57- Under federal income tax law, the basis for a personal residence is which of the following: A. Needs a license to perform activities that are not strictly administrative in nature. 4. 6- What items can an owner of an income-producing property deduct that an owner of a personal residence cannot? 5 of 10 RESPA applies to all of the following EXCEPT which? A. D. Exclusive-authorization-and-right-to-sell agreement. 11- What are the penalties for violating Regulation Z? The purchase price, plus depreciation, B. Which area of specialization would she fall into? A secondary bid for a property from the same buyer. Which of these statements is true about the wraparound mortgage? Entails entering into two agreements simultaneously. $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. Mary makes an offer to purchase a duplex from Sam. D. A basis of $140,000 and no taxable gain. 8- What is an important issue for potential buyer clients to understand? They were counting on a full-price offer and are very disappointed. D. The buyers love the landscaping improvements the sellers have made. Mary writes a letter rescinding her offer and hand delivers it to Sam Sunday night. B. 13 of 50 What is the most common reason that owners try to sell their homes themselves? 7. The ordinance also requires a 10-foot side set back. A. Youll know how much house they can afford. What should Bob do? Sharon and Steve have just taken a second mortgage on their home. The purchase price, plus depreciation C. Discuss alternative properties that may be interest. Before the sale can get finalized, the owner would require you to first meet certain conditions. buyer randy makes an offer to purchase 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? D. The advertiser must prove he was grandfathered in as a licensee. C. Broker Harry deposits $1000 into his brokerage business account. 30- Being prepared to handle incoming phone calls means all of the following except which? Lorem ipsum dolor sit amet, consecteticitur laoreet. How would Grants lease at this time be classified? 6 of 11 Which of the following is not true about reverse annuity mortgages? C. Tell the sellers you expect an offer to be coming soon. Find solutions. The salesperson entered into a buyer-broker contract with her brother. 7- What is the difference between an FHA loan and a VA loan? Have you been pre-qualified or pre-approved by a lender yet? The check that accompanies the salesperson license application must be for what amount? 7 of 11 In which of the following types of loans is the payment allocated only to interest? Buyer Randy makes an offer to purchase one of Broker Tom's listings on June 15. 48 of 50 Which of these lenders would be the least likely to lend money for an investor to purchase an apartment building? 9- What is the basic purpose of Truth in Lending Regulation Z? Facebook Instagram. buyer randy makes an offer to purchase buyer randy makes an offer to purchase. 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. 2. California: Real Estate Practice Sample of Final Course Exam. D. Ensure fair real estate negotiations. C. Is permissible if being accepted on behalf of a third party. A. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. D. Call the sellers immediately and let them know you wont be coming by. A. Jake is getting a VA loan with no down payment. "No, you may lose the house." 59- Which of the following is a sellers request that an agent cannot honor? C. Offer to show the caller a newly-listed, not-yet-advertised property, even if one doesnt exist. Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. D. Make sure all light bulbs and lamps are working and are bright. 3- When handling a telephone inquiry, why should you limit the amount of information you give out about the property? Later that day, Kirk finds a home he likes better; so he withdraws his offer to Larry. \text { Annual cost of scrap materials } & 286,000 \\ 8- What does the Water Heater Statement of Compliance address? What kind of lease does Jim have? B. C. Recommend a counteroffer back to list price. A. D. An exclusive listing must always be at least 30 days long. C. Your plan for finding the buyer a home. 1 of 10 All of these questions could help you determine a prospects capacity to make a purchase except which one? Several weeks later, Agent Tom becomes aware of a developer who would pay as much as $1,000,000 for the property. 5 of 10 Mike bought his home last year for $150,000. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. 10 of 10 Most sellers object to offers based on: 1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? The adjusted cost basis of the first home was $140,000. 1 of 10 Broker Alice has hired several independent contractors in her firm. B. Jim Sharp is purchasing his fathers home. What kinds of things should you include in a weekly activity report? : The Commission could suspend or revoke Rob's license. C. Have keys made for company listings. Sunday afternoon, Mary is driving around and finds a property she likes better. 