buyer randy makes an offer to purchase

buyer randy makes an offer to purchase

B. Mary wants to terminate the contract. You can use a reverse telephone directory to get the names of residents. 3 of 10 Which of the following would be an example of a licensee specializing in business type? B. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. B. B. Please remove your shoes before entering the home. C. Prepare additional documentation to take to the presentation. Rule E-1 How to Write a Purchase Agreement? 6 of 10 Which booklet is not part of the Combined Hazards Book? A. Call Us Today! 3- What signals do buyers use to indicate they may be willing to make a purchase? The agent should, Something of value given to another as an inducement for entering into a contract is termed, To emphasize the timely performance as an essential part of the contract, a contract would use the words. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. 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. Who makes the payments to a claimant from the Guaranty Fund? D. This action is deliberate misrepresentation. 19 of 50 When doing a competitive market analysis, the recently sold properties you include should have sold within what timeframe? 9 of 10 Which of these is not a helpful homeowner tip? 7- Name three benefits of listing a home with an agent that you could share with sellers. 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? 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? The definition of race was expanded to include ancestry. What will they have to pay at closing for the points? If you like, you can add a message to the seller. 7 of 10 Which document shows the assets and liabilities of a business? 3- What are the three general responsibilities of a property manager? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? During this interim period, grant makes monthly rent payments and the owner accepts them. 2- What exception exists to the duty of obedience when working with a client? D. Broker Gina puts $150 into her trust account. 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. 2- What are some tax benefits associated with investing? C. Mortgage bankers are a large source of residential loans in California. 11. 8 of 50 Buyer Kirk submits an offer to seller Larry. 9 of 10 How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket? 33- Which statement is true about a loan that has a negative amortization? B. 3. B. C. Brenda could be liable for a breach of the listing terms. C. Sharing all visitor comments two weeks before the listing ends. Lorem ipsum dolor sit amet, consectetur adipiscing elit. B. Pam is not liable since it was summer and the heating problem was not obvious. Yes, there was a contract when the seller mailed the offer, If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective buyer is. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Bob writes the offer but is too embarrassed to submit it. C. Is not necessary if the verbal presentation is strong. 5 of 10 California allows a property manager to charge a non-refundable fee for which? B. 7- What are the capital gains exclusions associated with the sale of a personal residence? 7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply? A. Sexta, 26 de novembro de 2021 . 8. A buyer mails an offer to an out-of-town seller. B. D. The loan must be repaid before the borrowers death. 10 of 10 Which of these is not an exemption to fair housing law? D. Avoid negative comments while hes inside the home. rickey smiley and grandson videos 2 of 10 How long must buyers and brokers keep the documentation on a foreign sale? 4- Why is it important to talk to the sellers about the buyers? What is important to remember about capturing the readers attention? Find solutions. B. What should agent Phil do? Harry has some buyers that he believes are ready to make an offer. One offer is for $208,000; the other is for $200,000. 4 of 10 Which of the following is NOT a condition of the safe harbor test? CSP-Conlutas Central Sindical e Popular . Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). A. 4. What should a licensees written employment agreement contain? What is the key feature of this type of loan? Given the rise in the price of a plane ride, what percentage change in the price He has put up $50,000 in preferred stock as earnest money. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 4- Agent Greg receives a call about one of his firms ads. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. 4- Amanda calls broker Tim to schedule a showing of one of his listings. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. A. B. "No, you may lose the house." 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 77- Which of the following Internet pages might not be of particular interest to buyers? What is the market value of the property? A. 54- Jim and Jane are buying a home for $120,000. What kind of closing technique is Jim using? She tells them that this action could decrease their property values. $5,500 the first year, plus a maximum 2% increase in market value per year, B. 5 of 10 All of the following are valid listing agreements. 3. What should you keep in mind when developing your marketing plans? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. 30- Being prepared to handle incoming phone calls means all of the following except which? 1 of 10 Broker Alice has hired several independent contractors in her firm. What should Bill do? Possession date. Seeking buyers for your listings B. Sunday afternoon, Mary is driving around and finds a property she likes better. 5- What is the Closing Disclosure? The borrower gives the lender a note and a mortgage in exchange for the funds. C. How much time the licensees must spend in the office. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? If the lot measures 100' x 200', which is the total allowable square footage of a single story building? What should Pat do with the earnest money deposit? D. Hold it with the buyers permission until the contract is accepted. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? The advertiser can be sentenced to up to a year in prison. 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? 1- How much is the loan origination fee and what does it cover? C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. 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. What do many firms do to avoid confusion with their advertising plan? C. Johns office has a selection of books, CDs and tapes for agent use. Deposit the check into his trust fund account on the next business day. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? They called Wills office and told the secretary they are upset and need to speak with Will. B. 6- What is the ultimate result of using the Closing Disclosure form? 1- When is an agency relationship created? D. Is best left to experienced brokers. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. B. She is probably using all but which of the following tools? D. Make the headline bold and all caps. How can you prepare your sellers for receiving offers? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 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? Jim has decided to specialize in what area of real estate? You can make a Best Offer on listings that have a Make Offer button. A buyer wants to take the offer to an attorney to review it. Checking your browser. The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Their interest rate will rise after the first few years. Preparation of an appraisal of the property, D. Help with required forms and disclosures. Which of the following statements is not true? 