Answer: A- No, Bob Should have submitted the offer. Sunday afternoon, Mary is driving around and finds a property she likes better. Housing and Community Development Act. It never was effective since Sam had not notified Mary of the acceptance. What economic factors affect the real estate market as well as other goods and services? What are members of NAR required to do? What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? 1- What is important to know about unlicensed real estate assistants? A. C. The Bryants have not received any feedback from any showings in the past month. 8. A. A secondary bid for a property that is for more than the first offer rickey smiley and grandson videos 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? 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. A. 2- What kind of problem can result from a straight loan? A. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. What property type will he be dealing with? 33 of 50 Sal bought a personal residence for $150,000. 12,800 square feet To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. 22- Jane sold her personal home for $148,000. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? The date Abby receives the good faith estimate. 9- Define a purchase money mortgage. 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; Amanda loves the home and wants to make an offer. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? 9- What is the basic purpose of Truth in Lending Regulation Z? Sharon and Steve have just taken a second mortgage on their home. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? C. Regulating reserves of institutions with savings accounts only. 8- Why should agent Grace give her client a Combined Hazards Book? B. D. Exclusive-authorization-and-right-to-sell agreement. The owner has 30 days to notify the county assessor. From whom may a salesperson receive compensation for performed activities? What is the market value of the property? What is most likely their main motivation for investing? 52- Which statement is true about a listing contract? 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. whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. 10 of 10 A competitive market analysis is an attempt to: A. Lenders are in the best position to qualify buyers. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. What kinds of insurance do brokers normally require of their employees? A. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Covers more than one piece of property. 18 of 50 The listing type that assures a broker that he or she will receive compensation no matter who procures the buyer is what kind of agreement? Prior to bringing an offer to purchase. D. Must start out as a part-time employee. When should the agent have disclosed this fact? C. Tangible assets transferred in the sale include inventory, fixtures and equipment. C. Tell them that this home is an exceptional buy and encourage them to look anyway. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. However, he is objecting because the roof is 12 years old. D. The monthly payments increase overtime. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? Then present the $208,000 offer. The broker will owe fiduciary responsibilities to the seller as well as the buyer. 8- What is an important issue for potential buyer clients to understand? There is a crack in the basement wall. Be open-minded. A. 4- Whats a bonus closing and whats important to keep in mind about this technique? Ask the buyer if the buyer would like to make an offer taking the roof age into account. B. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 10 of 10 All of the following are true statements about goals except which one? B. C. Refuse to accept the offer and check. 8 of 10 Which of these marketing tools is not considered a traditional tool? 88- Sally and Dan must pay 2 points on their new $65,000 loan. 7- What is the difference between an FHA loan and a VA loan? Each of their payments is for the same amount. Where is it that he likely found out the property was for sale? A net listing is illegal in all states. It took effect when Sam accepted Mary's offer. Her asking price was $560,000 and the property sold for $575,000. 10 of 10 Which of the following statements is not true about a net listing? 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. 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? C. The fair market value at the time of sale Explain. What approach can Greg use to discourage the person from calling other agents? 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? Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. 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? What percent of loss did you have? 6- Whats important to know about the Liquidated Damages paragraph? C. Greg has violated the duty of confidentiality to Kim. Which one is illegal in many states? 31- Patrick has a written independent contractor agreement with his broker Tami. D. Avoid negative comments while hes inside the home. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? What should Bob do? $90,000 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. A. D. Meet with an inspector at a listing. What is the major difference between an employee and an independent contractor? 4- Describe how a property manager can receive his or her fees. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 2- Explain the difference between the primary and secondary mortgage markets. 6- What does the security and insurance clause of the listing agreement address? buyer randy makes an offer to purchase. 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 4 of 10 Which of the following would be the least desirable phone handling technique? Before the sale can get finalized, the owner would require you to first meet certain conditions. 1 of 10 All of the following are good approaches for handling objections except which? Give an example of a specific short-term goal. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Buyer Jim asks if he can visit the property for a second time. What is the result? 2- What is floor time and why is it important? 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? B. I will do two practice listing presentations per week with an experienced agent for the next two months. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. Retain the check for use with a future sales contract offer. Installation of central air conditioning, D. Addition of a tenant laundry facility. Gross income must be based on production. 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. 5 of 10 Mike bought his home last year for $150,000. Giving information about a listing to prospective buyers. \text { Annual rework cost } & 34,679 \\ C. Is subordinate to a first mortgage. The borrower makes payments of interest only over the term of the loan. Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. Documents showing your affiliations with real estate organizations. You had a 9% loss. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? Her broker has asked her to be available for tasks in the field rather than in the office. 7- Name three benefits of listing a home with an agent that you could share with sellers. Virtual tours are a very expensive marketing tool to use. They were counting on a full-price offer and are very disappointed. Find things in the home a seller needs to repair. Can be used in place of a verbal presentation. Bob Broker represents Mary Buyer. 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? D. The appraised value prior to sale 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. Licensee Pat was in transit to the cooperating licensee's office with the offer. 14 of 50 The title report on a property shows there is a lien on the property. chris kelly rock 92 net worth. You can make a Best Offer on listings that have a Make Offer button. D. Make sure all light bulbs and lamps are working and are bright. What is the key feature of this type of loan? 104- Lorna and Hal have obtained a growing equity mortgage for their new home. A. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. 4 of 10 If a person believes he or she has been discriminated against, how long does he or she have to file a HUD complaint? C. I will get three new listings this month. Their first mortgage will get paid off immediately. 17 of 50 Kathy is a personal assistant at Action Realty. The borrowers family in case of his or her death, B. A. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? Lorem ipsum dolor sit amet, consectetur adipiscing elit. She can do all of the following except which? 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. 4 of 10 All of these are true of prospecting except: A. A. "Let's make a low ball offer?" PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). Plastic dishes last a long time because they are unbreakable. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? 7- How can a builder help you generate leads? Give $250 to the buyer and $250 to the seller. 1 of 10 Which of the following types of agency is not allowed in California? What kind of a mortgage do they have? A. Greg is violating the duties he owes to his new buyer. Jim has decided to specialize in what area of real estate? 8- What is the major difference between a CalVet loan and other loans? 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. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. 4- Whats a bonus closing and whats important to keep in mind about this technique? 53- Greg sold an apartment building he owned for 20 years. 8- Under what conditions may a landlord enter a tenants property? Mortgage bankers bring borrowers and lenders together. Preparation of an appraisal of the property, D. Help with required forms and disclosures. 8- What does the Water Heater Statement of Compliance address? 7- What does the net operating income of a property represent? Have you been pre-qualified or pre-approved by a lender yet? Private mortgage insurance is available for FHA loans. D. The first and second mortgage will be rolled into one. Whoever brings the buyer will get the commission. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 1- What is escrow? However, she believes the sellers will not be willing to accept the offering price. D. Preparing flyers and promotional materials for the brokers approval. 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.