buyer randy makes an offer to purchase

Have you been pre-qualified or pre-approved by a lender yet? He has put up $50,000 in preferred stock as earnest money. C. Eric may not represent the sellers interests to the detriment of the buyer. This action is legal but very unprofessional. What should Bob do? C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. A. Which statement is TRUE? The home comes equipped with all furnishings. At time of license renewal, what is the renewal charge for a salespersons license? A Bill of Sale gives title to the business equipment. At the time the agent presents an offer. Most likely, what did they get? \end{array} Housing and Community Development Act. Person must be properly licensed. 52- Which statement is true about a listing contract? D. Avoid negative comments while hes inside the home. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. 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? What must Tim do? C. Analyzing the income potential of the property. Jim and Jane financed the remaining $25,000 through the seller. A. D. Meet with an inspector at a listing. If an item is already correct, write C on the line provided. Mary makes an offer to purchase a duplex from Sam. To access the website, click "Allow". D. After the agent has had time to make copies at the office. Broker Alice holds an uncashed check until the offer is accepted. 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. C. The home sits on an earthquake fault zone. 3- When preparing a competitive market analysis, what categories of homes should an agent research? The couple now has. How long must a broker be licensed in order to apply for a temporary broker's license? 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? Minimize expenses while maximizing profits for the owner. The offer with the fewest contingencies 3 of 50 Paul is filling out the Natural Hazard Disclosure Statement. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. A basis of $148,000 and no taxable gain, B. The term of the loan can be shortened. Senior housing for residents 62 or older, B. D. Placing a classified ad in the weekend paper. If the loan is VA guaranteed, no down payment is required. D. Interest rates are typically fixed rate. 42- Alice is planning her career and setting her goals. Only needs to be done periodically. The purchase price, plus depreciation 3 of 10 What kind of ad usually combines both institutional and product advertising? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? A. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. Sharon and Steve have just taken a second mortgage on their home. D. Goals must be realistic if you hope to accomplish them. C. Make up some statistics to share with the Bowers. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? 86- Which of the following is not considered a benefit of investing in real estate? D. The monthly payments increase overtime. There is a crack in the basement wall. Receives special tax considerations. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? B. \text { Annual cost of scrap materials } & 286,000 \\ 4- What is the agreement that a broker can enter into with a buyer? A buyer mails an offer to an out-of-town seller. Buyer Jim asks if he can visit the property for a second time. Be open-minded. B. B. Make sure all required disclosures have been done. 38 of 50 What is the primary role of Fannie Mae? D. Call the sellers immediately and let them know you wont be coming by. D. The casement windows have broken seals. For purposes of federal income tax, which statement is true? C. Is not necessary if the verbal presentation is strong. 9 of 50 Which of the following is a credit to the seller on the settlement statement? B. The Reality of Purchase Offers . D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. What is the body of law that governs negotiable instruments? B. Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. B. Its easier to prioritize your tasks if your goals are in writing. A buyer wants to take the offer to an attorney to review it. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? A purchase offer is a binding contract between the buyer, the seller and their agents. 2 of 10 All of these statements are true except which one? 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. 2- What is floor time and why is it important? On what amount will they pay capital gains tax? D. Tell the sellers its time to reevaluate the price. What approach can Greg use to discourage the person from calling other agents? 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. In the meantime, Bill gets another offer on the property from another buyer at a higher price. 2. 3 of 10 How long must trust account records be kept? If you like, you can add a message to the seller. Covers more than one piece of property. 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. 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. Amanda loves the home and wants to make an offer. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. C. The seller can do all repairs himself. 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. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 7- What are the capital gains exclusions associated with the sale of a personal residence? The buyers family is pressuring them to purchase this home. Establish a homes fair market value. California: Real Estate Practice Ch7 Quiz with no answers. 4- Why is it important to talk to the sellers about the buyers? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? Tell Mike that the sellers will be upset if they cancel the appointment. 6- What is the main reason sellers choose to sell their property without an agents help? In the past year they have referred two dozen people who have purchased flooring from New Age. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? 6 of 10 A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. B. He sold the home for $750,000 and paid $50,000 in selling expenses, including the brokers commission. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. Has Bob acted properly? C. The date the lender receives her application. California: Real Estate Practice Chapter 18 Quiz with no answers. A. The purchase price, plus depreciation, B. Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. D. All repairs must be in compliance with existing building codes. whether the property's buildings encroach on neighboring land, A right that goes along with the ownership of real property is, Plants and trees cultivated for harvest best describes. 5 of 10 Mike bought his home last year for $150,000. 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. Tell the buyer to submit the offer first and then take a copy to the attorney to review. C. Your plan for finding the buyer a home. 7- Name three benefits of listing a home with an agent that you could share with sellers. 33- Which statement is true about a loan that has a negative amortization? B. C. Prepare additional documentation to take to the presentation. 6- What does the security and insurance clause of the listing agreement address? Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. D. The property is in a state fire responsibility area. He paid $100,000 for it, and made $300,000 worth of improvements. C. Greg has violated the duty of confidentiality to Kim. A. buyer randy makes an offer to purchase. