4- Agent Greg receives a call about one of his firms ads. A. \text { Annual rework cost } & 34,679 \\ Which of the following would be considered an intermediate goal? Which is true? A. the buyer is not allowed to make a counteroffer. He succeeds in setting up an appointment to meet with the caller. C. Recommend a counteroffer back to list price. California: Real Estate Practice Ch9 Quiz with no answers. California: Real Estate Practice Ch12 Quiz with no answers. B. 29- Which of the following is not a good direct mail technique? 1.555.555.555 | frontier airlines crash history. Write a counteroffer. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? Better yet, try to avoid deal breakers. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? This is not true of which duty? What was Sam's appraisal cost for quality last year? They will owe a balloon payment at the end of the loan term. Which of the following statements is true? It can provide a steady stream of future clients. Covers more than one piece of property. A. If an item is already correct, write C on the line provided. D. Meet with an inspector at a listing. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? D. Make the headline bold and all caps. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. 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. 1- What is a competitive market analysis? B. There are several successful agents at Johns office. Which of the following conditions is Paul not required to report on this form? This form is the first step in any real estate deal. Lenders are in the best position to qualify buyers. 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. 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? What are some important tips for home tours? 5. 5 of 10 What would be the least effective way to get to know your buyers needs? D. Arrange to meet the prospect at your office. How to make a Best Offer. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? C. Exclusive-authorization-and-right-to-sell agreement. A. Sunday afternoon, Mary is driving around and finds a property she likes better. university of missouri hospital salaries 2021; port orange arrests today. A broker cannot use the word escrow in a fictitious name. Give $250 to the buyer and $250 to the seller. Last year, about 25% of his income came from sales commissions. How long does he have to file a complaint with the Department of Housing and Urban Development? D. Will conducted an agent open house last week that was attended by 25 agents. B. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. 5- How do life insurance companies get involved in the investment market? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? B. 4- What is a good method for estimating what a seller will net from the sale of the property? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). Instead, Bob terminates the relationship with Mary. A. 4- What is the agreement that a broker can enter into with a buyer? B. 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? Point out that the roof is not leaking despite its age. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. Each of their payments is for the same amount. A. In the meantime, Bill gets another offer on the property from another buyer at a higher price. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. B. 6 of 10 Which of these is an emotional reason that buyers buy property? What kinds of things should you include in a weekly activity report? they are effectively terminating the original offer. 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 secondary bid for a property that the seller will accept if the first offer fails Elaine parks across the street from the home and Mike is disappointed by what he sees. 2- What are some tax benefits associated with investing? Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. "Let's make a low ball offer?" Give an example of a specific short-term goal. Fill out a separate, numbered counteroffer form. Bob Broker represents Sam Seller. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 6- What is important for the sellers to know about a counteroffer? 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? They agree on a price and both parties execute the contract. B. Pleases the sellers by inv=creasing activity. D. Greg has no fiduciary responsibilities to Kim once the listing expired. 10- What is the right to rescind and what is not covered by this rule? What do many firms do to avoid confusion with their advertising plan? Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. 8- Under what conditions may a landlord enter a tenants property? A. 2- Explain the difference between the primary and secondary mortgage markets. He asks his real estate agent if she could tell him how to go about building a house on the land. C. Use an attractive first-class stamp. D. The monthly payments increase overtime. Find solutions. 63- Jennys home appraised for $550,000. Present the $200,000 first and recommend rejection. 10 of 10 Which of these Internet pages might be of particular interest to sellers? Try to get Sam to accept the offer. Attend weekly staff meetings at the office. A. The date Abby receives the good faith estimate. How to Write a Purchase Agreement? Preparation of an appraisal of the property, D. Help with required forms and disclosures. What kinds of insurance do brokers normally require of their employees? 8 of 10 What does the paragraph on repairs state? Has Bob acted properly? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. Which of these statements is true about the wraparound mortgage? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. The loan value is based on the appraised value, not the sale price. Course Hero is not sponsored or endorsed by any college or university. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 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. Course Hero is not sponsored or endorsed by any college or university. Tell the buyer to submit the offer first and then take a copy to the attorney to review. dota 2 annual revenue 2020. adam foote parents. A. Here are the steps to follow to make an offer to purchase: Step 1. 4- Why is it important to talk to the sellers about the buyers? How are properties affected by the local economy? What should Elaine do? Which of these actions might have caused their upset? B. Exclusive-authorization-and-right-to-sell agreement. 37 of 50 Which of the following economic characteristics is true? On what amount will they pay capital gains tax? 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. Which is a true statement? 7- In the initial meetings with the prospects, the agent should do all of the following except which? What must Tim do? It took effect when Sam accepted Mary's offer. The borrower gives the lender a note and a mortgage in exchange for the funds. 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. 2- What is floor time and why is it important? 68- Greg and Joyce have an adjustable rate mortgage on their home. 36- Broker Eric secures a loan for buyer Paul. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. Alex Jones owns a duplex and lives in one unit. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? California: Real Estate Practice Chapter 15 Quiz with no answers. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. What property type will be his specialty? 3 of 10 Which of the following would be an example of a licensee specializing in business type? He just sold it for $13,000. This term typically refers to. D. Offer something valuable to the reader. He made $150,000 of improvements during the three years he lived in it before he sold it. Which statement is true? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? The salesperson entered into a buyer-broker contract with her brother. C. There is a 6-month pre-payment penalty for paying off the loan early. B. Alice knows everything about the exclusive east side neighborhoods. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Norm gave Pat a $500 earnest money check. What property type will he be dealing with? 24 of 50 Tim thinks his buyers are ready to make an offer. B. B. A. