7- What makes up a mortgage? Bob writes the offer but is too embarrassed to submit it. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 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. Bill cannot contact the seller. Allows quick repayment of the loan through accelerated payments. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Buys conventional, FHA and VA loans. buyer randy makes an offer to purchase - pet-anneve.com D. Erics broker should appoint Eric as the designated agent in this transaction. Jim and Jane financed the remaining $25,000 through the seller. D. Magazine ads are significantly more expensive than newspaper ads. This broker is guilty of what prohibited activity? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. Documents showing your affiliations with real estate organizations. 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. They will have a number of new expenses as a result of this purchase. What is the body of law that governs negotiable instruments? B. 6- What is important for the sellers to know about a counteroffer? Tom then resells the property to the developer and pockets a $300,000 profit. An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? Making a Best Offer | eBay C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 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. Avoid negative comments while hes inside the home. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? Private mortgage insurance is available for FHA loans. They were counting on a full-price offer and are very disappointed. What should Tim do next? The price elasticity of demand for One day later. What kinds of things should he be looking for? Free Purchase Agreement | PDF & Word | Legal Templates Which of the following statements is not true? Suggest that the buyer look at a different house. buyer randy makes an offer to purchase B. buyer randy makes an offer to purchase - fridarestaurant.com ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? How to make a Best Offer. B. Next, calculate the points charged; $168,500 x 0.02 = $3,370. The original loan becomes subordinate to the wraparound. 2 of 50 Residential property includes all of the following EXCEPT which? Broker John puts $500 into his trust account. New Age purchased a new coffee maker the office was in need of. 6- List the steps of underwriting. B. 22- Jane sold her personal home for $148,000. Write a counteroffer. 10. C. Clearly written contractor agreement must exist. 3- When preparing a competitive market analysis, what categories of homes should an agent research? B. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? B. 3 of 10 A listing presentation can be compared to: 4 of 10 All of the following are benefits of listing with an agent except which? What law creates an automatic lien on a commercial property, subject to the listing agreement? 29 of 50 What is one way the Federal Reserve System regulates the money supply? What should you keep in mind when developing your marketing plans? Which of the following statements is not true? B. A. 8- What does the Water Heater Statement of Compliance address? buyer randy makes an offer to purchase - fabricadecosas.com 4- Agent Greg receives a call about one of his firms ads. 1. You can make a Best Offer on listings that have a Make Offer button. B. What percent of commission the licensees can charge. B. Brenda has violated the fiduciary duty of obedience to Jim. 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? How can you prepare your sellers for receiving offers? A. What kinds of insurance do brokers normally require of their employees? Alex Jones owns a duplex and lives in one unit. 41 of 50 What was the important ruling in Jones v. Mayer? 2. B. 101- Which type of loan typically carries the most loan points? $5,500 the first year, plus a maximum 2% increase in market value per year, B. C. Can perform some real estate activities without a license. D. The owner has 45 days to file a change in ownership statement. 4- What is a good method for estimating what a seller will net from the sale of the property? 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. B. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. 4- What is the agreement that a broker can enter into with a buyer? Pellentesque dapibus efficitur laoreet. Here are the steps to follow to make an offer to purchase: Step 1. C. Real Estate Settlement and Procedures Act. 8 of 10 Which statement is true about a real estate assistant? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? A. California: Real Estate Practice Ch11 Quiz with no answers. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. 8 of 10 Which of these marketing tools is not considered a traditional tool? B. Loan terms are from 15 to 25 years. What do many firms do to avoid confusion with their advertising plan? C. Bake muffins or cinnamon rolls to create a homey feel. \text { Annual cost of quality training } & 456,000 \\ 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. When you have 200 names in your contact database. 8- When does a purchase offer become a legal contract? Present the $200,000 first and recommend rejection. C. Recommend a counteroffer back to list price. Which statement is true? It became a contingent contract when Sam accepted Mary's offer. 7 of 10 Which statement is not true about opening escrows? 7 of 50 Glenna and Amanda just bought their first home. 10 of 10 Which of these Internet pages might be of particular interest to sellers? B. Enumerate the homes special features and hope they change their minds. D. The appraised value prior to sale Broker compensation to other brokers. Please remove your shoes before entering the home. buyer randy makes an offer to purchase - nubblesitesolutions.com Could be a violation of state licensing laws. The owner has 30 days to notify the county assessor. C. Is subordinate to a first mortgage. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? There are no offers on the property during the 6-month listing period and the listing expires. 3 of 10 What kind of ad usually combines both institutional and product advertising? The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). The sellers want the earnest money check made payable to them instead. 