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? What should Tom do? rickey smiley and grandson videos 8- What actions does a lender take to sell a mortgage in the secondary market? A buyer applies for a loan that is neither insured nor guaranteed by a government agency. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. C. It keeps your name in front of potential buyers and sellers. The price of a plane ride rises by 10 percent. escrow money must be passed back to the buyer. D. Greg has no fiduciary responsibilities to Kim once the listing expired. Rate of return is computed by dividing the annual net income by the rate of return. Before completing the form, discuss the following important points with the home seller: Price. B. D. Is best left to experienced brokers. When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. CSP-Conlutas Central Sindical e Popular . B. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. The offer with the highest price Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? In this scenario, which of the following is not true? Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. B. Brenda has violated the fiduciary duty of obedience to Jim. They were counting on a full-price offer and are very disappointed. Sam plans to overnight the acceptance on Monday. 16- Dave and Nadine have decided that they want to become property investors. 54- Jim and Jane are buying a home for $120,000. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. To purchase conventional, FHA and VA loans, D. To insure conventional, FHA and VA loans. D. Hold both offers because he heard that a full-price offer is on its way. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? C. Moving closer to the agent to get a better look. Encourage the buyer to get the attorney to review it quickly. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. How are properties affected by the local economy? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? A broker may require licensees to carry high levels of automobile insurance. A. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? C. Participation in the MLS increases a licensees inventory. Given the rise in the price of a plane ride, what percentage change in the price C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 3- In what three ways can an assistant aid an agent with appointments? \text { Annual rework cost } & 34,679 \\ 2- What kind of problem can result from a straight loan? 12- What are grant programs typically used for? C. Sharing all visitor comments two weeks before the listing ends. 4- Agent Greg receives a call about one of his firms ads. D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. 5- Under what circumstances can a loss on the sale of a personal residence be deducted from income taxes? fairbanks ice dogs standings . 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? The escrow holder will need information about the brokers commission. A broker cannot use the word escrow in a fictitious name. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. Skip the activity report for that week. A. I will complete the GRI certification in the next four years. A. Sets a limit on the commission a broker can earn. The borrowers family in case of his or her death, B. Here are the steps to follow to make an offer to purchase: Step 1. Write a counteroffer. 5- What actions can the sellers take regarding the purchase offer? List the details of all parties involved. an opinion of value for the day of the appraisal only. C. I will get three new listings this month. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? 64- Which of the following is not a form of personal advertising? Course Hero is not sponsored or endorsed by any college or university. B. Installation of central air conditioning, D. Addition of a tenant laundry facility. B. C. Accept commissions from referral agents. 3- For whom do property tax exemptions exist and for how much? 1- How much is the loan origination fee and what does it cover? Find solutions. From the 100' frontage, subtract the 10' per side setback (100' - 20' = 80'). 3- What signals do buyers use to indicate they may be willing to make a purchase? He succeeds in setting up an appointment to meet with the caller. 10- Which disclosures are NOT required to be made when selling residential property? 2- When establishing rapport, whats one of the best ways to get to know your buyers? 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Mary makes an offer to purchase a duplex from Sam. What should Alice do? B. Discourage Sam from accepting an offer so far below Sam's asking price. Answer: D- They are effectively terminating the original offer. 1 of 10 Which of these statements is not true? Give the sellers a copy of some homeowners tips. 37 of 50 Which of the following economic characteristics is true? A. Sexta, 26 de novembro de 2021 . 33 of 50 Sal bought a personal residence for $150,000. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. 2- What is important to remember about multiple offers? 1- What is goodwill as it relates to a business? Answer: C- Try to get Sam to accept the offer. D. Buyer indemnity and seller protection. 8- What does the Water Heater Statement of Compliance address? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). Norm gave Pat a $500 earnest money check. A. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. 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? 8- What actions does a lender take to sell a mortgage in the secondary market? D. Magazine ads are significantly more expensive than newspaper ads. 10 of 10 Which of the following is not a possible benefit of investing in real property? B. B. A rental property has a return rate of 8%. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? 11. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. B. Its a good idea for brokers to carry workers compensation coverage. 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. Fusce, Explore over 16 million step-by-step answers from our library, acinia pulvinar tortor nec facilisis. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. Post by; on fulgrim vs guilliman excerpt; clubhouse baseball iphone . 6- What is the ultimate result of using the Closing Disclosure form? 57- Under federal income tax law, the basis for a personal residence is which of the following: How long does he have to file a complaint with the Department of Housing and Urban Development? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? 55- Greg is approved for a Cal-Vet loan. 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? C. Explain your marketing plan to the sellers. However, she believes the sellers will not be willing to accept the offering price. 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Which would NOT result from the exercise of police power? Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. 3 of 10 Jake has received two offers on one of his listings. Last year, about 25% of his income came from sales commissions. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? D. Hold it with the buyers permission until the contract is accepted. C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. 