California “R.E. Practice” questions Ch10-Ch12

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California: Real Estate Practice – Ch10 – Quiz with no answers

Answers will be revealed with proper subscription

1 of 10 All of the following are good approaches for handling objections except which?

A.    View an objection as the buyer’s request for more information.

B.     Use the “yes-but” technique to handle the objection.

C.     Ask the buyer more questions.

D.    Tell the buyer it’s not an issue.

Real Estate Practice

2 of 10 Offering a buyer more than one option and having him or her choose is using what kind of closing technique?

A.    Bonus

B.     Alternative

C.     Ownership

D.    Standing-Room-Only

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 broker’s commission?

A.    Terms and conditions of offer

B.     Final Verification of Condition

C.     Dispute resolution

D.    Liquidated damages

4 of 10 Which of these is not an important aspect of selling?

A.    Establishing buyer rapport

B.     Knowing your inventory

C.     Giving buyers your opinion of what works best for them

D.    Handling objections

5 of 10 What would be the least effective way to get to know your buyers’ needs?

A.    Ask closed-ended questions.

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.

C.     Watch actions and body language.

D.    Ask open-ended questions.

6 of 10 Which of these is an emotional reason that buyers buy property?

A.    Tax advantages

B.     Status

C.     Investment

D.    Schools

7 of 10 Which paragraph of the purchase agreement must be initialed by both buyers and sellers for it to apply?

A.    Final Verification of Condition

B.     Removal of contingencies

C.     Liquidated damages

D.    Buyer indemnity and seller protection

8 of 10 What does the paragraph on repairs state?

A.    The buyer must make all repairs.

B.     If checked, the seller can complete repairs after closing.

C.     The seller can do all repairs himself.

D.    All repairs must be in compliance with existing building codes.

9 of 10 All of these might be a buying signal except which?

A.    Taking room measurements.

B.     Asking about a possession date.

C.     Moving closer to the agent to get a better look.

D.    Walking through the home quickly.

10 of 10 Agent Jim tells his buyers that the seller will leave the riding lawn mower if the buyers make an offer now. What kind of closing technique is Jim using?

A.    Assumptive

B.     Alternative

C.     Bonus

D.    Ownership

Bonus ch10 questions

1- What are the five aspects that are involved in any selling approach?
2- When establishing rapport, what’s one of the best ways to get to know your buyers?
3- What signals do buyers use to indicate they may be willing to make a purchase? 
4- What’s a bonus closing and what’s important to keep in mind about this technique? 
5- Why is it important for the buyers to indicate whether or not they intend to occupy the property?
6- What’s important to know about the Liquidated Damages paragraph?
7- What happens if the parties do not initial the section of dispute resolution that deals with binding arbitration? 
8- Which section of the purchase agreement does not apply directly to the buyers and sellers? 
 

California: Real Estate Practice – Ch11 – Quiz with no answers

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1 of 10 When you receive an offer on a listing for less than asking price, you should not:

A.    Study the other terms of the offer so that you can maximize the offer’s benefits and minimize the lower price.

B.     Set up a face-to-face meeting with the sellers as soon as possible.

C.     Prepare additional documentation to take to the presentation.

D.    Give the sellers the price over the phone so that they can think about it before you meet with them.

2 of 10 When presenting information about the buyers to the sellers, which piece of information might not be useful in helping the sellers make a decision?

A.    The buyers’ family is pressuring them to purchase this home.

B.     The buyers have been pre-qualified by a lender.

C.     The buyers are interested in another property.

D.    The buyers love the landscaping improvements the sellers have made.

3 of 10 Jake has received two offers on one of his listings. The home is listed at $210,000. One offer is for $208,000; the other is for $200,000. What should Jake do?

A.    Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer.

B.     Present the $200,000 first and recommend rejection. Then present the $208,000 offer.

C.     Present the $208,000 offer and the $200,000 offer together at the same presentation meeting.

D.    Hold both offers because he heard that a full-price offer is on its way.

4 of 10 Once an offer has been accepted, the agent should do all of the following except which?

A.    Make sure all required disclosures have been done.

B.     Attend the final walkthrough.

C.     Be sure all requested inspections have been ordered.

D.    Meet with the buyers’ lender to ensure they’re getting a good deal.

5 of 10 Which of these is not a true statement?

A.    A purchase offer is a binding contract between the buyer, the seller and their agents.

B.     If a seller changes the terms of the offer to purchase, he has created a counteroffer.

C.     An offer or counteroffer can be withdrawn at any time before it has been accepted.

D.    Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed.

6 of 10 Who typically presents an offer to the sellers?

