D. The interest payment is always smaller then the amount allocated to the principal. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 63- Jennys home appraised for $550,000. Randy and his real estate agent, Bob, enter into a listing agreement whereby Bob may list Randy's property but Randy may also try to find a buyer Bob finds Clarice, a buyer who has enough cash to purchase the property and would like to purchase the property today. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? D. Property evaluations from other agents have valuable information for sellers. Prior to bringing an offer to purchase. B. 1 of 10 Broker Alice has hired several independent contractors in her firm. C. Tell them that this home is an exceptional buy and encourage them to look anyway. It is determined by who pays the compensation. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. 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? 10 of 10 Which of these is not an exemption to fair housing law? \text { Annual testing cost } & 543,000 \\ What are some important tips for home tours? A. B. B. 6- According to California real estate law, how often must a broker balance his or her trust accounts? A. A. B. I will do two practice listing presentations per week with an experienced agent for the next two months. 7- Name three benefits of listing a home with an agent that you could share with sellers. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. Suggest that the buyer look at a different house. They will have a number of new expenses as a result of this purchase. The escrow holder will need information about the brokers commission. 6 of 10 Which of the following is not an item that a buyer usually pays at closing? Authors Channel Summit. A. The price elasticity of demand for 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? A. 11- What are the penalties for violating Regulation Z? 62- When agent Hal shows a home he should never: A. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. A broker cannot use the word escrow in a fictitious name. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. sam neill laura tingle split munich latitude compared to us; pro sun tan. 6 of 12 The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what? C. Clearly written contractor agreement must exist. What California Fair Housing law has the manager violated? 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. C. The Bryants have not received any feedback from any showings in the past month. There are several successful agents at Johns office. C. It must specify a definite termination date. A. John offers weekly training seminars. 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. A. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. Attend weekly staff meetings at the office. Which of the following statements is true? A. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? 4 of 10 All of these are true of prospecting except: A. D. The borrower gets a note in exchange for a mortgage. A Bill of Sale gives title to the business equipment. Which statement is true? What kind of mortgage are they looking for? Bob Broker represents Sam Seller. The other 75% came from an hourly wage paid by Tami. 7 of 11 In which of the following types of loans is the payment allocated only to interest? Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. The gross annual income, $7,200, divided by 8% (0.08), is $90,000. Encourage Sam to make a counteroffer at 2% below Sam's asking price. 9 of 50 Which of the following is a credit to the seller on the settlement statement? What is the result? B. Pleases the sellers by inv=creasing activity. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. C. Allow indoor pets to leave their designated area. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. PRACTICE QUESTIONS), >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. 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. 33- Which statement is true about a loan that has a negative amortization? Retain the check for use with a future sales contract offer. An assistant should never be left with the task of taking photos of a new listing. Their interest rate will rise after the first few years. Write a counteroffer. 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. Sunday afternoon, Mary is driving around and finds a property she likes better. D. I will distribute 200 business cards every month for the next six months. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. An apartment building for a vacant lot, B. D. A shopping center might have to remodel their public restrooms. C. Exclusive-authorization-and-right-to-sell agreement. 5- What does the safety clause in the listing agreement do? Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. The Residential Environmental Hazards Guide, B. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? 38 of 50 What is the primary role of Fannie Mae? C. Maintaining the office filing system. 101- Which type of loan typically carries the most loan points? Present the higher-priced offer first. The owner of the property is HIV positive. The owner has 30 days to notify the county assessor. B. 9. 57- Under federal income tax law, the basis for a personal residence is which of the following: 1 of 10 What kind of lease contains a recapture clause? 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. chris kelly rock 92 net worth. A. Negotiate agreements regarding commission structuring. B. Rewrite whole paragraphs to ensure clarity. Offer to mail the caller a set of fliers on interesting properties. Tom thereupon submits a full-price offer to the owner and purchases the property. Before completing the form, discuss the following important points with the home seller: Price. 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. California: Real Estate Practice Ch9 Quiz with no answers. