buyer randy makes an offer to purchase

2- List the three Institute of Real Estate Management property management designations. C. Exclusive-authorization-and-right-to-sell. Lorem ipsum dolor sit amet, consecteticitur laoreet. C. Giving buyers your opinion of what works best for them. A. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . He must withdraw his representation of one of the parties. 4- Describe a reverse annuity mortgage. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? A. C. Exclusive-authorization-and-right-to-sell agreement. What approach can their agent take to change the sellers perception of the offer? However, she believes the sellers will not be willing to accept the offering price. 4- Agent Greg receives a call about one of his firms ads. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 6- What does the security and insurance clause of the listing agreement address? 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? B. Plastic dishes last a long time because they are unbreakable. Which of the following is Kirk himself not likely to do during the application process? 6 of 10 Which of these is an emotional reason that buyers buy property? Gives the names of lawyers who might require property assistance. Gross income must be based on production. 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. Name four traditional marketing tools that you should use with every listing you get. Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. A. Generates leads for new listings. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? 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? Rule 21 C. A broker is not responsible for the acts of independent contractors. 5- What does the safety clause in the listing agreement do? A. 9 of 50 Which of the following is a credit to the seller on the settlement statement? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? B. Which of the following activities would she not be authorized to perform? 13 of 50 What is the most common reason that owners try to sell their homes themselves? 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? D. Goals must be realistic if you hope to accomplish them. Attend weekly staff meetings at the office. Licensee Pat was in transit to the cooperating licensee's office with the offer. Hes no longer interested in seeing the inside and Marge agrees. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 3- In what three ways can an assistant aid an agent with appointments? 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. Call Us Today! 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? 100 Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. What do many firms do to avoid confusion with their advertising plan? 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? You had a 9% loss. 9. D. Seeking buyers for others agents listings. 2- Name one advantage and one disadvantage of telephone contacts. The purchase price, plus improvements C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. Which would NOT result from the exercise of police power? 4- Amanda calls broker Tim to schedule a showing of one of his listings. D. All adjustable rate mortgages have negative amortization. B. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. 19- Which of the following is not an advantage of hosting an open house? D. Have the broker send a thank you for listing letter to the sellers. Checking your browser. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. Mary wants to make an offer on a house that is 25% lower than the asking price. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Which of these ad headlines would probably be the least effective for this home? C. Identifies buyers for other properties. C. Broker Harry deposits $1000 into his brokerage business account. Discourage Sam from accepting an offer so far below Sam's asking price. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. D. Exert pressure on the sellers to include something the other party wants. What kind of closing technique is Harry using? What should Tim do next? A rental property has a return rate of 8%. 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? B. List the details of all parties involved. 56- Which is not a true statement about the Agency Disclosure? 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? The sellers want the earnest money check made payable to them instead. Pellentesque dapibus efficitur laoreet. What should Bob do? The buyers family is pressuring them to purchase this home. 1- When is an agency relationship created? A. Share that information with the sellers. What are some important tips for home tours? 1- What is escrow? Answer: D- Return the money to buyer Norm. On what amount will he pay capital gains tax? What would you say about Sallys behavior? Sharon and Steve have just taken a second mortgage on their home. A. If a seller is in a multiple offer situation, how do you determine the best offer? Mary learns that Sam is selling only half of the duplex. Sets a limit on the commission a broker can earn. B. C. Accept commissions from referral agents. She would likely be required to do which of the following? 4- Whats a bonus closing and whats important to keep in mind about this technique? Bob cannot do anything; it is out of his hands. 1. 78- Nancy bought her home last year for $425,000. 41 of 50 What was the important ruling in Jones v. Mayer? 6- What is important for the sellers to know about a counteroffer? If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. What kind of mortgage might they get? Fill out a separate, numbered counteroffer form. This would be the maximum the purchaser would be permitted to borrow. Which area of specialization would she fall into? How to Write a Purchase Agreement? 1- What is a competitive market analysis? A broker cannot use the word escrow in a fictitious name. What should Elaine do? Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. Which statement is true? D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. What percent of commission the licensees can charge. Courtesy of RealtyPact. He refuses to rent the other unit to families with children. What should Bob advise Sam? D. Greg has no fiduciary responsibilities to Kim once the listing expired. 5 of 10 California allows a property manager to charge a non-refundable fee for which? 8- What is the major difference between a CalVet loan and other loans? D. Convince a seller to list with you. Which statement is true ? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? Nam lacinia pulvinar tortor nec facilisis. castilian drive, los angeles. A. 8 of 10 Which of these is a free form of advertising? Virtual tours are a very expensive marketing tool to use. B. 101- Which type of loan typically carries the most loan points? B. C. Real Estate Settlement and Procedures Act. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? A. 7- What does the net operating income of a property represent? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. 