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? Referral fee to a homeowners insurance agent. A. D. Placing a classified ad in the weekend paper. B. He has put up $50,000 in preferred stock as earnest money. C. Theyre probably paying a higher interest rate on the second mortgage. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). Rule E-1 9- What required disclosure is a result of Megans Law? If checked, the seller can complete repairs after closing. Tom thereupon submits a full-price offer to the owner and purchases the property. an opinion of value for the day of the appraisal only. \end{array} Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. 9- What is the basic purpose of Truth in Lending Regulation Z? What does the net operating income of a property represent? B. D. Kirks offer to Larry is legally cancelled. ", Answer: A- "What would you like to offer? Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. C. It must specify a definite termination date. Could be a violation of state licensing laws. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. munich latitude compared to us; pro sun tan. D. Employee status versus independent contractor status is an IRS issue. A. buyer randy makes an offer to purchase. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 6- What does the security and insurance clause of the listing agreement address? A. 5 of 10 Mike bought his home last year for $150,000. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. B. B. 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? Bob Broker represents Mary Buyer. Answer: A- No, Bob Should have submitted the offer. What should Bob do? The term of the loan can be shortened. B. 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? A. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. His depreciation was $2,500 per year. What kinds of things should he be looking for? Sam asks Bob what the price is. 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. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? 57- Under federal income tax law, the basis for a personal residence is which of the following: B. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. D. Whether or not the licensees attend staff meetings. buyer randy makes an offer to purchase. 1- What are the three important considerations for a good property investment? B. 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 105- Agent Alice has received an offer that she believes is not in the sellers best interest. Encourage the buyer to get the attorney to review it quickly. The Residential Environmental Hazards Guide, B. 8- When does a purchase offer become a legal contract? 10 of 10 Which proposition limited the maximum amount of tax on real property? Use as little white space as possible. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? What should Bill do? You can make a Best Offer on listings that have a Make Offer button. B. The borrower makes payments of interest only over the term of the loan. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 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. California: Real Estate Practice Chapter 17 Quiz with no answers. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. D. Is permissible in amounts under $50. 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?" At time of license renewal, what is the renewal charge for a salespersons license? The price elasticity of demand for 4 of 11 Which of these is also called a contract for deed? 10- Which disclosures are NOT required to be made when selling residential property? What is this called? B. Find things in the home a seller needs to repair. B. Pellentesque dapibus efficitur laoreet. She should advise them to let the offer expire with no action so the buyers will get nervous. Next, calculate the points charged; $168,500 x 0.02 = $3,370. 1- What are the five aspects that are involved in any selling approach? Not waste anymore time on this house, the buyer will never make an offer. If the loan is VA guaranteed, no down payment is required. D. Their loan payments will gradually increase. Answer: A- Proceed as if the buyer has decided to make an offer. B. C. Insurance agents dealing with customers. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 5- What should a good management contract contain? Answer: B- The contract is voidable due to mutual mistake. 4- What is the agreement that a broker can enter into with a buyer? Before the sale can get finalized, the owner would require you to first meet certain conditions. Ask the caller if he or she would like to receive e-mails on newly listed properties. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? Documents showing your affiliations with real estate organizations. Possession date. cross elasticity of demand for train rides with respect to the price of a plane ride Tell the sellers exactly how she feels and why she thinks the offer is not a good one. 4. buyer randy makes an offer to purchase. This action is legal but very unprofessional. 5 of 10 How many properties should be included for comparison in a competitive market analysis? A. 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? C. Alice is getting a conventional loan and making a 15% down payment. 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? 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 2- Describe an open listing. 9- What required disclosure is a result of Megans Law? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 1- When is an agency relationship created? A. 84- Four years ago, Sam purchased a vacant lot for $10,000. C. Broker Harry deposits $1000 into his brokerage business account. 9 of 50 Which of the following is a credit to the seller on the settlement statement? C. Gather listing forms for her employer. $6,740 A. 11- What is a public report and when must it be provided? 9- What is the basic purpose of Truth in Lending Regulation Z? 10 of 10 All of the following are true statements about goals except which one? A. Kirk doesnt have the right to withdraw the offer so soon. \text { Annual cost of scrap materials } & 286,000 \\ A. Which term is the process of joining several parcels of land into one larger parcel? At the time the agent presents an offer. Virtual tours are a very expensive marketing tool to use. 5- If lenders intend to sell mortgages in the secondary market, what must they do? The home comes equipped with all furnishings. The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? 4- Why is coordinating escrow so important and how can an assistant help? C. The Bryants have not received any feedback from any showings in the past month. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Buys pools of mortgages in exchange for mortgage-backed securities. It was terminated when Mary delivered the recission to Sam. Bill is purchasing a 6-family apartment building. 2- Who needs title insurance and why? Suggest that the buyer look at a different house. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 9 of 10 Janet is an unlicensed assistant. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? A. I will complete the GRI certification in the next four years. 6 of 10 Which of the following statements is not true? They will have to make a very high down payment. She sold the property and several months later the buyer sued Pam for not disclosing the problem. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? A. 10 of 10 Which of the following is not a possible benefit of investing in real property? Other than residential list three kinds of property in the real estate market. 7- What makes up a mortgage? \text { Annual warranty cost } & 1,546,000 \\ 14- Value includes which of the following aspects? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. Brenda refuses. Private mortgage insurance is available for FHA loans. D. The interest payment is always smaller then the amount allocated to the principal. A. Mike has changed jobs six times in the past six months. 42- Alice is planning her career and setting her goals. Which of the following would be the least likely place for them to obtain a loan? 3- How could refinancing be an investment benefit? 5 of 10 Alice has decided that she will specialize in selling farm land. Explain the method used to write good advertising. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer.
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