The fees that Eric charges Paul for making the loan could be any but which of the following amounts? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. A. B. 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. 9 of 50 Which of the following is a credit to the seller on the settlement statement? 5 of 10 RESPA applies to all of the following EXCEPT which? Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? He refuses to rent the other unit to families with children. What would be a good approach for Pam to take? B. 42 of 50 Alex makes an offer to purchase one of Bills listings. A. B. Its a good idea for brokers to carry workers compensation coverage. A. It is determined by who pays the compensation. 8- What does the Water Heater Statement of Compliance address? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz C. Participation in the MLS increases a licensees inventory. Why or why not? What will the new owners pay in property taxes? 44- Jim owns a gift shop in a commercial building. B. 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. What approach can their agent take to change the sellers perception of the offer? 5 of 10 All of these would be effective at capturing a readers attention except which? Minimize expenses while maximizing profits for the owner. What should Tim do next? 5- What does the safety clause in the listing agreement do? ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? Rate of return is computed by dividing the annual net income by the rate of return. There are several successful agents at Johns office. B. 8 of 10 Which of the following circumstances would concern you about working for Broker John? B. Skip the activity report for that week. What should you keep in mind when developing your marketing plans? Instead, Bob terminates the relationship with Mary. What is most likely their main motivation for investing? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 50- Harry has some buyers that he believes are ready to make an offer. 8- What is an important issue for potential buyer clients to understand? 76- Mark believes he has been discriminated against during his home search. B. B. 5- What kind of newspaper ad could you place to solicit a listing? B. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. is 0.4. 5 of 10 How many properties should be included for comparison in a competitive market analysis? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? A. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. 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. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 3- For whom do property tax exemptions exist and for how much? B. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? What property type will he be dealing with? 3 of 10 What kind of ad usually combines both institutional and product advertising? The home comes equipped with all furnishings. Mortgage brokers do not lend money. 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 69,200 What kind of mortgage are they looking for? Lenders are in the best position to qualify buyers. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. D. Purchasing loans from primary lenders. Who would be exempt under New Jersey fair housing law? A buyer wants to take the offer to an attorney to review it. A. chris kelly rock 92 net worth. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? C. Once filed, it remains until terminated. The borrower makes payments of interest only over the term of the loan. Receives special tax considerations. Explain. D. Administers special assistance programs. C. Once you set a goal you should never change it. 3 of 10 Which of the following would be an example of a licensee specializing in business type? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. Can be used in place of a verbal presentation. A. Greg is violating the duties he owes to his new buyer. B. When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? D. Chris is a buyer's agent. What is the major difference between an employee and an independent contractor? At time of license renewal, what is the renewal charge for a salespersons license? The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. California: Real Estate Practice Ch8 Quiz with no answers. 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. B. 10- Whats the difference between a lease purchase and a lease option? What should Tim do next? The following table lists all costs of quality incurred by Sam's Surf Shop last year. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? D. Give the sellers the price over the phone so that they can think about it before you meet with them. A. 84- Four years ago, Sam purchased a vacant lot for $10,000. C. Shows property addresses that should be excluded from prospecting. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. 5- What does the safety clause in the listing agreement do? What disclosure does the salesperson owe to the buyer and seller? How much did Sam gain or lose on the sale? Be a deal maker. If an item is already correct, write C on the line provided. 2- What does Proposition 58 state? A. What kind of mortgage might they get? A counteroffer by a seller to a buyer turns the seller from offeree to offeror. buyer randy makes an offer to purchase. 5 of 50 Jane has been working with some buyers for several weeks. 7- What are the capital gains exclusions associated with the sale of a personal residence? 10 of 10 Which of these is not an exemption to fair housing law? 100 80- Which of the following is an example of commingling? B. D. Make the headline bold and all caps. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 22- Jane sold her personal home for $148,000. 6- What does the security and insurance clause of the listing agreement address? C. The owner has 45 days to pay the new property taxes. C. Classified ads placed on the property, D. Number of hits on the company website. B. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. 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. A. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. C. Can perform some real estate activities without a license. 8 of 10 When is the first installment of property taxes due? They were counting on a full-price offer and are very disappointed. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? 5- How do life insurance companies get involved in the investment market? Underline each word that should be capitalized in the following items. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? California: Real Estate Practice Chapter 13 Quiz with no answers. This mortgage type is popular among the elderly. Jim has decided that he will learn all he can about the new subdivisions at the west end of town. The sellers want the earnest money check made payable to them instead. What is this called? 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. Mortgage bankers bring borrowers and lenders together. Which statement is true? B. C. Accept commissions from referral agents. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. 2. Is critical to your success in real estate. 51- Which statement is true about a homeowners exemption? He succeeds in setting up an appointment to meet with the caller. 1- What are the five aspects that are involved in any selling approach? 3- What is a good approach to use when contacting the owner of an expired listing? 45- Kirk wants to get an FHA loan. 8- When does a purchase offer become a legal contract? D. Do not show the home between 10 a.m. and noon on Sundays. buyer randy makes an offer to purchase. Rule F-1. Which of the following statements is not true? New Age purchased a new coffee maker the office was in need of. Housing and Community Development Act. Negotiate agreements regarding commission structuring. It can provide a steady stream of future clients. The sales agent should: Write a counteroffer stipulating the sellers' request. 