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 D. Buyer indemnity and seller protection. C. Maintaining the office filing system. B. C. Jim and Amanda whisper and frown when they see the basement. Regulates reserve requirements for all institutions that offer checking accounts. Which statement is true? Point out that the roof is not leaking despite its age. escrow money must be passed back to the buyer. C. It must specify a definite termination date. A. 21- Which form of advertising is considered the most cost-effective method for selling a home? C. Shows property addresses that should be excluded from prospecting. mejores programas bases de datos. 4. Rate of return is computed by dividing the annual net income by the rate of return. C. Mortgage bankers are a large source of residential loans in California. 5 of 10 Which of the following is not a source of information for professional ethics codes? buyer randy makes an offer to purchasei miss you text art copy and paste. She can do all of the following except which? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? B. What should Bob do? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. If checked, the seller can complete repairs after closing. C. Give the tenant a 3-day notice to pay or quit. B. The adjusted cost basis of the first home was $140,000. 4- What are the major areas of newspaper leads? A. B. Mortgage bankers bring borrowers and lenders together. 3- When making your presentation, what topics should you cover? 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? 9 of 10 A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? C. Greg has violated the duty of confidentiality to Kim. D. Tell the sellers its time to reevaluate the price. What is this called? The borrower makes payments of interest only over the term of the loan. Answer: B- The contract is voidable due to mutual mistake. Code Violations and Tax Delinquencies. 100- What does the Real Estate Disclosure Law refer to? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 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. Has New Age violated any laws? B. Documents showing your affiliations with real estate organizations. 3 of 10 Which of the following would be an example of a licensee specializing in business type? Enter your offer. Use as little white space as possible. They will have to make a very high down payment. 33- Which statement is true about a loan that has a negative amortization? D. The owner has 45 days to file a change in ownership statement. Go back to the buyer's agent and try to get the offer higher. B. Preparation of an appraisal of the property, D. Help with required forms and disclosures. The offer with the fewest contingencies The borrowers family in case of his or her death, B. D. Gross income must be based on hours worked. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 1- How much is the loan origination fee and what does it cover? B. I will practice my listing presentations. B. I will do two practice listing presentations per week with an experienced agent for the next two months. "Let's make a low ball offer?" 45- Kirk wants to get an FHA loan. What kinds of insurance do brokers normally require of their employees? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? B. B. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. 10- Whats the difference between a lease purchase and a lease option? 46 of 50 Greg grew up in and lives in a rural area. 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? 5 of 10 Which of the following would not be a reason to choose to be an assistant? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? What is the most often used form of earnest money deposit? C. Find a lender who is willing to do FHA loans. Entails entering into two agreements simultaneously. B. The buyers have been pre-qualified by a lender. D. The first and second mortgage will be rolled into one. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 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. A. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. Mary wants to terminate the contract. It can be considered an employment contract. If a person feels like he or she has been discriminated against, how long does that person have to file a complaint? What kinds of things should he be looking for? 5 of 10 Which of these statements is not true about qualifying buyers? C. The date the lender receives her application. B. 51- Which statement is true about a homeowners exemption? Certain homeowners may qualify for a $10,000 exemption. 4- What is a good method for estimating what a seller will net from the sale of the property? 2 of 10 Which lender typically deals in interim financing? B. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 10 of 10 Which of these is not an exemption to fair housing law? 7- In the initial meetings with the prospects, the agent should do all of the following except which? 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 5- If lenders intend to sell mortgages in the secondary market, what must they do? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 42- Alice is planning her career and setting her goals. 1 of 10 Which figure represents the amount of income available as a return to an investor? A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. B. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. 1- How much is the loan origination fee and what does it cover? If the lot measures 100' x 200', which is the total allowable square footage of a single story building? Answer: C- Try to get Sam to accept the offer. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. 2 of 50 Residential property includes all of the following EXCEPT which? A. The definition of race was expanded to include ancestry. What is the market value of the property? This is not true of which duty? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. 5- What actions can the sellers take regarding the purchase offer? What would be determined by a location survey? Answer: B- Encourage the buyer to get the attorney to review it quickly. 6 of 10 Who typically presents an offer to the sellers? B. B. C. Moving closer to the agent to get a better look. Possession date. C. The home sits on an earthquake fault zone. Skip the activity report for that week. 6- List the steps of underwriting. 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? The owner of the property is HIV positive. C. FSBO sellers who list with an agent will pay their own advertising costs. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. Whoever brings the buyer will get the commission. The term of the loan can be shortened. The escrow holder will need information about the brokers commission. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. 4 of 10 All of these are true of prospecting except: A. C. Discuss alternative properties that may be interest. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? dota 2 annual revenue 2020. adam foote parents. 7- What are the capital gains exclusions associated with the sale of a personal residence? A rental condominium for a recreational vehicle. Jim has decided to specialize in what area of real estate? B. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? A buyer applies for a loan that is neither insured nor guaranteed by a government agency. C. The buyers are interested in another property. 11 of 11 Which of the following is a low loan-to-value ratio? They will have a number of new expenses as a result of this purchase. 5. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? Amanda loves the home and wants to make an offer. 7. He made $150,000 of improvements during the three years he lived in it before he sold it. D. Exclusive-authorization-and-right-to-sell agreement. B. C. Alice is getting a conventional loan and making a 15% down payment. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 6- Whats important to know about the Liquidated Damages paragraph? 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?. Example 1. A. A. 3- How could refinancing be an investment benefit? 1- What is an important thing to remember about listing agreements? 42 of 50 Alex makes an offer to purchase one of Bills listings. 7- Agent Jim needs to do a visual inspection of his listing. 9 of 10 Which of the following statements is not true? Next, calculate the points charged; $168,500 x 0.02 = $3,370. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? This is not true of which duty? 8- What is the major difference between a CalVet loan and other loans? Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. D. Allows a broker to have as a commission anything above the minimum the seller sets. B. Encourage the buyer to get the attorney to review it quickly. Sam asks Bob what the price is. 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. 33 of 50 Sal bought a personal residence for $150,000. C. Do you need the equity from your current home for the new home purchase? D. All repairs must be in compliance with existing building codes. Better yet, try to avoid deal breakers. The property is in an area that could flood. 55- Greg is approved for a Cal-Vet loan. A. Ken is responsible for his own taxes, while the broker pays Sarahs. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. C. Can perform some real estate activities without a license. B. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. 52- Which statement is true about a listing contract? C. The seller can do all repairs himself. B. 4- What is a good method for estimating what a seller will net from the sale of the property? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? It became a contingent contract when Sam accepted Mary's offer. A. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. What is the primary criticism that sellers have about their agents? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. A. B. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 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. Eric can require that both the buyer and seller share equally in his commission. 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? Broker John puts $500 into his trust account. For what type of loan is the borrower applying? Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. What approach can their agent take to change the sellers perception of the offer? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 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? C. Tell them that this home is an exceptional buy and encourage them to look anyway. B. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. 2. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. 2- What exception exists to the duty of obedience when working with a client? The purchase price, plus depreciation Referral fee to a homeowners insurance agent. C. Tell the sellers you expect an offer to be coming soon. California: Real Estate Practice Ch11 Quiz with no answers. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. 1 of 10 Gail is a licensed real estate assistant. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 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. 3 of 10 Jake has received two offers on one of his listings. Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 12,800 square feet 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Find a home that meets FHA requirements. Ask the caller if he or she would like to receive e-mails on newly listed properties. Which is a true statement? He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? 9 of 10 Janet is an unlicensed assistant. 86- Which of the following is not considered a benefit of investing in real estate? D. There is a loan protection plan included with the loan. What economic factors affect the real estate market as well as other goods and services? California: Real Estate Practice Ch9 Quiz with no answers. D. Hold it with the buyers permission until the contract is accepted. C. Real Estate Settlement and Procedures Act. buyer randy makes an offer to purchase. 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. C. Is subordinate to a first mortgage. 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? A. Jim specializes in clients who want to buy restaurants. C. The air conditioner does not work. 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. An assistant can keep track of the progress of activities during escrow. Which of these actions might have caused their upset? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. Deposit the check into his trust fund account on the next business day. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. In the past year they have referred two dozen people who have purchased flooring from New Age. What should Bill do? 3 of 10 What kind of ad usually combines both institutional and product advertising? C. Bake muffins or cinnamon rolls to create a homey feel. B. B. B. D. The buyers love the landscaping improvements the sellers have made. 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. B. 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? What is the result? 7- Name three benefits of listing a home with an agent that you could share with sellers. B. 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? California: Real Estate Practice Sample of Final Course Exam. B. C. The borrower pays a fixed rate of interest. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. D. Hold both offers because he heard that a full-price offer is on its way. 81- Jake has decided to specialize in working with clients who purchase schools. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? C. Is permissible if being accepted on behalf of a third party. 76- Mark believes he has been discriminated against during his home search. 4- What items are not covered by any title insurance policy? This action is legal but very unprofessional. C. Participation in the MLS increases a licensees inventory. 5 of 10 Alice has decided that she will specialize in selling farm land. 12- What does TRID require of lenders? Mary makes an offer to purchase a duplex from Sam. principal global investors singapore, local communities are stakeholders of organizations because communities,