7 of 10 Which of these forms is not filled out by the seller? List the details of all parties involved. chris kelly rock 92 net worth. 81- Jake has decided to specialize in working with clients who purchase schools. 5- If lenders intend to sell mortgages in the secondary market, what must they do? 3- Differentiate between mortgage brokers and mortgage bankers. Then present the $208,000 offer. The 2- List the three Institute of Real Estate Management property management designations. 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? The escrow holder will need information about the brokers commission. 11- What is a public report and when must it be provided? \hline A. 36- Broker Eric secures a loan for buyer Paul. B. Housing and Community Development Act. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? 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. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? B. Mortgage bankers bring borrowers and lenders together. The monthly net rental is $600. 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? A. Which of the following conditions is Paul not required to report on this form? 1- What is important to know about unlicensed real estate assistants? A buyer mails an offer to an out-of-town seller. D. A basis of $140,000 and no taxable gain. 4 of 10 Which of these is not an important aspect of selling? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. D. The buyers love the landscaping improvements the sellers have made. castilian drive, los angeles. Each of their payments is for the same amount. D. Broker Gina puts $150 into her trust account. Prior to bringing an offer to purchase. C. Payments will not be enough to retire the loan. 55- Greg is approved for a Cal-Vet loan. What are members of NAR required to do? However, she believes the sellers will not be willing to accept the offering price. D. The owner has 45 days to file a change in ownership statement. D. Goals must be realistic if you hope to accomplish them. The purchase price, plus improvements, C. The fair market value at the time of sale. C. Greg has violated the duty of confidentiality to Kim. B. Newsletters can be a very effective advertising forum for niche marketers. Write a counteroffer. C. Maintaining the office filing system. D. Brenda has not violated any fiduciary duty. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 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? The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? Which law extended discrimination to include handicap and familial status? D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. A. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? 3. What would be a good approach for Pam to take? It became a contingent contract when Sam accepted Mary's offer. D. Preparing flyers and promotional materials for the brokers approval. Referral fee to a homeowners insurance agent. 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. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. 1. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 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? Has New Age violated any laws? 4. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? The sales agent should: Write a counteroffer stipulating the sellers' request. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? A. Wills weekly report indicates two showings and five inquiries for the week. 4 of 10 All of these are true of prospecting except: A. Which of the following activities would she not be authorized to perform? Retain the check for use with a future sales contract offer. A. Youll know how much house they can afford. B. Pleases the sellers by inv=creasing activity. Her broker has asked her to be available for tasks in the field rather than in the office. 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? One offer is for $208,000; the other is for $200,000. A. 1 of 10 All of the following are good approaches for handling objections except which? 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? A. 1- What are the five aspects that are involved in any selling approach? 54- Jim and Jane are buying a home for $120,000. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. C. Exclusive-authorization-and-right-to-sell. 1- What is important to know about unlicensed real estate assistants? 14 of 50 The title report on a property shows there is a lien on the property. B. B. : The Commission could suspend or revoke Rob's license. At time of license renewal, what is the renewal charge for a salespersons license? 2- What is important to remember about multiple offers? She can do all of the following except which? Find a home that meets FHA requirements. 7- What does the net operating income of a property represent? Which statement is TRUE? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. Give $250 to the buyer and $250 to the seller. C. Refuse to accept the offer and check. What kind of mortgage might they get? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. B. 1- What is escrow? Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. 2. B. Only after receiving the tenants consent. 4- Amanda calls broker Tim to schedule a showing of one of his listings. B. D. Tell the sellers its time to reevaluate the price. 7 of 11 In which of the following types of loans is the payment allocated only to interest? 4- Agent Greg receives a call about one of his firms ads. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? The home is listed at $210,000. The lender makes payments to the borrower. 3- What are the three general responsibilities of a property manager? A. Here are the steps to follow to make an offer to purchase: Step 1. C. Johns office has a selection of books, CDs and tapes for agent use. Could be a violation of state licensing laws. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. yellowbrick scholarship reviews. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? 5 of 10 Which of the following is not a source of information for professional ethics codes? D. Meet with the buyers lender to ensure theyre getting a good deal. 2- What is floor time and why is it important? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. residential transactions financed by federally related mortgage loans. The borrower makes payments of interest only over the term of the loan. 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. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? 10 of 10 A competitive market analysis is an attempt to: A. 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. D. There is a loan protection plan included with the loan. B. FSBO sellers believe they will save money if they sell themselves. 2 of 10 Which of these statements is true? Answer: C- Try to get Sam to accept the offer. D. Provides the names of individuals who may want to sell inherited property. A secondary bid for a property that the seller will accept if the first offer fails He just sold it for $13,000. \text { Annual warranty cost } & 1,546,000 \\ 10- Whats the difference between a lease purchase and a lease option? Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 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. 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. The definition of race was expanded to include ancestry. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. 2- Describe an open listing. Set up a face-to-face meeting with the sellers as soon as possible. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? A. 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 of 10 What does the paragraph on repairs state? Bob should not have presented the offer after the property was under contract to another buyer. 4- Describe a reverse annuity mortgage. 67- Hannah is a real estate assistant. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. C. The same amount will go towards the principal every month. D. The borrower gets a note in exchange for a mortgage. buyer randy makes an offer to purchasei miss you text art copy and paste. C. Discuss alternative properties that may be interest. 2 of 10 Which of these is not a good technique to get the name of a caller who is reluctant to give you that information? B. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). He sounds really excited about this property. C. Payments will not be enough to retire the loan. Documents showing your affiliations with real estate organizations. C. The seller can do all repairs himself. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. B. Find things in the home a seller needs to repair. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 3. B. Exclusive-authorization-and-right-to-sell agreement. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. What should Tim do next? 42 of 50 Alex makes an offer to purchase one of Bills listings. C. Discover why some homes havent sold. 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. D. The appraised value prior to sale 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? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? A. Lead-based paint was used in the home. 93- Jim has created a nice property flier for the James home. Where is it that he likely found out the property was for sale? 5 of 10 The principles of an agency relationship include all of these factors except which one? The purchase price, plus depreciation, B. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. 6 of 10 Who typically presents an offer to the sellers? 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? 9 of 10 How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket? What does that mean? They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. B. Rule F-21 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 7 of 10 Which of these is not a good thing to do when writing a counteroffer? Use as little white space as possible. 3- When making your presentation, what topics should you cover? A. The offer with the highest price Jim has decided to specialize in what area of real estate? B. 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. Pam is not liable since it was summer and the heating problem was not obvious. Does not need to be familiar with office policy. C. A counteroffer can give the buyers an out if they want one. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. Two months later she purchased and moved into a new home that cost $145,000. A. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? A. D. Arrange to meet the prospect at your office. Harry has some buyers that he believes are ready to make an offer. 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. C. Ask the caller when not if he or she wants to see the property. Buys conventional, FHA and VA loans. 29 of 50 What is one way the Federal Reserve System regulates the money supply? The buyer must pay the broker a commission. It took effect when Sam accepted Mary's offer. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? D. Magazine ads are significantly more expensive than newspaper ads. Alex Jones owns a duplex and lives in one unit. Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. A. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. C. The owner has 45 days to pay the new property taxes. Is there a contract between the buyer and seller? buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . 1- What are the three important considerations for a good property investment? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740.