A. Mike has changed jobs six times in the past six months. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Which of the these activities does she have control over? D. Broker Gina puts $150 into her trust account. 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. D. Their loan payments will gradually increase. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? A. 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? Explain. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. Bill is purchasing a 6-family apartment building. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Nam lacinia pulvinar tortor nec facilisis. B. C. Participation in the MLS increases a licensees inventory. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. D. Give the sellers the price over the phone so that they can think about it before you meet with them. C. A counteroffer can give the buyers an out if they want one. 5- If lenders intend to sell mortgages in the secondary market, what must they do? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? What do you need to remember about making phone calls to potential clients? Share that information with the sellers. The borrowers family in case of his or her death, B. 8- Under what conditions may a landlord enter a tenants property? 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? C. Print postage labels from your computer. Bob Broker represents Sam Seller. It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. Go back to the buyer's agent and try to get the offer higher. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? \end{array} During a phone call, a salesperson discusses showing a property to a prospect. C. Discover why some homes havent sold. 1- What are the five aspects that are involved in any selling approach? On what amount will he pay capital gains tax? 4- Describe how a property manager can receive his or her fees. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. C. Brenda could be liable for a breach of the listing terms. What would be determined by a location survey? Have you been pre-qualified or pre-approved by a lender yet? What approach can their agent take to change the sellers perception of the offer? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. B. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. D. Buyer indemnity and seller protection. The term of the loan can be shortened. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. buyer randy makes an offer to purchase \hline \text { Annual inspection costs } & \$ 155,000 \\ 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. Senior housing for residents 62 or older, B. 8 of 10 Which of these marketing tools is not considered a traditional tool? C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. Which area of specialization would she fall into? In this case, multiply the monthly income ($600) by 12. What are members of NAR required to do? 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. Who should Tommy recommend the owner consult with before making a decision? The Reality of Purchase Offers . 5- Your listing presentation manual should be made up of two sections that address what issues? Allows quick repayment of the loan through accelerated payments. 7. Which of the following statements is true? A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. A rental condominium for a recreational vehicle. There are no offers on the property during the 6-month listing period and the listing expires. Donec aliquet. He succeeds in setting up an appointment to meet with the caller. 7 of 10 Which of the following is not a national real estate trade organization? This is not true of which duty? Their first mortgage will get paid off immediately. D. Supply cannot be moved to a high demand area. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? 7- What makes up a mortgage? 1- What is important to know about unlicensed real estate assistants? 1 of 10 Broker Alice has hired several independent contractors in her firm. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. A counteroffer represents a rejection of an offer. Which of these ad headlines would probably be the least effective for this home? What approach can Greg use to discourage the person from calling other agents? 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. She would likely be required to do which of the following? A. Eric can require that both the buyer and seller share equally in his commission. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. C. Insurance agents dealing with customers. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? If the loan is for $68,000, what will Mark be assessed in points? A. Call Us Today! Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Ashley should end this relationship by, : asking the seller to sign a mutual release. the buyer is not allowed to make a counteroffer. B. Pleases the sellers by inv=creasing activity. The steps to make an offer to purchase | DuProprio Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. What do many firms do to avoid confusion with their advertising plan? What kinds of insurance do brokers normally require of their employees? Find solutions. 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? It never was effective since Sam had not notified Mary of the acceptance. What kind of closing technique is Jim using? She can do all of the following except which? A. A. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. Facebook Instagram. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. \hline 4- What items are not covered by any title insurance policy? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? He must withdraw his representation of one of the parties. 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? B. 2- What kind of problem can result from a straight loan? D. The date Abby makes the request to receive the booklet. 8- When does a purchase offer become a legal contract? 8. 5 of 10 All of these would be effective at capturing a readers attention except which? Which of the following activities would she not be authorized to perform? C. Clearly written contractor agreement must exist. Which of the following would be the least likely place for them to obtain a loan? Instead, Bob terminates the relationship with Mary. 6 of 11 Which of the following is not true about reverse annuity mortgages? A. C. Recommend a counteroffer back to list price. What was Sam's appraisal cost for quality last year? Which statement is true? B. The lender makes payments to the borrower. buyer randy makes an offer to purchase - ftp.ivnowandzen.com 46 of 50 Greg grew up in and lives in a rural area. A. B. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. 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. 2- When establishing rapport, whats one of the best ways to get to know your buyers? D. Is permissible in amounts under $50. A. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 70- Which of these items would be a credit to the buyer on the settlement statement? 8 of 10 Which of the following will give you comparative market data the fastest? D. Do not show the home between 10 a.m. and noon on Sundays. 