A.    Selling broker

B.     Listing agent

C.     Listing broker and selling broker

D.    Selling agent

7 of 10 Which of these is not a good thing to do when writing a counteroffer?

A.    Fill out a separate, numbered counteroffer form.

B.     Rewrite whole paragraphs to ensure clarity.

C.     Date and attach supporting documents.

D.    Exert pressure on the sellers to include something the other party wants.

8 of 10 Which of these statements about counteroffers is not true?

A.    A counteroffer represents a rejection of an offer.

B.     A counteroffer by a seller to a buyer turns the seller from offeree to offeror.

C.     A counteroffer can give the buyers an “out” if they want one.

D.    If the buyer rejects the first counteroffer, the seller can accept the first offer.

9 of 10 When you believe an offer is both fair and reasonable but it does not meet the sellers’ asking price, you should:

A.    Make no recommendations and let the sellers decide on their own.

B.     Recommend a counteroffer back to list price.

C.     Work toward acceptance.

D.    Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer.

10 of 10 Most sellers object to offers based on:

A.    Closing issues

B.     Offering price

C.     Financing issues

D.    Contingencies

Bonus ch11 questions –

1- When preparing to present an offer to the sellers, what kinds of supporting information can be helpful?
2- What is important to remember about multiple offers?
3- When making your presentation, what topics should you cover? 
4- Why is it important to talk to the sellers about the buyers? 
5- What actions can the sellers take regarding the purchase offer?
6- What is important for the sellers to know about a counteroffer?
7- Ben and Blanche receive a $200,000 offer on their home, which is listed at $208,000. They were counting on a full-price offer and are very disappointed. What approach can their agent take to change the sellers’ perception of the offer? 
8- When does a purchase offer become a legal contract? 
 

California: Real Estate Practice – Ch12 – Quiz with no answers

Answers will be revealed with proper subscription

1 of 11 A growing equity mortgage:

A.    Is an adjustable rate loan.

B.     Allows quick repayment of the loan through accelerated payments.

C.     Includes a margin.

D.    Has a payment cap.

2 of 11 Which statement is true?

A.    A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment.

B.     Private mortgage insurance is available for FHA loans.

C.     A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value.

D.    A lender can continue to collect PMI payments until the homeowner’s equity reaches 25%.

3 of 11 Which loan covers the period of time between the end of one mortgage and the beginning of another?

A.    Construction

B.     Wraparound

C.     Open-end

D.    Bridge

4 of 11 Which of these is also called a contract for deed?

A.    Purchase money mortgage

B.     Lease purchase

C.     Second mortgage

D.    Installment land sales contract

5 of 11 Which of these statements is true about a CalVet loan?

A.    Loan terms are from 15 to 25 years.

B.     If the loan is VA guaranteed, no down payment is required.

C.     There is a 6-month pre-payment penalty for paying off the loan early.

D.    Interest rates are typically fixed rate.

6 of 11 Which of the following is not true about reverse annuity mortgages?

A.    The lender makes payments to the borrower.

B.     This mortgage type is popular among the elderly.

C.     The borrower pays a fixed rate of interest.

D.    The loan must be repaid before the borrower’s death.

7 of 11 In which of the following types of loans is the payment allocated only to interest?

A.    Straight

B.     Balloon

C.     Amortized

D.    Adjustable rate

8 of 11 A blanket mortgage:

A.    Covers more than one piece of property.

B.     Entails entering into two agreements simultaneously.

C.     Is subordinate to a first mortgage.

D.    Reduces the monthly payment for a borrower during the initial years.

9 of 11 Lenders can charge all of the following except which fee when a borrower gets a loan?

A.    Loan origination fee

B.     Points

C.     Survey fee

D.    Discount points

10 of 11 Mark gets a home loan and the lender will charge him 3 points at closing. If the loan is for $68,000, what will Mark be assessed in points?

A.    $680

B.     $1,360

C.     $2,040

11 of 11 Which of the following is a low loan-to-value ratio?

A.    Jake is getting a VA loan with no down payment.

B.     Sandy and Bill are putting 30% down on their home purchase.

C.     Alice is getting a conventional loan and making a 15% down payment.

D.    Tim and Gail have qualified for an FHA loan.

Bonus ch12 questions –

1- How much is the loan origination fee and what does it cover?
2- What kind of problem can result from a straight loan?
3- What kinds of limits are placed on the interest rate in an adjustable rate mortgage? 
4- Describe a reverse annuity mortgage. 
5- Define the term loan-to-value ratio.
6- When is a lender required to terminate a borrower’s private mortgage insurance?
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? 
9- Define a purchase money mortgage.
10- What’s the difference between a lease purchase and a lease option?
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. What kind of mortgage might they get? 
12- What are grant programs typically used for? 

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