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 definition of race was expanded to include ancestry. C. The same amount will go towards the principal every month. Skip the activity report for that week. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. A. Give the deposit money to the seller. C. Clearly written contractor agreement must exist. 28- Abby applies for a federally-related loan to purchase a home. A. B. Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? 1- What are the three important considerations for a good property investment? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. residential transactions financed by federally related mortgage loans. 29- Which of the following is not a good direct mail technique? Can be used in place of a verbal presentation. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. C. Bake muffins or cinnamon rolls to create a homey feel. 78- Nancy bought her home last year for $425,000. Which statement is true? Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. It never was effective since Sam had not notified Mary of the acceptance. Why or why not? 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? $6,740 B. buyer randy makes an offer to purchase. D. A shopping center might have to remodel their public restrooms. She should advise them to let the offer expire with no action so the buyers will get nervous. 9 of 10 A shopping center would be primarily categorized as what type of property? Write a contingent counteroffer. A. Jim specializes in clients who want to buy restaurants. This mortgage type is popular among the elderly. 2 of 10 Assistants who are asked to be available for tasks in the field rather than in the office are referred to as: 3 of 10 Which of these items on a resume accompanying an application for an assistants position should be kept brief? 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? His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 3 of 10 Sara just bought her first new home. D. Seeking buyers for others agents listings. 8- Why is it important to have a written prospecting plan? The difference between what Sara owes and what her home is worth is known as what? buyer randy makes an offer to purchase - nubblesitesolutions.com Rule E-1 C. I will open my own office within nine years. View an objection as the buyers request for more information. Mary makes an offer to purchase a duplex from Sam. B. D. Preparing flyers and promotional materials for the brokers approval. 37 of 50 Which of the following economic characteristics is true? 7 of 10 Which disclosure form gives detailed information about the propertys condition? D. Property evaluations from other agents have valuable information for sellers. 2 of 50 Residential property includes all of the following EXCEPT which? 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? 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? D. Greg has no fiduciary responsibilities to Kim once the listing expired. 8 of 10 When is the first installment of property taxes due? 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? D. Once escrow instructions are signed, changes can only be made with the written agreement of all parties. Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. Tom then resells the property to the developer and pockets a $300,000 profit. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . C. Once filed, it remains until terminated. He just sold it for $13,000. C. Exclusive-authorization-and-right-to-sell. D. Lends good visual support to what the agent is saying. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. B. 8 of 10 Which kind of listing gives one broker the right to sell, but allows the owner to sell the property and not owe a commission to the broker? 7- What does the net operating income of a property represent? C. Print postage labels from your computer. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. Which of the following is Kirk himself not likely to do during the application process? The seller must file a bill of sale with the county clerk. Which statement is TRUE? C. It keeps your name in front of potential buyers and sellers. 46 of 50 Greg grew up in and lives in a rural area. 5. Is there a contract between the buyer and seller? 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? They will have a number of new expenses as a result of this purchase. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. 5- What is the Closing Disclosure? 9- Define a purchase money mortgage. 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? \text { Annual testing cost } & 543,000 \\ \text { Annual rework cost } & 34,679 \\ B. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Nam lacinia pulvinar tortor nec facilisis. The purchase price, plus depreciation, B. 6- Whats important to know about the Liquidated Damages paragraph? This is not true of which duty? 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. 3- What is a good approach to use when contacting the owner of an expired listing? B. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 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? I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. B. Enumerate the homes special features and hope they change their minds. D. Written escrow instructions must include a statement with the brokers name, indicating he or she is a licensed real estate agent. C. Use an attractive first-class stamp. A. Ashley should end this relationship by, : asking the seller to sign a mutual release. 4. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. practice test Flashcards | Quizlet 4 of 10 All of these are true of prospecting except: A. D. The appraised value prior to sale $90,000 What kind of loan do they have? 5- Define the term loan-to-value ratio. What should you keep in mind when developing your marketing plans? This action is legal but very unprofessional. D. Call the sellers immediately and let them know you wont be coming by. B. 3 of 10 Jake has received two offers on one of his listings. D. Supply cannot be moved to a high demand area. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. 70- Which of these items would be a credit to the buyer on the settlement statement? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. Sample Final Exam for California Real Estate Practice Questions with no 29 of 50 What is one way the Federal Reserve System regulates the money supply? 4- Why is it important to talk to the sellers about the buyers? 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?. Sets a limit on the commission a broker can earn. A net listing is illegal in all states. B. Alice knows everything about the exclusive east side neighborhoods. List the details of all parties involved. New Age purchased a new coffee maker the office was in need of. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 51- Which statement is true about a homeowners exemption? He paid $100,000 for it, and made $300,000 worth of improvements. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 7- What are the capital gains exclusions associated with the sale of a personal residence? What should Jake do? Buys conventional, FHA and VA loans. 4- Agent Greg receives a call about one of his firms ads. Has Bob acted properly? 4- Why is coordinating escrow so important and how can an assistant help? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. Name four traditional marketing tools that you should use with every listing you get. 4 of 10 Which of the following would be the least desirable phone handling technique? She tells them that this action could decrease their property values. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. Maximize the return to the property management firm. Retain the check for use with a future sales contract offer. 3- What is the difference between CLTA and ALTA policies? D. Make sure all light bulbs and lamps are working and are bright. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one?

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