B. Jim Sharp is purchasing his fathers home. 6 of 10 Which of the following is not a true statement? 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? 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. 2- What exception exists to the duty of obedience when working with a client? B. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. Answer: D- They are effectively terminating the original offer. 4 of 10 All of these are true of prospecting except: A. Which of the following statements is not true? D. Send the weekly report as usual, emphasizing what your upcoming plans are for the week. C. Classified ads placed on the property, D. Number of hits on the company website. B. 2- What types of office administration tasks are important for a licensed assistant to perform? 5 of 50 Jane has been working with some buyers for several weeks. 1. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. On what amount will he pay capital gains tax? 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. 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. C. Tell them that this home is an exceptional buy and encourage them to look anyway. 8 of 10 Which California Fair Housing law provides protection from discrimination by business establishments? D. If the buyer rejects the first counteroffer, the seller can accept the first offer. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 9- What required disclosure is a result of Megans Law? 2- What is important to remember about multiple offers? Maximize the return to the property management firm. 7- Name three benefits of listing a home with an agent that you could share with sellers. B. 25 of 50 Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? 33 of 50 Sal bought a personal residence for $150,000. B. You had a 9% loss. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. $90,000 The buyers have been pre-qualified by a lender. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? of a train ride will leave the quantity demanded of train rides unchanged. The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. B. B. Answer: D- It was never effective since Sam had not notified Mary of the acceptance. D. Understanding characteristics of the rental market. Rule F-21 50 of 50 Eric is acting as a disclosed dual agent in a transaction. What disclosure does the salesperson owe to the buyer and seller? 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. 3 of 10 When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller? California: Real Estate Practice Chapter 18 Quiz with no answers. B. Brenda has violated the fiduciary duty of obedience to Jim. B. Which is true? 6 of 10 Which of the following is not an item that a buyer usually pays at closing? C. Participate in a tax shelter program. Goodwill is an intangible asset that results from the reputation of the business. 8- What actions does a lender take to sell a mortgage in the secondary market? The purchase price, plus depreciation, B. Change the locks on the tenants apartment. 28- Abby applies for a federally-related loan to purchase a home. What should Bob do? He sold the building for $1,000,000 and paid $60,000 in commission to the broker. A. I will complete the GRI certification in the next four years. Sam plans to overnight the acceptance on Monday. Local ordinance requires a 20-foot rear and front setback. dota 2 annual revenue 2020. adam foote parents. D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 8- What is important for a broker to remember about the Foreign Investment in Real Property Tax Act? 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? An Offer to Purchase REval Estate (the "Offer") is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a rEval estate transaction. 3- What is the difference between CLTA and ALTA policies? How should licensee Fred handle this offer? D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. In addition to agent and MLS home tours, what are some other ancillary tools you can use? 9 of 10 An agent must give a copy of the listing agreement to the sellers: A. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? Be open-minded. A. 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. 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. 5 of 10 All of these would be effective at capturing a readers attention except which? A. The definition of race was expanded to include ancestry. In this scenario, which of the following is not true? A. The adjusted cost basis of the first home was $140,000. 1 of 10 Which Fair Housing Law added sex to the list of protected classes? 5 of 11 Which of these statements is true about a CalVet loan? Given the rise in the price of a plane ride, what percentage change in the price The ordinance also requires a 10-foot side set back. During a phone call, a salesperson discusses showing a property to a prospect. Which is a true statement? 8 of 10 What does the paragraph on repairs state? D. Magazine ads are significantly more expensive than newspaper ads. A. 5- What actions can the sellers take regarding the purchase offer? When Bill pulls in front of the home, Linda decides immediately that she doesnt want to see the inside. 9- What is the basic purpose of Truth in Lending Regulation Z? buyer randy makes an offer to purchasei miss you text art copy and paste. B. This term typically refers to. C. Once you set a goal you should never change it. Most likely, what did they get? 12- What are grant programs typically used for? 9 of 12 When a lender is evaluating a buyers ability to repay a loan, the lender looks at all of these items except which one? Only needs to be done periodically. Write a contingent counteroffer. Not waste anymore time on this house, the buyer will never make an offer. Call Us Today! 4- Why is it important to talk to the sellers about the buyers? 1- What is escrow? Nam lacinia pulvinar tortor nec facilisis. 