42- Alice is planning her career and setting her goals. 7- How can a builder help you generate leads? 2- What exception exists to the duty of obedience when working with a client? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? 10. 9 of 10 Janet is an unlicensed assistant. 4 of 10 All of these are true of prospecting except: A. B. Select Review offer. Only needs to be done periodically. B. Retired persons are a good source of neighborhood information. D. She should persuade them to accept the offer. Courtesy of RealtyPact. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. 81- Jake has decided to specialize in working with clients who purchase schools. The Residential Environmental Hazards Guide, B. cross elasticity of demand for train rides with respect to the price of a plane ride C. Identifies buyers for other properties. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. On what amount will they pay capital gains tax? 2 of 10 When can a landlord enter a tenants property to make repairs or show it? C. Giving buyers your opinion of what works best for them. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. 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 is the most often used form of earnest money deposit? Why is it important for licensees to understand the Americans with Disabilities Act? Give $250 to the buyer and $250 to the seller. 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?" B. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? B. Sunday afternoon, Mary is driving around and finds a property she likes better. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? 8. Covers more than one piece of property. Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. 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. Deposit the check into his trust fund account on the next business day. Here are the steps to follow to make an offer to purchase: Step 1. A buyer mails an offer to an out-of-town seller. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. The check that accompanies the salesperson license application must be for what amount? Give housing choices to the widest range of people. 11- What is a public report and when must it be provided? 1- What is escrow? When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 7 of 10 Which statement is not true about opening escrows? A. 29- Which of the following is not a good direct mail technique? C. The lender gives the borrower a mortgage and funds. "No, you may lose the house." A. Tom then resells the property to the developer and pockets a $300,000 profit. 6 of 10 Which of these is an emotional reason that buyers buy property? Make sure all required disclosures have been done. C. Neither Sarah nor Ken can get employer-provided health insurance. B. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. 64- Which of the following is not a form of personal advertising? A. Which law extended discrimination to include handicap and familial status? B. A broker may require licensees to carry high levels of automobile insurance. C. The seller can do all repairs himself. 9 of 10 Which of these is not a helpful homeowner tip? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? B. 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? 2 of 10 Which of these is not an AIDA characteristic? A. 9- What is the basic purpose of Truth in Lending Regulation Z? It must be in writing to be enforceable. 77- Which of the following Internet pages might not be of particular interest to buyers? What kind of loan do they have? D. Gross income must be based on hours worked. D. Have the broker send a thank you for listing letter to the sellers. Course Hero is not sponsored or endorsed by any college or university. C. Explain your marketing plan to the sellers. 2- What are some tax benefits associated with investing? Share that information with the sellers. Change the locks on the tenants apartment. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 6- What does the security and insurance clause of the listing agreement address? California: Real Estate Practice Ch10 Quiz with no answers. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 4- Whats a bonus closing and whats important to keep in mind about this technique? 8- Why should agent Grace give her client a Combined Hazards Book? an opinion of value for the day of the appraisal only. The home is listed at $210,000. 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. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 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 A. 6 of 10 Which of the following statements is not true? 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? Her asking price was $560,000 and the property sold for $575,000. Randy and his real estate agent, Bob, enter into a listing agreement whereby Bob may list Randy's property but Randy may also try to find a buyer Bob finds Clarice, a buyer who has enough cash to purchase the property and would like to purchase the property today. B. A. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? C. An assistant can keep track of the progress of activities during escrow. Alex Jones owns a duplex and lives in one unit. D. Their lender can profit from the difference in interest rates. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Which of these expenses is not associated with owning a home? B. Rule F-21 D. Employee status versus independent contractor status is an IRS issue. Which of the following would be the least likely place for them to obtain a loan? A. There is a crack in the basement wall. Sharon and Steve have just taken a second mortgage on their home. 4- Explain the documentary transfer tax. Who makes the payments to a claimant from the Guaranty Fund? If the loan is for $68,000, what will Mark be assessed in points? A. What California Fair Housing law has the manager violated? 53- Greg sold an apartment building he owned for 20 years. B. 10 of 10 Which of the following statements is not true about a net listing? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. 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? 7- Name three benefits of listing a home with an agent that you could share with sellers. 3- Differentiate between mortgage brokers and mortgage bankers. B. The purchase price, plus depreciation The buyer was responsible for making the discovery, so Pam is therefore liable. 5. They agree on a price and both parties execute the contract. 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. D. Will conducted an agent open house last week that was attended by 25 agents. 10 of 10 All of the following are true statements about goals except which one? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 5 of 10 Alice has decided that she will specialize in selling farm land. B. Write a contingent counteroffer. 43 of 50 Which one of these statements would not be considered a measurable goal? The price of a plane ride rises by 10 percent. She can do all of the following except which? 46 of 50 Greg grew up in and lives in a rural area. Bill cannot contact the seller. The original loan becomes subordinate to the wraparound. 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. A. Deposit the check into his trust fund account on the next business day. 2- What kind of problem can result from a straight loan? 1 of 10 Gail is a licensed real estate assistant. 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? 4- Agent Greg receives a call about one of his firms ads. A. Jim specializes in clients who want to buy restaurants. California: Real Estate Practice Chapter 16 Quiz with no answers, 1 of 10 According to FIRPTA, what percent would a buyer who is buying the property as a personal residence need to withhold when purchasing a $200,000 home from a foreigner?. D. An exclusive listing must always be at least 30 days long. 8 of 10 Which statement is true about a real estate assistant? 96- Which statement is not true about a listing contract?