buyer randy makes an offer to purchase

An apartment building for a vacant lot, B. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? 2- When establishing rapport, whats one of the best ways to get to know your buyers? 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? B. Present the $200,000 first and recommend rejection. D. The lender assumes Tim and Sues income will rise over the first few years of the loan. Ask the buyer if the buyer would like to make an offer taking the roof age into account. Norm gave Pat a $500 earnest money check. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. 7 of 10 Which statement is not true about opening escrows? 3- How could refinancing be an investment benefit? Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. 103- Kirk and Sandy obtained a wraparound mortgage. A. Can be used in place of a verbal presentation. D. Goals must be realistic if you hope to accomplish them. 8 of 10 Which statement is true about a real estate assistant? The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? Answer: D- Avoid telling him the price by setting up an immediate appointment. C. Is not necessary if the verbal presentation is strong. Answer: B- Licensee Fred should take the offer to the seller and determine if the escrow deposit is acceptable. 2- What types of office administration tasks are important for a licensed assistant to perform? Bob Broker represents Mary Buyer. How should Jan's licensee handle the offer? 6- What is the main reason sellers choose to sell their property without an agents help? PRACTICE QUESTIONS), (correct answers will be revealed with correct subscription). 1 of 10 All of the following are good approaches for handling objections except which? 8- When does a purchase offer become a legal contract? \hline \text { Annual inspection costs } & \$ 155,000 \\ The interest rate will increase gradually over time. She tells them that this action could decrease their property values. 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 A broker may require licensees to carry high levels of automobile insurance. On what amount will he pay capital gains tax? 45 of 50 What is the Federal Housing Administrations primary role in the mortgage market? 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. 1- What is goodwill as it relates to a business? 3 of 10 Sara just bought her first new home. C. An apartment manager might be required to allow a tenant with a disability to widen a doorway. Broker Bob has a buyer who has seen a property twice and seems ready to make an offer. 19- Which of the following is not an advantage of hosting an open house? 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. Prior to bringing an offer to purchase. 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. B. CSP-Conlutas Central Sindical e Popular . A buyer wants to take the offer to an attorney to review it. 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 Sample of Final Course Exam. What kind of listing agreement does Alice have with Jack? Buyer Jim asks if he can visit the property for a second time. Donec aliquet. Harry has some buyers that he believes are ready to make an offer. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 2 of 10 Assistants who are asked to be available for tasks in the field rather than in the office are referred to as: 3 of 10 Which of these items on a resume accompanying an application for an assistants position should be kept brief? What do many firms do to avoid confusion with their advertising plan? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 8- What is the major difference between a CalVet loan and other loans? 1- What is escrow? This broker is guilty of what prohibited activity? D. A basis of $140,000 and no taxable gain. 11 of 11 Which of the following is a low loan-to-value ratio? 7- How can a builder help you generate leads? A. buyer randy makes an offer to purchase He says to them, "Would you prefer to take possession on September 1 or October 1?" A. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? 14 of 50 The title report on a property shows there is a lien on the property. ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? The second mortgage has now become the primary 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. C. Have keys made for company listings. 4. 88- Sally and Dan must pay 2 points on their new $65,000 loan. B. Ken must obtain his own training. Other than residential list three kinds of property in the real estate market. Secure documents that are public information from the courthouse and other sources available to the public. 2- What is floor time and why is it important? D. The monthly payments increase overtime. Sam accepts the offer and executes the contract on March 1, a Sunday. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. C. Real Estate Settlement and Procedures Act. D. The first and second mortgage will be rolled into one. $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. Which of these actions might have caused their upset? Please remove your shoes before entering the home. buyer randy makes an offer to purchase. She can do all of the following except which? You can use a reverse telephone directory to get the names of residents. 68- Greg and Joyce have an adjustable rate mortgage on their home. Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Checking your browser. Which of the following would be considered an intermediate goal? How long must a broker be licensed in order to apply for a temporary broker's license? 12- What does TRID require of lenders? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? D. After the agent has had time to make copies at the office. What should Tim do next? 11. 37- When dealing with the sale of a business, which is not a true statement? 2 of 10 When can a landlord enter a tenants property to make repairs or show it? A. B. 5 of 10 All of these would be effective at capturing a readers attention except which? D. Arrange to meet the prospect at your office. I do not know (who\underline{\text{who}}who, whom) the guest speaker will be. 10 of 10 If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit? 4- Describe how a property manager can receive his or her fees. B. 