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. She put 20% down and got a mortgage for the remainder. C. Make up some statistics to share with the Bowers. A counteroffer represents a rejection of an offer. A. Forwarding calls from the public to one of the salespersons in the office. C. Gather listing forms for her employer. B. Sandy and Bill are putting 30% down on their home purchase. A buyer wants to take the offer to an attorney to review it. Mary learns that Sam is selling only half of the duplex. 5. 5- Define the term loan-to-value ratio. 4- Amanda calls broker Tim to schedule a showing of one of his listings. D. Meet with an inspector at a listing. Certain homeowners may qualify for a $10,000 exemption. D. Seeking buyers for others agents listings. 7 of 10 Which disclosure form gives detailed information about the propertys condition? 3- For whom do property tax exemptions exist and for how much? California: Real Estate Practice Ch11 Quiz with no answers. Gross income must be based on production. 3. 12- What are grant programs typically used for? Radio advertising is not as effective as other methods because listeners can be distracted by their activities and not hear the ads. 3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another? 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? 2 of 10 Which of these statements is true? A. Tell Mike that the sellers will be upset if they cancel the appointment. C. Is permissible if being accepted on behalf of a third party. What approach can Greg use to discourage the person from calling other agents? 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? There are several successful agents at Johns office. : 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. A. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? 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. Ask the buyer if the buyer would like to make an offer taking the roof age into account. A. D. Tell the sellers its time to reevaluate the price. A. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. D. The interest payment is always smaller then the amount allocated to the principal. The purchase price, plus improvements ", Which of the following rules deals with specific actions regarding the requirements for handling earnest money deposits? The price of a plane ride rises by 10 percent. C. The broker must conduct the escrow personally and not delegate any escrow activities. What do you need to remember about making phone calls to potential clients? Deposit the check into his trust fund account on the next business day. rickey smiley and grandson videos Practice exam for California Real Estate Practice Class, Answers will be revealed with the correct subscription. Five current listings three recently sold and two expired, C. A minimum of three properties in the recently sold category. C. Write and sign commission checks to salespersons. D. This action is deliberate misrepresentation. 45- Kirk wants to get an FHA loan. 31- Patrick has a written independent contractor agreement with his broker Tami. 6 of 50 Broker Tami has a very low advertising budget. 11 of 12 ECOA requires that a lender send a denial notice within: 12 of 12 The amount of debt, time and method of payment, interest rate and other loan terms are part of the: 1- What is the role of the Fed? Which of the following is Kirk himself not likely to do during the application process? 11- What is a public report and when must it be provided? D. An exclusive listing must always be at least 30 days long. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. What should Bob do? Give an example of a specific short-term goal. Allows quick repayment of the loan through accelerated payments. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? How would Grants lease at this time be classified? B. Newsletters can be a very effective advertising forum for niche marketers. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? 2- What types of office administration tasks are important for a licensed assistant to perform? B. D. Chris is a buyer's agent. He succeeds in setting up an appointment to meet with the caller. The escrow holder will use the purchase agreement as the basis for writing the escrow instructions. Which of the following would be the least likely place for them to obtain a loan? Smoke Detector Statement of Compliance, D. Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption. D. A basis of $140,000 and no taxable gain. She is probably using all but which of the following tools? 5 of 10 What would be the least effective way to get to know your buyers needs? Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} California: Real Estate Practice Ch8 Quiz with no answers. C. Payments will not be enough to retire the loan. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. Be a deal maker. 2. 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. 11. Answer: D- They are effectively terminating the original offer. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. A. C. The lender gives the borrower a mortgage and funds. There are no offers on the property during the 6-month listing period and the listing expires. 42 of 50 Alex makes an offer to purchase one of Bills listings. What kind of a mortgage do they have? D. Offer to call the prospect when new listings that meet his or her criteria come on the market. 5 of 10 California allows a property manager to charge a non-refundable fee for which? 69,200 New Age purchased a new coffee maker the office was in need of. A. 8 of 10 Which of these marketing tools is not considered a traditional tool? The purchase price, plus improvements, C. The fair market value at the time of sale. A. Jake is getting a VA loan with no down payment. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? Answer: D- Return the money to buyer Norm. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. "Let's make a low ball offer?" Have you been pre-qualified or pre-approved by a lender yet? 4- What items are not covered by any title insurance policy? 4- Whats a bonus closing and whats important to keep in mind about this technique? 