buyer randy makes an offer to purchasebuyer randy makes an offer to purchase

residential transactions financed by federally related mortgage loans. 2- What is floor time and why is it important? First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Buys conventional, FHA and VA loans. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase Housing and Community Development Act. 12,800 square feet 1. 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. Recommend a counteroffer back to list price. Nam risus ante, dapibus a molestie consequat, ultrices ac magn, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject. What kinds of things should you include in a weekly activity report? 4- Whats a bonus closing and whats important to keep in mind about this technique? 4- What are the major areas of newspaper leads? 1 of 10 Which of the following actions by an agent would most probably upset the sellers? 3. 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. 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? Nam lacinia pulvinar tortor nec facilisis. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? 4. Give as much detailed information about the property as you can. There are no offers on the property during the 6-month listing period and the listing expires. 4. C. Gather listing forms for her employer. 5- When must a licensee provide an agency disclosure to a prospective client? 8 of 10 When is the first installment of property taxes due? 3- When preparing a competitive market analysis, what categories of homes should an agent research? Secure documents that are public information from the courthouse and other sources available to the public. D. Whether or not the licensees attend staff meetings. 1- What is important to know about unlicensed real estate assistants? 5- What is the Closing Disclosure? 4- Why is it important to talk to the sellers about the buyers? 3- When making your presentation, what topics should you cover? Retired persons are a good source of neighborhood information. 6- Whats important to know about the Liquidated Damages paragraph? What kind of loan do they have? 8 of 10 Which of these statements about counteroffers is not true? A. 100- What does the Real Estate Disclosure Law refer to? 1- When is an agency relationship created? Attend weekly staff meetings at the office. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? A net listing is illegal in all states. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? What should Elaine do? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. 6- According to California real estate law, how often must a broker balance his or her trust accounts? Receives special tax considerations. If a buyer has given the broker a signal that the buyer is ready to make an offer, what should the broker do to get the buyer to make the offer? Before completing the form, discuss the following important points with the home seller: Price. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. 5. B. 9 of 10 A reference list of alternative comparable properties is sometimes referred to as the: 10 of 10 Prospects Jim and Linda arrive with agent Bill at the first showing. The adjusted cost basis of the first home was $140,000. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. C. The home sits on an earthquake fault zone. What should you keep in mind when developing your marketing plans? 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? Negotiate agreements regarding commission structuring. Answer: D- Avoid telling him the price by setting up an immediate appointment. 2- Describe an open listing. What should Bob do? 6- When is a lender required to terminate a borrowers private mortgage insurance? Present the offer and tell the seller that the check needs to be held until June 30. To learn more about the real estate business, D. To make more money than a real estate agent. The borrower makes payments of interest only over the term of the loan. You had a 9% loss. B. 8 of 10 Which of the following circumstances would concern you about working for Broker John? B. Sharon and Steve have just taken a second mortgage on their home. 92- Which of the following situations is not exempt from the seller disclosure requirement? Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. A. 8 of 10 Which of the following is a good direct mail technique? Follow the below steps to write a solid purchase agreement: Step 1 - Buyer and Seller Details. A. Does not need to be familiar with office policy. buyer randy makes an offer to purchase - 740alvarado.com 5- What does the safety clause in the listing agreement do? B. Nam ri, Explore over 16 million step-by-step answers from our library, m ipsum dolor sit amet, consectetur adipiscing elit. D. Offer to call the prospect when new listings that meet his or her criteria come on the market. Make sure all required disclosures have been done. When You Should Make a Purchase Offer - The Balance B. 3 of 10 The IREM designation reserved for individuals who meet a certain level of education and experience is: 4 of 10 When setting up a rent schedule, a property manager should analyze all but which of the following? Is depreciation accounted for by a hospital? B. 5- What kind of newspaper ad could you place to solicit a listing? C. If Larry verbally accepted the offer, Kirk is bound by it. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? C. The buyers are interested in another property. Is critical to your success in real estate. \text { Annual rework cost } & 34,679 \\ D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. D. Their loan payments will gradually increase. Answer: A- Proceed as if the buyer has decided to make an offer. B. 2- What are some tax benefits associated with investing? 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. 