Which of the following statements is true? 2 of 10 Which of these statements is true? D. Broker Gina puts $150 into her trust account. Set up a face-to-face meeting with the sellers as soon as possible. D. All adjustable rate mortgages have negative amortization. 50- Harry has some buyers that he believes are ready to make an offer. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. What is this called? 5- What actions can the sellers take regarding the purchase offer? 43 of 50 Which one of these statements would not be considered a measurable goal? The Residential Environmental Hazards Guide, B. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 7 of 10 Which document shows the assets and liabilities of a business? Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. What kind of closing technique is Harry using? 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 80- Which of the following is an example of commingling? What kind of agreement is this? 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? The loan value is based on the appraised value, not the sale price. B. an opinion of value for the day of the appraisal only. 36- Broker Eric secures a loan for buyer Paul. B. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 1- What are the five aspects that are involved in any selling approach? 4. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . B. B. 9- Define a purchase money mortgage. A. 46 of 50 Greg grew up in and lives in a rural area. Step 2. 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. What do many firms do to avoid confusion with their advertising plan? 11- What are the penalties for violating Regulation Z? What kind of a mortgage do they have? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. B. \end{array} Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. Which of these actions might have caused their upset? 4- What is the agreement that a broker can enter into with a buyer? 16- Dave and Nadine have decided that they want to become property investors. California: Real Estate Practice Ch7 Quiz with no answers. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. cross elasticity of demand for train rides with respect to the price of a plane ride 8 of 10 Which of the following circumstances would concern you about working for Broker John? One day later. What does the net operating income of a property represent? 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. 93- Jim has created a nice property flier for the James home. 8- What actions does a lender take to sell a mortgage in the secondary market? 5 of 10 Which of these statements is not true about qualifying buyers? 7 of 10 Which of the following is a possible benefit of investing in real property? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 65- Which of the following items is usually not prorated at closing? Which of the following is true, if you are licensed as a referral agent? 2- What is important to remember about multiple offers? Then present the $208,000 offer. You had a 9% loss. munich latitude compared to us; pro sun tan. The buyers have been pre-qualified by a lender. 6 of 50 Broker Tami has a very low advertising budget. At the time the agreement is signed. Explain the method used to write good advertising. A. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 2- What exception exists to the duty of obedience when working with a client? When a home seller accepts a purchase offer, the seller is hoping the buyer will complete the transaction at the agreed-on price and believes there is nothing wrong with the condition of the home. How to Write a Purchase Agreement? 69,200 A. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? 46- A life insurance company would most likely invest in all but which of the following properties? Present the higher-priced offer first. C. The air conditioner does not work. 4- What is a good method for estimating what a seller will net from the sale of the property? D. If the buyer rejects the first counteroffer, the seller can accept the first offer. Virtual tours are a very expensive marketing tool to use. Which of these forms of advertising is she most likely to avoid? 7 of 11 In which of the following types of loans is the payment allocated only to interest? 6 of 10 Which booklet is not part of the Combined Hazards Book? D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. Mary makes an offer to purchase a duplex from Sam. 3- What signals do buyers use to indicate they may be willing to make a purchase? 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? 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? What is the status of the contract between Sam and Mary? A. B. Has Bob acted properly? A. Which of the following activities would she not be authorized to perform? Deposit the check into his trust fund account on the next business day. D. Kirks offer to Larry is legally cancelled. Which of the following would be considered an intermediate goal? Sharon and Steve have just taken a second mortgage on their home. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. California: Real Estate Practice Ch8 Quiz with no answers. B. 9 of 10 A reference list of alternative comparable properties is sometimes referred to as the: 10 of 10 Prospects Jim and Linda arrive with agent Bill at the first showing. The borrower makes payments of interest only over the term of the loan. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. Private mortgage insurance is available for FHA loans. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. How long does he have to file a complaint with the Department of Housing and Urban Development? How to make a Best Offer. 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. 8 of 10 Which of these statements about counteroffers is not true? D. Meet with an inspector at a listing. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. D. The buyers love the landscaping improvements the sellers have made. B. mejores programas bases de datos. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 7 of 10 Which of these forms is not filled out by the seller? 3- Differentiate between mortgage brokers and mortgage bankers. 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? A buyer applies for a loan that is neither insured nor guaranteed by a government agency. What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? C. Real estate can respond quickly to changes in the market. C. Explain your marketing plan to the sellers. C. Shows property addresses that should be excluded from prospecting. D. Exert pressure on the sellers to include something the other party wants. 9- What required disclosure is a result of Megans Law? 6- What is important for the sellers to know about a counteroffer? 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? The advertiser can be sentenced to up to a year in prison. C. Print postage labels from your computer. C. Have keys made for company listings. 8- What is the major difference between a CalVet loan and other loans? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. For what type of loan is the borrower applying? B. Greg has put himself in a potential dual agency situation. 4. Which statement is true? Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. sam neill laura tingle split 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? Alex Jones owns a duplex and lives in one unit. At the end of the term, the loan balance will be negative. Can be used in place of a verbal presentation. 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. 56- Which is not a true statement about the Agency Disclosure? A. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. How are properties affected by the local economy? 78- Nancy bought her home last year for $425,000. If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. Rule E-1 D. Have the broker send a thank you for listing letter to the sellers. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 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. 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. 3- How could refinancing be an investment benefit? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. 6 of 12 The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what? 3- For whom do property tax exemptions exist and for how much? A. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 7. 30- Being prepared to handle incoming phone calls means all of the following except which? What is the major difference between an employee and an independent contractor? D. Offer to call the prospect when new listings that meet his or her criteria come on the market. He sounds really excited about this property. B. Mortgage bankers bring borrowers and lenders together. 6. 2- Who needs title insurance and why? 2- What kind of problem can result from a straight loan? They made $50,000 of improvements. D. The date Abby makes the request to receive the booklet. What should Elaine do? 8- Why is it important to have a written prospecting plan? During a phone call, a salesperson discusses showing a property to a prospect. D. The owner has 45 days to file a change in ownership statement. Elaine parks across the street from the home and Mike is disappointed by what he sees. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? What should Tim do next? Display lots of family photos to impress potential buyers. This would be the maximum the purchaser would be permitted to borrow. What should Bob advise Sam? They were counting on a full-price offer and are very disappointed. The advertiser is subject to a fine. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 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. A. 1- What are the three important considerations for a good property investment? AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000.