Gross income must be based on production. If checked, the seller can complete repairs after closing. A. 4 of 10 Which of the following would be the least desirable phone handling technique? Donec aliquet. B. 2- Name one advantage and one disadvantage of telephone contacts. 8 of 10 When is the first installment of property taxes due? If the loan is VA guaranteed, no down payment is required. A. Attend weekly staff meetings at the office. View an objection as the buyers request for more information. C. The loan term will extend gradually over time. 2 of 10 When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision? B. What approach can their agent take to change the sellers perception of the offer? Ask the caller if he or she would like to receive e-mails on newly listed properties. What kind of agreement is this? C. Participation in the MLS increases a licensees inventory. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. The seller accepts the offer by signing it, puts the accepted offer in an envelope addressed to the buyer, and places it in a U.S. mailbox. B. B. 2- What kind of problem can result from a straight loan? Who makes the payments to a claimant from the Guaranty Fund? Which term is the process of joining several parcels of land into one larger parcel? 4- Describe how a property manager can receive his or her fees. B. D. The borrower gets a note in exchange for a mortgage. \hline Auteur/autrice de la publication : Post published: 16 juin 2022 Post category: aerogarden pump settings for herbs aerogarden pump settings for herbs C. Real Estate Settlement and Procedures Act. From whom may a salesperson receive compensation for performed activities? 9- What required disclosure is a result of Megans Law? $90,000 D. Goals must be realistic if you hope to accomplish them. A. Seeking buyers for your listings B. A. Lead-based paint was used in the home. C. Eric may not represent the sellers interests to the detriment of the buyer. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. Who is responsible for removing the lien to clear the title? D. The interest payment is always smaller then the amount allocated to the principal. In the meantime, Bill gets another offer on the property from another buyer at a higher price. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Refusing to make loans based on the racial composition of a neighborhood is called. Recommend a counteroffer back to list price. castilian drive, los angeles. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? Next, calculate the points charged; $168,500 x 0.02 = $3,370. 70- Which of these items would be a credit to the buyer on the settlement statement? B. California: Real Estate Practice Chapter 17 Quiz with no answers. The salesperson entered into a buyer-broker contract with her brother. Terminate the first contract and accept the higher offer. 16- Dave and Nadine have decided that they want to become property investors. 3- What is the difference between CLTA and ALTA policies? C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. Example 1. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. B. A. John offers weekly training seminars. I think theyre asking a fair price., C. What do you think would be a fair price?, D. The comps say that this price is right on target.. D. Brenda has not violated any fiduciary duty. What will they have to pay at closing for the points? B. Ken must obtain his own training. 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. 6- Whats important to know about the Liquidated Damages paragraph? 10 of 10 Which of these is not an exemption to fair housing law? 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? Which of the following activities would she not be authorized to perform? D. The owner has 45 days to file a change in ownership statement. 07 Jun. The lender gives a mortgage to the borrower and gets funds in exchange. 7- How can a builder help you generate leads? Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. C. The definition of handicap was expanded to include use of guide or support animals for deaf and blind individuals. 5 of 10 Alice has decided that she will specialize in selling farm land. 2 of 10 All of these statements are true except which one? 5- How do life insurance companies get involved in the investment market? The buyer must pay the broker a commission. What should Tim do next? C. The air conditioner does not work. 8 of 10 Which of the following is a good direct mail technique? 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? A. A. A. Salesperson Harry can solicit his own listings. 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? During this interim period, grant makes monthly rent payments and the owner accepts them. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. D. Their loan payments will gradually increase. There . A secondary bid for a property from the same buyer. buyer randy makes an offer to purchase Answer: D- Return the money to buyer Norm. B. 3- What is a good approach to use when contacting the owner of an expired listing? 3. What should Bill do? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 5 of 10 Which of the following is not a source of information for professional ethics codes? Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. Rule F-1. C. I will open my own office within nine years. California: Real Estate Practice Ch10 Quiz with no answers. C. It must specify a definite termination date. His depreciation was $2,500 per year. Retired persons are a good source of neighborhood information. C. There is a 6-month pre-payment penalty for paying off the loan early. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. C. The broker must conduct the escrow personally and not delegate any escrow activities. The broker will not provide any. The home comes equipped with all furnishings. What kind of closing technique is Jim using? What kind of listing agreement does Alice have with Jack? C. Identifies buyers for other properties. Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. What will the new owners pay in property taxes? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. 4- Why is it important to talk to the sellers about the buyers? 2 of 10 A competitive market analysis contains information about all of the following items except which? D. Offer to call the prospect when new listings that meet his or her criteria come on the market. buyer randy makes an offer to purchase - pet-anneve.com 7- What makes up a mortgage? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? 4 of 10 Which of the following is NOT a condition of the safe harbor test? 6- What does the security and insurance clause of the listing agreement address? 59- Which of the following is a sellers request that an agent cannot honor? The offer with the fewest contingencies C. Real Estate Settlement and Procedures Act. 2. 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? Buyer Jim asks if he can visit the property for a second time. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? B. Is there a contract between the buyer and seller? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? C. Prepare additional documentation to take to the presentation. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? Call Us Today! C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. A. The advertiser can be sentenced to up to a year in prison. 92- Which of the following situations is not exempt from the seller disclosure requirement? How should licensee Fred handle this offer? How to Write a Purchase Agreement? 42 of 50 Alex makes an offer to purchase one of Bills listings. Each of their payments is for the same amount. A. Which of the following would be considered an intermediate goal? California: Real Estate Practice Ch8 Quiz with no answers. C. Classified ads placed on the property, D. Number of hits on the company website. Who should Tommy recommend the owner consult with before making a decision? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? A. 7- Name three benefits of listing a home with an agent that you could share with sellers. 7- Agent Jim needs to do a visual inspection of his listing. They will have a number of new expenses as a result of this purchase. 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. What California Fair Housing law has the manager violated? 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? 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? Senior housing for residents 62 or older, B. ", Answer: A- "What would you like to offer? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? Bill cannot contact the seller. C. The seller can do all repairs himself. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent.

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