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chp 7 second class > chap 11 > Flashcards

chap 11 Flashcards

1
Q

From the real estate agent’s perspective, selling real estate involves which of the following…?
ASelling the owner on the listing
BSelling the buyer on the offer
CSelling the seller on the acceptance
DAll of the above

A

All of the above

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2
Q

Real estate agents must always put their client’s interests before their own…?
AT (True)
BF (False)

A

True

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3
Q

To mingle or mix, for example, a client’s funds in the broker’s personal or general account, is known as…?
AConversion
BTransferring
CCommingling
DCash-out

A

Commingling

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4
Q

A counter-offer voids the original offer…?
AT (True)
BF (False)

A

True

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5
Q

The unlawful appropriation of another’s property or funds is known as…?
ATransferring
BEscrow
CConversion
DCash-out

A

Conversion

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6
Q

Multiple counter-offers are illegal in California…?
AT (True)
BF (False)

A

False

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7
Q

Who typically presents an offer to the seller…?
AThe buyer’s agent
BThe listing agent
CThe seller’s attorney
DThe buyer’s attorney

A

The listing agent

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8
Q

Unless stated otherwise, the buyer’s agent has the right to present an offer in-person…?
AT (True)
BF (False)

A

True

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9
Q

n making a counter-offer, the seller may counter which of the following terms…?
AThe offer price
BThe proposed occupancy date
CThe amount of earnest money required
DAll of the above

A

All of the above

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10
Q

If there are not too many active listings in the marketplace, the listing agent may be able to increase the listing price…?
AT (True)
BF (False)

A

True

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11
Q

Escrow is opened after a prospective buyer’s offer is accepted by the seller…?
AT (True)
BF (False)

A

True

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12
Q

Which of the following is the most common objection to a buyer’s offer…?
AThe closing date
BThe price
CThe down payment
DThe escrow provisions

A

The price

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13
Q

A broker’s commission is typically based on a percentage of the…?
AListing price
BAppraised value
CSales price
DInvestment value

A

Sales price

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14
Q

The buyer’s agent should do which of the following for their client…?
AAlways make offers close to the seller’s asking price
BAlways negotiate for seller financing
CFully explain their client’s offer
DAll of the above

A

Fully explain their client’s offer

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15
Q

A seller must provide the buyer with all necessary disclosures during the…?
ATitle period
BSurvey period
CClosing period
DInspection period

A

Inspection period

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16
Q

Who typically pays for the home inspection…?
AThe seller
BThe buyer
CThe buyer and seller equally
DThe seller’s agent

A

The buyer

17
Q

listing agents have a duty to protect their client from fraudulent practices…?
AT (True)
BF (False)

A

true

18
Q

A home warranty will protect which of the following for the first year of occupancy…?
AAppliances
BHVAC
CPlumbing fixtures
DAll of the above

A

all of the above

19
Q

Which of the following serves as insurance for the homebuyer…?
AEscrow
BHome inspection
CHome warranty
DAll of the above

A

Home warranty

20
Q

In addition to a home inspection, what other inspection can a buyer obtain…?
ATermite inspection
BSeptic inspection
CWell inspection
DAll of the above

A

All of the above

21
Q

Home inspections are required when qualifying for an FHA loan…?
AT (True)
BF (False)

A

True

22
Q

Termite inspections are required on all homes built prior to 1978…?
AT (True)
BF (False)

A

False

23
Q

A buyer’s agent should run comps on a property prior to their client making an offer…?
AT (True)
BF (False)

A

True

24
Q

Buyers should make an offer immediately after viewing a property…?
AT (True)
BF (False)

A

False

25
Q

A desirable neighborhood will typically have an abundance of active listings…?
AT (True)
BF (False)

A

False

26
Q

A seller will typically receive more offers in a seller’s market compared to a buyer’s market…?
AT (True)
BF (False)

A

True

27
Q

Listing agents must disclose to buyers if there is a multiple counter-offer situation…?
AT (True)
BF (False)

A

True

28
Q

When does the listing agent typically present an offer to the seller…?
AOnce the deadline for offers has passed
BAs soon as the offer is received
COnce two or more offers are received
DAfter the property has been on the market for at least 30 days

A

As soon as the offer is received

29
Q

In a seller’s market, prices generally….?
AIncrease
BDecrease
CRemain the same
DPrices are not related to the market conditions

A

increase

chp 7 second class (6 decks)

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