What kind of listing agreement does Alice have with Jack? 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?" The ordinance also requires a 10-foot side set back. Buys conventional, FHA and VA loans. 3 of 10 How long must trust account records be kept? Which term is the process of joining several parcels of land into one larger parcel? 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. All repairs must be in compliance with existing building codes. 5 of 10 Which of the following would not be a reason to choose to be an assistant? A. C. Consider child support payments in the decision. buyer randy makes an offer to purchase - fridarestaurant.com How to Write a Purchase Agreement? Buyer Randy makes an offer to purchase one of Broker Tom's Decide which offer is best and present that one. 3- What is the difference between CLTA and ALTA policies? Answer: C- Try to get Sam to accept the offer. B. Exclusive-authorization-and-right-to-sell agreement. D. Supply cannot be moved to a high demand area. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. D. Whether or not the licensees attend staff meetings. Her asking price was $560,000 and the property sold for $575,000. Courtesy of RealtyPact. Name four traditional marketing tools that you should use with every listing you get. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? C. How much time the licensees must spend in the office. Prices of properties currently on the market, C. Properties that were listed but did not sell. A. 1 of 10 What kind of lease contains a recapture clause? D. Broker Tom has only limited responsibility for the actions of his licensees. Use the yes-but technique to handle the objection. 12. 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. Donec aliquet. D. Offer something valuable to the reader. 100- What does the Real Estate Disclosure Law refer to? The purchase price, plus depreciation, B. 55- Greg is approved for a Cal-Vet loan. 10- Whats the difference between a lease purchase and a lease option? D. Property evaluations from other agents have valuable information for sellers. 2- List the three Institute of Real Estate Management property management designations. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. D. Convince a seller to list with you. Harry has some buyers that he believes are ready to make an offer. Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. D. Understanding characteristics of the rental market. 101- Which type of loan typically carries the most loan points? 6- List the steps of underwriting. His depreciation was $2,500 per year. What is most likely their main motivation for investing? 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. 1 of 10 Gail is a licensed real estate assistant. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 8 of 10 Which of these is a free form of advertising? He just sold it for $13,000. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. cross elasticity of demand for train rides with respect to the price of a plane ride Brenda refuses. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? A. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Which of the following statements is not true? A. Sample Final Exam for California Real Estate Practice Questions with no 41- Agricultural land includes all of the following EXCEPT which? Wait until next week to send an activity report, hoping things will pick up. Is generally viewed as unprofessional. Which statement is true? A. What should Bob do? The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 45- Kirk wants to get an FHA loan. He succeeds in setting up an appointment to meet with the caller. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? Be a deal maker. 81- Jake has decided to specialize in working with clients who purchase schools. C. Refuse to accept the offer and check. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz C. Your plan for finding the buyer a home. There are several steps in calculating the answer to this question. What approach can Greg use to discourage the person from calling other agents? Whoever brings the buyer will get the commission. 7- What are the capital gains exclusions associated with the sale of a personal residence? View an objection as the buyers request for more information. 9 of 10 Which of the following statements is not true? D. The buyers love the landscaping improvements the sellers have made. A. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 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. 4 of 10 All of these are true of prospecting except: A. 3- When making your presentation, what topics should you cover? buyer randy makes an offer to purchase 6- What does the security and insurance clause of the listing agreement address? A. The second mortgage has now become the primary loan. What kind of mortgage are they looking for? Mary learns that Sam is selling only half of the duplex. They agree on a price and both parties execute the contract. 38 of 50 What is the primary role of Fannie Mae? 4- Why is it important to talk to the sellers about the buyers? B. Enumerate the homes special features and hope they change their minds. Answer: B- The contract is voidable due to mutual mistake. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. C. Allow indoor pets to leave their designated area. Call Us Today! 1 of 10 Which of the following types of agency is not allowed in California? 4- Whats a bonus closing and whats important to keep in mind about this technique? C. Moving closer to the agent to get a better look. 4- What is a good method for estimating what a seller will net from the sale of the property? A purchase offer is a binding contract between the buyer, the seller and their agents. C. Be sure all requested inspections have been ordered. C. I will get three new listings this month. C. There is a 6-month pre-payment penalty for paying off the loan early. Sets a limit on the commission a broker can earn. 4 of 10 Which of these is not an important aspect of selling? 4- What is the agreement that a broker can enter into with a buyer? What will they have to pay at closing for the points? What would you say about Alexs actions? 1- When is an agency relationship created? The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 3- In what three ways can an assistant aid an agent with appointments? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. [Solved] Buyer Randy makes an offer to purchase one of Broker Tom's Free Purchase Agreement | PDF & Word | Legal Templates Terminate the first contract and accept the higher offer. Allows quick repayment of the loan through accelerated payments. What kinds of things should he be looking for? C. An offer or counteroffer can be withdrawn at any time before it has been accepted. What kind of lease does Jim have? If you like, you can add a message to the seller. A. 2- What are some tax benefits associated with investing? B. She put 20% down and got a mortgage for the remainder. Entails entering into two agreements simultaneously. 