5 of 10 Alice has decided that she will specialize in selling farm land. The D. Have the broker send a thank you for listing letter to the sellers. C. If Bill pays off the loan early, there will be no prepayment penalty. 4 of 10 Which of the following would be the least desirable phone handling technique? Click the "Allow" button. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? She is probably using all but which of the following tools? 9 of 10 When you believe an offer is both fair and reasonable but it does not meet the sellers asking price, you should: A. 2 of 10 Which of the following is not a fiduciary duty an agent owes to his or her principal? D. Visiting a neighborhood with a co-worker could make you feel more comfortable. 5- When must a licensee provide an agency disclosure to a prospective client? 77- Which of the following Internet pages might not be of particular interest to buyers? 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. 12. The sales agent should: Write a counteroffer stipulating the sellers' request At time of license renewal, what is the renewal charge for a salespersons license? D. Must start out as a part-time employee. B. C. Salespersons must perform all of their activities on behalf of their employing broker. they are effectively terminating the original offer. In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? 7- How can a builder help you generate leads? Her asking price was $560,000 and the property sold for $575,000. The price elasticity of demand for C. The buyers are interested in another property. B. 1 of 12 California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long? 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? 6- What does the security and insurance clause of the listing agreement address? Change the locks on the tenants apartment. Buyers looking at FSBO homes are usually looking for a bargain. C. Use an attractive first-class stamp. Referral fee to a homeowners insurance agent. C. Once you set a goal you should never change it. 8 of 50 Buyer Kirk submits an offer to seller Larry. Encourage Sam to make a counteroffer at 2% below Sam's asking price. 8- What is the major difference between a CalVet loan and other loans? 6- How does a limited partnership differ from a general partnership? B. C. Give the tenant a 3-day notice to pay or quit. There is nothing that can offset this problem. 93- Jim has created a nice property flier for the James home. buyer randy makes an offer to purchasei miss you text art copy and paste. Gross income must be based on production. A. In this case, multiply the monthly income ($600) by 12. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. Documents showing your affiliations with real estate organizations. 2 of 10 Which of these statements is true? Virtual tours are a very expensive marketing tool to use. B. 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? First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. 9- What is the basic purpose of Truth in Lending Regulation Z? Present the higher-priced offer first. 11 of 50 Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. 07 Jun. A counteroffer represents a rejection of an offer. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? buyer randy makes an offer to purchase. : disclose the material relationship with the buyer on the dual agency disclosure, A man and woman sign a purchase contract, which is subsequently approved and signed by the seller. munich latitude compared to us; pro sun tan. There are several successful agents at Johns office. What should Bob do? 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. 5- What actions can the sellers take regarding the purchase offer? 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. The following table lists all costs of quality incurred by Sam's Surf Shop last year. B. Which of the following statements is true? C. If Larry verbally accepted the offer, Kirk is bound by it. Give a discount to families with children. Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. What is important to remember about capturing the readers attention? Which of the following would be considered an intermediate goal? C. Print postage labels from your computer. A. Courtesy of RealtyPact. Answer: D- They are effectively terminating the original offer. A net listing is illegal in all states. Bob should not have presented the offer after the property was under contract to another buyer. 3- What is the difference between CLTA and ALTA policies? 6- List the steps of underwriting. Housing and Community Development Act. A. 10 of 10 Which proposition limited the maximum amount of tax on real property? If something truly is a deal breaker and a line in the sand for you, that is fine, but stick to it. B. Exclusive-authorization-and-right-to-sell agreement. How does ALTA-R differ from ALTA? Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. 1. 1- What is a competitive market analysis? 6- When is a lender required to terminate a borrowers private mortgage insurance? A broker may advertise that he or she is an escrow agent. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? Authors Channel Summit. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. B. D. The buyers love the landscaping improvements the sellers have made. B. I will practice my listing presentations. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. Step 2. 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. B. Agent Sally tries to match her clients with neighborhoods that have similar cultural and racial backgrounds. A. Greg is violating the duties he owes to his new buyer. B. C. Supervises the Federal Housing Authority. 8 of 10 Which of these statements about counteroffers is not true? B. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? B. C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. 3 of 10 Which of these lenders would be most likely to finance a large shopping mall? 1 of 10 Which figure represents the amount of income available as a return to an investor? C. The air conditioner does not work. The Residential Environmental Hazards Guide, B. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. 5 of 10 Which of the following would not be a reason to choose to be an assistant? C. Jim and Amanda whisper and frown when they see the basement. B. 4 of 50 Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. 2- What are some tax benefits associated with investing? 10 of 10 Which of the following statements is not true about a net listing? 4 of 10 Which of the following is NOT a condition of the safe harbor test? California: Real Estate Practice Chapter 14 Quiz with no answers. They were counting on a full-price offer and are very disappointed. Please remove your shoes before entering the home. Tom thereupon submits a full-price offer to the owner and purchases the property. 5 of 10 Which of these is not a true statement? A. She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. Supervises the Truth in Lending Act. Set up a face-to-face meeting with the sellers as soon as possible. 8- What is an important issue for potential buyer clients to understand? Gross income must be based on production. 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?.