hold it with the buyers permission until the contract is accepted. B. The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. C. Is permissible if being accepted on behalf of a third party. The lender makes payments to the borrower.
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