6- What does the security and insurance clause of the listing agreement address? escrow money must be passed back to the buyer. D. She should persuade them to accept the offer. B. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? A. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). 7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. What should Bob do? 27 of 50 Tim and Sue have obtained a buydown loan on their newly built home. 1- What are the five aspects that are involved in any selling approach? You bought if for the listing price plus 10% and sold it for the listing price. Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. B. Does not need to be familiar with office policy. B. 41 of 50 What was the important ruling in Jones v. Mayer? 6- What is important for the sellers to know about a counteroffer? 7. 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. One day later. B. A. D. An exclusive listing must always be at least 30 days long. 5- What does the safety clause in the listing agreement do? 8- Which section of the purchase agreement does not apply directly to the buyers and sellers? On what amount will they pay capital gains tax? Which of the following statements is not true? B. C. Is subordinate to a first mortgage. The She tells Broker Al that he can list the property for whatever price he wants and anything he gets above the $150,000 he can keep as his commission. A. Decide which offer is best and present that one. 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. 7- What are the capital gains exclusions associated with the sale of a personal residence? C. A broker is not responsible for the acts of independent contractors. 6- What is the ultimate result of using the Closing Disclosure form? 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. B. 7- What are the capital gains exclusions associated with the sale of a personal residence? A. C. The home sits on an earthquake fault zone. The purchase price, plus depreciation, B. B. 2- Describe an open listing. CSP-Conlutas Central Sindical e Popular . B. 4- Why is it important to talk to the sellers about the buyers? Answer a question with a question when possible. It can be considered an employment contract. Real Estate Transfer Disclosure Statement, C. Natural Hazard Disclosure Statement. A. Youll know how much house they can afford. D. All repairs must be in compliance with existing building codes. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 1- How much is the loan origination fee and what does it cover? 51- Which statement is true about a homeowners exemption? 8- What actions does a lender take to sell a mortgage in the secondary market? D. The owner has 45 days to file a change in ownership statement. 7- What makes up a mortgage? A religious organization providing housing to members only, C. The sale of a single-family home by an owner who owns five residences, D. Rental of a unit in an owner-occupied four-family flat. 4 of 10 Which is true of an exclusive-authorization-to-acquire-property agreement? D. Goals must be realistic if you hope to accomplish them. At the time the agreement is signed. A. A. Private mortgage insurance is available for FHA loans. B. The price elasticity of demand for What should a licensees written employment agreement contain? Giving information about a listing to prospective buyers. 47 of 50 Which of the following would not qualify as a 1031 exchange? fairbanks ice dogs standings . What kind of lease does Jim have? 8- What is an important issue for potential buyer clients to understand? 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? Sending cards and newsletters is a good way to keep in contact with clients and prospects. Answer: A- No, Bob Should have submitted the offer. buyer randy makes an offer to purchase. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? D. Arrange to meet the prospect at your office. Allows the agent to determine community market trends. B. 5. B. B. Which law extended discrimination to include handicap and familial status? \text { Annual cost of quality training } & 456,000 \\ Housing and Community Development Act. What should Bill do? 62- When agent Hal shows a home he should never: A. Certain homeowners may qualify for a $10,000 exemption. Launch into your list of the homes special features and hope she changes her mind. Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. C. Shows property addresses that should be excluded from prospecting. rickey smiley and grandson videos Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. B. You had a 9% loss. The sellers want the earnest money check made payable to them instead. \hline \text { Annual inspection costs } & \$ 155,000 \\ 1. What percent of loss did you have? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. In the past year they have referred two dozen people who have purchased flooring from New Age. 2- List the three Institute of Real Estate Management property management designations. They called Wills office and told the secretary they are upset and need to speak with Will. 1 of 10 What kind of lease contains a recapture clause? D. All adjustable rate mortgages have negative amortization. 1 of 10 Broker Alice has hired several independent contractors in her firm. B. 96- Which statement is not true about a listing contract? C. Emphasize that this home is a great buy and it would be a shame for them to dismiss it without looking first. 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. What economic factors affect the real estate market as well as other goods and services? Anasayfa; Hakkmzda. : 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. What property type will be his specialty? He has put up $50,000 in preferred stock as earnest money. C. Johns office has a selection of books, CDs and tapes for agent use. Nam risus an, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. C. Greg has violated the duty of confidentiality to Kim. He asks, Which one of the children gets the basement bedroom with the private entrance? What kind of closing technique is Tim using? A. What law creates an automatic lien on a commercial property, subject to the listing agreement? 4- Amanda calls broker Tim to schedule a showing of one of his listings. 2- When establishing rapport, whats one of the best ways to get to know your buyers? A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. Here are the steps to follow to make an offer to purchase: Step 1. Bob Broker brings Sam Seller an offer with a higher price than the existing contract Sam has with another buyer. 