1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 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. What should Bob do? 4. Please remove your shoes before entering the home. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? What is meant by the term sphere of influence? D. This action is deliberate misrepresentation. A. Jake is getting a VA loan with no down payment. Answer: D- They are effectively terminating the original offer. A. Kirk doesnt have the right to withdraw the offer so soon. Not waste anymore time on this house, the buyer will never make an offer. Housing and Community Development Act. Other than residential list three kinds of property in the real estate market. 6- What is important for the sellers to know about a counteroffer? 5 of 50 Jane has been working with some buyers for several weeks. Which of the these activities does she have control over? Refusing to make loans based on the racial composition of a neighborhood is called. A. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? Which statement is true? A counteroffer represents a rejection of an offer. D. Must start out as a part-time employee. A. 1 of 10 Which of the following types of agency is not allowed in California? 3- When making your presentation, what topics should you cover? B. 81- Jake has decided to specialize in working with clients who purchase schools. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. A Bill of Sale gives title to the business equipment. Making An Offer To Buy A Business - 6 Key Considerations - Forbes 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? Now, calculate how much you lost: $153,890 - $139,900 = $13,990. C. Broker Harry deposits $1000 into his brokerage business account. 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. Needs a license to perform activities that are not strictly administrative in nature. Which of the following statements is true? 100- What does the Real Estate Disclosure Law refer to? D. Buyers of FSBO homes are usually the ones who save money. Who is responsible for removing the lien to clear the title? B. I will do two practice listing presentations per week with an experienced agent for the next two months. A. California: Real Estate Practice Chapter 14 Quiz with no answers. buyer randy makes an offer to purchase buyer randy makes an offer to C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. 2- List the three Institute of Real Estate Management property management designations. Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. 8- What is the major difference between a CalVet loan and other loans? 6- What does the security and insurance clause of the listing agreement address? buyer randy makes an offer to purchase. The other 75% came from an hourly wage paid by Tami. Buyer Randy makes an offer to purchase one of Broker Tom's A. D. All adjustable rate mortgages have negative amortization. Give the prospects a black copy of a purchase agreement to look over. 1 of 10 Gail is a licensed real estate assistant. Go back to the buyer's agent and try to get the offer higher. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? B. 10. 7 of 10 Which statement is not true about opening escrows? Before completing the form, discuss the following important points with the home seller: Price. What California Fair Housing law has the manager violated? 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? In the past year they have referred two dozen people who have purchased flooring from New Age. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. C. Present Alexs offer first since it came in first. D. Tell the sellers its time to reevaluate the price. 5. C. Once you set a goal you should never change it. 1. Which statement is true? Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. What should Elaine do? Next, calculate the points charged; $168,500 x 0.02 = $3,370. 3- What is a good approach to use when contacting the owner of an expired listing? Why is it important for licensees to understand the Americans with Disabilities Act? 29- Which of the following is not a good direct mail technique? 3- When making your presentation, what topics should you cover? The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. 9- Define a purchase money mortgage. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? B. B. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. Buyer Norm just signed a purchase contract with licensee Pat. 9 of 10 A shopping center would be primarily categorized as what type of property? 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. C. Recommend a counteroffer back to list price. Which term is the process of joining several parcels of land into one larger parcel? Which one is illegal in many states? 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? C. I will open my own office within nine years. How would Grants lease at this time be classified? How does ALTA-R differ from ALTA? 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? 1. 5 of 10 How many properties should be included for comparison in a competitive market analysis? A. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. 7 of 10 Which disclosure form gives detailed information about the propertys condition? He must withdraw his representation of one of the parties. Display lots of family photos to impress potential buyers. C. The fair market value at the time of sale On what amount will they pay capital gains tax? 1 of 10 Broker Alice has hired several independent contractors in her firm. 4- Agent Greg receives a call about one of his firms ads. D. The advertiser must prove he was grandfathered in as a licensee. 7- What are the capital gains exclusions associated with the sale of a personal residence? A. Youll know how much house they can afford. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? During a phone call, a salesperson discusses showing a property to a prospect. Courtesy of RealtyPact. The monthly net rental is $600. C. Regulating reserves of institutions with savings accounts only. Bob Broker represents Sam Seller. What kind of closing technique is Jim using? 4- What items are not covered by any title insurance policy? practice test Flashcards | Quizlet A. 2. What is the result? Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. 1- What is escrow? 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. 3 of 10 Sara just bought her first new home. B. What kind of mortgage might they get? One offer is for $208,000; the other is for $200,000. 5 of 10 California allows a property manager to charge a non-refundable fee for which? C. It creates an agency relationship. buyer randy makes an offer to purchase. C. Greg has violated the duty of confidentiality to Kim. However, she believes the sellers will not be willing to accept the offering price. 8- When does a purchase offer become a legal contract? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? B. C. Johns office has a selection of books, CDs and tapes for agent use. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? C. The same amount will go towards the principal every month. Present the offer and tell the seller that the check needs to be held until June 30. 3- What is a good approach to use when contacting the owner of an expired listing? Ask the caller if he or she would like to receive e-mails on newly listed properties. D. Reduces the monthly payment for a borrower during the initial years. 67- Hannah is a real estate assistant. B. 8- Why should agent Grace give her client a Combined Hazards Book? D. Chris is a buyer's agent. Be a deal maker. What percent of loss did you have? A. Secure documents that are public information from the courthouse and other sources available to the public. residential transactions financed by federally related mortgage loans. California: Real Estate Practice Ch8 Quiz with no answers. In the meantime, Bill gets another offer on the property from another buyer at a higher price. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? castilian drive, los angeles. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? C. The Bryants have not received any feedback from any showings in the past month. D. Goals must be realistic if you hope to accomplish them. A. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market?
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