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. D. Is permissible in amounts under $50. C. Deposit into the brokerage business account. C. Knocking on doors never requires special permits. View an objection as the buyers request for more information. 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. 9 of 10 Which of the following items would not usually be included in a presentation manual for buyers? of a train ride will leave the quantity demanded of train rides unchanged. What are members of NAR required to do? B. 37 of 50 Which of the following economic characteristics is true? A secondary bid for a property that the seller will accept if the first offer fails What is the body of law that governs negotiable instruments? 4- Whats a bonus closing and whats important to keep in mind about this technique? $90,000 "Let's make a low ball offer?" Underline each word that should be capitalized in the following items. What should agent Phil do? 9 of 10 Which of the following statements is not true? 84- Four years ago, Sam purchased a vacant lot for $10,000. 4- Whats a bonus closing and whats important to keep in mind about this technique? D. Employee status versus independent contractor status is an IRS issue. Instead, Bob terminates the relationship with Mary. The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. Make sure all required disclosures have been done. 4 of 10 Which of the following would be the least desirable phone handling technique? Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. Sets a limit on the commission a broker can earn. A. I will complete the GRI certification in the next four years. 4- Why is coordinating escrow so important and how can an assistant help? buyer randy makes an offer to purchase. 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. If the loan is VA guaranteed, no down payment is required. 64- Which of the following is not a form of personal advertising? 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. 81- Jake has decided to specialize in working with clients who purchase schools. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. 8- What does the Water Heater Statement of Compliance address? D. Have the prospects sign the disclosure about agency relationship. B. 93- Jim has created a nice property flier for the James home. C. Is permissible if being accepted on behalf of a third party. What percent of loss did you have? Harry has some buyers that he believes are ready to make an offer. buyer randy makes an offer to purchase. Rule F-21 B. C. How much time the licensees must spend in the office. A. Jake is getting a VA loan with no down payment. D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. Answer: B- Encourage the buyer to get the attorney to review it quickly. A. A. 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. an opinion of value for the day of the appraisal only. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. "Yes, let's offer $10,000 less than the asking price. The home is listed at $210,000. California: Real Estate Practice Ch12 Quiz with no answers. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? Over 300 California Real Estate Practice Exam questions to pass Tests! Which of the following would be the least likely place for them to obtain a loan? A rental condominium for a recreational vehicle. What kinds of insurance do brokers normally require of their employees? She tells them that this action could decrease their property values. D. Preparing flyers and promotional materials for the brokers approval. The listing price of a house is $139,900. C. Theyre probably paying a higher interest rate on the second mortgage. 4- Agent Greg receives a call about one of his firms ads. 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. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. California: Real Estate Practice Ch4 Quiz with no answers, answers will be revealed with proper subscription. 4- Why is it important to talk to the sellers about the buyers? 6- What is the main reason sellers choose to sell their property without an agents help? Facebook Instagram. 5 of 10 Mike bought his home last year for $150,000. C. Have keys made for company listings. D. Exert pressure on the sellers to include something the other party wants. 10 of 10 A competitive market analysis is an attempt to: A. lumberton man killed; guggenheim annuity rates. Allows the agent to determine community market trends. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? 3- What signals do buyers use to indicate they may be willing to make a purchase? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. To learn more about the real estate business, D. To make more money than a real estate agent. Deposit the check into his trust fund account on the next business day. Name and define the two forms of advertising. D. Make sure all light bulbs and lamps are working and are bright. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? This is not true of which duty? Ashley should end this relationship by, : asking the seller to sign a mutual release. Try to get Sam to accept the offer. A. Wills weekly report indicates two showings and five inquiries for the week. The advertiser is subject to a fine. Two months later she purchased and moved into a new home that cost $145,000. Go back to the buyer's agent and try to get the offer higher. C. A counteroffer can give the buyers an out if they want one. Where is it that he likely found out the property was for sale? A. 8- When does a purchase offer become a legal contract? D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. Possession date. What do many firms do to avoid confusion with their advertising plan? C. There is a 6-month pre-payment penalty for paying off the loan early. C. Present Alexs offer first since it came in first. A. 2- What exception exists to the duty of obedience when working with a client? A purchase offer is a binding contract between the buyer, the seller and their agents. 