Next, calculate the points charged; $168,500 x 0.02 = $3,370. Return the earnest money to buyer Norm. Buys pools of mortgages in exchange for mortgage-backed securities. Answer: B- The contract is voidable due to mutual mistake. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. Sam accepts the offer and executes the contract on March 1, a Sunday. The lender gives a mortgage to the borrower and gets funds in exchange. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? D. Lends good visual support to what the agent is saying. Their interest rate will rise after the first few years. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? \text { Annual cost of quality training } & 456,000 \\ Which law extended discrimination to include handicap and familial status? B. B. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. Sample Final Exam for California Real Estate Practice Questions with no Needs a license to perform activities that are not strictly administrative in nature. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. Rule 21 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 8- Why is it important to have a written prospecting plan? D. All adjustable rate mortgages have negative amortization. Allows the agent to determine community market trends. Which is true? 7- In the initial meetings with the prospects, the agent should do all of the following except which? What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? California: Real Estate Practice Ch7 Quiz with no answers. What should Bill do? "Let's make a low ball offer?" 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 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? What is this agreement called? 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? It helps to identify buyer and seller needs. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 6- Whats important to know about the Liquidated Damages paragraph? Each of their payments is for the same amount. C. Can perform some real estate activities without a license. A. It must be in writing to be enforceable. D. I will distribute 200 business cards every month for the next six months. What disclosure does the salesperson owe to the buyer and seller? At the end of the term, the loan balance will be negative. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. Who makes the payments to a claimant from the Guaranty Fund? 5 of 10 Which of these is not a true statement? What should Bill do? A. The broker will not provide any. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Referral fee to a homeowners insurance agent. Billy's agent tells him that he needs, When using the cost approach to appraise a property, the appraiser is most likely working for the, insurance company trying to obtain a replacement cost on the property. 103- Kirk and Sandy obtained a wraparound mortgage. Sunday afternoon, Mary is driving around and finds a property she likes better. 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? Negotiate agreements regarding commission structuring. 5- What is the Closing Disclosure? A. Kirk doesnt have the right to withdraw the offer so soon. ", Answer: A- "What would you like to offer? What should agent Phil do? A broker may advertise that he or she is an escrow agent. 5- When must a licensee provide an agency disclosure to a prospective client? 58- Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation? Is depreciation accounted for by a hospital? D. The advertiser must prove he was grandfathered in as a licensee. She tells them that this action could decrease their property values. buyer randy makes an offer to purchase - ftp.ivnowandzen.com B. Making An Offer To Buy A Business - 6 Key Considerations - Forbes A. What kind of mortgage might they get? 2 of 10 Which lender typically deals in interim financing? California: Real Estate Practice Chapter 18 Quiz with no answers. Answer: A- No, Bob Should have submitted the offer. Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. B. She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. D. A basis of $140,000 and no taxable gain. D. Allows viewing access to strangers. 4- How is property management seen as a risk to investing? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. B. 12- What are grant programs typically used for? 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? five letter words with l; jaiswal surname caste; pros and cons of herzberg theory; sechrest funeral home obituaries; curious george stuffed animal 1975; cornerstone staffing application 0 Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. 5 of 10 RESPA applies to all of the following EXCEPT which? A. A. Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" Rule F-21 It became a contingent contract when Sam accepted Mary's offer. 2 of 10 Developing a prospecting plan is similar to: 3 of 10 Which of the following is not a legal notice that can provide a listing lead? 14 of 50 The title report on a property shows there is a lien on the property. A. \text { Annual testing cost } & 543,000 \\ 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? A. Greg is violating the duties he owes to his new buyer. 9 of 50 Which of the following is a credit to the seller on the settlement statement? C. Neither Sarah nor Ken can get employer-provided health insurance. They were counting on a full-price offer and are very disappointed. B. What would be a good approach for Pam to take? Which of the following statements is not true? What should Pat do with the earnest money deposit? Which of the following would be the least likely place for them to obtain a loan? What kind of mortgage are they looking for? The buyer must pay the broker a commission. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. B. The salesperson entered into a buyer-broker contract with her brother. Underline the correct pronoun in parentheses in the following sentence. In this scenario, which of the following is not true? [Solved] Buyer Randy makes an offer to purchase one of Broker Tom's D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. A. What kind of a mortgage do they have? 16 juin 2022 why do babies clap their feet. 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. 41 of 50 What was the important ruling in Jones v. Mayer? buyer randy makes an offer to purchase. 9% Answer: B- Encourage the buyer to get the attorney to review it quickly. Broker Alice holds an uncashed check until the offer is accepted. Ask the caller if he or she would like to receive e-mails on newly listed properties. B. B. FSBO sellers believe they will save money if they sell themselves. A. D. Reduces the monthly payment for a borrower during the initial years. What is the primary criticism that sellers have about their agents? 6- When is a lender required to terminate a borrowers private mortgage insurance? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). During a phone call, a salesperson discusses showing a property to a prospect. B. C. Is not necessary if the verbal presentation is strong. A. Sending cards and newsletters is a good way to keep in contact with clients and prospects. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 69,200 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. Retired persons are a good source of neighborhood information. 1.555.555.555 | frontier airlines crash history. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? Fill out a separate, numbered counteroffer form. A. D. Meet with the buyers lender to ensure theyre getting a good deal. He says to them, "Would you prefer to take possession on September 1 or October 1?" 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 6 of 10 Which of these is not a tool to help evaluate advertising effectiveness? Which of the following statements is not true? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. Could be a violation of state licensing laws. A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. D. The owner has 45 days to file a change in ownership statement. 46 of 50 Greg grew up in and lives in a rural area. A. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? C. Clearly written contractor agreement must exist. B. Greg has put himself in a potential dual agency situation. B. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. B. 92- Which of the following situations is not exempt from the seller disclosure requirement? A. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. B. Alice knows everything about the exclusive east side neighborhoods. Broker compensation to other brokers. A. What does the net operating income of a property represent? A. D. Ensure fair real estate negotiations. C. Allow indoor pets to leave their designated area. California: Real Estate Practice Chapter 16 Quiz with no answers, 1 of 10 According to FIRPTA, what percent would a buyer who is buying the property as a personal residence need to withhold when purchasing a $200,000 home from a foreigner?. C. The lender gives the borrower a mortgage and funds. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. D. Their loan payments will gradually increase. C. Once filed, it remains until terminated. Decide which offer is best and present that one. Sharon and Steve have just taken a second mortgage on their home. 3- What is a good approach to use when contacting the owner of an expired listing? A. 1 of 10 Broker Alice has hired several independent contractors in her firm. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 3 of 12 All of the following are primary mortgage market lenders except which? D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. 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? 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? The sales agent should: Write a counteroffer stipulating the sellers' request. $90,000 C. Mortgage bankers are a large source of residential loans in California. 1- What is important to know about unlicensed real estate assistants? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 84- Four years ago, Sam purchased a vacant lot for $10,000. B. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. California: Real Estate Practice Chapter 14 Quiz with no answers. What approach can Greg use to discourage the person from calling other agents? The gross annual income, $7,200, divided by 8% (0.08), is $90,000. 4. B. 2- What is floor time and why is it important? Display lots of family photos to impress potential buyers. Change the locks on the tenants apartment. 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? 5- What does the safety clause in the listing agreement do? 11 of 11 Which of the following is a low loan-to-value ratio? New Age purchased a new coffee maker the office was in need of. B. The loan value is based on the appraised value, not the sale price. Bob Broker knows that another offer will be coming in at about the same time. C. A broker is not responsible for the acts of independent contractors. The borrower gives the lender a note and a mortgage in exchange for the funds. There is nothing that can offset this problem. 8- What does the Water Heater Statement of Compliance address? He pays rent for occupancy, plus maintenance and operating expenses. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 8- What actions does a lender take to sell a mortgage in the secondary market? C. Payments will not be enough to retire the loan. C. They can make payments directly to the original lender. 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. 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; Jim and Jane financed the remaining $25,000 through the seller. Rule F-1. D. Greg has no fiduciary responsibilities to Kim once the listing expired. Gross income must be based on production. D. The loan must be repaid before the borrowers death. C. Exclusive-authorization-and-right-to-sell. D. The interest payment is always smaller then the amount allocated to the principal. Who is responsible for removing the lien to clear the title? B. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 39 of 50 Prospects Mike and Marge arrive with agent Elaine at a showing. 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. 4- What items are not covered by any title insurance policy? At the time the agreement is signed. One day later. Sexta, 26 de novembro de 2021 . View an objection as the buyers request for more information. A. C. Discuss alternative properties that may be interest. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? His depreciation was $2,500 per year. A. 80- Which of the following is an example of commingling? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? Can be used in place of a verbal presentation. C. Brenda could be liable for a breach of the listing terms. 6 of 10 A buyer calls your office to inquire about a property he saw advertised. 4- What is a good method for estimating what a seller will net from the sale of the property? A. 2 of 10 Which of these is not a good technique to get the name of a caller who is reluctant to give you that information? Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. A. Forwarding calls from the public to one of the salespersons in the office. 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? Present the $200,000 first and recommend rejection. 8 of 10 Which of these marketing tools is not considered a traditional tool? What would be determined by a location survey? 6 of 10 Which of the following statements is not true? When You Should Make a Purchase Offer - The Balance 28- Abby applies for a federally-related loan to purchase a home. B. Their first mortgage will get paid off immediately. D. Buyer indemnity and seller protection. The home is listed at $210,000. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? Which is a true statement? C. The borrower pays a fixed rate of interest. Which of the following statements is true? D. I will complete a property management seminar within the next year. 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. 3- What signals do buyers use to indicate they may be willing to make a purchase? Then present the $208,000 offer. 1 of 10 Gail is a licensed real estate assistant. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home.
Lake Murray Drawdown 2022, Peter And Rosemary Grants Finches Answer Key, Fbisd 2022 To 2023 Calendar, Does Baking Powder Tenderize Meat, Articles B