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3- An agents fiduciary responsibilities to a client usually end when the transaction closes. Preparation of an appraisal of the property, D. Help with required forms and disclosures. Other than residential list three kinds of property in the real estate market. 4 of 10 If someone shows up at the sellers door unexpectedly to see the home, the sellers should: C. Take their names and call your office. B. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. She is probably using all but which of the following tools? The homebuyer, on the other hand, is hoping the transaction will close because the home is in A-1 condition and perfect. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. It never was effective since Sam had not notified Mary of the acceptance. Which would NOT result from the exercise of police power? If the terms offered by the Buyer are acceptable to the Seller, the Seller signs the Offer Form to begin the sale. 4- What are the major areas of newspaper leads? 4- Why is coordinating escrow so important and how can an assistant help? 5- What kind of newspaper ad could you place to solicit a listing? 3. Sam accepts the offer and executes the contract on March 1, a Sunday. 3- What is a good approach to use when contacting the owner of an expired listing? 10 of 10 Which of the following statements is not true about a net listing? 2- What is floor time and why is it important? What are members of NAR required to do? buyer randy makes an offer to purchase buyer randy makes an offer to purchase. 8- Why should agent Grace give her client a Combined Hazards Book? C. Classified ads placed on the property, D. Number of hits on the company website. Rule 21 A real estate investment business organized as a trust best describes a(n), Chapter 9 - Cellular Respiration and Fermenta, flash card for the first 25 math question, Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. D. Broker Gina puts $150 into her trust account. Buyer Jim asks if he can visit the property for a second time. Annualinspectioncosts$155,000Annualcostofscrapmaterials286,000Annualreworkcost34,679Annualcostofqualitytraining456,000Annualwarrantycost1,546,000Annualtestingcost543,000\begin{array}{lr} 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Mary learns that Sam is selling only half of the duplex. 1. \end{array} What kinds of things should he be looking for? 4- Whats a bonus closing and whats important to keep in mind about this technique? 9- What required disclosure is a result of Megans Law? Tell the buyer to submit the offer first and then take a copy to the attorney to review. Jim and Jane financed the remaining $25,000 through the seller. 6 of 10 Which of the following is not a true statement? Rule E-1 Sets a limit on the commission a broker can earn. A. D. Understanding characteristics of the rental market. 8- What do you call those items that have been incurred by the seller but not paid, and how will they be handled on the settlement statement? Answer: C- Ask the buyer if the buyer would like to make an offer taking the roof age into account. 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? What approach can Greg use to discourage the person from calling other agents? Bob writes the offer but is too embarrassed to submit it. 3- What is a good approach to use when contacting the owner of an expired listing? A. Forwarding calls from the public to one of the salespersons in the office. There is nothing that can offset this problem. Skip the activity report for that week. Broker Alice holds an uncashed check until the offer is accepted. A. 7- Agent Jim needs to do a visual inspection of his listing. Download an offer to purchase document and refer to the annotated Agreement of Purchase and Sale to help you fill it out. What will the new owners pay in property taxes? Elaine parks across the street from the home and Mike is disappointed by what he sees. What kinds of things should you include in a weekly activity report? 1 of 10 When you receive an offer on a listing for less than asking price, you should not: A. C. Payments will not be enough to retire the loan. D. Lends good visual support to what the agent is saying. B. Brenda has violated the fiduciary duty of obedience to Jim. 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. What would you say about Alexs actions? Sam asks Bob what the price is. A net listing is illegal in all states. 1 of 10 The Lead-Based Paint Disclosure is required for homes built: 2 of 10 Which of these documents is for sellers only and not for buyers? 70- Which of these items would be a credit to the buyer on the settlement statement? C. Prepare additional documentation to take to the presentation. Who will pay the points? C. Sharing all visitor comments two weeks before the listing ends. During a phone call, a salesperson discusses showing a property to a prospect. What property type will he be dealing with? D. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. 33 of 50 Sal bought a personal residence for $150,000. 7- What does the paragraph in the listing agreement titled Entire Contract deal with? A. B. 8- When studying the characteristics of an area in which an investment property is located, what factors should the investor look at carefully? 1- What is important to know about unlicensed real estate assistants? 2 of 10 Which lender typically deals in interim financing? Checking your browser. The ordinance also requires a 10-foot side set back. 49 of 50 Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. The lender makes payments to the borrower. Buyers make an offer to purchase property and to place $1000.00 earnest money into their broker's trust account. Buys pools of mortgages in exchange for mortgage-backed securities. A duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities. Discourage Sam from accepting an offer so far below Sam's asking price. A. 3 of 10 Which of the following statements is NOT true regarding a broker acting as an escrow agent? 6. 10 of 10 A competitive market analysis is an attempt to: A. Nam lacinia pulvinar tortor nec facilisis. He must withdraw his representation of one of the parties. 4 of 10 Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract? D. A shopping center might have to remodel their public restrooms. A. 6- Which type of leasehold estate is commonly referred to as a periodic tenancy? 9 of 10 Janet is an unlicensed assistant. C. Participate in a tax shelter program. You had a 9% loss. The loan will be distributed to them gradually. 10- Whats the difference between a lease purchase and a lease option? Could be a violation of state licensing laws. The price elasticity of demand for 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? 5- Why is it important for the buyers to indicate whether or not they intend to occupy the property? B. Pam is not liable since it was summer and the heating problem was not obvious. 38 of 50 What is the primary role of Fannie Mae? 6- What is the Real Estate Transfer Disclosure Statement and who is responsible for providing it? 4- What are the major areas of newspaper leads? D. A lender can continue to collect PMI payments until the homeowners equity reaches 25%. Each of their payments is for the same amount. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. C. Theyre probably paying a higher interest rate on the second mortgage. B. Use the yes-but technique to handle the objection. 1- What is a competitive market analysis? What approach can their agent take to change the sellers perception of the offer? From the 200' depth, subtract the 20' rear and front setback (200' - 40' = 160'). D. Tim and Gail have qualified for an FHA loan. 4 of 10 Examining the economic soundness of a property means looking at all of the following except which? D. All adjustable rate mortgages have negative amortization. A. 6- List the steps of underwriting. 8 of 10 Which of the following circumstances would concern you about working for Broker John? A. 8- Why is it important to have a written prospecting plan? 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? 35 of 50 Agent John just listed a home in a mid-range priced neighborhood. 3. C. The buyers and sellers agents will sign the escrow instructions. Gross income must be based on production. Make sure all required disclosures have been done. D. Amanda smiles at Jim when she sees the whirlpool tub. 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. Tell Linda that the sellers will be very disappointed if they cancel the appointment. B. D. John expects his agents to spend 5 hours a week on unsupervised telephone duty. residential transactions financed by federally related mortgage loans. What should Pat do with the earnest money deposit? an opinion of value for the day of the appraisal only. 6- Whats important to know about the Liquidated Damages paragraph? fairbanks ice dogs standings . Give the sellers a copy of some homeowners tips. 24 of 50 Tim thinks his buyers are ready to make an offer. The second mortgage has now become the primary loan. C. Tangible assets transferred in the sale include inventory, fixtures and equipment. Jim has decided to specialize in what area of real estate? B. Retired persons are a good source of neighborhood information. D. Have the prospects sign the disclosure about agency relationship. C. An assistant can keep track of the progress of activities during escrow. It took effect when Sam accepted Mary's offer. 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. Rate of return is computed by dividing the annual net income by the rate of return. 1 of 10 All of the following are good newspaper sections to read for prospecting except which? Pellentesque dapibus efficitur laoreet. If the lot measures 100' x 200', which is the total allowable square footage of a single story building? C. Shows property addresses that should be excluded from prospecting.