A. Bob Broker represents Mary Buyer. It never was effective since Sam had not notified Mary of the acceptance. What is the result? munich latitude compared to us; pro sun tan. What is meant by the term sphere of influence? 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? 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 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. \end{array} 33- Which statement is true about a loan that has a negative amortization? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. The purchase price, plus depreciation, B. 3 of 10 Jake has received two offers on one of his listings. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. 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. A. 47 of 50 Which of the following would not qualify as a 1031 exchange? 96- Which statement is not true about a listing contract? C. Is subordinate to a first mortgage. He succeeds in setting up an appointment to meet with the caller. The other 75% came from an hourly wage paid by Tami. 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? 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? Who makes the payments to a claimant from the Guaranty Fund? 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? This is not true of which duty? The property is in an area that could flood. 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. 46- A life insurance company would most likely invest in all but which of the following properties? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. 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. A. Lead-based paint was used in the home. A. 6 of 12 The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what? B. Enumerate the homes special features and hope they change their minds. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? 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? A. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Enter your offer. A. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? 6- What is important for the sellers to know about a counteroffer? A. C. Greg has violated the duty of confidentiality to Kim. One offer is for $208,000; the other is for $200,000. D. Is permissible in amounts under $50. Supervises the Truth in Lending Act. What kind of mortgage might they get? Possession date. 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. D. The owner has 45 days to file a change in ownership statement. D. Call the sellers immediately and let them know you wont be coming by. The advertiser is subject to a fine. 1.555.555.555 | frontier airlines crash history. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. 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? What does that mean? B. 58- Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation? I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. This action is legal but very unprofessional. C. Maintaining the office filing system. Mary makes an offer to purchase a duplex from Sam. Two months later she purchased and moved into a new home that cost $145,000. buyer randy makes an offer to purchase. 100 Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 73- Which of these is not a buying signal? What percent of loss did you have? B. 1- What are the five aspects that are involved in any selling approach? California: Real Estate Practice Ch11 Quiz with no answers. C. Analyzing the income potential of the property. However, he is objecting because the roof is 12 years old. B. The home comes equipped with all furnishings. Answer: A- No, Bob Should have submitted the offer. B. 5- What kind of newspaper ad could you place to solicit a listing? 11 of 11 Which of the following is a low loan-to-value ratio? D. Placing a classified ad in the weekend paper. The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. 8 of 10 Which of these marketing tools is not considered a traditional tool? 8 of 50 Buyer Kirk submits an offer to seller Larry. 62- When agent Hal shows a home he should never: A. buyer randy makes an offer to purchase Find solutions. Installation of central air conditioning, D. Addition of a tenant laundry facility. Nam lacinia pulvinar tortor nec facilisis. D. Have the prospects sign the disclosure about agency relationship. A. What should Alice do? At the end of the term, the loan balance will be negative. 3 of 10 Which of the following would be an example of a licensee specializing in business type? 64- Which of the following is not a form of personal advertising? This would be the maximum the purchaser would be permitted to borrow. Write a contingent counteroffer. 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? A. Pam should tell them to reject the offer so that the buyers will counter back with full price. Before the sale can get finalized, the owner would require you to first meet certain conditions. 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. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? C. Broker Harry deposits $1000 into his brokerage business account. Which of these expenses is not associated with owning a home? an opinion of value for the day of the appraisal only. C. Discuss alternative properties that may be interest. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? 6- What is the main reason sellers choose to sell their property without an agents help? 4- Amanda calls broker Tim to schedule a showing of one of his listings. The borrowers family in case of his or her death, B. 101- Which type of loan typically carries the most loan points? D. Erics broker should appoint Eric as the designated agent in this transaction. A. Set up a face-to-face meeting with the sellers as soon as possible. Is critical to your success in real estate. A. 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. What should Bob do? Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. Which of the following statements is true? A. 41 of 50 What was the important ruling in Jones v. Mayer? A secondary bid for a property that the seller will accept if the first offer fails 4- Why is coordinating escrow so important and how can an assistant help? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? A. Ashley should end this relationship by, : asking the seller to sign a mutual release. B. What kinds of things should he be looking for? 2. 5 of 10 The principles of an agency relationship include all of these factors except which one? The term of the loan can be shortened. 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. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? What kind of mortgage are they looking for? 56- Which is not a true statement about the Agency Disclosure? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). Given the rise in the price of a plane ride, what percentage change in the price What would be a good approach for Pam to take? C. Salespersons must perform all of their activities on behalf of their employing broker. 2 of 10 Which of these statements is true? Which statement is true ? five letter words with l; jaiswal surname caste; pros and cons of herzberg theory; sechrest funeral home obituaries; curious george stuffed animal 1975; cornerstone staffing application 0 Better yet, try to avoid deal breakers. 32 of 50 Alice is an employee of Mid-State Realty Services. 4- What is a good method for estimating what a seller will net from the sale of the property? Tell Linda that the sellers will be very disappointed if they cancel the appointment. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . Whoever brings the buyer will get the commission. New Age purchased a new coffee maker the office was in need of. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. Give the deposit money to the seller. B. 2 of 50 Residential property includes all of the following EXCEPT which? 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? PRACTICE QUESTIONS), >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. A. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? university of missouri hospital salaries 2021; port orange arrests today. 9- What is the basic purpose of Truth in Lending Regulation Z? Gives the names of lawyers who might require property assistance. Please remove your shoes before entering the home. Give the sellers a copy of some homeowners tips. 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? buyer randy makes an offer to purchase buyer randy makes an offer to purchase. C. Identifies buyers for other properties. In addition to agent and MLS home tours, what are some other ancillary tools you can use? 1- What is an important thing to remember about listing agreements? 