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? The D. Ensure fair real estate negotiations. A secondary bid for a property that the seller will accept if the first offer fails First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). sam neill laura tingle split Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. How does ALTA-R differ from ALTA? 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? He sounds really excited about this property. D. Provides the names of individuals who may want to sell inherited property. What kind of mortgage might they get? 18 of 50 The listing type that assures a broker that he or she will receive compensation no matter who procures the buyer is what kind of agreement? B. Be open-minded. California: Real Estate Practice Ch8 Quiz with no answers. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. Documents showing your affiliations with real estate organizations. 55- Greg is approved for a Cal-Vet loan. Mortgage bankers bring borrowers and lenders together. What property type will he be dealing with? 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? 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? 7- Agent Jim needs to do a visual inspection of his listing. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 3- When preparing a competitive market analysis, what categories of homes should an agent research? Which one is illegal in many states? A. What California Fair Housing law has the manager violated? Mortgage brokers do not lend money. Bob Broker knows that another offer will be coming in at about the same time. 4- What is a good method for estimating what a seller will net from the sale of the property? 7 of 10 Which of these forms is not filled out by the seller? 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? A. C. Guarantees payment of all interest and principal on mortgage-backed securities. Present the $200,000 first and recommend rejection. It must be in writing to be enforceable. 28- Abby applies for a federally-related loan to purchase a home. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. 5 of 11 Which of these statements is true about a CalVet loan? 13 of 50 What is the most common reason that owners try to sell their homes themselves? Ask the buyer if the buyer would like to make an offer taking the roof age into account. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? A. B. What do you need to remember about making phone calls to potential clients? $6,740 33 of 50 Sal bought a personal residence for $150,000. 1.555.555.555 | frontier airlines crash history. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. If a seller changes the terms of the offer to purchase, he has created a counteroffer. C. Allow indoor pets to leave their designated area. B. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Prices of properties currently on the market, C. Properties that were listed but did not sell. 2- What is floor time and why is it important? D. After the agent has had time to make copies at the office. 8 of 10 Which of the following will give you comparative market data the fastest? D. Have the broker send a thank you for listing letter to the sellers. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. D. Gross income must be based on hours worked. Better yet, try to avoid deal breakers. Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. For purposes of federal income tax, which statement is true? Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz B. D. Supply cannot be moved to a high demand area. B. Its a good idea for brokers to carry workers compensation coverage. D. Whether or not the licensees attend staff meetings. 46 of 50 Greg grew up in and lives in a rural area. 6- List the steps of underwriting. 9- What is the basic purpose of Truth in Lending Regulation Z? 3- Differentiate between mortgage brokers and mortgage bankers. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? Find a home that meets FHA requirements. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. Give as much detailed information about the property as you can. C. Is permissible if being accepted on behalf of a third party. Facebook Instagram. At the end of the term, the loan balance will be negative. Go back to the buyer's agent and try to get the offer higher. buyer randy makes an offer to purchase. D. The casement windows have broken seals. 100 Gross income must be based on production. Referral fee to a homeowners insurance agent. Encourage Sam to make a counteroffer at 2% below Sam's asking price. 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? D. Convince a seller to list with you. Which statement is true? C. Greg has violated the duty of confidentiality to Kim. $90,000 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? D. Seeking buyers for others agents listings. B. Alice knows everything about the exclusive east side neighborhoods. D. A basis of $140,000 and no taxable gain. B. 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. This is not true of which duty? Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. Two months later she purchased and moved into a new home that cost $145,000. 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; What should Tim do next? D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. 93- Jim has created a nice property flier for the James home. 4- Whats a bonus closing and whats important to keep in mind about this technique? C. Accept commissions from referral agents. Which is a true statement? A. A. She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? Gives the names of lawyers who might require property assistance. A. Answer: A- Proceed as if the buyer has decided to make an offer. C. An offer or counteroffer can be withdrawn at any time before it has been accepted. 9- What required disclosure is a result of Megans Law? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? 2- What is important to remember about multiple offers? C. Clearly written contractor agreement must exist. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. buyer randy makes an offer to purchase To access the website, click "Allow". A broker cannot use the word escrow in a fictitious name. What should Bob do? B. Installation of central air conditioning, D. Addition of a tenant laundry facility. B. 8- What does the Water Heater Statement of Compliance address? C. Refuse to accept the offer and check. California: Real Estate Practice Ch9 Quiz with no answers. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? B. California: Real Estate Practice Sample of Final Course Exam. 1. He paid $100,000 for it, and made $300,000 worth of improvements. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740. 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. B. 7 of 11 In which of the following types of loans is the payment allocated only to interest? 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? 7- How can a builder help you generate leads? 6- When is a lender required to terminate a borrowers private mortgage insurance? What kind of listing agreement does Alice have with Jack? 6- What is the main reason sellers choose to sell their property without an agents help? The loan will be distributed to them gradually. Listen carefully to everything your prospects say and repeat some specifics back at appropriate times so that they know you have heard what they said. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? What kind of mortgage might they get? Suggest that the buyer look at a different house. What kinds of things should you include in a weekly activity report? C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. \text { Annual warranty cost } & 1,546,000 \\ Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. In the past year they have referred two dozen people who have purchased flooring from New Age. 4- What is a good method for estimating what a seller will net from the sale of the property? Code Violations and Tax Delinquencies. 38 of 50 What is the primary role of Fannie Mae? 73- Which of these is not a buying signal? C. A broker is not responsible for the acts of independent contractors. 4. 1- What is important to know about unlicensed real estate assistants? What disclosure does the salesperson owe to the buyer and seller? 2- What is floor time and why is it important? 4- Explain the documentary transfer tax. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 6- Whats important to know about the Liquidated Damages paragraph? Authors Channel Summit. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? C. There is a 6-month pre-payment penalty for paying off the loan early. The seller must file a bill of sale with the county clerk. 5 of 10 Mike bought his home last year for $150,000. D. Their lender can profit from the difference in interest rates. B. 8- When does a purchase offer become a legal contract? 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. California: Real Estate Practice Chapter 18 Quiz with no answers. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. 3- For whom do property tax exemptions exist and for how much? C. Ask the caller when not if he or she wants to see the property. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. Jim and Jane financed the remaining $25,000 through the seller. A. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. 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. 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. 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? 1 of 10 Which of the following types of agency is not allowed in California? Bob receives an offer from a buyer that is 12% below Sam's asking price. C. Gather listing forms for her employer. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. 4. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? 2 of 10 Which of these is not an AIDA characteristic? A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. D. Reduces the monthly payment for a borrower during the initial years. What will they have to pay the lender? 50- Harry has some buyers that he believes are ready to make an offer. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 1- What is an important thing to remember about listing agreements? In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. C. Your plan for finding the buyer a home. 9- What required disclosure is a result of Megans Law? Give the sellers a copy of some homeowners tips. 6- What is important for the sellers to know about a counteroffer? 12,800 square feet In this scenario, which of the following is not true? 1. 4- Whats a bonus closing and whats important to keep in mind about this technique? 8- Why is it important to have a written prospecting plan? Pellentesque dapibus efficitur laoreet. B. D. Lends good visual support to what the agent is saying. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. 1- What is escrow? 10 of 10 Which of the following statements is not true about a net listing? 29 of 50 What is one way the Federal Reserve System regulates the money supply? D. Give the sellers the price over the phone so that they can think about it before you meet with them. D. Understanding characteristics of the rental market. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. What would be a good approach for Pam to take? A. What kinds of insurance do brokers normally require of their employees? 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? How long does he have to file a complaint with the Department of Housing and Urban Development? 6 of 10 Which of the following is not a probable reason for a listing to expire without selling? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. This is not true of which duty? 8 of 10 Which of the following is a good direct mail technique? 23 of 50 Which of the following statements best describes what happens in a mortgage loan transaction? How to make a Best Offer. C. Tell them that this home is an exceptional buy and encourage them to look anyway. The ordinance also requires a 10-foot side set back. 9- Define a purchase money mortgage. The owner of the property is HIV positive. Answer: D- They are effectively terminating the original offer. 10 of 10 A competitive market analysis is an attempt to: A. The listing price of a house is $139,900. C. Participation in the MLS increases a licensees inventory. C. Giving buyers your opinion of what works best for them. 63- Jennys home appraised for $550,000. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? You bought if for the listing price plus 10% and sold it for the listing price. C. The fair market value at the time of sale Hes no longer interested in seeing the inside and Marge agrees. 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.. 24 of 50 Tim thinks his buyers are ready to make an offer. B. Jim Sharp is purchasing his fathers home. C. Regulating reserves of institutions with savings accounts only. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 10- What is the right to rescind and what is not covered by this rule? Suggest to the sellers that their listing price is too high. D. The buyers love the landscaping improvements the sellers have made. D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. 2 of 50 Residential property includes all of the following EXCEPT which? 81- Jake has decided to specialize in working with clients who purchase schools. B. A. How does ALTA-R differ from ALTA? 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? 8 of 10 Which of these statements about counteroffers is not true? 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. Can be used in place of a verbal presentation. Lenders are in the best position to qualify buyers. Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. A. 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? A. John offers weekly training seminars. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. \end{array} A. Wills weekly report indicates two showings and five inquiries for the week. 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? 9 of 10 All of these might be a buying signal except which? 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. D. Make sure all light bulbs and lamps are working and are bright. 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. 4- What items are not covered by any title insurance policy? B. 5 of 10 How many properties should be included for comparison in a competitive market analysis? Give the deposit money to the seller. What approach can their agent take to change the sellers perception of the offer? 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. Establish a homes fair market value. 4 of 10 What is a good method for an assistant to keep track of the various types of files a real estate broker must have? D. Meet with the buyers lender to ensure theyre getting a good deal. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area.

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