buyer randy makes an offer to purchase

A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. C. Knocking on doors never requires special permits. Tom violated the law by not providing notice of information that would affect Fred, When a broker received an unexpected bill, he deposited a client's earnest money check into his personal account to cover the expense. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). What is the key feature of this type of loan? He succeeds in setting up an appointment to meet with the caller. Make no recommendations and let the sellers decide on their own. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 5 of 10 Mike bought his home last year for $150,000. Find solutions. Encourage the buyer to get the attorney to review it quickly. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? 10- Whats the difference between a lease purchase and a lease option? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. How should Jan's licensee handle the offer? 4- Why is coordinating escrow so important and how can an assistant help? buyer randy makes an offer to purchase. C. Tell the sellers you expect an offer to be coming soon. At the end of the term, the loan balance will be negative. 45- Kirk wants to get an FHA loan. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 5- What does the safety clause in the listing agreement do? What disclosure does the salesperson owe to the buyer and seller? Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. Discourage Sam from accepting an offer so far below Sam's asking price. Rule 21 They will have to make a very high down payment. Which statement is true? B. Rewrite whole paragraphs to ensure clarity. an opinion of value for the day of the appraisal only. Loan terms are from 15 to 25 years. B. 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? She can do all of the following except which? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. The lender makes payments to the borrower. The check that accompanies the salesperson license application must be for what amount? buyer randy makes an offer to purchase. 3- What are the three general responsibilities of a property manager? A Bill of Sale gives title to the business equipment. D. Make the headline bold and all caps. B. Hes very comfortable selling that type of property and knows he can work well with clients in that area. B. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. D. Whether or not the licensees attend staff meetings. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? The listing price of a house is $139,900. $5,500 the first year, plus a maximum 2% increase in market value per year, B. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. Better yet, try to avoid deal breakers. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? Several weeks later when showing another home to a buyer, Greg mentions that Kim would have accepted less for her home. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. A. B. B. C. Analyzing the income potential of the property. B. C. Can perform some real estate activities without a license. For what type of loan is the borrower applying? It helps to identify buyer and seller needs. 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? Certain homeowners may qualify for a $10,000 exemption. 1- What is goodwill as it relates to a business? A. 32 of 50 Alice is an employee of Mid-State Realty Services. 10- Whats the difference between a lease purchase and a lease option? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 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. 6- List the steps of underwriting. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. What should Bill do? D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. B. 55- Greg is approved for a Cal-Vet loan. A. 103- Kirk and Sandy obtained a wraparound mortgage. A. 9 of 50 Which of the following is a credit to the seller on the settlement statement? Bob should not have presented the offer after the property was under contract to another buyer. 3- For whom do property tax exemptions exist and for how much? 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? C. The home sits on an earthquake fault zone. 68- Greg and Joyce have an adjustable rate mortgage on their home. 1 of 10 What kind of lease contains a recapture clause? 2. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. He says to them, "Would you prefer to take possession on September 1 or October 1?" The home comes equipped with all furnishings. 5- Your listing presentation manual should be made up of two sections that address what issues? munich latitude compared to us; pro sun tan. Their interest rate will rise after the first few years. 54- Jim and Jane are buying a home for $120,000. 5 of 10 What would be the least effective way to get to know your buyers needs? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. 8 of 10 Which of the following will give you comparative market data the fastest? List the details of all parties involved. A. 10 of 50 There has been very little interest in the Bowers home this past week. 24 of 50 Tim thinks his buyers are ready to make an offer. 5- Define the term loan-to-value ratio. B. Whoever brings the buyer will get the commission. What must Tim do? 6- What is important for the sellers to know about a counteroffer? 12- What are grant programs typically used for? B. B. A. 4 of 11 Which of these is also called a contract for deed? B. Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Start in the room with the best features. An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. A. A. Present the higher-priced offer first. A. Bob Broker knows that another offer will be coming in at about the same time. 3. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 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. D. Reduces the monthly payment for a borrower during the initial years. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? D. An exclusive listing must always be at least 30 days long. B. C. The broker must conduct the escrow personally and not delegate any escrow activities. cross elasticity of demand for train rides with respect to the price of a plane ride Bob writes the offer but is too embarrassed to submit it. What kind of a mortgage do they have? D. Meet with an inspector at a listing. 