2 of 10 Which lender typically deals in interim financing? A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. D. The first and second mortgage will be rolled into one. residential transactions financed by federally related mortgage loans. C. Make up some statistics to share with the Bowers. 80- Which of the following is an example of commingling? During business hours and only after giving the tenant 24 hours notice. A buyer mails an offer to an out-of-town seller. A. Jim specializes in clients who want to buy restaurants. buyer randy makes an offer to purchase. D. Understanding characteristics of the rental market. buyer randy makes an offer to purchase. 7 of 10 Which disclosure form gives detailed information about the propertys condition? C. Clearly written contractor agreement must exist. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. Which of these statements is true about the wraparound mortgage? D. Avoid negative comments while hes inside the home. 5. Give $250 to the buyer and $250 to the seller. He pays rent for occupancy, plus maintenance and operating expenses. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? What are members of NAR required to do? A. Brenda must follow all of Jims instructions. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. B. Alice knows everything about the exclusive east side neighborhoods. 43 of 50 Which one of these statements would not be considered a measurable goal? B. 6- What does the security and insurance clause of the listing agreement address? Course Hero is not sponsored or endorsed by any college or university. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. D. Broker Gina puts $150 into her trust account. 63- Jennys home appraised for $550,000. Buyer Jim asks if he can visit the property for a second time. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 8 of 10 Which of the following circumstances would concern you about working for Broker John? The broker will not provide any. Next, calculate the points charged; $168,500 x 0.02 = $3,370. 5. $6,740 Which area of specialization would she fall into? D. Tim and Gail have qualified for an FHA loan. B. 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. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. Their interest rate will rise after the first few years. The sellers want the earnest money check made payable to them instead. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? B. "No, you may lose the house." 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? C. Real Estate Settlement and Procedures Act. 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. \text { Annual testing cost } & 543,000 \\ 9- What required disclosure is a result of Megans Law? B. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. California: Real Estate Practice Ch9 Quiz with no answers. 9 of 10 All of these might be a buying signal except which? 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. 4 of 10 Which of these is not an important aspect of selling? 8 of 10 Which statement is true about a real estate assistant? 3- What signals do buyers use to indicate they may be willing to make a purchase? Give housing choices to the widest range of people. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 9 of 10 How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket? C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. If the loan is for $68,000, what will Mark be assessed in points? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? B. Encourage the buyer to get the attorney to review it quickly. Refusing to make loans based on the racial composition of a neighborhood is called. Buyer Norm called and rescinded the offer. Housing and Community Development Act. 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? Broker compensation to other brokers. There are several successful agents at Johns office. A. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 10 of 10 Which of the following statements is not true about a net listing? A rental condominium for a recreational vehicle. 51- Which statement is true about a homeowners exemption? Donec aliquet. A. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? 7 of 10 Which of these forms is not filled out by the seller? 37 of 50 Which of the following economic characteristics is true? chris kelly rock 92 net worth. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? 3- What is a good approach to use when contacting the owner of an expired listing? California: Real Estate Practice Chapter 17 Quiz with no answers. B. 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? How long does he have to file a complaint with the Department of Housing and Urban Development? C. Allow indoor pets to leave their designated area. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? is 0.4. This best describes. 2- Explain the difference between the primary and secondary mortgage markets. 10- Whats the difference between a lease purchase and a lease option? 7 of 10 How might probate information help in prospecting? A. Establish a homes fair market value. D. Arrange to meet the prospect at your office. 8- When does a purchase offer become a legal contract? 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? D. Similar expired listings that didnt sell. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 4 of 10 Which of the following would be the least desirable phone handling technique? 2- What are some tax benefits associated with investing? You can use a reverse telephone directory to get the names of residents. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. 1 of 10 Which of these statements is not true? Ask the buyer if the buyer would like to make an offer taking the roof age into account. What should you keep in mind when developing your marketing plans? 6- Whats important to know about the Liquidated Damages paragraph? 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? Sam accepts the offer and executes the contract on March 1, a Sunday. 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. What kinds of things should he be looking for? 3- When preparing a competitive market analysis, what categories of homes should an agent research? 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? B. Mary learns that Sam is selling only half of the duplex. Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Broker John puts $500 into his trust account. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. C. The seller can do all repairs himself. A. B. B. This mortgage type is popular among the elderly. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. B. 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. C. Once you set a goal you should never change it. 76- Mark believes he has been discriminated against during his home search. 1 of 10 Gail is a licensed real estate assistant. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? He has put up $50,000 in preferred stock as earnest money. 12- What are grant programs typically used for? A. Eric can require that both the buyer and seller share equally in his commission. C. The buyers and sellers agents will sign the escrow instructions. 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? How much do you have in your savings account? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. B. 5- If lenders intend to sell mortgages in the secondary market, what must they do? Which law extended discrimination to include handicap and familial status? The date Abby receives the good faith estimate. Virtual tours are a very expensive marketing tool to use. Which statement is TRUE? 52- Which statement is true about a listing contract? 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? C. Neither Sarah nor Ken can get employer-provided health insurance. The lender makes payments to the borrower. What should Tom do? 31- Patrick has a written independent contractor agreement with his broker Tami. 5- If lenders intend to sell mortgages in the secondary market, what must they do? 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? C. Prepare additional documentation to take to the presentation. B. 4. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. C. Mortgage bankers are a large source of residential loans in California. Allows quick repayment of the loan through accelerated payments.
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