D. After the agent has had time to make copies at the office. Which of the following statements is true? 8- What is an important issue for potential buyer clients to understand? Write a contingent counteroffer. 1. B. Name and define the two forms of advertising. What should Bob do? It took effect when Sam accepted Mary's offer. 3 of 10 What kind of ad usually combines both institutional and product advertising? 8. What would you say about Alexs actions? D. Allows viewing access to strangers. Which statement is true? Mary makes an offer to purchase a duplex from Sam. The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. The sellers want the earnest money check made payable to them instead. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 2. The offer with the fewest contingencies Only after receiving the tenants consent. Given the rise in the price of a plane ride, what percentage change in the price Give the prospects a black copy of a purchase agreement to look over. Which of the following would be considered an intermediate goal? 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. Wills weekly report indicates two showings and five inquiries for the week. 1 of 10 All of the following are good approaches for handling objections except which? 63- Jennys home appraised for $550,000. D. The borrower gets a note in exchange for a mortgage. the buyer is not allowed to make a counteroffer. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 9 of 10 All of these might be a buying signal except which? If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. 7 of 10 Which disclosure form gives detailed information about the propertys condition? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? D. Understanding characteristics of the rental market. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? A secondary bid for a property that is less than the first offer A. D. Must start out as a part-time employee. A. Forwarding calls from the public to one of the salespersons in the office. Bill cannot contact the seller. A. 55- Greg is approved for a Cal-Vet 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. Tell the buyer to submit the offer first and then take a copy to the attorney to review. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. A. 52- Which statement is true about a listing contract? A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 11- What is a public report and when must it be provided? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz D. The property is in a state fire responsibility area. 2- What types of office administration tasks are important for a licensed assistant to perform? How long must a broker be licensed in order to apply for a temporary broker's license? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. The broker will owe fiduciary responsibilities to the seller as well as the buyer. A. C. Insurance agents dealing with customers. To access the website, click "Allow". D. Buyer indemnity and seller protection. B. 1. Rate of return is computed by dividing the annual net income by the rate of return. B. 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? 8- Under what conditions may a landlord enter a tenants property? The buyers have been pre-qualified by a lender. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. 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? Display lots of family photos to impress potential buyers. 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. A. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. The buyer must pay the broker a commission. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. C. Guarantees payment of all interest and principal on mortgage-backed securities. \end{array} C. Participate in a tax shelter program. 68- Greg and Joyce have an adjustable rate mortgage on their home. B. D. Seeking buyers for others agents listings. Amanda loves the home and wants to make an offer. A. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? 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. They will owe a balloon payment at the end of the loan term. 96- Which statement is not true about a listing contract? At time of license renewal, what is the renewal charge for a salespersons license? B. What kind of lease does Jim have? A. Ask the buyers to sign a real estate transfer disclosure statement. Documents showing your affiliations with real estate organizations. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. The sellers want the earnest money check made payable to them instead. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? If the loan value is 80%, and the property was appraised at $86,500 and sold for $88,000, how much would the purchaser be permitted to borrow? 3- Differentiate between mortgage brokers and mortgage bankers. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 5 of 50 Jane has been working with some buyers for several weeks. C. The Bryants have not received any feedback from any showings in the past month. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 7 of 11 In which of the following types of loans is the payment allocated only to interest? 6 of 50 Broker Tami has a very low advertising budget. A. B. 2- What is important to remember about multiple offers? California: Real Estate Practice Chapter 14 Quiz with no answers. What would be determined by a location survey? A. 92- Which of the following situations is not exempt from the seller disclosure requirement? Buyer Norm just signed a purchase contract with licensee Pat. Studying population trends in the area. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. B. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. Fill out a separate, numbered counteroffer form. 8- What does the Water Heater Statement of Compliance address? ", Answer: A- "What would you like to offer? D. All adjustable rate mortgages have negative amortization. A. He succeeds in setting up an appointment to meet with the caller. 2 of 12 Which of the following statements is not true about the Federal Reserve? A secondary bid for a property that the seller will accept if the first offer fails 4- Why is it important to talk to the sellers about the buyers? Housing and Community Development Act. 07 Jun. B. Its easier to prioritize your tasks if your goals are in writing. How are properties affected by the local economy? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 1 of 10 Which of these statements is not true? Bob writes the offer but is too embarrassed to submit it. A. Generates leads for new listings. 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. It creates an agency relationship. 5- What should a good management contract contain? B. Sandy and Bill are putting 30% down on their home purchase. A. 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. 4. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 9- What is the basic purpose of Truth in Lending Regulation Z? Have you been pre-qualified or pre-approved by a lender yet? D. Their lender can profit from the difference in interest rates. B. Decide which offer is best and present that one. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. This action is legal but very unprofessional. 86- Which of the following is not considered a benefit of investing in real estate? Attend weekly staff meetings at the office. 4- What are the major areas of newspaper leads? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. 54- Jim and Jane are buying a home for $120,000. 6- How does a limited partnership differ from a general partnership? D. Erics broker should appoint Eric as the designated agent in this transaction. 9% B. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. Answer: D- Avoid telling him the price by setting up an immediate appointment. D. There is a loan protection plan included with the loan. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? C. Present Alexs offer first since it came in first. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). A broker may require licensees to carry high levels of automobile insurance. A. Then present the $208,000 offer. D. Give the sellers the price over the phone so that they can think about it before you meet with them. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 5 of 10 California allows a property manager to charge a non-refundable fee for which? buyer randy makes an offer to purchase. Use as little white space as possible. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. A. 1 of 10 What kind of lease contains a recapture clause? What would be a good approach for Pam to take? 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? A. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. 8- When does a purchase offer become a legal contract? When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? \text { Annual rework cost } & 34,679 \\ 17 of 50 Kathy is a personal assistant at Action Realty. An open listing is an exclusive contract. 1- What is escrow? 7- In the initial meetings with the prospects, the agent should do all of the following except which? What kind of a mortgage do they have? Discourage Sam from accepting an offer so far below Sam's asking price. C. If Larry verbally accepted the offer, Kirk is bound by it. 5- What actions can the sellers take regarding the purchase offer? D. The loan must be repaid before the borrowers death. B. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. Which of the following would be the least likely place for them to obtain a loan?
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