51- Which statement is true about a homeowners exemption? He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. It took effect when Sam accepted Mary's offer. B. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. B. It is determined by who pays the compensation. B. On what amount will they pay capital gains tax? C. Can perform some real estate activities without a license. A. Kirk doesnt have the right to withdraw the offer so soon. 12- What are grant programs typically used for? How are properties affected by the local economy? What kind of loan do they have? 14 of 50 The title report on a property shows there is a lien on the property. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. There are several successful agents at Johns office. 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? buyer randy makes an offer to purchase. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. A. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. Which area of specialization would she fall into? A. 2- Name one advantage and one disadvantage of telephone contacts. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. A. C. Have keys made for company listings. What should Alice do? Loan terms are from 15 to 25 years. 4- Agent Greg receives a call about one of his firms ads. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? B. Suggest to the sellers that their listing price is too high. 3 of 10 Sara just bought her first new home. 8 of 10 When is the first installment of property taxes due? 67- Hannah is a real estate assistant. D. Whether or not the licensees attend staff meetings. 7 of 10 Which disclosure form gives detailed information about the propertys condition? 8- What actions does a lender take to sell a mortgage in the secondary market? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. 8- What actions does a lender take to sell a mortgage in the secondary market? Which statement is true? This form is the first step in any real estate deal. 33- Which statement is true about a loan that has a negative amortization? B. A basis of $148,000 and no taxable gain, B. What should Tim do next? 4. B. A. What percent of loss did you have? 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. A rental property has a return rate of 8%. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? D. I will complete a property management seminar within the next year. 43 of 50 Which one of these statements would not be considered a measurable goal? This is not true of which duty? A counteroffer represents a rejection of an offer. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 8- Why is it important to have a written prospecting plan? 3 of 10 Which of the following would be an example of a licensee specializing in business type? A. 10- Whats the difference between a lease purchase and a lease option? D. All repairs must be in compliance with existing building codes. D. Have the broker send a thank you for listing letter to the sellers. What kind of mortgage might they get? 7- In the initial meetings with the prospects, the agent should do all of the following except which? Give the deposit money to the seller. C. Real Estate Settlement and Procedures Act. 1 of 10 Which of these statements is not true? D. Seeking buyers for others agents listings. 6- What does the security and insurance clause of the listing agreement address? "What would you like to offer?" 5 of 10 Which of these statements is not true about qualifying buyers? 6- When is a lender required to terminate a borrowers private mortgage insurance? 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. B. Pleases the sellers by inv=creasing activity. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? 4- Agent Greg receives a call about one of his firms ads. 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? 75- All but which of the following is NOT an AIDA feature? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? The home is listed at $210,000. 5 of 10 You should try to attach a rider strip to your For Sale sign that has: 6 of 10 If there is no interest in the property on a given week, the agent should: A. Other than residential list three kinds of property in the real estate market. D. Make sure all light bulbs and lamps are working and are bright. 1- How much is the loan origination fee and what does it cover? 6 of 11 Which of the following is not true about reverse annuity mortgages? B. 7. 2. Bill is purchasing a 6-family apartment building. A. Suggest that the buyer look at a different house. B. Has New Age violated any laws? 1- What is goodwill as it relates to a business? During a phone call, a salesperson discusses showing a property to a prospect. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. buyer randy makes an offer to purchase. A. Brenda must follow all of Jims instructions. California: Real Estate Practice Ch9 Quiz with no answers. 6- What is the main reason sellers choose to sell their property without an agents help? This would be the maximum the purchaser would be permitted to borrow. 1- What is a competitive market analysis? D. Will conducted an agent open house last week that was attended by 25 agents. 57- Under federal income tax law, the basis for a personal residence is which of the following: They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. You bought if for the listing price plus 10% and sold it for the listing price. 42 of 50 Alex makes an offer to purchase one of Bills listings. A. C. Real estate can respond quickly to changes in the market. What would be determined by a location survey? 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? He says to them, "Would you prefer to take possession on September 1 or October 1?" $6,740 7 of 10 Which statement is not true about opening escrows? 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? D. Allows a broker to have as a commission anything above the minimum the seller sets. The sellers want the earnest money check made payable to them instead. 9 of 10 When you believe an offer is both fair and reasonable but it does not meet the sellers asking price, you should: A. Is depreciation accounted for by a hospital? C. Classified ads placed on the property, D. Number of hits on the company website. 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? B. Protect Your Family From Lead In Your Home, C. The Homeowners Guide to Earthquake Safety, D. Consumer Guide to Disclosure for Buyers. 1- What is escrow? 7- What is the difference between an FHA loan and a VA loan? A. Generates leads for new listings. B. 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. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 22- Jane sold her personal home for $148,000. B. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. Sharon and Steve have just taken a second mortgage on their home. A. 7. 7 of 10 Which of the following is not a national real estate trade organization? What will they have to pay the lender? C. Broker Harry deposits $1000 into his brokerage business account. D. Their loan payments will gradually increase. A. What does that mean? Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. You had a 9% loss. 