What do many firms do to avoid confusion with their advertising plan? D. Their loan payments will gradually increase. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. Private mortgage insurance is available for FHA loans. What should a licensees written employment agreement contain? yellowbrick scholarship reviews. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? A. C. Real Estate Settlement and Procedures Act. 2. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. $90,000 Step 2. 7- Agent Jim needs to do a visual inspection of his listing. The broker will not provide any. C. Do you need the equity from your current home for the new home purchase? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. B. Enumerate the homes special features and hope they change their minds. 44 of 50 Fair Housing laws are designed to: A. 1 of 10 What kind of lease contains a recapture clause? 4- What is the agreement that a broker can enter into with a buyer? 5- What actions can the sellers take regarding the purchase offer? D. Property evaluations from other agents have valuable information for sellers. They called Wills office and told the secretary they are upset and need to speak with Will. C. Neither Sarah nor Ken can get employer-provided health insurance. A. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? B. B. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? The offer with the fewest contingencies 8- What actions does a lender take to sell a mortgage in the secondary market? C. Print postage labels from your computer. D. After the agent has had time to make copies at the office. Can be used in place of a verbal presentation. 7- What is the difference between an FHA loan and a VA loan? 3- What is the difference between CLTA and ALTA policies? Refusing to make loans based on the racial composition of a neighborhood is called. The home comes equipped with all furnishings. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? D. Do not show the home between 10 a.m. and noon on Sundays. Rule F-1. Ordinary china is very fragile. What do you need to remember about making phone calls to potential clients? Which statement is true? Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? B. The loan will be distributed to them gradually. 6 of 10 Which of the following statements is not true? Use as little white space as possible. You can make a Best Offer on listings that have a Make Offer button. Rate of return is computed by dividing the annual net income by the rate of return. 84- Four years ago, Sam purchased a vacant lot for $10,000. 9. 8- Why is it important to have a written prospecting plan? If an item is already correct, write C on the line provided. What property type will be his specialty? 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. 37 of 50 Which of the following economic characteristics is true? buyer randy makes an offer to purchase. 5- What should a good management contract contain? 7. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. 38 of 50 What is the primary role of Fannie Mae? Answer: D- They are effectively terminating the original offer. 9 of 10 All of these might be a buying signal except which? Answer: D- Avoid telling him the price by setting up an immediate appointment. Which statement is true ? Who makes the payments to a claimant from the Guaranty Fund? 8 of 12 Fannie Mae does all of the following activities except which? C. Broker Harry deposits $1000 into his brokerage business account. Course Hero is not sponsored or endorsed by any college or university. D. This action is deliberate misrepresentation. B. What is most likely their main motivation for investing? Enter your offer. an opinion of value for the day of the appraisal only. There are several successful agents at Johns office. Gross income must be based on production. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. 36- Broker Eric secures a loan for buyer Paul. B. C. The air conditioner does not work. 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. Fill out a separate, numbered counteroffer form. What will they have to pay at closing for the points? C. Giving buyers your opinion of what works best for them. 47 of 50 Which of the following would not qualify as a 1031 exchange? D. Similar expired listings that didnt sell. C. Is not necessary if the verbal presentation is strong. university of missouri hospital salaries 2021; port orange arrests today. B. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? B. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. B. Ken must obtain his own training. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. 2- What does Proposition 58 state? Their first mortgage will get paid off immediately. 1- What is important to know about unlicensed real estate assistants? 6- What is important for the sellers to know about a counteroffer? C. The buyers and sellers agents will sign the escrow instructions. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. They were counting on a full-price offer and are very disappointed. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? A. Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. C. The buyers are interested in another property. 5- What is the Closing Disclosure? The term of the loan can be shortened. D. Avoid negative comments while hes inside the home. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. The salesperson entered into a buyer-broker contract with her brother. 7 of 10 Most buyers who see a newspaper ad that interests them: 8 of 10 Which of the following is not an advantage of home ownership? At the end of the term, the loan balance will be negative. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. C. When you have 200 names in your contact database. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. Is there a contract between the buyer and seller? This best describes. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. Covers more than one piece of property. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? This would be the maximum the purchaser would be permitted to borrow. 3 of 10 All of these items are important to include on your weekly activity report except which? Jim and Jane financed the remaining $25,000 through the seller. 4. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? A. Greg is violating the duties he owes to his new buyer. C. Gather listing forms for her employer. \end{array} Listen carefully to everything your prospects say and repeat some specifics back at appropriate times so that they know you have heard what they said. 07 Jun. 28- Abby applies for a federally-related loan to purchase a home. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? Information on current loan programs. California: Real Estate Practice Chapter 14 Quiz with no answers. 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. 5 of 10 Which of the following is not a source of information for professional ethics codes? What should Elaine do? 3- What signals do buyers use to indicate they may be willing to make a purchase? 2 of 10 Which is not a true statement about the Americans with Disabilities Act? Which would NOT result from the exercise of police power? C. Accept commissions from referral agents. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Who should Tommy recommend the owner consult with before making a decision? 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? California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 3- What is a good approach to use when contacting the owner of an expired listing? 2- When establishing rapport, whats one of the best ways to get to know your buyers? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. A. Call Us Today! 3. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. He has put up $50,000 in preferred stock as earnest money. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. B. Alice knows everything about the exclusive east side neighborhoods. She can do all of the following except which? C. The owner has 45 days to pay the new property taxes. Is depreciation accounted for by a hospital? However, he is objecting because the roof is 12 years old. 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. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? C. A counteroffer can give the buyers an out if they want one. C. Shows property addresses that should be excluded from prospecting. "No, you may lose the house." Underline each word that should be capitalized in the following items. D. Lends good visual support to what the agent is saying. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? A. The monthly net rental is $600. 6 of 10 Who typically presents an offer to the sellers? She would likely be required to do which of the following? Sending cards and newsletters is a good way to keep in contact with clients and prospects. C. Is subordinate to a first mortgage. D. Buyers of FSBO homes are usually the ones who save money. B. D. Magazine ads are significantly more expensive than newspaper ads. 18- In a transaction that involves the purchase of a business, what document functions in the same way as the deed in a personal real estate transaction? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. Make sure all required disclosures have been done. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. B. 70- Which of these items would be a credit to the buyer on the settlement statement? 5- Your listing presentation manual should be made up of two sections that address what issues? The borrower makes payments of interest only over the term of the loan. Use the yes-but technique to handle the objection. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. C. Alice is getting a conventional loan and making a 15% down payment. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? B. A. Which area of specialization would she fall into? Give as much detailed information about the property as you can. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Where is it that he likely found out the property was for sale? Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. D. Purchasing loans from primary lenders. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 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? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Gives the names of lawyers who might require property assistance. Housing and Community Development Act. 6- What does the security and insurance clause of the listing agreement address? 11- What are the penalties for violating Regulation Z? At the time the agreement is signed. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 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 Which of the following would be an example of a licensee specializing in business type? 5- If lenders intend to sell mortgages in the secondary market, what must they do? 3 of 10 What kind of ad usually combines both institutional and product advertising? A. Wills weekly report indicates two showings and five inquiries for the week. Which of the following is true, if you are licensed as a referral agent? A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 65- Which of the following items is usually not prorated at closing? On what amount will they pay capital gains tax? D. I will complete a property management seminar within the next year. On what amount will he pay capital gains tax? Share that information with the sellers. Allows quick repayment of the loan through accelerated payments. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? Which of the following items can Matt not add to the original cost when doing the computation?
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