41 of 50 What was the important ruling in Jones v. Mayer? An agent should print off a copy of the listing on the companys Internet site to send to the sellers. Referral fee to a homeowners insurance agent. C. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. 96- Which statement is not true about a listing contract? Which would NOT result from the exercise of police power? buyer randy makes an offer to purchase buyer randy makes an offer to On what amount will he pay capital gains tax? A. Which of the these activities does she have control over? The buyers have been pre-qualified by a lender. C. A counteroffer can give the buyers an out if they want one. C. How much time the licensees must spend in the office. Brenda refuses. Which one is illegal in many states? 4 of 10 All of these are true of prospecting except: A. What do many firms do to avoid confusion with their advertising plan? This would be the maximum the purchaser would be permitted to borrow. The escrow holder will need information about the brokers commission. The appraised value is $86,500; 80% of that amount is $69,200 ($86,500 x 0.80). 63- Jennys home appraised for $550,000. Code Violations and Tax Delinquencies. Ask the buyer if the buyer would like to make an offer taking the roof age into account. Answer: A- Proceed as if the buyer has decided to make an offer. During business hours and only after giving the tenant 24 hours notice. B. 99- All exclusive listing agreements must have, C. A list of personal property included in the sale. 7- In the initial meetings with the prospects, the agent should do all of the following except which? B. This type of action might be viewed as: Buyer Frank has just signed a sales contract for a 2 million dollar property. 36 of 50 Agent Pam receives an offer on one of her listings for less than the asking price. A. C. The builder paid a lump sum amount at closing to reduce the interest rate for a few years. 7- Agent Jim needs to do a visual inspection of his listing. Answer: A- No, Bob Should have submitted the offer. 11- What is a public report and when must it be provided? 1- What are the three important considerations for a good property investment? D. The monthly payments increase overtime. 2. C. Prepare additional documentation to take to the presentation. Answer: B- The contract is voidable due to mutual mistake. 10- Whats the difference between a lease purchase and a lease option? Give as much detailed information about the property as you can. Wait until next week to send an activity report, hoping things will pick up. 10 of 10 Which of these is not an exemption to fair housing law? Before completing the form, discuss the following important points with the home seller: Price. What should Tim do next? 73- Which of these is not a buying signal? Answer: C- 10% of the sales contract offer, What is the suggested response when a buyer asks "Do you think the seller will come down on the price?" A. 1 of 10 Which figure represents the amount of income available as a return to an investor? 7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? There is nothing that can offset this problem. Answer: D- Avoid telling him the price by setting up an immediate appointment. In the past year they have referred two dozen people who have purchased flooring from New Age. If a seller is in a multiple offer situation, how do you determine the best offer? B. A. It helps to identify buyer and seller needs. Click the "Allow" button. Gross income must be based on production. 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. Is there a contract between the buyer and seller? A broker may require licensees to carry high levels of automobile insurance. A. 6- When is a lender required to terminate a borrowers private mortgage insurance? Deposit the check into his trust fund account on the next business day. 3- What are the three general responsibilities of a property manager? 10- Which disclosures are NOT required to be made when selling residential property? 07 Jun. The borrowers family in case of his or her death, B. What should Bill do? 9% 4- Explain the documentary transfer tax. 38 of 50 What is the primary role of Fannie Mae? What is the market value of the property? 5- When must a licensee provide an agency disclosure to a prospective client? 12- What are grant programs typically used for? B. 2- What are some tax benefits associated with investing? 9 of 10 A shopping center would be primarily categorized as what type of property? 8- Why should agent Grace give her client a Combined Hazards Book? Name and define the two forms of advertising. 12 of 50 The manager of a large hotel refuses to rent a room to a blind person with a guide dog. C. An assistant can keep track of the progress of activities during escrow. Licensee Pat was in transit to the cooperating licensee's office with the offer. The advertiser can be sentenced to up to a year in prison. 1- What is an important thing to remember about listing agreements? C. The seller can do all repairs himself. 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