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. Bob Broker knows that another offer will be coming in at about the same time. C. Discuss alternative properties that may be interest. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? California: Real Estate Practice Chapter 18 Quiz with no answers. 4- Why is it important to talk to the sellers about the buyers? B. 76- Mark believes he has been discriminated against during his home search. 2 of 12 Which of the following statements is not true about the Federal Reserve? 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. Give the sellers the price over the phone so that they can think about it before you meet with them. What disclosure does the salesperson owe to the buyer and seller? Find a home that meets FHA requirements. What would be a good approach for Pam to take? 10 of 10 Which proposition limited the maximum amount of tax on real property? B. 3- In what three ways can an assistant aid an agent with appointments? A. 2- When establishing rapport, whats one of the best ways to get to know your buyers? B. C. Salespersons must perform all of their activities on behalf of their employing broker. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? Which is a true statement? There is a crack in the basement wall. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 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? For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. C. The same amount will go towards the principal every month. Needs a license to perform activities that are not strictly administrative in nature. B. B. Jim Sharp is purchasing his fathers home. The interest rate will increase gradually over time. One offer is for $208,000; the other is for $200,000. A broker may advertise that he or she is an escrow agent. 1- How much is the loan origination fee and what does it cover? Rule F-21 Sunday afternoon, Mary is driving around and finds a property she likes better. Call Us Today! What is this agreement called? Bill cannot contact the seller. D. Their lender can profit from the difference in interest rates. Gives the names of lawyers who might require property assistance. 68- Greg and Joyce have an adjustable rate mortgage on their home. Which of these expenses is not associated with owning a home? 3. It became a contingent contract when Sam accepted Mary's offer. 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? The buyer must pay the broker a commission. Make no recommendations and let the sellers decide on their own. 2- What types of office administration tasks are important for a licensed assistant to perform? You can use a reverse telephone directory to get the names of residents. Sam plans to overnight the acceptance on Monday. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 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. Accept commissions from referral agents. 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? She put 20% down and got a mortgage for the remainder. buyer randy makes an offer to purchase. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. If the loan is VA guaranteed, no down payment is required. What is most likely their main motivation for investing? B. FSBO sellers believe they will save money if they sell themselves. 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. B. Its easier to prioritize your tasks if your goals are in writing. 56- Which is not a true statement about the Agency Disclosure? Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. A purchase offer is a binding contract between the buyer, the seller and their agents. 4- Amanda calls broker Tim to schedule a showing of one of his listings. What should Bob do? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? C. Ask the caller when not if he or she wants to see the property. 9 of 10 Janet is an unlicensed assistant. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 8- What is the major difference between a CalVet loan and other loans? There . 10 of 50 There has been very little interest in the Bowers home this past week. 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. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. Ask the caller if he or she would like to receive e-mails on newly listed properties. What is the most often used form of earnest money deposit? 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? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 9- What required disclosure is a result of Megans Law? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 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. 4- Whats a bonus closing and whats important to keep in mind about this technique? Encourage Sam to make a counteroffer at 2% below Sam's asking price. The salesperson entered into a buyer-broker contract with her brother. 3- In what three ways can an assistant aid an agent with appointments? Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} What kind of closing technique is Harry using? 7- What does the net operating income of a property represent? The difference between what Sara owes and what her home is worth is known as what? 41- Agricultural land includes all of the following EXCEPT which? 3- For whom do property tax exemptions exist and for how much? Buyer Norm called and rescinded the offer. 6- Whats important to know about the Liquidated Damages paragraph? A. D. This action is deliberate misrepresentation. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? 37- When dealing with the sale of a business, which is not a true statement? D. Exert pressure on the sellers to include something the other party wants. He must withdraw his representation of one of the parties. 5 of 10 Which of these is not a true statement? B. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? A. Mary makes an offer to purchase a duplex from Sam. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. C. The fair market value at the time of sale 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? D. A shopping center might have to remodel their public restrooms. B. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" Their first mortgage will get paid off immediately. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? California: Real Estate Practice Chapter 13 Quiz with no answers. A. C. They can make payments directly to the original lender. C. There is a 6-month pre-payment penalty for paying off the loan early. Be a deal maker. The Residential Environmental Hazards Guide, B. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. 8 of 10 Which of the following circumstances would concern you about working for Broker John? A. Ask the buyers to sign a real estate transfer disclosure statement. California: Real Estate Practice Ch7 Quiz with no answers. D. The advertiser must prove he was grandfathered in as a licensee. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? C. The broker must conduct the escrow personally and not delegate any escrow activities. A. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? CSP-Conlutas Central Sindical e Popular . What kind of closing technique is Jim using? 64- Which of the following is not a form of personal advertising?
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