Give the sellers a copy of some homeowners tips. The purchase price, plus improvements, C. The fair market value at the time of sale. 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? B. The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. 7 of 10 Which kind of advertising aims at increasing sales by informing the public of a companys capabilities? 8 of 50 Buyer Kirk submits an offer to seller Larry. A. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? C. The Bryants have not received any feedback from any showings in the past month. 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; ", Answer: A- "What would you like to offer? 1- What is goodwill as it relates to a business? 11- Greg and Joyce purchased a home from the builder who offered to pay $5,000 at closing as an incentive to get them to buy. The difference between what Sara owes and what her home is worth is known as what? 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. Each of their payments is for the same amount. A. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. 2- Explain the difference between the primary and secondary mortgage markets. 41- Agricultural land includes all of the following EXCEPT which? He asks his real estate agent if she could tell him how to go about building a house on the land. What is meant by the term sphere of influence? A Bill of Sale gives title to the business equipment. 3- When preparing a competitive market analysis, what categories of homes should an agent research? C. Classified ads placed on the property, D. Number of hits on the company website. 5 of 10 California allows a property manager to charge a non-refundable fee for which? 92- Which of the following situations is not exempt from the seller disclosure requirement? 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. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? D. She should persuade them to accept the offer. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. Why is it important for licensees to understand the Americans with Disabilities Act? C. Greg has violated the duty of confidentiality to Kim. 8. 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? 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. He paid $100,000 for it, and made $300,000 worth of improvements. 42- Alice is planning her career and setting her goals. 7. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. If a seller changes the terms of the offer to purchase, he has created a counteroffer. Deposit the check into his trust fund account on the next business day. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. C. The buyers and sellers agents will sign the escrow instructions. 4- Why is coordinating escrow so important and how can an assistant help? 6 of 10 Which of these is an emotional reason that buyers buy property? Amanda loves the home and wants to make an offer. D. Buyer indemnity and seller protection. 7 of 11 In which of the following types of loans is the payment allocated only to interest? 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. C. The buyers are interested in another property. The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. 10 of 10 All of these activities are appropriate to do within the first few days of obtaining a listing except which? Receives special tax considerations. The Residential Environmental Hazards Guide, B. D. The owner has 45 days to file a change in ownership statement. 1- What are the five aspects that are involved in any selling approach? 8- What does the Water Heater Statement of Compliance address? They called Wills office and told the secretary they are upset and need to speak with Will. A. 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. C. If Larry verbally accepted the offer, Kirk is bound by it. Broker John puts $500 into his trust account. B. An apartment building for a vacant lot, B. It took effect when Sam accepted Mary's offer. What does that mean? It can provide a steady stream of future clients. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? Pellentesque dapibus efficitur laoreet. D. All adjustable rate mortgages have negative amortization. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? A. Pellentesque dapibus efficitur laoreet. Who makes the payments to a claimant from the Guaranty Fund? She would likely be required to do which of the following? C. Insurance agents dealing with customers. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? The broker will owe fiduciary responsibilities to the seller as well as the buyer. It became a contingent contract when Sam accepted Mary's offer. C. The seller can do all repairs himself. D. Similar expired listings that didnt sell. A. Jim specializes in clients who want to buy restaurants. What kind of closing technique is Harry using? B. What approach can their agent take to change the sellers perception of the offer? 42 of 50 Alex makes an offer to purchase one of Bills listings. D. The date Abby makes the request to receive the booklet. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Loan terms are from 15 to 25 years. 10 of 50 There has been very little interest in the Bowers home this past week. A. Who would be exempt under New Jersey fair housing law? D. Hold it with the buyers permission until the contract is accepted. C. Jim and Amanda whisper and frown when they see the basement. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 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. 9 of 50 Which of the following is a credit to the seller on the settlement statement? Giving information about a listing to prospective buyers. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. A. C. The air conditioner does not work. A. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Which statement is true? residential transactions financed by federally related mortgage loans. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. A. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 4- Amanda calls broker Tim to schedule a showing of one of his listings. 3- What is a good approach to use when contacting the owner of an expired listing? D. Have the prospects sign the disclosure about agency relationship. 2. 2- What types of office administration tasks are important for a licensed assistant to perform? 5 of 10 Mike bought his home last year for $150,000. 8- Why is it important to have a written prospecting plan? Most likely, what did they get? First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). 33 of 50 Sal bought a personal residence for $150,000. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 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. 29- Which of the following is not a good direct mail technique? by | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 | Jun 16, 2022 | baja telecaster vs american special | muslim population in spain in 2021 Rule F-1. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? What kinds of things should he be looking for? Bob cannot do anything; it is out of his hands. 12. A buyer mails an offer to an out-of-town seller. 9- What is the basic purpose of Truth in Lending Regulation Z? Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. B. Which of the these activities does she have control over? 93- Jim has created a nice property flier for the James home. B. Last year, about 25% of his income came from sales commissions. 6. 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.. A. Who is responsible for removing the lien to clear the title? 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? For what type of loan is the borrower applying? 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? 10 of 10 Which of the following statements is not true about a net listing? Answer: D- They are effectively terminating the original offer. D. Is permissible in amounts under $50. During this interim period, grant makes monthly rent payments and the owner accepts them. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. 5. A. Housing and Community Development Act. Bob receives an offer from a buyer that is 12% below Sam's asking price. B. D. Provides the names of individuals who may want to sell inherited property.