The listing price of a house is $139,900. Which statement is true? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? D. Call the sellers immediately and let them know you wont be coming by. 8- What is the major difference between a CalVet loan and other loans? CSP-Conlutas Central Sindical e Popular . D. Have the prospects sign the disclosure about agency relationship. D. The interest payment is always smaller then the amount allocated to the principal. The buyers have been pre-qualified by a lender. What is the primary criticism that sellers have about their agents? 63- Jennys home appraised for $550,000. 2- What does Proposition 58 state? What kind of mortgage might they get? Give housing choices to the widest range of people. 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? D. Seeking buyers for others agents listings. 3 of 10 Sara just bought her first new home. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? An open listing is an exclusive contract. 51- Which statement is true about a homeowners exemption? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 1 of 10 All of the following are good newspaper sections to read for prospecting except which? D. Buyer indemnity and seller protection. 33- Which statement is true about a loan that has a negative amortization? 5- If lenders intend to sell mortgages in the secondary market, what must they do? California: Real Estate Practice Ch8 Quiz with no answers. 1- What is a competitive market analysis? is 0.4. 43 of 50 Which one of these statements would not be considered a measurable goal? 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. B. B. The loan value is based on the appraised value, not the sale price. C. Real estate can respond quickly to changes in the market. B. 7- What are the capital gains exclusions associated with the sale of a personal residence? B. He just sold it for $13,000. Answer: D- They are effectively terminating the original offer. 4- Agent Greg receives a call about one of his firms ads. At the time the agent presents an offer. Click the "Allow" button. 2- List the three Institute of Real Estate Management property management designations. C. Payments will not be enough to retire the loan. Bob receives an offer from a buyer that is 12% below Sam's asking price. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. A buyer mails an offer to an out-of-town seller. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? C. Tell the sellers you expect an offer to be coming soon. The difference between what Sara owes and what her home is worth is known as what? D. Whether or not the licensees attend staff meetings. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? B. 5- Your listing presentation manual should be made up of two sections that address what issues? A. buyer randy makes an offer to purchase. 3. 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. The sales agent should: Write a counteroffer stipulating the sellers' request At time of license renewal, what is the renewal charge for a salespersons license? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. C. Refuse to accept the offer and check. "No, you may lose the house." One offer is for $208,000; the other is for $200,000. When should the agent have disclosed this fact? Deposit the check into his trust fund account on the next business day. B. A broker may require licensees to carry high levels of automobile insurance. C. Tell them that this home is an exceptional buy and encourage them to look anyway. 8- When does a purchase offer become a legal contract? A. How are properties affected by the local economy? 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. A. 5- Define the term loan-to-value ratio. Mary makes an offer to purchase a duplex from Sam. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. Discourage Sam from accepting an offer so far below Sam's asking price. B. 3- What is a good approach to use when contacting the owner of an expired listing? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? Needs a license to perform activities that are not strictly administrative in nature. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. What should Tom do? During business hours and only after giving the tenant 24 hours notice. California: Real Estate Practice Ch11 Quiz with no answers. 9- What required disclosure is a result of Megans Law? 1- What are the five aspects that are involved in any selling approach? buyer randy makes an offer to purchase - pet-anneve.com 1- What is an important thing to remember about listing agreements? B. C. Giving buyers your opinion of what works best for them. Amanda loves the home and wants to make an offer. What kind of listing agreement does Alice have with Jack? 3. 7. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? 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? A. John offers weekly training seminars. A secondary bid for a property that the seller will accept if the first offer fails 17 of 50 Kathy is a personal assistant at Action Realty. Sam plans to overnight the acceptance on Monday. How long must a broker be licensed in order to apply for a temporary broker's license? B. Exclusive-authorization-and-right-to-sell agreement. 4- Why is it important to talk to the sellers about the buyers? Broker John puts $500 into his trust account. 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? A. What property type will he be dealing with? Broker Ashley has been working for a seller for the past seven months. 5 of 10 The principles of an agency relationship include all of these factors except which one? Nam lacinia pulvinar tortor nec facilisis. Supervises the Truth in Lending Act. 5 of 10 RESPA applies to all of the following EXCEPT which? 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. A. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. B. D. Meet with the buyers lender to ensure theyre getting a good deal. Two months later she purchased and moved into a new home that cost $145,000. 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? 93- Jim has created a nice property flier for the James home. Write a contingent counteroffer. 13 of 50 What is the most common reason that owners try to sell their homes themselves? The property is in an area that could flood. A. Brenda must follow all of Jims instructions. What should Bob advise Sam? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 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. 22- Jane sold her personal home for $148,000. The Residential Environmental Hazards Guide, B. 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. B. If the loan is VA guaranteed, no down payment is required. C. Discover why some homes havent sold. Which of the following activities would she not be authorized to perform? 5. What kind of agreement is this? There is nothing that can offset this problem. The purchase price, plus depreciation C. Write and sign commission checks to salespersons. lumberton man killed; guggenheim annuity rates. C. Greg has violated the duty of confidentiality to Kim. B. FSBO sellers believe they will save money if they sell themselves. 3- For whom do property tax exemptions exist and for how much? B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. Buyers looking at FSBO homes are usually looking for a bargain. What is this agreement called? A. C. If Larry verbally accepted the offer, Kirk is bound by it. A. 4. C. Brenda could be liable for a breach of the listing terms. 31- Patrick has a written independent contractor agreement with his broker Tami. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 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. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. A. Generates leads for new listings. In fact, the meter's location is dictated by the town building codes; what could happen to Rob? 59- Which of the following is a sellers request that an agent cannot honor? Which is a true statement? buyer randy makes an offer to purchase. B. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. B. D. Is permissible in amounts under $50. Answer: C- Try to get Sam to accept the offer. 84- Four years ago, Sam purchased a vacant lot for $10,000. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 4- What is the agreement that a broker can enter into with a buyer? They made $50,000 of improvements. The Reality of Purchase Offers . The steps to make an offer to purchase | DuProprio She put 20% down and got a mortgage for the remainder. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. Referral fee to a homeowners insurance agent. How much did Sam gain or lose on the sale? 1 of 10 Which of the following actions by an agent would most probably upset the sellers? 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. What kind of a mortgage do they have? Information on current loan programs. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. She thinks they are really interested in one particular property, but when she approaches them about it, the buyer says, The price is too high. What would be a good response to that comment? Retired persons are a good source of neighborhood information. 2. 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? The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. Maximize the return to the property management firm. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. A. C. The buyers are interested in another property. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation?