PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). Which area of specialization would she fall into? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Mary learns that Sam is selling only half of the duplex. 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. 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? Give the prospects a black copy of a purchase agreement to look over. At the time the agreement is signed. 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? A. I will make two new contacts every day this week. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. California: Real Estate Practice Ch3 Quiz with no answers. California: Real Estate Practice Chapter 18 Quiz with no answers. The purchase price, plus depreciation, B. A. B. A broker may require licensees to carry high levels of automobile insurance. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? D. Their loan payments will gradually increase. 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. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? If the loan is for $68,000, what will Mark be assessed in points? 6 of 10 Which of the following statements is not true? 4- Describe how a property manager can receive his or her fees. B. The advertiser can be sentenced to up to a year in prison. D. Amanda smiles at Jim when she sees the whirlpool tub. C. Tell them that this home is an exceptional buy and encourage them to look anyway. A. 9- What required disclosure is a result of Megans Law? A. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. B. 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? 3- When making your presentation, what topics should you cover? 6- What is important for the sellers to know about a counteroffer? The lender makes payments to the borrower. Gross income must be based on production. B. B. An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. 3 of 10 All of these items are important to include on your weekly activity report except which? 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. 74- Which statement is not true about an agency relationship? 5- What is the Closing Disclosure? C. Tangible assets transferred in the sale include inventory, fixtures and equipment. Before the sale can get finalized, the owner would require you to first meet certain conditions. Checking your browser. The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. Tell Linda that the sellers will be very disappointed if they cancel the appointment. 38 of 50 What is the primary role of Fannie Mae? In addition to agent and MLS home tours, what are some other ancillary tools you can use? 2- When establishing rapport, whats one of the best ways to get to know your buyers? Tell Mike that the sellers will be upset if they cancel the appointment. B. B. 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? Bob writes the offer but is too embarrassed to submit it. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 8- Why is it important to have a written prospecting plan? 92- Which of the following situations is not exempt from the seller disclosure requirement? 13 of 50 What is the most common reason that owners try to sell their homes themselves? 16- Dave and Nadine have decided that they want to become property investors. Ask questions of the prospects children. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 3 of 10 How long must trust account records be kept? What kinds of insurance do brokers normally require of their employees? C. Present Alexs offer first since it came in first. Buyer Norm called and rescinded the offer. Encourage Sam to make a counteroffer at 2% below Sam's asking price. A. Greg is violating the duties he owes to his new buyer. 7 of 10 Which statement is not true about opening escrows? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. 7- Agent Jim needs to do a visual inspection of his listing. What is the key feature of this type of loan? Present the $200,000 first and recommend rejection. Answer a question with a question when possible. This best describes. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. C. Theyre probably paying a higher interest rate on the second mortgage. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. A. Tell the buyer to submit the offer first and then take a copy to the attorney to review. D. The loan must be repaid before the borrowers death. 7 of 10 Which of these forms is not filled out by the seller? 8- Why should agent Grace give her client a Combined Hazards Book? B. 1. 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? 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. You can use a reverse telephone directory to get the names of residents. C. Moving closer to the agent to get a better look. Which of the following conditions is Paul not required to report on this form? A. D. Erics broker should appoint Eric as the designated agent in this transaction. Prices of properties currently on the market, C. Properties that were listed but did not sell. A. 46- A life insurance company would most likely invest in all but which of the following properties? C. Explain your marketing plan to the sellers. How should Jan's licensee handle the offer? The escrow holder will need information about the brokers commission. 7- What are the capital gains exclusions associated with the sale of a personal residence? D. The first and second mortgage will be rolled into one. 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. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? The following table lists all costs of quality incurred by Sam's Surf Shop last year. What kinds of things should he be looking for? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. D. Supply cannot be moved to a high demand area. 8 of 10 Which of these statements about counteroffers is not true? 62- When agent Hal shows a home he should never: A. Bill is purchasing a 6-family apartment building. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . buyer randy makes an offer to purchase. How are properties affected by the local economy? 81- Jake has decided to specialize in working with clients who purchase schools. It can provide a steady stream of future clients. From whom may a salesperson receive compensation for performed activities? A. D. Understanding characteristics of the rental market. B. The advertiser is subject to a fine. What would be a good approach for Pam to take? This action is legal but very unprofessional. A. What kind of closing technique is Jim using? Here are the steps to follow to make an offer to purchase: Step 1. C. There is a 6-month pre-payment penalty for paying off the loan early. 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. C. Salespersons must perform all of their activities on behalf of their employing broker. D. The date Abby makes the request to receive the booklet. 2- Explain the difference between the primary and secondary mortgage markets. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. Then present the $208,000 offer. C. Exclusive-authorization-and-right-to-sell agreement. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. A. Salesperson Harry can solicit his own listings. C. Greg has violated the duty of confidentiality to Kim. Rule F-1. Buyers looking at FSBO homes are usually looking for a bargain. 73- Which of these is not a buying signal? In the meantime, Bill gets another offer on the property from another buyer at a higher price. Bob Broker represents Mary Buyer. 4- Whats a bonus closing and whats important to keep in mind about this technique? The purchase price, plus improvements, C. The fair market value at the time of sale. C. The date the lender receives her application. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. : The Commission could suspend or revoke Rob's license. B. B. 1- When is real property reassessed? D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. What kind of mortgage might they get? munich latitude compared to us; pro sun tan. 7 of 10 Which of the following is not a national real estate trade organization? A. Jake is getting a VA loan with no down payment. 9 of 10 A reference list of alternative comparable properties is sometimes referred to as the: 10 of 10 Prospects Jim and Linda arrive with agent Bill at the first showing. 41- Agricultural land includes all of the following EXCEPT which? C. FSBO sellers who list with an agent will pay their own advertising costs. C. Discover why some homes havent sold. Two months later she purchased and moved into a new home that cost $145,000. A broker cannot use the word escrow in a fictitious name. Encourage the buyer to get the attorney to review it quickly. B. 6- What is the ultimate result of using the Closing Disclosure form? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. D. The monthly payments increase overtime. Make sure all required disclosures have been done. 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. 5- What actions can the sellers take regarding the purchase offer? Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. C. When you have 200 names in your contact database. C. Eric may not represent the sellers interests to the detriment of the buyer. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. A. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 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. 75- All but which of the following is NOT an AIDA feature? B. Brenda has violated the fiduciary duty of obedience to Jim. "What would you like to offer?" Ashley should end this relationship by, : asking the seller to sign a mutual release. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. At time of license renewal, what is the renewal charge for a salespersons license? How much do you have in your savings account? How to make a Best Offer. D. A shopping center might have to remodel their public restrooms. B. Loan terms are from 15 to 25 years. 100- What does the Real Estate Disclosure Law refer to? Norm gave Pat a $500 earnest money check. 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. A. Mike has changed jobs six times in the past six months. 8 of 10 What does the paragraph on repairs state? 67- Hannah is a real estate assistant. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 4- Why is it important to talk to the sellers about the buyers? C. The fair market value at the time of sale A. Find solutions. Allows the agent to determine community market trends. C. It creates an agency relationship. Call Us Today! A. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? 70- Which of these items would be a credit to the buyer on the settlement statement? Pellentesque dapibus efficitur laoreet. What economic factors affect the real estate market as well as other goods and services? What should Tim do next? A broker may advertise that he or she is an escrow agent. Virtual tours are a very expensive marketing tool to use. B. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. A. B. D. Seeking buyers for others agents listings.