2- When establishing rapport, whats one of the best ways to get to know your buyers? For purposes of federal income tax, which statement is true? 4- Explain the documentary transfer tax. He asks his real estate agent if she could tell him how to go about building a house on the land. 3- What is the major difference between an exclusive-authorization-and-right-to-sell listing and an exclusive-agency listing? C. Salespersons must perform all of their activities on behalf of their employing broker. 29 of 50 What is one way the Federal Reserve System regulates the money supply? The Residential Environmental Hazards Guide, B. Her broker has asked her to be available for tasks in the field rather than in the office. B. B. 2- What kind of problem can result from a straight loan? 2- List the three Institute of Real Estate Management property management designations. C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. The sales agent should: Write a counteroffer stipulating the sellers' request. The purchase price, plus depreciation, B. Pellentesque dapibus efficitur laoreet. 2- What exception exists to the duty of obedience when working with a client? 2- What types of office administration tasks are important for a licensed assistant to perform? B. 64- Which of the following is not a form of personal advertising? buyer randy makes an offer to purchasei miss you text art copy and paste. A. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 3 of 10 Sara just bought her first new home. 16 of 50 When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing: C. Listing prices of homes that expired unsold, D. Selling prices of recently sold homes. 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. California: Real Estate Practice Ch10 Quiz with no answers. D. The loan must be repaid before the borrowers death. To insure loans made by approved lenders, D. To sell loans to other secondary mortgage marketers. Which of these ad headlines would probably be the least effective for this home? 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. What will the new owners pay in property taxes? A. B. 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? 46 of 50 Greg grew up in and lives in a rural area. A. 5 of 10 Mike bought his home last year for $150,000. 16 juin 2022 why do babies clap their feet. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. What should Bob do? 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? D. Seeking buyers for others agents listings. 3 of 10 Which of the following forms is non-standard and should be prepared by a broker to give to sellers? C. Maintaining the office filing system. 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? Prices of properties currently on the market, C. Properties that were listed but did not sell. What property type will be his specialty? Norm gave Pat a $500 earnest money check. 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. buyer randy makes an offer to purchase - nubblesitesolutions.com Which of the following statements is not true? Decide which offer is best and present that one. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. 46- A life insurance company would most likely invest in all but which of the following properties? C. There is a 6-month pre-payment penalty for paying off the loan early. She sold the property and several months later the buyer sued Pam for not disclosing the problem. A buyer applies for a loan that is neither insured nor guaranteed by a government agency. A. B. is 0.4. The listing price of a house is $139,900. What should Jake do? Answer: B- The contract is voidable due to mutual mistake. 2 of 10 Which lender typically deals in interim financing? There are several steps in calculating the answer to this question. 5 of 10 Which of these is not a true statement? 9. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. A. Generates leads for new listings. 1- What is important to know about unlicensed real estate assistants? It was terminated when Mary delivered the recission to Sam. 12. 26 of 50 Veteran Bill has applied and been approved for a non-VA-guaranteed CalVet loan. A purchase offer is a binding contract between the buyer, the seller and their agents. 7 of 10 Which of these is not a good thing to do when writing a counteroffer? 4 of 10 A totally disabled veteran could be eligible for a property tax exemption of up to what amount? Jim has decided to specialize in what area of real estate? What do many firms do to avoid confusion with their advertising plan? 73- Which of these is not a buying signal? There is nothing that can offset this problem. B. Mary makes an offer to purchase a duplex from Sam. 2- What kind of problem can result from a straight loan? Here are the steps to follow to make an offer to purchase: Step 1. An agent should print off a copy of the listing on the companys Internet site to send to the sellers. 07 Jun. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. D. Goals must be realistic if you hope to accomplish them. Suggest that the buyer look at a different house. B. Share that information with the sellers. B. It can be considered an employment contract. D. She should persuade them to accept the offer. Example 1. Bob Broker knows that another offer will be coming in at about the same time. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. She tells them they would not be comfortable in this home and she shows them a list of homes in other neighborhoods she thinks would be more appropriate. B. D. Understanding characteristics of the rental market. What kind of agreement is this? A. What kinds of things should he be looking for? A counteroffer represents a rejection of an offer. 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. There . Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. This mortgage type is popular among the elderly. Their interest rate will rise after the first few years. Her asking price was $560,000 and the property sold for $575,000. This would be the maximum the purchaser would be permitted to borrow. They will have to make a very high down payment. View an objection as the buyers request for more information. 9- What is the basic purpose of Truth in Lending Regulation Z? 6 of 50 Broker Tami has a very low advertising budget. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? A. C. Is not necessary if the verbal presentation is strong. If checked, the seller can complete repairs after closing. "Yes, let's offer $10,000 less than the asking price. Mary learns that Sam is selling only half of the duplex. B. A. 7 of 10 Which of the following is not a national real estate trade organization? Answer: C- Try to get Sam to accept the offer. The Reality of Purchase Offers . B. 42- Alice is planning her career and setting her goals. 4. 5 of 10 What would be the least effective way to get to know your buyers needs? C. Tell them that this home is an exceptional buy and encourage them to look anyway. B. A. What are some important tips for home tours? What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? C. Identifies buyers for other properties. 4- What do Fannie Mae and Ginnie Mae do that Freddie Mac does not? Set up a face-to-face meeting with the sellers as soon as possible. Free Purchase Agreement | PDF & Word | Legal Templates 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. A. B. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 2 of 10 Which of these is not an AIDA characteristic? 104- Lorna and Hal have obtained a growing equity mortgage for their new home. 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. A week later, the salesperson takes a new listing and prepares an offer for her seller from her brother/client. A. What should Bill do? A. Give an example of a specific short-term goal. A. 7- How can a builder help you generate leads? A. I will make two new contacts every day this week. 1- What is a competitive market analysis? 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. The broker will not provide any. Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 41 of 50 What was the important ruling in Jones v. Mayer? 4- What is the agreement that a broker can enter into with a buyer? She doesnt need a license to perform many activities at the firm, but which of the following would require her to have a license? The borrowers family in case of his or her death, B. His depreciation was $2,500 per year. 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. It took effect when Sam accepted Mary's offer. Entails entering into two agreements simultaneously. B. There is a crack in the basement wall. The buyers family is pressuring them to purchase this home. A. Mike has changed jobs six times in the past six months. 8 of 10 What does the paragraph on repairs state? Jim and Jane financed the remaining $25,000 through the seller. List the details of all parties involved. 10- Which disclosures are NOT required to be made when selling residential property? 43 Offer To Purchase Real Estate Templates (& Letters) Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. Tom then resells the property to the developer and pockets a $300,000 profit. C. Date and attach supporting documents. Alex Jones owns a duplex and lives in one unit. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. B. B. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. Hikayemiz; Misyon & Vizyon; Kalite Politikamz; Sertifikalarmz; ISPM-15 aretleme zin Duyuru; Sosyal Sorumluluk; Hizmetlerimiz A. Sam asks Bob what the price is. The buyers have been pre-qualified by a lender. B. 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. This term typically refers to. A. They will have a number of new expenses as a result of this purchase. Find a home that meets FHA requirements. California: Real Estate Practice Ch7 Quiz with no answers. : 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. Virtual tours are a very expensive marketing tool to use. D. Hold both offers because he heard that a full-price offer is on its way. Bob cannot do anything; it is out of his hands. The offer with the highest price 1- What is a competitive market analysis? A. B. 10 of 10 Which of these Internet pages might be of particular interest to sellers? 32 of 50 Alice is an employee of Mid-State Realty Services. 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? A. Click the "Allow" button. What should Alice do? What approach can their agent take to change the sellers perception of the offer? Ask the buyer if the buyer would like to make an offer taking the roof age into account. She should advise them to let the offer expire with no action so the buyers will get nervous. C. Refuse to accept the offer and check. D. Exclusive-authorization-and-right-to-sell agreement. The purchase price, plus improvements, C. The fair market value at the time of sale. 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? Give a discount to families with children. Buyer Norm just signed a purchase contract with licensee Pat. What economic factors affect the real estate market as well as other goods and services? Course Hero is not sponsored or endorsed by any college or university. The offer with the fewest contingencies 8 of 10 Which of these marketing tools is not considered a traditional tool? 3 of 10 Which of the following would be an example of a licensee specializing in business type? C. Once filed, it remains until terminated. 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. Rule 21 What kinds of things should he be looking for? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). Which of the following is Kirk himself not likely to do during the application process? 30- Being prepared to handle incoming phone calls means all of the following except which? Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings Jim has decided that he will learn all he can about the new subdivisions at the west end of town. C. Allow indoor pets to leave their designated area. \hline \text { Annual inspection costs } & \$ 155,000 \\ A. 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. \text { Annual testing cost } & 543,000 \\ B. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. In the past year they have referred two dozen people who have purchased flooring from New Age. The advertiser is subject to a fine. $5,500 the first year, plus a maximum 2% increase in market value per year, B. Buys pools of mortgages in exchange for mortgage-backed securities. California: Real Estate Practice Chapter 15 Quiz with no answers. 2 of 10 A competitive market analysis contains information about all of the following items except which? D. Amanda smiles at Jim when she sees the whirlpool tub. 5 of 10 When all members have unlimited liability for debts and obligations of the group, the organization is a: 6 of 10 What is the foremost reason people invest in property? B. I will do two practice listing presentations per week with an experienced agent for the next two months. C. Supervises the Federal Housing Authority. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. California: Real Estate Practice Chapter 14 Quiz with no answers. C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. Answer a question with a question when possible. 3 of 10 All of these items are important to include on your weekly activity report except which? D. Must start out as a part-time employee. 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? A buyer wants to take the offer to an attorney to review it. He succeeds in setting up an appointment to meet with the caller. 22- Jane sold her personal home for $148,000. D. The appraised value prior to sale C. Discuss alternative properties that may be interest. C. Your plan for finding the buyer a home. 1- What is an important thing to remember about listing agreements? buyer randy makes an offer to purchase. 3- What is the difference between CLTA and ALTA policies? The home comes equipped with all furnishings. AnnualinspectioncostsAnnualcostofscrapmaterialsAnnualreworkcostAnnualcostofqualitytrainingAnnualwarrantycostAnnualtestingcost$155,000286,00034,679456,0001,546,000543,000. 8- What is the major difference between a CalVet loan and other loans? B. 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. 4- Describe a reverse annuity mortgage. Use as little white space as possible. 7- If an item is paid for in advance by the seller, how will it be handled on the settlement statement? 2 of 10 When can a landlord enter a tenants property to make repairs or show it? 6 of 11 Which of the following is not true about reverse annuity mortgages? 1 of 10 Which of the following types of agency is not allowed in California? B. Newsletters can be a very effective advertising forum for niche marketers. 6- Whats important to know about the Liquidated Damages paragraph? 11 of 11 Which of the following is a low loan-to-value ratio? 9 of 10 Janet is an unlicensed assistant. B. Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? Bob should not have presented the offer after the property was under contract to another buyer. What should Bob advise Sam? D. The date Abby makes the request to receive the booklet. 8- What does the Water Heater Statement of Compliance address? A. I will complete the GRI certification in the next four years. Change the locks on the tenants apartment. C. It keeps your name in front of potential buyers and sellers. 3 of 10 A listing presentation can be compared to: 4 of 10 All of the following are benefits of listing with an agent except which? A. Make no recommendations and let the sellers decide on their own. A broker might need to change the layout of the office to make the aisles wider for clients in wheelchairs. 10 of 10 All of the following are true statements about goals except which one? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. Which term is the process of joining several parcels of land into one larger parcel? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 42 of 50 Alex makes an offer to purchase one of Bills listings. D. The buyers love the landscaping improvements the sellers have made. 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. A. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. practice test Flashcards | Quizlet 3- How could refinancing be an investment benefit? 7 of 10 Which statement is not true about opening escrows? 80- Which of the following is an example of commingling? Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. 4- Why is it important to talk to the sellers about the buyers? 8- When does a purchase offer become a legal contract? In this case, multiply the monthly income ($600) by 12. C. They can make payments directly to the original lender. C. Real Estate Settlement and Procedures Act. A. Jake is getting a VA loan with no down payment. Tell the buyer to submit the offer first and then take a copy to the attorney to review. 38 of 50 What is the primary role of Fannie Mae? How to Write a Purchase Agreement? Regulates reserve requirements for all institutions that offer checking accounts. \hline 7- Agent Jim needs to do a visual inspection of his listing. D. After the agent has had time to make copies at the office. B. C. Explain your marketing plan to the sellers. Hes no longer interested in seeing the inside and Marge agrees. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? 10- Whats the difference between a lease purchase and a lease option? 37 of 50 Which of the following economic characteristics is true? B. Broker Ashley has been working for a seller for the past seven months.
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