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. A. C. It must specify a definite termination date. Hometown Real Estate, receives $100.00 each time they refer a customer to New Age flooring. 3- What are the three general responsibilities of a property manager? B. 2 of 10 Which is not a true statement about the Americans with Disabilities Act? D. Must start out as a part-time employee. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? Terminate the first contract and accept the higher offer. They were counting on a full-price offer and are very disappointed. 55- Greg is approved for a Cal-Vet loan. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. What should Elaine do? California: Real Estate Practice Ch12 Quiz with no answers. Answer: A- No, Bob Should have submitted the offer. C. Guarantees payment of all interest and principal on mortgage-backed securities. C. Broker Harry deposits $1000 into his brokerage business account. If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. 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. 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. Two months later she purchased and moved into a new home that cost $145,000. 7 of 50 Glenna and Amanda just bought their first home. Example 1. 2- Name one advantage and one disadvantage of telephone contacts. Plastic dishes last a long time because they are unbreakable. A. Mary wants to terminate the contract. First, determine what you originally paid for the house: $139,900 x 1.10 (100% + 10% = 110% or 1.10) = $153,890. Example ______ 1. east of the mississippiriver\underline{\text{mississippi river}}mississippiriver. B. She should advise them to let the offer expire with no action so the buyers will get nervous. Secure documents that are public information from the courthouse and other sources available to the public. 3 of 10 Which paragraph of the purchase agreement states that if the buyer defaults after acceptance, he or she may be liable for the brokers commission? 10 of 10 Assistants who are hired to work part time: C. Usually get a percentage of the commission in addition to a salary. 3- What signals do buyers use to indicate they may be willing to make a purchase? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. Jim and Jane financed the remaining $25,000 through the seller. Two weeks before the close of seller Jan's property, buyer Sam makes an offer. What should Alice do? D. Preparing flyers and promotional materials for the brokers approval. C. Neither Sarah nor Ken can get employer-provided health insurance. 2- Who needs title insurance and why? In which stage of the General Adaptation Syndrome *(GAS) are bodily resources drained and stress hormones depleted? What approach can Greg use to discourage the person from calling other agents? B. 9 of 10 Janet is an unlicensed assistant. 2- Explain the difference between the primary and secondary mortgage markets. 2- What kind of problem can result from a straight loan? 2- When establishing rapport, whats one of the best ways to get to know your buyers? 4- What are the major areas of newspaper leads? 86- Which of the following is not considered a benefit of investing in real estate? 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. For what type of loan is the borrower applying? 75- All but which of the following is NOT an AIDA feature? The Rule E-1 Buyer Jim asks if he can visit the property for a second time. 3- What is a good approach to use when contacting the owner of an expired listing? Find solutions. 5 of 10 Mike bought his home last year for $150,000. Mary wants to make an offer on a house that is 25% lower than the asking price. A rental condominium for a recreational vehicle. A. Bob writes the offer but is too embarrassed to submit it. How should Jan's licensee handle the offer? 5 of 10 All of the following are valid listing agreements. The date Abby receives the good faith estimate. Which statement is true? California: Real Estate Practice Ch5 Quiz with no answers. What is meant by the term sphere of influence? 4- What is the agreement that a broker can enter into with a buyer? 7- What is the difference between an FHA loan and a VA loan? 8- What is the major difference between a CalVet loan and other loans? 2- Describe an open listing. 6- List four sections of an Internet website that might be of particular appeal to prospective buyers. A. C. It keeps your name in front of potential buyers and sellers. C. The air conditioner does not work. D. Gross income must be based on hours worked. What percent of commission the licensees can charge. The property is in an area that could flood. 8 of 10 A lease that has no time limit is an: 9 of 10 Which of the following represents an intangible business asset? The fees that Eric charges Paul for making the loan could be any but which of the following amounts? 80 feet of frontage x 160 feet of depth = 12,800 square feet allowed by local ordinance. 7- Agent Jim needs to do a visual inspection of his listing. Norm gave Pat a $500 earnest money check. What should Pat do with the earnest money deposit? View an objection as the buyers request for more information. 21- Which form of advertising is considered the most cost-effective method for selling a home? \end{array} Wait until next week to send an activity report, hoping things will pick up. First mortgage on a single-family home, C. Primary mortgage on an office building, D. Settlement charges on a shopping center. 3 of 10 All of these items are important to include on your weekly activity report except which? Give the prospects a black copy of a purchase agreement to look over. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Real Estate Practice Class Questions with no Answers for 1- When is an agency relationship created? 70- Which of these items would be a credit to the buyer on the settlement statement? sam neill laura tingle split D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. A. 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? Which term is the process of joining several parcels of land into one larger parcel? 