10 of 10 A competitive market analysis is an attempt to: A. B. Brenda has violated the fiduciary duty of obedience to Jim. 10- What is the right to rescind and what is not covered by this rule? Answer: A- Personal Check When the sellers make a counteroffer: they are accepting the original offer with changes. C. The air conditioner does not work. C. Knocking on doors never requires special permits. Properties are very liquid and can move quickly. There is nothing that can offset this problem. View an objection as the buyers request for more information. Regulates reserve requirements for all institutions that offer checking accounts. $90,000 3- An agents fiduciary responsibilities to a client usually end when the transaction closes. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. A. 80- Which of the following is an example of commingling? D. A shopping center might have to remodel their public restrooms. C. Real Estate Settlement and Procedures Act. Studying population trends in the area. Hes no longer interested in seeing the inside and Marge agrees. 9- What is the basic purpose of Truth in Lending Regulation Z? Sunday afternoon, Mary is driving around and finds a property she likes better. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 10 of 10 Which of the following is not a possible benefit of investing in real property? Next, calculate the points charged; $168,500 x 0.02 = $3,370. 1- What are the five aspects that are involved in any selling approach? The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. In addition to agent and MLS home tours, what are some other ancillary tools you can use? 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. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. A. A. A secondary bid for a property from the same buyer. 1- How much is the loan origination fee and what does it cover? Courtesy of RealtyPact. 5- Your listing presentation manual should be made up of two sections that address what issues? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. The following table lists all costs of quality incurred by Sam's Surf Shop last year. What must Tim do? 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 30- Being prepared to handle incoming phone calls means all of the following except which? B. If checked, the seller can complete repairs after closing. Amanda loves the home and wants to make an offer. 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? Broker Ashley has been working for a seller for the past seven months. Sam plans to overnight the acceptance on Monday. Better yet, try to avoid deal breakers. Q: Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. B. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 1- What is important to know about unlicensed real estate assistants? A. C. If Larry verbally accepted the offer, Kirk is bound by it. B. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. mejores programas bases de datos. C. Identifies buyers for other properties. D. Meet with an inspector at a listing. 1- What is an important thing to remember about listing agreements? He refuses to rent the other unit to families with children. Why or why not? 3- What is a good approach to use when contacting the owner of an expired listing? C. Gather listing forms for her employer. 10 of 10 Which proposition limited the maximum amount of tax on real property? 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? B. 34 of 50 At a community meeting, Broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. C. Once filed, it remains until terminated. A. Share that information with the sellers. 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. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? 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. \hline Ask questions of the prospects children. What percent of commission the licensees can charge. You can use a reverse telephone directory to get the names of residents. An assistant should never be left with the task of taking photos of a new listing. D. Make sure all light bulbs and lamps are working and are bright. Which of these actions might have caused their upset? Offer to mail the caller a set of fliers on interesting properties. C. Brenda could be liable for a breach of the listing terms. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? Local ordinance requires a 20-foot rear and front setback. What does that mean? B. Its a good idea for brokers to carry workers compensation coverage. List the details of all parties involved. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. From whom may a salesperson receive compensation for performed activities? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? 13 of 50 What is the most common reason that owners try to sell their homes themselves? 5 of 50 Jane has been working with some buyers for several weeks. 92- Which of the following situations is not exempt from the seller disclosure requirement? C. Bake muffins or cinnamon rolls to create a homey feel. What approach can Greg use to discourage the person from calling other agents? The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). Harry has some buyers that he believes are ready to make an offer. What should Bill do? 2- What kind of problem can result from a straight loan? Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. Only after receiving the tenants consent. Pellentesque dapibus efficitur laoreet. What will they have to pay the lender? Ask the buyers to sign a real estate transfer disclosure statement. 5. What should Jake do? Which of the following conditions is Paul not required to report on this form? A. Kirk doesnt have the right to withdraw the offer so soon. D. Greg has no fiduciary responsibilities to Kim once the listing expired. What kind of mortgage might they get? C. Exclusive-authorization-and-right-to-sell. C. Have keys made for company listings. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. C. The date the lender receives her application. B. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? B. C. It keeps your name in front of potential buyers and sellers. Answer: D- They are effectively terminating the original offer. Give $250 to the buyer and $250 to the seller. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. A buyer wants to take the offer to an attorney to review it.