1- What is an important thing to remember about listing agreements? A. 7 of 10 How might probate information help in prospecting? He refuses to rent the other unit to families with children. Sam plans to overnight the acceptance on Monday. What should Bob do? B. FSBO sellers believe they will save money if they sell themselves. FREE Offer to Purchase Real Estate Form - RealtyPact Find things in the home a seller needs to repair. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? Establish a homes fair market value. 4- Why is coordinating escrow so important and how can an assistant help? 4 of 11 Which of these is also called a contract for deed? 8- What is an important issue for potential buyer clients to understand? 7 of 10 Which disclosure form gives detailed information about the propertys condition? B. how to type spanish accents on chromebook keyboard; one way process of communication; 47 brand franchise fitted hats; ncaa softball coaches' salaries 2019; albert pujols home run record; Answer: A- No, Bob Should have submitted the offer. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. C. Can perform some real estate activities without a license. Salesperson Sally tells her senior citizen buyers that the home they want to view is located in a neighborhood with several small children and loud teenagers. C. Maintaining the office filing system. 8. D. An exclusive listing must always be at least 30 days long. A. 2- What kind of problem can result from a straight loan? B. Write a counteroffer. Step 2. 56- Which is not a true statement about the Agency Disclosure? Only after receiving the tenants consent. B. She is probably using all but which of the following tools? It can be considered an employment contract. Discourage Sam from accepting an offer so far below Sam's asking price. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. 1 of 10 Which figure represents the amount of income available as a return to an investor? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 1- What is an important thing to remember about listing agreements? The property is in an area that could flood. What economic factors affect the real estate market as well as other goods and services? A. This form is the first step in any real estate deal. The other 75% came from an hourly wage paid by Tami. C. Your plan for finding the buyer a home. She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. A. A. Giving information about a listing to prospective buyers. 19- Which of the following is not an advantage of hosting an open house? He sounds really excited about this property. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. 2- What is floor time and why is it important? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. What is this called? A. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. His depreciation was $2,500 per year. 7 of 50 Glenna and Amanda just bought their first home. The owner of the property is HIV positive. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. B. At the end of the term, the loan balance will be negative. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. B. 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. B. 14- Value includes which of the following aspects? Next, calculate the points charged; $168,500 x 0.02 = $3,370. You had a 9% loss. A. Ken is responsible for his own taxes, while the broker pays Sarahs. What approach can Greg use to discourage the person from calling other agents? Which is a true statement? D. Have the prospects sign the disclosure about agency relationship. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. 10- Whats the difference between a lease purchase and a lease option? A. D. Erics broker should appoint Eric as the designated agent in this transaction. 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? A. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. buyer randy makes an offer to purchasewhy do my fingertips smell like garlic PB Nitom Blog . 13 of 50 What is the most common reason that owners try to sell their homes themselves? Deposit the check into his trust fund account on the next business day. What percent of loss did you have? A purchase offer is a binding contract between the buyer, the seller and their agents. 5 of 10 Which of the following would not be a reason to choose to be an assistant? Sam has insisted on pricing his home 10% higher than Bob's CMA recommended. 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? C. Guarantees payment of all interest and principal on mortgage-backed securities. 3 of 10 What kind of ad usually combines both institutional and product advertising? 10 of 10 Which of the following is not a possible benefit of investing in real property? If a seller is in a multiple offer situation, how do you determine the best offer? C. Have keys made for company listings. 38 of 50 What is the primary role of Fannie Mae? Sam asks Bob what the price is. 3- What is the difference between CLTA and ALTA policies? B. B. Ken must obtain his own training. Ask questions of the prospects children. 62- When agent Hal shows a home he should never: A. C. Make up some statistics to share with the Bowers. Buyer Norm just signed a purchase contract with licensee Pat. How does ALTA-R differ from ALTA? Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs Has New Age violated any laws? 4- What items are not covered by any title insurance policy? B. 1.555.555.555 | frontier airlines crash history. B. Its easier to prioritize your tasks if your goals are in writing. Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. 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? 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? D. Gross income must be based on hours worked. Which statement is true? He says to them, "Would you prefer to take possession on September 1 or October 1?" Over 300 California Real Estate Practice Exam questions to pass Tests! Once you've found an item you want to buy that accepts Best Offers, here's how to make your offer: Choose Make Offer. What is most likely their main motivation for investing? 5- What kind of newspaper ad could you place to solicit a listing? C. When you have 200 names in your contact database. 5- What should a good management contract contain? A. $90,000 The owner has 30 days to notify the county assessor. Sample Final Exam for California Real Estate Practice Questions with no The original loan becomes subordinate to the wraparound. A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. B. buyer randy makes an offer to purchase D. Exclusive-authorization-and-right-to-sell agreement. 8 of 10 What does the paragraph on repairs state? 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? D. Offer something valuable to the reader. The Residential Environmental Hazards Guide, B. D. The UCC is a body of law that standardizes a number of business practices. However, he is objecting because the roof is 12 years old. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. The A. Suggest to the sellers that their listing price is too high. 2- Name one advantage and one disadvantage of telephone contacts. 74- Which statement is not true about an agency relationship? D. Lends good visual support to what the agent is saying. Which statement is TRUE? 3- What signals do buyers use to indicate they may be willing to make a purchase? Better yet, try to avoid deal breakers. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. buyer randy makes an offer to purchase. Buyer Randy makes an offer to purchase one of Broker Tom's Which statement is true? D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 5 of 10 How many properties should be included for comparison in a competitive market analysis? A. 1- What is escrow? wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? residential transactions financed by federally related mortgage loans. A. C. It must specify a definite termination date. 2 of 10 Which lender typically deals in interim financing? 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. Entails entering into two agreements simultaneously. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? C. Real Estate Settlement and Procedures Act. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 92- Which of the following situations is not exempt from the seller disclosure requirement? 8 of 12 Fannie Mae does all of the following activities except which? Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. 6- What is the main reason sellers choose to sell their property without an agents help? Can be used in place of a verbal presentation. Start in the room with the best features. How to make a Best Offer. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? A. 5 of 10 What would be the least effective way to get to know your buyers needs? Rate of return is computed by dividing the annual net income by the rate of return. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. D. Have the broker send a thank you for listing letter to the sellers. Explain the method used to write good advertising. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. 67- Hannah is a real estate assistant. 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. Which of these statements is true about the wraparound mortgage? 2- What types of office administration tasks are important for a licensed assistant to perform? D. Whether or not the licensees attend staff meetings. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. The buyer must pay the broker a commission. B. I will practice my listing presentations. C. The buyers are interested in another property. 16- Dave and Nadine have decided that they want to become property investors. B. What kind of lease does Jim have? 30- Being prepared to handle incoming phone calls means all of the following except which? C. The seller can do all repairs himself. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. Given the rise in the price of a plane ride, what percentage change in the price C. Sharing all visitor comments two weeks before the listing ends. D. All adjustable rate mortgages have negative amortization. D. Their lender can profit from the difference in interest rates. One offer is for $208,000; the other is for $200,000. D. I will complete a property management seminar within the next year. Is depreciation accounted for by a hospital? C. Clearly written contractor agreement must exist. 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. C. Participate in a tax shelter program. 4- Agent Greg receives a call about one of his firms ads. 42 of 50 Alex makes an offer to purchase one of Bills listings. 10 of 10 A competitive market analysis is an attempt to: A. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. 33- Which statement is true about a loan that has a negative amortization? Mary makes an offer to purchase a duplex from Sam. The offer with the highest price that is the most likely to close What is the most often used form of earnest money deposit? Making An Offer To Buy A Business - 6 Key Considerations - Forbes 3- When making your presentation, what topics should you cover? 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. 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. Bill cannot contact the seller. Which is a true statement? Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} rickey smiley and grandson videos 4. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. The home comes equipped with all furnishings. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? How should licensee Fred handle this offer? Buyer Norm called and rescinded the offer. B. 7- How can a builder help you generate leads? Possession date. The loan value is based on the appraised value, not the sale price. 8- Why should agent Grace give her client a Combined Hazards Book? 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? Return the earnest money to buyer Norm. 65- Which of the following items is usually not prorated at closing? D. The loan must be repaid before the borrowers death. 7- Name three benefits of listing a home with an agent that you could share with sellers. The borrower gives the lender a note and a mortgage in exchange for the funds. C. Bake muffins or cinnamon rolls to create a homey feel. Give the prospects a black copy of a purchase agreement to look over. 4- What is the agreement that a broker can enter into with a buyer? C. The buyers and sellers agents will sign the escrow instructions. buyer randy makes an offer to purchase. 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? A. 2 of 10 Assistants who are asked to be available for tasks in the field rather than in the office are referred to as: 3 of 10 Which of these items on a resume accompanying an application for an assistants position should be kept brief? 7- Agent Jim needs to do a visual inspection of his listing. B. A. Tell the buyer about the other offer and urge the buyer to skip the attorney. She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? A. 3- In what three ways can an assistant aid an agent with appointments? C. Real estate can respond quickly to changes in the market. A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. A. B. Sandy and Bill are putting 30% down on their home purchase. 2- Explain the difference between the primary and secondary mortgage markets. 2- Explain the difference between the primary and secondary mortgage markets. Tom thereupon submits a full-price offer to the owner and purchases the property. Ask the buyer if the buyer would like to make an offer taking the roof age into account. 9 of 10 Agent Paul is bound to inform his client of all facts that might affect the clients interests both what Paul knows and what he should have known. Which of these situations would not be something Paul should know? In addition to agent and MLS home tours, what are some other ancillary tools you can use? 1- What are the five aspects that are involved in any selling approach? The adjusted cost basis of the first home was $140,000. 86- Which of the following is not considered a benefit of investing in real estate? What is the result? 9. 3- How could refinancing be an investment benefit? Offer to Purchase Form - Fill Out and Sign Printable PDF Template | signNow 5 of 10 The principles of an agency relationship include all of these factors except which one? A. I will make two new contacts every day this week. You can use a reverse telephone directory to get the names of residents. 10 of 10 All of the following are true statements about goals except which one? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. B. Pam is not liable since it was summer and the heating problem was not obvious.