5- Define the term loan-to-value ratio. When You Should Make a Purchase Offer - The Balance He succeeds in setting up an appointment to meet with the caller. Person must be properly licensed. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 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. How should Jan's licensee handle the offer? Why is it important for licensees to understand the Americans with Disabilities Act? Lorem ipsum dolor sit amet, consecteticitur laoreet. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. Minimize expenses while maximizing profits for the owner. D. The loan must be repaid before the borrowers death. They were counting on a full-price offer and are very disappointed. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 4- How is property management seen as a risk to investing? Give the deposit money to the seller. 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. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. 3- What are the three general responsibilities of a property manager? A. Which statement is true? 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. A. 8 of 10 Which of the following circumstances would concern you about working for Broker John? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 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. Ordinary china is very fragile. When should the agent have disclosed this fact? If an item is already correct, write C on the line provided. He succeeds in setting up an appointment to meet with the caller. 12- What are grant programs typically used for? D. Supply cannot be moved to a high demand area. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 1- What is important to know about unlicensed real estate assistants? Which of these statements is true about the wraparound mortgage? 9% C. Refuse to accept the offer and check. 4- Why is coordinating escrow so important and how can an assistant help? B. You bought if for the listing price plus 10% and sold it for the listing price. 4- Amanda calls broker Tim to schedule a showing of one of his listings. A. They will owe a balloon payment at the end of the loan term. 12,800 square feet B. 2- What kind of problem can result from a straight loan? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? If the loan is for $68,000, what will Mark be assessed in points? 3 of 10 Sara just bought her first new home. C. Find a lender who is willing to do FHA loans. 4- What are the major areas of newspaper leads? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. B. 2- Explain the difference between the primary and secondary mortgage markets. The listing price of a house is $139,900. 5 of 10 RESPA applies to all of the following EXCEPT which? D. Arrange to meet the prospect at your office. At the time the agreement is signed. 9 of 10 A shopping center would be primarily categorized as what type of property? 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. However, he is objecting because the roof is 12 years old. C. Moving closer to the agent to get a better look. She sold the property and several months later the buyer sued Pam for not disclosing the problem. Sending cards and newsletters is a good way to keep in contact with clients and prospects. C. Jim and Amanda whisper and frown when they see the basement. In addition to agent and MLS home tours, what are some other ancillary tools you can use? What should Bob advise Sam? Each of their payments is for the same amount. 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? 6- What is the ultimate result of using the Closing Disclosure form? Go back to the buyer's agent and try to get the offer higher. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? How does ALTA-R differ from ALTA? A. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? D. The lender assumes Tim and Sues income will rise over the first few years of the loan. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. Hometown received $2400.00 in referrals. Possession date. C. Consider child support payments in the decision. 8 of 10 Which of the following will give you comparative market data the fastest? The following table lists all costs of quality incurred by Sam's Surf Shop last year. C. Allow indoor pets to leave their designated area. 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 6- When is a lender required to terminate a borrowers private mortgage insurance? 2 of 10 Which of these statements is true? 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? D. In most situations, an assistant should not have the responsibility of in-person contact with clients. Display lots of family photos to impress potential buyers. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. To access the website, click "Allow". Where is it that he likely found out the property was for sale? Other than residential list three kinds of property in the real estate market. I think theyre asking a fair price., C. What do you think would be a fair price?, D. The comps say that this price is right on target.. Regulates reserve requirements for all institutions that offer checking accounts. 2- What kind of problem can result from a straight loan? D. Gross income must be based on hours worked. 9- What required disclosure is a result of Megans Law? 2- What exception exists to the duty of obedience when working with a client? buyer randy makes an offer to purchase. The definition of race was expanded to include ancestry. The borrower gives the lender a note and a mortgage in exchange for the funds. 2- What does Proposition 58 state? $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. On what amount will he pay capital gains tax? 1- The amount that a seller takes away from a sale is termed: A) Net sale price B) Seller's proceeds C) Gross sales price D) Profit margin 2- Which of the following best describes prospecting? D. Understanding characteristics of the rental market. Gives the names of lawyers who might require property assistance. A. Mortgage bankers bring borrowers and lenders together. The B. D. The interest payment is always smaller then the amount allocated to the principal. A. 10 of 10 Which proposition limited the maximum amount of tax on real property? View an objection as the buyers request for more information. D. The monthly payments increase overtime.
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