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 His depreciation was $2,500 per year. 8- What is the major difference between a CalVet loan and other loans? 24 of 50 Tim thinks his buyers are ready to make an offer. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 3- What signals do buyers use to indicate they may be willing to make a purchase? B. C. Sellers are apt to choose qualified buyers over ones who have not been qualified. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? A. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. How to Write a Purchase Agreement? If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. The adjusted cost basis of the first home was $140,000. 10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. \end{array} A. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). B. D. Amanda smiles at Jim when she sees the whirlpool tub. C. Prepare additional documentation to take to the presentation. Enter your offer. D. Employee status versus independent contractor status is an IRS issue. B. She would likely be required to do which of the following? What will the new owners pay in property taxes? C. An offer or counteroffer can be withdrawn at any time before it has been accepted. 17 of 50 Kathy is a personal assistant at Action Realty. Course Hero is not sponsored or endorsed by any college or university. 3 of 10 Homeowners can deduct all but which of the following from their income taxes? 15 of 50 Agent Will has had a listing with the Bryants for 6 weeks. However, he is objecting because the roof is 12 years old. A net listing is illegal in all states. C. If Bill pays off the loan early, there will be no prepayment penalty. Mortgage brokers do not lend money. A. Eric can require that both the buyer and seller share equally in his commission. Plastic dishes last a long time because they are unbreakable. At time of license renewal, what is the renewal charge for a salespersons license? A. 1- What are the five aspects that are involved in any selling approach? Answer: D- It was never effective since Sam had not notified Mary of the acceptance. C. Accept commissions from referral agents. D. Lends good visual support to what the agent is saying. The check that accompanies the salesperson license application must be for what amount? 2- What is important to remember about multiple offers? D. The casement windows have broken seals. Which of these forms of advertising is she most likely to avoid? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. 93- Jim has created a nice property flier for the James home. 2- What does Proposition 58 state? 5 of 10 Mike bought his home last year for $150,000. D. Their lender can profit from the difference in interest rates. 1 of 10 Which figure represents the amount of income available as a return to an investor? B. What percent of commission the licensees can charge. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? She discovers that the more time passes, the more she feels frustrated by the seller's lack of cooperation. 4- Why is coordinating escrow so important and how can an assistant help? A. I will complete the GRI certification in the next four years. 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. B. Its easier to prioritize your tasks if your goals are in writing. Ask questions of the prospects children. The purchase price, plus improvements, C. The fair market value at the time of sale. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. 3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Which statement is true? B. You can make a Best Offer on listings that have a Make Offer button. A. What should you keep in mind when developing your marketing plans? B. 67- Hannah is a real estate assistant. During business hours and only after giving the tenant 24 hours notice. Which of the following statements is not true? What kinds of things should he be looking for? A. 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? Jim has decided that he will learn all he can about the new subdivisions at the west end of town. 3- For whom do property tax exemptions exist and for how much? B. Enumerate the homes special features and hope they change their minds. A Bill of Sale gives title to the business equipment. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? Which statement is TRUE? B. C. They can make payments directly to the original lender. B. A. A. Salesperson Harry can solicit his own listings. D. Give the sellers the price over the phone so that they can think about it before you meet with them. Her asking price was $560,000 and the property sold for $575,000. What would you say about Sallys behavior? What should Tom do? Lorem ipsum dolor sit amet, consectetur adipiscing elit. From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). 1- What is an important thing to remember about listing agreements? Is critical to your success in real estate. What would you say about Alexs actions? Referral fee to a homeowners insurance agent. Which term is the process of joining several parcels of land into one larger parcel? Loan terms are from 15 to 25 years. 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. 4- Amanda calls broker Tim to schedule a showing of one of his listings. Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. 3- What is a good approach to use when contacting the owner of an expired listing? Rule E-1 The home comes equipped with all furnishings. Ashley should end this relationship by, : asking the seller to sign a mutual release. Who is responsible for removing the lien to clear the title? A. It can provide a steady stream of future clients. What should Jake do? 8- Why should agent Grace give her client a Combined Hazards Book? 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? B. Their interest rate will rise after the first few years. C. Real estate can respond quickly to changes in the market. 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? A. Lead-based paint was used in the home. Broker compensation to other brokers. B. 3. Have you been pre-qualified or pre-approved by a lender yet? What should Bob do? 8 of 10 Which disclosure is required by the Real Estate Settlement Procedures Act? B. Each of their payments is for the same amount. 