57- Under federal income tax law, the basis for a personal residence is which of the following: sam neill laura tingle split 1 of 10 Broker Alice has hired several independent contractors in her firm. The sellers want the earnest money check made payable to them instead. One offer is for $208,000; the other is for $200,000. D. Brenda has not violated any fiduciary duty. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. There is a crack in the basement wall. Giving information about a listing to prospective buyers. Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property. Rule E-1 What was Sam's appraisal cost for quality last year? C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. He has put up $50,000 in preferred stock as earnest money. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. B. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? D. The casement windows have broken seals. Sending cards and newsletters is a good way to keep in contact with clients and prospects. You had a 9% loss. C. Alice is getting a conventional loan and making a 15% down payment. 16- Dave and Nadine have decided that they want to become property investors. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. dota 2 annual revenue 2020. adam foote parents. 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? 7- Name three benefits of listing a home with an agent that you could share with sellers. C. Clearly written contractor agreement must exist. 2. B. 4- Agent Greg receives a call about one of his firms ads. The broker will not provide any. What should Elaine do? 1- What is goodwill as it relates to a business? B. \text { Annual rework cost } & 34,679 \\ They were counting on a full-price offer and are very disappointed. Gross income must be based on production. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. 8- What does the Water Heater Statement of Compliance address? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. castilian drive, los angeles. 56- Which is not a true statement about the Agency Disclosure? B. A. buyer randy makes an offer to purchase. 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. C. Brenda could be liable for a breach of the listing terms. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? The steps to make an offer to purchase | DuProprio A. D. Tell the sellers its time to reevaluate the price. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. A broker may advertise that he or she is an escrow agent. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. 18 of 50 The listing type that assures a broker that he or she will receive compensation no matter who procures the buyer is what kind of agreement? Two months later she purchased and moved into a new home that cost $145,000. A. 7 of 50 Glenna and Amanda just bought their first home. 1- What is a competitive market analysis? A. 3- What is a good approach to use when contacting the owner of an expired listing? What must Tim do? B. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? This broker is guilty of what prohibited activity? A. 8- Why is it important to have a written prospecting plan? How would Grants lease at this time be classified? C. When you have 200 names in your contact database. Housing and Community Development Act. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? B. 2- What does Proposition 58 state? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 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? D. Chris is a buyer's agent. 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. 3 of 10 Which paragraph of the purchase agreement states that if the buyer defaults after acceptance, he or she may be liable for the brokers commission? The adjusted cost basis of the first home was $140,000. 77- Which of the following Internet pages might not be of particular interest to buyers? Deposit the check into his trust fund account on the next business day. Only after receiving the tenants consent. The buyers family is pressuring them to purchase this home. You bought if for the listing price plus 10% and sold it for the listing price. $5,500 the first year, plus a maximum 2% increase in market value per year, B. What should Pat do with the earnest money deposit? B. Tell Mike that the sellers will be upset if they cancel the appointment. A. A. Sunday afternoon, Mary is driving around and finds a property she likes better. D. Call the sellers immediately and let them know you wont be coming by. Return the earnest money to buyer Norm. 5. 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? A. Mike has changed jobs six times in the past six months. Encourage the buyer to get the attorney to review it quickly. A. Forwarding calls from the public to one of the salespersons in the office. Explain. Use as little white space as possible. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? Given the rise in the price of a plane ride, what percentage change in the price A. You can use a reverse telephone directory to get the names of residents. What should Alice do? Better yet, try to avoid deal breakers. 5- What actions can the sellers take regarding the purchase offer? 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? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. What should Bill do? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? B. Greg has put himself in a potential dual agency situation. Then present the $208,000 offer. D. Similar expired listings that didnt sell. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? Senior housing for residents 62 or older, B. 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. Enter your offer. 3- What signals do buyers use to indicate they may be willing to make a purchase? 31- Patrick has a written independent contractor agreement with his broker Tami. Nam lacinia pulvinar tortor nec facilisis. A. B. B. California: Real Estate Practice Chapter 15 Quiz with no answers. A broker cannot use the word escrow in a fictitious name. B. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. C. Guarantees payment of all interest and principal on mortgage-backed securities. How does ALTA-R differ from ALTA? Answer: D- Avoid telling him the price by setting up an immediate appointment. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? Offer to Purchase Form - Fill Out and Sign Printable PDF Template | signNow
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