C. Clearly written contractor agreement must exist. 5 of 10 Which of these is not a true statement? 3 of 10 Sara just bought her first new home. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? Randy gives Tom an earnest money check f Randy gives Tom an earnest money check f Q: according to the law governing mortgage loan brokers what is the maximum commission Broker Dan can charge for securing a Retired persons are a good source of neighborhood information. Why or why not? 42- Alice is planning her career and setting her goals. What is the result? Establish a homes fair market value. The advertiser can be sentenced to up to a year in prison. "Let's make a low ball offer?" 11- What is a public report and when must it be provided? 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. 3- What is the difference between CLTA and ALTA policies? You had a 9% loss. 1- What is important to know about unlicensed real estate assistants? They will have a number of new expenses as a result of this purchase. It is determined by who pays the compensation. Tell Mike that the sellers will be upset if they cancel the appointment. Possession date. D. After the agent has had time to make copies at the office. 8 of 50 Buyer Kirk submits an offer to seller Larry. Which statement is true? The offer that has the shortest closing date, Answer: B- The offer with the highest price that is the most likely to close. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. When should the agent have disclosed this fact? Bob Broker represents Mary Buyer. The escrow holder will need information about the brokers commission. 6- What is the ultimate result of using the Closing Disclosure form? B. Rewrite whole paragraphs to ensure clarity. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. C. Tell them that this home is an exceptional buy and encourage them to look anyway. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. 9 of 50 Which of the following is a credit to the seller on the settlement statement? 5- What kind of newspaper ad could you place to solicit a listing? 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. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. D. The first and second mortgage will be rolled into one. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? Mary wants to make an offer on a house that is 25% lower than the asking price. 1. 7 of 50 Glenna and Amanda just bought their first home. Decide which offer is best and present that one. 2- When establishing rapport, whats one of the best ways to get to know your buyers? 8 of 10 Which of these is a free form of advertising? 37- When dealing with the sale of a business, which is not a true statement? What does that mean? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. A secondary bid for a property that is less than the first offer B. What kinds of things should you include in a weekly activity report? Who makes the payments to a claimant from the Guaranty Fund? 4- Why is it important to talk to the sellers about the buyers? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? Which one is illegal in many states? C. Do you need the equity from your current home for the new home purchase? 96- Which statement is not true about a listing contract? C. Participate in a tax shelter program. D. I will complete a property management seminar within the next year. C. Is subordinate to a first mortgage. D. Similar expired listings that didnt sell. What approach can their agent take to change the sellers perception of the offer? What should Tom do? 6- When is a lender required to terminate a borrowers private mortgage insurance? She put 20% down and got a mortgage for the remainder. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. 93- Jim has created a nice property flier for the James home. A. The date Abby receives the good faith estimate. 3- What is a good approach to use when contacting the owner of an expired listing? D. Will conducted an agent open house last week that was attended by 25 agents. What should Bill do? D. Discrimination on the basis of race is strictly prohibited, meaning no exceptions whatsoever. She would likely be required to do which of the following? C. Use an attractive first-class stamp. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 6 of 10 A buyer calls your office to inquire about a property he saw advertised. 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 33- Which statement is true about a loan that has a negative amortization? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? D. Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. A. Salesperson Harry can solicit his own listings. 7 of 10 Which disclosure form gives detailed information about the propertys condition? B. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 10 of 10 Which of these is not an exemption to fair housing law? 5 of 10 You should try to attach a rider strip to your For Sale sign that has: 6 of 10 If there is no interest in the property on a given week, the agent should: A. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? C. Find a lender who is willing to do FHA loans. Is depreciation accounted for by a hospital? Bob receives an offer from a buyer that is 12% below Sam's asking price. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). A. 30 of 50 After six months time, manager Tim wants to terminate the lease of one of his month-to-month tenants. Is there a contract between the buyer and seller? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? 12,800 square feet Code Violations and Tax Delinquencies. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. C. The owner has 45 days to pay the new property taxes. 47 of 50 Which of the following would not qualify as a 1031 exchange? C. Regulating reserves of institutions with savings accounts only. A. 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. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? 1- What are the three important considerations for a good property investment? A. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? 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? 12- What are grant programs typically used for? Her broker has asked her to be available for tasks in the field rather than in the office. 3- When preparing a competitive market analysis, what categories of homes should an agent research? What should Jake do? B. 6- What does the security and insurance clause of the listing agreement address? Mary learns that Sam is selling only half of the duplex. 45- Kirk wants to get an FHA 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. B. 4- Explain the documentary transfer tax. D. The property is in a state fire responsibility area. A. A. Mike has changed jobs six times in the past six months. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. Present the higher-priced offer first. B. Set up a face-to-face meeting with the sellers as soon as possible. Deposit the check into his trust fund account on the next business day. Executor Fred calls Agent Tom to list a vacant tract of land, instructing him to list the land for $700,000. 2- What types of office administration tasks are important for a licensed assistant to perform? 41- Agricultural land includes all of the following EXCEPT which? California: Real Estate Practice Ch3 Quiz with no answers. 4- What is the agreement that a broker can enter into with a buyer? D. Reduces the monthly payment for a borrower during the initial years. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? C. Brenda could be liable for a breach of the listing terms. 7 of 10 If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do? An apartment building for a vacant lot, B. What kind of loan do they have? 70- Which of these items would be a credit to the buyer on the settlement statement? D. The borrower gets a note in exchange for a mortgage. Find a home that meets FHA requirements. He sounds really excited about this property. university of missouri hospital salaries 2021; port orange arrests today. 3- How could refinancing be an investment benefit? At the time the agreement is signed. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. 7 of 10 How might probate information help in prospecting? When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process? The definition of race was expanded to include ancestry. What should Bob do? A. A. C. The home sits on an earthquake fault zone. Bob writes the offer but is too embarrassed to submit it. 4- Agent Greg receives a call about one of his firms ads. What is the most often used form of earnest money deposit? C. I will open my own office within nine years. His property taxes would be assessed at: 6 of 10 When a person acquires new property, which is true? 3 of 10 Homeowners can deduct all but which of the following from their income taxes? A. 1- What are the five aspects that are involved in any selling approach? C. I will get three new listings this month. When a home seller accepts a purchase offer, the seller is hoping the buyer will complete the transaction at the agreed-on price and believes there is nothing wrong with the condition of the home. The borrower gives the lender a note and a mortgage in exchange for the funds. 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? 3 of 12 All of the following are primary mortgage market lenders except which? \hline \text { Annual inspection costs } & \$ 155,000 \\ A. 22- Jane sold her personal home for $148,000. C. Accept commissions from referral agents. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? If the loan value is 80%, and the property was appraised at $86,500 and sold for $88,000, how much would the purchaser be permitted to borrow? B. The broker will not provide any. What kind of lease does Jim have? What property type will he be dealing with? A. C. Real estate can respond quickly to changes in the market. What is important to remember about capturing the readers attention? 8 of 12 Fannie Mae does all of the following activities except which? 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? C. Real Estate Settlement and Procedures Act. A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. 8- Why is it important to have a written prospecting plan? 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. It was terminated when Mary delivered the recission to Sam. $5,500 the first year, plus a maximum 2% increase in market value per year, B.