7- What are the capital gains exclusions associated with the sale of a personal residence? Give a discount to families with children. buyer randy makes an offer to purchase. 11- What is a public report and when must it be provided? 6 of 10 Who typically presents an offer to the sellers? 52- Which statement is true about a listing contract? For what type of loan is the borrower applying? Given the rise in the price of a plane ride, what percentage change in the price D. Hold it with the buyers permission until the contract is accepted. B. Its easier to prioritize your tasks if your goals are in writing. 10 of 10 The cost of doing direct mail advertising depends on all of these things except which? C. Participate in a tax shelter program. D. Have the broker send a thank you for listing letter to the sellers. \text { Annual cost of scrap materials } & 286,000 \\ 3 of 12 All of the following are primary mortgage market lenders except which? 2- Describe an open listing. Buyer Norm called and rescinded the offer. A. 1- What is an important thing to remember about listing agreements? 11. Rob, a salesperson, tells a buyer that the location of the electric meter on a house is up to the buyer. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. Which one is illegal in many states? On what amount will he pay capital gains tax? Present the offer and tell the seller that the check needs to be held until June 30. 2 of 10 Which of these statements is true? C. Tangible assets transferred in the sale include inventory, fixtures and equipment. 4- Explain the documentary transfer tax. 29 of 50 What is one way the Federal Reserve System regulates the money supply? Answer: D- Avoid telling him the price by setting up an immediate appointment. CSP-Conlutas Central Sindical e Popular . Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. 2- What exception exists to the duty of obedience when working with a client? 10 of 10 Which of these Internet pages might be of particular interest to sellers? B. FSBO sellers believe they will save money if they sell themselves. B. Ken must obtain his own training. Broker Bob has a listing with Sam Seller and calls Sam to tell him Bob has received an offer from a buyer. A. I will complete the GRI certification in the next four years. Answer: A- No, Bob Should have submitted the offer. 37- When dealing with the sale of a business, which is not a true statement? D. Their loan payments will gradually increase. The listing price of a house is $139,900. Retired persons are a good source of neighborhood information. D. All repairs must be in compliance with existing building codes. Mary wants to make an offer on a house that is 25% lower than the asking price. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. Seeking listings C. Seeking both buyers and sellers D. Seeking buyers for others agents' listings 3. 3- For whom do property tax exemptions exist and for how much? 6- What is important for the sellers to know about a counteroffer? buyer randy makes an offer to purchase B. 100 B. Tom violated the law by not providing notice of information that would affect Fred, When a broker received an unexpected bill, he deposited a client's earnest money check into his personal account to cover the expense. Covers more than one piece of property. C. Refuse to accept the offer and check. 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. A. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. 8 of 10 Proof of ownership of a property is called: 9 of 10 Who is responsible for ordering the preliminary title report? D. Allows a broker to have as a commission anything above the minimum the seller sets. 68- Greg and Joyce have an adjustable rate mortgage on their home. The purchase price, plus improvements 5. What does that mean? You bought if for the listing price plus 10% and sold it for the listing price. 32 of 50 Alice is an employee of Mid-State Realty Services. How can you prepare your sellers for receiving offers? Which statement is true? 6- Whats important to know about the Liquidated Damages paragraph? C. Guarantees payment of all interest and principal on mortgage-backed securities. yellowbrick scholarship reviews. 8- When does a purchase offer become a legal contract? 6- What is the ultimate result of using the Closing Disclosure form? 38 of 50 What is the primary role of Fannie Mae? B. Greg has put himself in a potential dual agency situation. Information on current loan programs. A. Jim specializes in clients who want to buy restaurants. A. Pam should tell them to reject the offer so that the buyers will counter back with full price. A. C. Brenda could be liable for a breach of the listing terms. The second mortgage has now become the primary loan. Regulates reserve requirements for all institutions that offer checking accounts. A. 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. Supervises the Truth in Lending Act. C. Identifies buyers for other properties. What is the most often used form of earnest money deposit? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? B. He must withdraw his representation of one of the parties. 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? B. 3- What are the three general responsibilities of a property manager? D. Similar expired listings that didnt sell. C. Find a lender who is willing to do FHA loans. C. Consider child support payments in the decision. C. Clearly written contractor agreement must exist. 31 of 50 Which of the following AIDA characteristics is the most critical in the ad? The bundle of rights does NOT include the right of, Billy has a two-acre lot that is zoned agricultural. Recommend a counteroffer back to list price. 7- What are the capital gains exclusions associated with the sale of a personal residence? A. 10- What is the right to rescind and what is not covered by this rule? Which is a true statement? 10 of 10 Which of these is not an exemption to fair housing law? C. If Larry verbally accepted the offer, Kirk is bound by it. He pays rent for occupancy, plus maintenance and operating expenses. Now you have the numbers to plug into the loss formula; Percent of Loss = Loss / Cost or $13,990 / $153,890 = 0.0909. \hline lumberton man killed; guggenheim annuity rates. 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. Name four traditional marketing tools that you should use with every listing you get. A. I will make two new contacts every day this week. 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 24 of 50 Tim thinks his buyers are ready to make an offer. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? The purchase price, plus depreciation, B. The loan will be distributed to them gradually. A. It is completed by an interested Buyer then presented to the Seller, stating the basic terms under which the Buyer is willing to purchase the property. 1- What do you need to check if you want to conduct a door-to-door canvass in a neighborhood? C. Broker Harry deposits $1000 into his brokerage business account. Answer: C- A secondary bid for a property that the seller will accept if the first offer fails. 