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What should Pat do with the earnest money deposit? Which of the these activities does she have control over? "No, you may lose the house." 5 of 10 Which of these statements is not true about qualifying buyers? B. C. The seller can do all repairs himself. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? 3- For whom do property tax exemptions exist and for how much? 43 Offer To Purchase Real Estate Templates (& Letters) Harry has some buyers that he believes are ready to make an offer. B. The second mortgage has now become the primary loan. 12- What does TRID require of lenders? 4- Whats a bonus closing and whats important to keep in mind about this technique? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. A. D. All repairs must be in compliance with existing building codes. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 1- How much is the loan origination fee and what does it cover? D. The date Abby makes the request to receive the booklet. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. What should Bob do? 37- When dealing with the sale of a business, which is not a true statement? Course Hero is not sponsored or endorsed by any college or university. The purchase price, plus depreciation Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. 24 of 50 Tim thinks his buyers are ready to make an offer. 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? Ask the buyers to sign a real estate transfer disclosure statement. 5 of 10 All of the following are valid listing agreements. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. What should you keep in mind when developing your marketing plans? $5,500 the first year, plus a maximum 2% increase in market value per year, B. In the past year they have referred two dozen people who have purchased flooring from New Age. How can you prepare your sellers for receiving offers? 2 of 10 Which of these statements is true? Course Hero is not sponsored or endorsed by any college or university. How does ALTA-R differ from ALTA? buyer randy makes an offer to purchase. 10 of 10 Which of these Internet pages might be of particular interest to sellers? 13 of 50 What is the most common reason that owners try to sell their homes themselves? C. Clearly written contractor agreement must exist. 9% 17 of 50 Kathy is a personal assistant at Action Realty. Courtesy of RealtyPact. Answer a question with a question when possible. B. 7 of 10 Which of the following is not a national real estate trade organization? 3- What signals do buyers use to indicate they may be willing to make a purchase? 9- What is the basic purpose of Truth in Lending Regulation Z? A. 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. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. 2 of 50 Residential property includes all of the following EXCEPT which? The date Abby receives the good faith estimate. 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? mejores programas bases de datos. rickey smiley and grandson videos 5- Your listing presentation manual should be made up of two sections that address what issues? B. B. D. Whether or not the licensees attend staff meetings. A. Lead-based paint was used in the home. buyer randy makes an offer to purchase - cspconlutas.org.br Bob Broker represents Sam Seller. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. D. Greg has no fiduciary responsibilities to Kim once the listing expired. C. Analyzing the income potential of the property. 4- Why is it important to talk to the sellers about the buyers? Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Which statement is true? The borrower gives the lender a note and a mortgage in exchange for the funds. 2. D. Have the broker send a thank you for listing letter to the sellers. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? 2- What is floor time and why is it important? 6 of 50 Broker Tami has a very low advertising budget. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? \text { Annual testing cost } & 543,000 \\ C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. A. Rate of return is computed by dividing the annual net income by the rate of return. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? This broker is guilty of what prohibited activity? C. Your plan for finding the buyer a home. Here are the steps to follow to make an offer to purchase: Step 1. What kind of loan do they have? Instead, Bob terminates the relationship with Mary. A. D. Is permissible in amounts under $50. D. Offer something valuable to the reader. Answer: D- Avoid telling him the price by setting up an immediate appointment. Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. 3- Differentiate between mortgage brokers and mortgage bankers. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? Donec aliquet. C. Alice is getting a conventional loan and making a 15% down payment. C. The home sits on an earthquake fault zone. Jim and Jane financed the remaining $25,000 through the seller. Why is it important for licensees to understand the Americans with Disabilities Act? You bought if for the listing price plus 10% and sold it for the listing price. This best describes. The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. : The Commission could suspend or revoke Rob's license. 6 of 10 Which of these is an emotional reason that buyers buy property? C. Is not necessary if the verbal presentation is strong. Lorem ipsum dolor sit amet, consecteticitur laoreet. Buys conventional, FHA and VA loans. C. Participation in the MLS increases a licensees inventory. The buyers have been pre-qualified by a lender. Sharon and Steve have just taken a second mortgage on their home. B. 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. lumberton man killed; guggenheim annuity rates. A buyer mails an offer to an out-of-town seller. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. It can provide a steady stream of future clients. What kind of listing agreement does Alice have with Jack? At the end of the term, the loan balance will be negative. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. C. The date the lender receives her application. Maximize the return to the property management firm. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. Select Review offer. Present the offer and tell the seller that the check needs to be held until June 30. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. 8- Why is it important to have a written prospecting plan? 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? B. How would Grants lease at this time be classified? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. What kinds of things should he be looking for? Refusing to make loans based on the racial composition of a neighborhood is called. 7- How can a builder help you generate leads? Not waste anymore time on this house, the buyer will never make an offer. 4- What is a good method for estimating what a seller will net from the sale of the property? \text { Annual cost of scrap materials } & 286,000 \\ From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). C. Once you set a goal you should never change it. It took effect when Sam accepted Mary's offer. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Give an example of a specific short-term goal. 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. Answer: D- Return the money to buyer Norm. 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? B. 6- When is a lender required to terminate a borrowers private mortgage insurance? A counteroffer represents a rejection of an offer. 4 of 10 Which of these is not an important aspect of selling? 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? 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? C. The same amount will go towards the principal every month. 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. 6- How does a limited partnership differ from a general partnership? Nam lacinia pulvinar tortor nec facilisis. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Listen carefully to everything your prospects say and repeat some specifics back at appropriate times so that they know you have heard what they said. A. A secondary bid for a property that is for more than the first offer \hline chris kelly rock 92 net worth. The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. 10 of 50 There has been very little interest in the Bowers home this past week. A rental property has a return rate of 8%. What must Tim do? 5 of 10 Alice has decided that she will specialize in selling farm land. C. I will get three new listings this month. What kind of mortgage might they get? What property type will be his specialty? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 4- Explain the documentary transfer tax. Gross income must be based on production. The owner has 30 days to notify the county assessor. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. What is the most often used form of earnest money deposit? California: Real Estate Practice Chapter 15 Quiz with no answers. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? D. Allows a broker to have as a commission anything above the minimum the seller sets. California: Real Estate Practice Sample of Final Course Exam. B. Encourage Sam to make a counteroffer at 2% below Sam's asking price. Launch into your list of the homes special features and hope she changes her mind. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. Bob should not have presented the offer after the property was under contract to another buyer. C. It keeps your name in front of potential buyers and sellers. B. A. She can do all of the following except which? cross elasticity of demand for train rides with respect to the price of a plane ride 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? D. Amanda smiles at Jim when she sees the whirlpool tub. 64- Which of the following is not a form of personal advertising? Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. B. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Sam accepts the offer and executes the contract on March 1, a Sunday. A. The loan will be distributed to them gradually. 52- Which statement is true about a listing contract? If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? B. 4- Why is it important to talk to the sellers about the buyers? 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? What kind of a mortgage do they have? 10- Which disclosures are NOT required to be made when selling residential property? B. There is a crack in the basement wall. 1. Write a contingent counteroffer. Checking your browser. She sold the property and several months later the buyer sued Pam for not disclosing the problem. 4. 7- What makes up a mortgage? 41 of 50 What was the important ruling in Jones v. Mayer? 50 of 50 Eric is acting as a disclosed dual agent in a transaction. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? Offer to mail the caller a set of fliers on interesting properties. C. Supervises the Federal Housing Authority. Name and define the two forms of advertising. B. She put 20% down and got a mortgage for the remainder. 41- Agricultural land includes all of the following EXCEPT which? Seeking buyers for your listings B. B. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. A. Rule F-21 They will have to make a very high down payment. Change the locks on the tenants apartment. 9- What required disclosure is a result of Megans Law? 1 of 10 Which of these statements is not true? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. B. Exclusive-authorization-and-right-to-sell agreement. D. Employee status versus independent contractor status is an IRS issue. Which area of specialization would she fall into? 31- Patrick has a written independent contractor agreement with his broker Tami. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). They called Wills office and told the secretary they are upset and need to speak with Will. 32 of 50 Alice is an employee of Mid-State Realty Services. She would likely be required to do which of the following? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. buyer randy makes an offer to purchase D. The casement windows have broken seals. Giving information about a listing to prospective buyers. C. Recommend a counteroffer back to list price. Use as little white space as possible. Answer: C- Try to get Sam to accept the offer. 93- Jim has created a nice property flier for the James home. B. 2 of 10 All of these statements are true except which one? 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 4 of 10 Which of the following is NOT a condition of the safe harbor test? 84- Four years ago, Sam purchased a vacant lot for $10,000. B. "Let's make a low ball offer?" 68- Greg and Joyce have an adjustable rate mortgage on their home. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? 1- What are the five aspects that are involved in any selling approach? When a home seller accepts a purchase offer, the seller is hoping the buyer will complete the transaction at the agreed-on price and believes there is nothing wrong with the condition of the home.