11- What is a public report and when must it be provided? One offer is for $208,000; the other is for $200,000. 5- What kind of newspaper ad could you place to solicit a listing? B. dota 2 annual revenue 2020. adam foote parents. Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. A. B. 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. Decide which offer is best and present that one. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. 3- Differentiate between mortgage brokers and mortgage bankers. 5- Define the term loan-to-value ratio. 2- Name one advantage and one disadvantage of telephone contacts. 50 of 50 Eric is acting as a disclosed dual agent in a transaction. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. C. Once you set a goal you should never change it. One day later. 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. He just sold it for $13,000. During a phone call, a salesperson discusses showing a property to a prospect. B. 9 of 10 Which of the following statements is not true? Answer: A- Write a contingent counteroffer, Which of the following statements best describes a backup offer? A. C. When you have 200 names in your contact database. C. Gather listing forms for her employer. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. A. 7 of 50 Glenna and Amanda just bought their first home. 8 of 10 An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 Which statement is not true about a Real Estate Investment Trust? Which area of specialization would she fall into? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. 4 of 10 RESPA gives the buyer the right to review the completed closing disclosure how long before closing? Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. What would be determined by a location survey? Rule F-21 For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. 10 of 10 Which of the following statements is not true about a net listing? Person must be properly licensed. A. Is depreciation accounted for by a hospital? B. 10- Whats the difference between a lease purchase and a lease option? D. Administers special assistance programs. Nam lacinia pulvinar tortor nec facilisis. 8- What does the Water Heater Statement of Compliance address? B. 21 of 50 Once signed, escrow instructions can be changed only by: 22 of 50 What is one of the major objectives of professional property management? The Residential Environmental Hazards Guide, B. Elaine parks across the street from the home and Mike is disappointed by what he sees. The escrow holder will need information about the brokers commission. kennesaw state football depth chart; 2022617 buyer randy makes an offer to purchase 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan? 2- What exception exists to the duty of obedience when working with a client? they are effectively terminating the original offer. 3. B. D. The appraised value prior to sale A. C. Is subordinate to a first mortgage. B. Now, calculate how much you lost: $153,890 - $139,900 = $13,990. What must Tim do? D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 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? Has New Age violated any laws? 28- Abby applies for a federally-related loan to purchase a home. 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. 7 of 11 In which of the following types of loans is the payment allocated only to interest? B. 10 of 50 There has been very little interest in the Bowers home this past week. What do you need to remember about making phone calls to potential clients? C. Payments will not be enough to retire the loan. 5- How do life insurance companies get involved in the investment market? B. Who will pay the points? Before the sale can get finalized, the owner would require you to first meet certain conditions. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. Offers To Purchase Real Estate 43 Offer To Purchase Real Estate Templates (& Letters) As a potential buyer for a house, you would make an offer on paper to the owner of your intentions. munich latitude compared to us; pro sun tan. A. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? Explain the method used to write good advertising. 2- What is floor time and why is it important? C. The loan term will extend gradually over time. 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. How much do you have in your savings account? B. 9- Define a purchase money mortgage. 5 of 10 Alice has decided that she will specialize in selling farm land. Has Bob acted properly? A. D. The date Abby makes the request to receive the booklet. Ordinary china is very fragile. rickey smiley and grandson videos 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? D. Gross income must be based on hours worked. If you like, you can add a message to the seller. When should the agent have disclosed this fact? C. Pam should recommend that they counteroffer with a price halfway between asking and offering price. 1 of 10 Which item is not covered by CLTA, ALTA or ALTA-R insurance policies? Which is a true statement? 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. B. 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. A. Jake is getting a VA loan with no down payment. Certain homeowners may qualify for a $10,000 exemption. A. 4- Why is it important to talk to the sellers about the buyers? 2- When looking at homes currently for sale, what is important for a prospective seller to know about asking price? D. There is a loan protection plan included with the loan. Buys pools of mortgages in exchange for mortgage-backed securities. Gives the names of lawyers who might require property assistance. 10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. B. A. 9% 2- What types of office administration tasks are important for a licensed assistant to perform? What kind of agreement is this? 1 of 10 What kind of lease contains a recapture clause? D. Erics broker should appoint Eric as the designated agent in this transaction. 6- What is important for the sellers to know about a counteroffer? university of missouri hospital salaries 2021; port orange arrests today. 63- Jennys home appraised for $550,000. 7 of 10 Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. 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.

Synagogue Nightclub Adelaide, Articles B