3 of 10 Sara just bought her first new home. Donec aliquet. D. Whether or not the licensees attend staff meetings. Who is responsible for removing the lien to clear the title? The home has been listed for several months; so Pam does a CMA and determines that the offer is more than reasonable in todays market. 3- In what three ways can an assistant aid an agent with appointments? 1.555.555.555 | frontier airlines crash history. Tip: to find a certain word or key term, press at the same time, the buttons: California: Real Estate Practice Ch1 Quiz with no answers, Answers will be revealed with proper subscription. C. Regulating reserves of institutions with savings accounts only. To learn more about the real estate business, D. To make more money than a real estate agent. 1- When is real property reassessed? C. Exclusive-authorization-and-right-to-sell agreement. A. yellowbrick scholarship reviews. D. Will conducted an agent open house last week that was attended by 25 agents. Explain. California: Real Estate Practice Sample of Final Course Exam. 92- Which of the following situations is not exempt from the seller disclosure requirement? 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. C. I will open my own office within nine years. 6- What does the security and insurance clause of the listing agreement address? A. D. She should persuade them to accept the offer. Present the $200,000 first and recommend rejection. They sold the home for $450,000 and paid $30,000 in selling expenses, including the brokers commission. B. One offer is for $208,000; the other is for $200,000. He paid $100,000 for it, and made $300,000 worth of improvements. D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. They will owe a balloon payment at the end of the loan term. Name and define the two forms of advertising. She sold the property and several months later the buyer sued Pam for not disclosing the problem. 8 of 10 Which of these is a free form of advertising? Who would be exempt under New Jersey fair housing law? 6- List the steps of underwriting. At the time the agreement is signed. Code Violations and Tax Delinquencies. 20 of 50 Seller Patsy wants to net $150,000 from the sale of her home. 6 of 10 In the listing agreement, a seller can choose to decline/disapprove all but which of the following items? 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? Give a discount to families with children. 33- Which statement is true about a loan that has a negative amortization? \text { Annual rework cost } & 34,679 \\ 1 of 10 Which figure represents the amount of income available as a return to an investor? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. C. Knocking on doors never requires special permits. Sets a limit on the commission a broker can earn. B. Which of these expenses is not associated with owning a home? 7- What does the net operating income of a property represent? B. Tell the buyer about the other offer and urge the buyer to skip the attorney. 19- Which of the following is not an advantage of hosting an open house? Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. What does that mean? Sunday afternoon, Mary is driving around and finds a property she likes better. 10 of 10 Which of these individuals could not act as an escrow agent without an escrow license? What are some important tips for home tours? A buyer mails an offer to an out-of-town seller. Brenda refuses. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. It helps to identify buyer and seller needs. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? 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? 9 of 10 Which of these words or phrases might be considered discriminatory when used in advertising? 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? 1- How much is the loan origination fee and what does it cover? cross elasticity of demand for train rides with respect to the price of a plane ride 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. A. D. In most situations, an assistant should not have the responsibility of in-person contact with clients. What should Bob do? 4- Describe a reverse annuity mortgage. 2- Explain the difference between the primary and secondary mortgage markets. Only after receiving the tenants consent. 40 of 50 Which of the following Internet pages might not be of particular interest to buyers? B. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? What is most likely their main motivation for investing? Tommy asks his real estate agent to prepare a lease agreement instead of a purchase agreement now that he has decided to rent rather than buy. C. Prepare additional documentation to take to the presentation. A basis of $148,000 and no taxable gain, B. Find a home that meets FHA requirements. The loan will be distributed to them gradually. 3- When preparing a competitive market analysis, what categories of homes should an agent research? 1 of 10 Broker Alice has hired several independent contractors in her firm. C. Is subordinate to a first mortgage. 2- What is floor time and why is it important? 18- In a transaction that involves the purchase of a business, what document functions in the same way as the deed in a personal real estate transaction? California Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. D. Ensure fair real estate negotiations. "What would you like to offer?" They will have to make a very high down payment. 9 of 11 Lenders can charge all of the following except which fee when a borrower gets a 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. 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. 1 of 10 What form can an agent use to show a seller what he or she will net on the sale of the property? 4. This best describes. 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? B. 6. C. The seller can do all repairs himself. Mortgage bankers bring borrowers and lenders together. He asks his real estate agent if she could tell him how to go about building a house on the land. 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? 76- Mark believes he has been discriminated against during his home search.