3- When making your presentation, what topics should you cover? C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. C. Discuss alternative properties that may be interest. D. Broker Gina puts $150 into her trust account. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. 5- What does the safety clause in the listing agreement do? B. Alice knows everything about the exclusive east side neighborhoods. Broker Alice holds an uncashed check until the offer is accepted. A. What should Pat do with the earnest money deposit? 7 of 10 Which of the following is not a national real estate trade organization? C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. 3. 8 of 10 Which of the following circumstances would concern you about working for Broker John? 1. Gives the names of lawyers who might require property assistance. Recommend a counteroffer back to list price. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 11 of 11 Which of the following is a low loan-to-value ratio? Is depreciation accounted for by a hospital? 8- What actions does a lender take to sell a mortgage in the secondary market? plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. The difference between what Sara owes and what her home is worth is known as what? 7- What does the net operating income of a property represent? Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? You had a 9% loss. 9 of 10 A shopping center would be primarily categorized as what type of property? B. Amanda loves the home and wants to make an offer. 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? 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? 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? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. C. Broker Harry deposits $1000 into his brokerage business account. 8- What does the Water Heater Statement of Compliance address? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? What kinds of things should you include in a weekly activity report? 46- A life insurance company would most likely invest in all but which of the following properties? 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.. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 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? Give the prospects a black copy of a purchase agreement to look over. 2- Who needs title insurance and why? buyer randy makes an offer to purchase Terminate the first contract and accept the higher offer. Plastic dishes last a long time because they are unbreakable. The home comes equipped with all furnishings. D. Brenda has not violated any fiduciary duty. 4- What is a good method for estimating what a seller will net from the sale of the property? 4 of 10 Which of the following is NOT a condition of the safe harbor test? Has Bob acted properly? D. Kirks offer to Larry is legally cancelled. 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. 6 of 50 Broker Tami has a very low advertising budget. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? What disclosure does the salesperson owe to the buyer and seller? 12- What are grant programs typically used for? 2- What kind of problem can result from a straight loan? Local ordinance requires a 20-foot rear and front setback. Which of the following statements is true? A. Youll know how much house they can afford. B. C. The loan term will extend gradually over time. 33 of 50 Sal bought a personal residence for $150,000. B. 7. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? He asks his real estate agent if she could tell him how to go about building a house on the land. This form is the first step in any real estate deal. Ordinary china is very fragile. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). She is probably using all but which of the following tools? C. Once filed, it remains until terminated. Who is responsible for removing the lien to clear the title? The term of the loan can be shortened. This would be the maximum the purchaser would be permitted to borrow. A. 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? D. The loan must be repaid before the borrowers death. The purchase price, plus improvements, C. The fair market value at the time of sale. D. Meet with an inspector at a listing. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? 2- What does Proposition 58 state? D. Similar expired listings that didnt sell. Buys conventional, FHA and VA loans. 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 an important issue for potential buyer clients to understand? 10. Answer: B- The contract is voidable due to mutual mistake. B. Its easier to prioritize your tasks if your goals are in writing. Tell the buyer to submit the offer first and then take a copy to the attorney to review. Hes no longer interested in seeing the inside and Marge agrees. 67- Hannah is a real estate assistant. Make no recommendations and let the sellers decide on their own. 4. [Solved] Buyer Randy makes an offer to purchase one of Broker Tom's A buyer mails an offer to an out-of-town seller. 28- Abby applies for a federally-related loan to purchase a home. C. Supervises the Federal Housing Authority. What should Bob do? buyer randy makes an offer to purchase. Explain. 5- What kind of newspaper ad could you place to solicit a listing? The What should Bob advise Sam? 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? What approach can Greg use to discourage the person from calling other agents? Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. 21- Which form of advertising is considered the most cost-effective method for selling a home? Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. is 0.4. 4 of 10 Which of these is not an important aspect of selling? Given the rise in the price of a plane ride, what percentage change in the price 5- What actions can the sellers take regarding the purchase offer? What kinds of things should he be looking for? Which of the following is true, if you are licensed as a referral agent?
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