45- Kirk wants to get an FHA loan. C. Real estate can respond quickly to changes in the market. 2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique? 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? A. 2- List the three Institute of Real Estate Management property management designations. She would likely be required to do which of the following? Next, calculate the points charged; $168,500 x 0.02 = $3,370. What kind of lease does Jim have? Find a home that meets FHA requirements. 1 of 10 Which of the following actions by an agent would most probably upset the sellers? A. C. Recommend a counteroffer back to list price. She is probably using all but which of the following tools? D. There is a loan protection plan included with the loan. 2- What types of office administration tasks are important for a licensed assistant to perform? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. 1- How much is the loan origination fee and what does it cover? Before completing the form, discuss the following important points with the home seller: Price. Certain homeowners may qualify for a $10,000 exemption. 2- What kind of problem can result from a straight loan? What is the market value of the property? 7- What is the difference between an FHA loan and a VA loan? The owner has 30 days to notify the county assessor. B. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? D. The UCC is a body of law that standardizes a number of business practices. Give the deposit money to the seller. The sellers want the earnest money check made payable to them instead. Point out that the roof is not leaking despite its age. B. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. D. Collecting information and pre-qualifying buyers yourself is the easiest and best approach. 4- What are the major areas of newspaper leads? Sharon and Steve have just taken a second mortgage on their home. 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. A. 4 of 10 Which of the following is NOT a condition of the safe harbor test? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 8- What actions does a lender take to sell a mortgage in the secondary market? 22- Jane sold her personal home for $148,000. Encourage Sam to make a counteroffer at 2% below Sam's asking price. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. Decide which offer is best and present that one. At the end of the term, the loan balance will be negative. 1 of 50 Which of the following newspaper information is not helpful in developing a Prospecting Plan? C. The air conditioner does not work. B. A. C. Salespersons must perform all of their activities on behalf of their employing broker. Nam lacinia pulvinar tortor nec facilisis. Tell Mike that the sellers will be upset if they cancel the appointment. Present the offer and tell the seller that the check needs to be held until June 30. itur laoreet. C. Advertising in the telephone directory is cost effective because the directories can reach every home in the marketing area. Example 1. It can be considered an employment contract. New Age purchased a new coffee maker the office was in need of. A. 5- Your listing presentation manual should be made up of two sections that address what issues? C. The loan term will extend gradually over time. Mortgage brokers do not lend money. 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. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. 2- What is important to remember about multiple offers? Donec aliquet. 1.555.555.555 | frontier airlines crash history. B. B. C. Allow indoor pets to leave their designated area. The interest rate will increase gradually over time. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? 10 of 10 Which proposition limited the maximum amount of tax on real property? Lenders are in the best position to qualify buyers. 5 of 50 Jane has been working with some buyers for several weeks. 8- Under what conditions may a landlord enter a tenants property? 4 of 10 An unlicensed person engages in advertising that conveys the clear impression that he is a licensed real estate broker or is an officer or employee of a corporation who knowingly advertises a false statement concerning any land or subdivision. The property is in an area that could flood. B. D. Tell the sellers its time to reevaluate the price. Which law extended discrimination to include handicap and familial status? 8- What does the Water Heater Statement of Compliance address? Receives special tax considerations. 6 of 10 How often can a tenant call his or her own professional to make repairs and then deduct the amount from the next months rent? 4- Whats a bonus closing and whats important to keep in mind about this technique? 50 of 50 Eric is acting as a disclosed dual agent in a transaction. C. A counteroffer can give the buyers an out if they want one. 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? Use as little white space as possible. B. What was Sam's appraisal cost for quality last year? 7- Agent Jim needs to do a visual inspection of his listing. It can provide a steady stream of future clients. wigan warriors west stand chef buddy microwave egg cooker instructions; telemundo la casa de los famosos en vivo 4- Describe a reverse annuity mortgage. On what amount will they pay capital gains tax? A purchase offer is a binding contract between the buyer, the seller and their agents. 9 of 10 Which of these is not a helpful homeowner tip? Broker John puts $500 into his trust account. Answer: A- Proceed as if the buyer has decided to make an offer. 2- Explain the difference between the primary and secondary mortgage markets. 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. A. Generates leads for new listings. 1 of 10 Broker Alice has hired several independent contractors in her firm. Answer: D- They are effectively terminating the original offer. 9 of 10 Janet is an unlicensed assistant. Which statement is true? 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? A. 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. What would be a good approach for Pam to take? 4- What items are not covered by any title insurance policy? 3 of 10 Which of the following would be an example of a licensee specializing in business type? Offer to mail the caller a set of fliers on interesting properties. 1- What is the most important factor for a prospective homebuyer to consider in the decision to purchase? B. The borrower gives the lender a note and a mortgage in exchange for the funds. 5 of 10 Which of the following would not be a reason to choose to be an assistant? 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? What should Bob do? A rental condominium for a recreational vehicle. 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. B. 8- What is the major difference between a CalVet loan and other loans? B. Which of the following statements is true? Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). D. Must start out as a part-time employee. plane rides is 0.5 and the price elasticity of demand for train rides is 0.2.