4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? PRACTICE QUESTIONS), >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. 41- Agricultural land includes all of the following EXCEPT which? The listing agent must provide the disclosure to the seller prior to securing the listing agreement. The interest rate will increase gradually over time. Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. Other than residential list three kinds of property in the real estate market. 16 juin 2022 why do babies clap their feet. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? Two weeks before the close of seller Jan's property, buyer Sam makes an offer. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? California: Real Estate Practice Ch8 Quiz with no answers. D. Avoid negative comments while hes inside the home. C. The owner has 45 days to pay the new property taxes. C. Alice is getting a conventional loan and making a 15% down payment. A. An apartment building for a vacant lot, B. D. Hold it with the buyers permission until the contract is accepted. Local ordinance requires a 20-foot rear and front setback. What should Bob do? The check that accompanies the salesperson license application must be for what amount? Give housing choices to the widest range of people. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? The HUD-1 Uniform Settlement Statement, required by RESPA, must be used in what instance? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 14 of 50 The title report on a property shows there is a lien on the property. 12- What does TRID require of lenders? A. The purchase price, plus depreciation, B. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? Gross income must be based on production. 7 of 50 Glenna and Amanda just bought their first home. 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? 11- What are the penalties for violating Regulation Z? D. All repairs must be in compliance with existing building codes. 5- What should a good management contract contain? 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? The following table lists all costs of quality incurred by Sam's Surf Shop last year. What is meant by the term sphere of influence? The sales agent should: Write a counteroffer stipulating the sellers' request. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 1. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? B. B. What should Bob do? 1- What is goodwill as it relates to a business? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. Buyer Norm just signed a purchase contract with licensee Pat. New Age purchased a new coffee maker the office was in need of. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. In this scenario, which of the following is not true? What should Jake do? Referral fee to a homeowners insurance agent. Use as little white space as possible. The broker will not provide any. What kind of lease does Jim have? ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? Tell Mike that the sellers will be upset if they cancel the appointment. Buyer Jim asks if he can visit the property for a second time. A counteroffer represents a rejection of an offer. A. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? 2. A. 1.555.555.555 | frontier airlines crash history. D. Broker Tom has only limited responsibility for the actions of his licensees. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. To access the website, click "Allow". The second mortgage has now become the primary loan. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Lorem ipsum dolor sit amet, consecteticitur laoreet. What does the net operating income of a property represent? One offer is for $208,000; the other is for $200,000. D. Placing a classified ad in the weekend paper. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? D. Give the sellers the price over the phone so that they can think about it before you meet with them. 5 of 10 What would be the least effective way to get to know your buyers needs? They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. 07 Jun. What should Bob advise Sam? 2- What is floor time and why is it important? This is not true of which duty? C. Allow indoor pets to leave their designated area. 6- When is a lender required to terminate a borrowers private mortgage insurance? 3- What is the difference between CLTA and ALTA policies? 4- Agent Greg receives a call about one of his firms ads. 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? C. Your plan for finding the buyer a home. If a seller is in a multiple offer situation, how do you determine the best offer? A secondary bid for a property that the seller will accept if the first offer fails Find solutions. C. Exclusive-authorization-and-right-to-sell. Point out that the roof is not leaking despite its age. : The Commission could suspend or revoke Rob's license. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. B. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. What percent of loss did you have? The borrower makes payments of interest only over the term of the loan. A. How much do you have in your savings account? Display lots of family photos to impress potential buyers. The escrow holder will need information about the brokers commission. The purchase price, plus depreciation 1- What are the five aspects that are involved in any selling approach? Give as much detailed information about the property as you can. 4. The owner has 30 days to notify the county assessor. A. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 41 of 50 What was the important ruling in Jones v. Mayer? 33 of 50 Sal bought a personal residence for $150,000. B. What would be determined by a location survey? 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? What must Tim do? There is nothing that can offset this problem. 1- What is a competitive market analysis? 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. What should Tom do? Answer a question with a question when possible. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? A. The buyers have been pre-qualified by a lender. 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. 2- What are some tax benefits associated with investing? C. Eric may not represent the sellers interests to the detriment of the buyer. 100- What does the Real Estate Disclosure Law refer to? 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? He pays rent for occupancy, plus maintenance and operating expenses. What should Tim do next? C. Classified ads placed on the property, D. Number of hits on the company website. C. Regulating reserves of institutions with savings accounts only. 3- What is the difference between CLTA and ALTA policies? D. The lender assumes Tim and Sues income will rise over the first few years of the loan. B. C. Date and attach supporting documents. D. Chris is a buyer's agent. 10 of 10 Which proposition limited the maximum amount of tax on real property? C. Insurance agents dealing with customers. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? B. \text { Annual testing cost } & 543,000 \\ munich latitude compared to us; pro sun tan. 2. 1 of 10 Which figure represents the amount of income available as a return to an investor? C. Ask the caller when not if he or she wants to see the property. D. The property is in a state fire responsibility area. B. 4- What is the agreement that a broker can enter into with a buyer? 2- What kind of problem can result from a straight loan? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? The loan value is based on the appraised value, not the sale price. 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. Private mortgage insurance is available for FHA loans. 29- Which of the following is not a good direct mail technique? 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. $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. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 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. D. She should persuade them to accept the offer. Deposit the check into his trust fund account on the next business day. 1- What are the three important considerations for a good property investment? Which area of specialization would she fall into? 3 of 10 How long must trust account records be kept? Mary wants to terminate the contract. A. Kirk doesnt have the right to withdraw the offer so soon. A. 5 of 50 Jane has been working with some buyers for several weeks. mejores programas bases de datos. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. During business hours and only after giving the tenant 24 hours notice. Sharon and Steve have just taken a second mortgage on their home. they are effectively terminating the original offer. A counteroffer by a seller to a buyer turns the seller from offeree to offeror. The couple now has. 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? 8- What actions does a lender take to sell a mortgage in the secondary market? C. Real Estate Settlement and Procedures Act. 4- What is the agreement that a broker can enter into with a buyer? Attend weekly staff meetings at the office. Senior housing for residents 62 or older, B. This mortgage type is popular among the elderly. How to Write a Purchase Agreement? 7- What makes up a mortgage? buyer randy makes an offer to purchase. Buys conventional, FHA and VA loans. Rate of return is computed by dividing the annual net income by the rate of return. Which of the following would be considered an intermediate goal? D. Employee status versus independent contractor status is an IRS issue. Underline each word that should be capitalized in the following items. A. Forwarding calls from the public to one of the salespersons in the office. C. Broker Harry deposits $1000 into his brokerage business account. C. Johns office has a selection of books, CDs and tapes for agent use. B. 3- In what three ways can an assistant aid an agent with appointments? Next, calculate the points charged; $168,500 x 0.02 = $3,370. 10 of 10 When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? D. After the agent has had time to make copies at the office. 7- In the initial meetings with the prospects, the agent should do all of the following except which? 4- Describe a reverse annuity mortgage. 21- Which form of advertising is considered the most cost-effective method for selling a home? B. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. 6- What does the security and insurance clause of the listing agreement address? B. There are no offers on the property during the 6-month listing period and the listing expires. Then present the $208,000 offer. 76- Mark believes he has been discriminated against during his home search. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. A broker may advertise that he or she is an escrow agent. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. 16- Dave and Nadine have decided that they want to become property investors. Instead, Bob terminates the relationship with Mary. B. Goodwill is an intangible asset that results from the reputation of the business. C. Jim and Amanda whisper and frown when they see the basement. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 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? He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? 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. B. Launch into your list of the homes special features and hope she changes her mind. C. Be sure all requested inspections have been ordered. He asks his real estate agent if she could tell him how to go about building a house on the land. 54- Jim and Jane are buying a home for $120,000. 9 of 50 Which of the following is a credit to the seller on the settlement statement? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? D. Gross income must be based on hours worked. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. Brenda refuses. 1- How much is the loan origination fee and what does it cover? 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? B. FSBO sellers believe they will save money if they sell themselves. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? 30- Being prepared to handle incoming phone calls means all of the following except which? 9 of 10 A shopping center would be primarily categorized as what type of property? Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. 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. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} It can be considered an employment contract. What kind of closing technique is Jim using? D. Amanda smiles at Jim when she sees the whirlpool tub. D. Whether or not the licensees attend staff meetings. C. It creates an agency relationship. Most likely, what did they get? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. D. Have the prospects sign the disclosure about agency relationship. 4- Why is it important to talk to the sellers about the buyers? A buyer wants to take the offer to an attorney to review it. 7 of 10 How might probate information help in prospecting? What would be a good approach for Pam to take? D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. B. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. C. Guarantees payment of all interest and principal on mortgage-backed securities. Alex Jones owns a duplex and lives in one unit. California: Real Estate Practice Ch7 Quiz with no answers. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 4- What items are not covered by any title insurance policy? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. What do many firms do to avoid confusion with their advertising plan? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? The broker will owe fiduciary responsibilities to the seller as well as the buyer. He must withdraw his representation of one of the parties. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home.

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