12,800 square feet For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. Amanda loves the home and wants to make an offer. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. A. The borrower makes payments of interest only over the term of the loan. Bob receives an offer from a buyer that is 12% below Sam's asking price. Launch into your list of the homes special features and hope she changes her mind. \text { Annual cost of scrap materials } & 286,000 \\ Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? 44- Jim owns a gift shop in a commercial building. C. Deposit into the brokerage business account. Which term is the process of joining several parcels of land into one larger parcel? 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? D. Make sure all light bulbs and lamps are working and are bright. What should Pat do with the earnest money deposit? 4. Buyer Jim asks if he can visit the property for a second time. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? 2- What is important to remember about multiple offers? A rental property has a return rate of 8%. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Explain. B. What would be determined by a location survey? What is the body of law that governs negotiable instruments? A. In the meantime, Bill gets another offer on the property from another buyer at a higher price. What property type will he be dealing with? If a seller is in a multiple offer situation, how do you determine the best offer? 9. What does the net operating income of a property represent? What California Fair Housing law has the manager violated? B. 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? Mary wants to make an offer on a house that is 25% lower than the asking price. B. A. Mike has changed jobs six times in the past six months. What is important to remember about capturing the readers attention? What is this agreement called? C. Real estate can respond quickly to changes in the market. Over 300 California Real Estate Practice Exam questions to pass Tests! The buyers family is pressuring them to purchase this home. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. B. Exclusive-authorization-and-right-to-sell agreement. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. D. Call the sellers immediately and let them know you wont be coming by. C. Clearly written contractor agreement must exist. Sets a limit on the commission a broker can earn. She is probably using all but which of the following tools? B. B. 7 of 10 Which document shows the assets and liabilities of a business? 4 of 10 Which of the following is NOT a condition of the safe harbor test? 65- Which of the following items is usually not prorated at closing? 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? The offer with the fewest contingencies 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. B. Goodwill is an intangible asset that results from the reputation of the business. A. 2- What are some tax benefits associated with investing? She would likely be required to do which of the following? B. 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? 42 of 50 Alex makes an offer to purchase one of Bills listings. A. Forwarding calls from the public to one of the salespersons in the office. C. Real Estate Settlement and Procedures Act. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. the buyer is not allowed to make a counteroffer. What is the most often used form of earnest money deposit? Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 13 of 50 What is the most common reason that owners try to sell their homes themselves? Use the yes-but technique to handle the objection. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? 5 of 10 RESPA applies to all of the following EXCEPT which? 3 of 10 Which of the following would be an example of a licensee specializing in business type? 30- Being prepared to handle incoming phone calls means all of the following except which? A. Give credit to all potential borrowers. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. 4. 2- What types of office administration tasks are important for a licensed assistant to perform? Preparation of an appraisal of the property, D. Help with required forms and disclosures. D. Kirks offer to Larry is legally cancelled. What will they have to pay the lender? 5- What does the safety clause in the listing agreement do? 10 of 10 All of the following are true statements about goals except which one? Possession date. The other 75% came from an hourly wage paid by Tami. 3- When making your presentation, what topics should you cover? Give as much detailed information about the property as you can. 96- Which statement is not true about a listing contract? 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. A broker may require licensees to carry high levels of automobile insurance. A. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . What is the major difference between an employee and an independent contractor? The owner of the property is HIV positive. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. View an objection as the buyers request for more information. 41 of 50 What was the important ruling in Jones v. Mayer? Installation of central air conditioning, D. Addition of a tenant laundry facility. 46- A life insurance company would most likely invest in all but which of the following properties? B. 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? D. The borrower gets a note in exchange for a mortgage. 2 of 10 Which of these is not an AIDA characteristic? D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. Ordinary china is very fragile. What property type will be his specialty? Making An Offer To Buy A Business - 6 Key Considerations - Forbes California: Real Estate Practice Ch11 Quiz with no answers. New Age purchased a new coffee maker the office was in need of. 2. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. What will the new owners pay in property taxes? 3- What is the difference between CLTA and ALTA policies? C. There is a 6-month pre-payment penalty for paying off the loan early. Buyer Randy makes an offer to purchase one of Broker Tom's

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