A. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} 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? Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. 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. 3 of 10 All of these items are important to include on your weekly activity report except which? A broker may advertise that he or she is an escrow agent. 46- A life insurance company would most likely invest in all but which of the following properties? Which of the following statements is true? B. California: Real Estate Practice Ch12 Quiz with no answers. 65- Which of the following items is usually not prorated at closing? Code Violations and Tax Delinquencies. Bob Broker represents Mary Buyer. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? Course Hero is not sponsored or endorsed by any college or university. 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. B. I will practice my listing presentations. escrow money must be passed back to the buyer. During a phone call, a salesperson discusses showing a property to a prospect. 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? 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. What should Bob do? In the meantime, Bill gets another offer on the property from another buyer at a higher price. Referral fee to a homeowners insurance agent. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? The fees that Eric charges Paul for making the loan could be any but which of the following amounts? B. 77- Which of the following Internet pages might not be of particular interest to buyers? 11. Loan terms are from 15 to 25 years. B. Checking your browser. Give credit to all potential borrowers. What is the market value of the property? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. B. Which statement is TRUE? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 1 of 10 Which Fair Housing Law added sex to the list of protected classes? What kind of lease does Jim have? A. The purchase price, plus depreciation What is the key feature of this type of loan? 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? 104- Lorna and Hal have obtained a growing equity mortgage for their new home. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. 1- What is a competitive market analysis? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. B. Greg has put himself in a potential dual agency situation. Negotiate agreements regarding commission structuring. 1- When is real property reassessed? 68- Greg and Joyce have an adjustable rate mortgage on their home. university of missouri hospital salaries 2021; port orange arrests today. D. The owner has 45 days to file a change in ownership statement. B. The price elasticity of demand for B. Sandy and Bill are putting 30% down on their home purchase. What should Bill do? C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 2 of 10 A competitive market analysis contains information about all of the following items except which? From whom may a salesperson receive compensation for performed activities? Elaine parks across the street from the home and Mike is disappointed by what he sees. 3- Differentiate between mortgage brokers and mortgage bankers. 6- According to California real estate law, how often must a broker balance his or her trust accounts? C. Supervises the Federal Housing Authority. 4- Describe how a property manager can receive his or her fees. 43 of 50 Which one of these statements would not be considered a measurable goal? Be open-minded. Sam asks Bob what the price is. The adjusted cost basis of the first home was $140,000. 59- Which of the following is a sellers request that an agent cannot honor? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. D. The advertiser must prove he was grandfathered in as a licensee. Which is a true statement? The owner of the property is HIV positive. dota 2 annual revenue 2020. adam foote parents. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 6 of 10 Which of the following statements is not true? 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? D. Erics broker should appoint Eric as the designated agent in this transaction. An assistant should never be left with the task of taking photos of a new listing. Sam plans to overnight the acceptance on Monday. 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. 9- What required disclosure is a result of Megans Law? 5 of 10 Mike bought his home last year for $150,000. 9- What required disclosure is a result of Megans Law? Other than residential list three kinds of property in the real estate market. 4 of 10 Which of these is not an important aspect of selling? View an objection as the buyers request for more information. The sales agent should: Write a counteroffer stipulating the sellers' request At time of license renewal, what is the renewal charge for a salespersons license? 4- What is the agreement that a broker can enter into with a buyer? 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 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. 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. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. B. What should Elaine do? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? 8. At the time the agent presents an offer. What kind of mortgage might they get? The home comes equipped with all furnishings. Use the yes-but technique to handle the objection. 2- Name one advantage and one disadvantage of telephone contacts. D. Whether or not the licensees attend staff meetings. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. A. B. 3- What is a good approach to use when contacting the owner of an expired listing? Skip the activity report for that week. buyer randy makes an offer to purchase. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 3- When preparing a competitive market analysis, what categories of homes should an agent research? 64- Which of the following is not a form of personal advertising? Lorem ipsum dolor sit amet, consecteticitur laoreet. B. C. It keeps your name in front of potential buyers and sellers. 1 of 10 What kind of lease contains a recapture clause? C. Maintaining the office filing system. 3- What is a good approach to use when contacting the owner of an expired listing? Give housing choices to the widest range of people. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? C. Once filed, it remains until terminated. What approach can Greg use to discourage the person from calling other agents? How to Write a Purchase Agreement? C. Explain your marketing plan to the sellers. 52- Which statement is true about a listing contract? 07 Jun. 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? \hline Which of the following statements is true? What should Tim do next? A. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. The offer with the highest price 69,200 He succeeds in setting up an appointment to meet with the caller. $5,500 the first year, plus a maximum 2% increase in market value per year, B. B. 1- What is goodwill as it relates to a business? She is probably using all but which of the following tools? The offer with the highest price that is the most likely to close California: Real Estate Practice Chapter 17 Quiz with no answers. California: Real Estate Practice Chapter 15 Quiz with no answers. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? A. 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. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? D. Exclusive-authorization-and-right-to-sell agreement. fairbanks ice dogs standings . 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Course Hero is not sponsored or endorsed by any college or university. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 55- Greg is approved for a Cal-Vet loan. Step 2. 5 of 10 California allows a property manager to charge a non-refundable fee for which? B. California: Real Estate Practice Chapter 13 Quiz with no answers. A. Forwarding calls from the public to one of the salespersons in the office. 5. B. A. A Bill of Sale gives title to the business equipment. Why or why not? How can you prepare your sellers for receiving offers? 8- Why should agent Grace give her client a Combined Hazards Book? A secondary bid for a property from the same buyer. D. Their loan payments will gradually increase. Pellentesque dapibus efficitur laoreet. In this case, multiply the monthly income ($600) by 12. mejores programas bases de datos. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. What would you say about Alexs actions? 1- What is escrow? 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? B. Is critical to your success in real estate. 44- Jim owns a gift shop in a commercial building. C. Eric may not represent the sellers interests to the detriment of the buyer. What will they have to pay at closing for the points? Could be a violation of state licensing laws. 6 of 50 Broker Tami has a very low advertising budget. B. C. Johns office has a selection of books, CDs and tapes for agent use. 7- Agent Jim needs to do a visual inspection of his listing. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings 10 of 10 Which proposition limited the maximum amount of tax on real property? Ask the caller if he or she would like to receive e-mails on newly listed properties. A. Jake is getting a VA loan with no down payment. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 6- When is a lender required to terminate a borrowers private mortgage insurance? This is not true of which duty? 7 of 10 Which of the following is not a national real estate trade organization? It can provide a steady stream of future clients. D. The interest payment is always smaller then the amount allocated to the principal. Name four traditional marketing tools that you should use with every listing you get. 2- What is floor time and why is it important? A. John offers weekly training seminars. D. All adjustable rate mortgages have negative amortization. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 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? : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. D. Gross income must be based on hours worked. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 8- When does a purchase offer become a legal contract? "No, you may lose the house." Try to get Sam to accept the offer. What kind of agreement is this? Present the $200,000 first and recommend rejection. 2 of 12 Which of the following statements is not true about the Federal Reserve? Ashley should end this relationship by, : asking the seller to sign a mutual release. A. What is the primary criticism that sellers have about their agents? How are properties affected by the local economy? C. The seller can do all repairs himself. What kind of loan do they have? Housing and Community Development Act. A. C. Shows property addresses that should be excluded from prospecting. Pellentesque dapibus efficitur laoreet. C. Clearly written contractor agreement must exist. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 10- Whats the difference between a lease purchase and a lease option? What do you need to remember about making phone calls to potential clients? It is determined by who pays the compensation. 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. It never was effective since Sam had not notified Mary of the acceptance. D. Purchasing loans from primary lenders. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. Goodwill is an intangible asset that results from the reputation of the business. yellowbrick scholarship reviews. The price of a plane ride rises by 10 percent. castilian drive, los angeles. 4. B. The purchase price, plus improvements, C. The fair market value at the time of sale. At the end of the term, the loan balance will be negative. It helps to identify buyer and seller needs. D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. 7 of 10 Which statement is not true about opening escrows? The interest rate will increase gradually over time. 2- What is important to remember about multiple offers? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. To learn more about the real estate business, D. To make more money than a real estate agent. 7- What does the net operating income of a property represent? 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 C. Present Alexs offer first since it came in first. 4- Whats a bonus closing and whats important to keep in mind about this technique? Start in the room with the best features. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? C. Salespersons must perform all of their activities on behalf of their employing broker. 10- Which disclosures are NOT required to be made when selling residential property? C. Giving buyers your opinion of what works best for them. 4 of 10 Which of the following would be the least desirable phone handling technique? C. Neither Sarah nor Ken can get employer-provided health insurance. 47 of 50 Which of the following would not qualify as a 1031 exchange? C. Exclusive-authorization-and-right-to-sell agreement. 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? 4- Whats a bonus closing and whats important to keep in mind about this technique? The advertiser can be sentenced to up to a year in prison. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. C. The borrower pays a fixed rate of interest. C. Knocking on doors never requires special permits. Gross income must be based on production. 76- Mark believes he has been discriminated against during his home search. D. Make sure all light bulbs and lamps are working and are bright. This action is legal but very unprofessional. 57- Under federal income tax law, the basis for a personal residence is which of the following: A secondary bid for a property that is less than the first offer B. B. 9 of 10 Janet is an unlicensed assistant. She tells them that this action could decrease their property values. C. Identifies buyers for other properties. The borrowers family in case of his or her death, B. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? D. Supply cannot be moved to a high demand area. 9% A. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? Underline each word that should be capitalized in the following items. 3. Answer: D- They are effectively terminating the original offer. 10 of 10 A competitive market analysis is an attempt to: A. D. Employee status versus independent contractor status is an IRS issue. B. Jim Sharp is purchasing his fathers home. C. I will open my own office within nine years. A secondary bid for a property that is for more than the first offer A. Lead-based paint was used in the home. It must be in writing to be enforceable. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. What percent of commission the licensees can charge. A. A. Is depreciation accounted for by a hospital? 6- What is the main reason sellers choose to sell their property without an agents help? Deposit the check into his trust fund account on the next business day. 50- Harry has some buyers that he believes are ready to make an offer. You can make a Best Offer on listings that have a Make Offer button. 1.555.555.555 | frontier airlines crash history. 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? 42- Alice is planning her career and setting her goals. D. Will conducted an agent open house last week that was attended by 25 agents. B. Fill out a separate, numbered counteroffer form. "Yes, let's offer $10,000 less than the asking price. D. The appraised value prior to sale What California Fair Housing law has the manager violated? Hometown received $2400.00 in referrals. D. If the buyer rejects the first counteroffer, the seller can accept the first offer. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. 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? 38 of 50 What is the primary role of Fannie Mae? 46 of 50 Greg grew up in and lives in a rural area. A. Jim specializes in clients who want to buy restaurants. Decide which offer is best and present that one. 7- In the initial meetings with the prospects, the agent should do all of the following except which? C. There is a 6-month pre-payment penalty for paying off the loan early. The broker will owe fiduciary responsibilities to the seller as well as the buyer. What approach can Greg use to discourage the person from calling other agents? Sending cards and newsletters is a good way to keep in contact with clients and prospects. 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. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. What is meant by the term sphere of influence? What kinds of insurance do brokers normally require of their employees? C. Use an attractive first-class stamp. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 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. 5- What should a good management contract contain? D. The lender assumes Tim and Sues income will rise over the first few years of the loan. B. Give the sellers a copy of some homeowners tips. Can be used in place of a verbal presentation. 9- What is the basic purpose of Truth in Lending Regulation Z? 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? California: Real Estate Practice Ch8 Quiz with no answers. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? How does ALTA-R differ from ALTA? What should Pat do with the earnest money deposit? A. I will make two new contacts every day this week. A. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . Person must be properly licensed. 7 of 10 Which of these forms is not filled out by the seller? Lenders are in the best position to qualify buyers. 7 of 10 When the broker and seller agree that the broker can receive commission for a specified number of days after the listing expires if selling to a named party on a list, its referred to by what term? What should Bob do? 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 4- Amanda calls broker Tim to schedule a showing of one of his listings. C. Is permissible if being accepted on behalf of a third party. Covers more than one piece of property. Answer: D- They are effectively terminating the original offer. 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?. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. He refuses to rent the other unit to families with children. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Tom thereupon submits a full-price offer to the owner and purchases the property. 8- Why should agent Grace give her client a Combined Hazards Book? 7. C. Clearly written contractor agreement must exist. An apartment building for a vacant lot, B. 80- Which of the following is an example of commingling? D. I will complete a property management seminar within the next year. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. D. Tell the sellers its time to reevaluate the price. Which is a true statement? C. Date and attach supporting documents. 11 of 11 Which of the following is a low loan-to-value ratio? 8- What actions does a lender take to sell a mortgage in the secondary market? B. At time of license renewal, what is the renewal charge for a salespersons license? Licensee Pat was in transit to the cooperating licensee's office with the offer. 2. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. Explain. 1- What is an important thing to remember about listing agreements? This is not true of which duty? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs 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 do many firms do to avoid confusion with their advertising plan? The escrow holder will need information about the brokers commission. Suggest that the buyer look at a different house. 4. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? He sounds really excited about this property. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. Whoever brings the buyer will get the commission. 4- What are the major areas of newspaper leads? Supervises the Truth in Lending Act. 8 of 10 When is the first installment of property taxes due? Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. C. Once you set a goal you should never change it. A. D. Administers special assistance programs. C. An assistant can keep track of the progress of activities during escrow. B. Refusing to make loans based on the racial composition of a neighborhood is called. Which of the following statements is not true? It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. Housing and Community Development Act. C. The buyers are interested in another property. What is the result? What was Sam's appraisal cost for quality last year? 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? C. The home sits on an earthquake fault zone. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. Mary wants to terminate the contract. 75- All but which of the following is NOT an AIDA feature?
