...California Real Estate Practice Mid-Term Exam Rooks Summer 2005 1. An agent is showing a property that belongs to a seller with AIDS. What should the agent do? A. Disclose this fact since it is a material fact B. Disclose this fact only if asked C. Never disclose this fact D. Withdraw from the listing 2. In an in-house transaction, all of the following are true EXCEPT: A. A broker can present an offer on one of his own listings B. The broker will negotiate only on behalf of the seller C. The broker must obtain both parties’ written consent D. The broker owes certain fiduciary duties to each party 3. For which of the following would a lender be least likely to require deposits into an impound account? A. Mortgage interest B. Homeowners' association fees C. Property taxes D. Annual assessments 4. Under the Fair Housing and Employment Act, a person who has suffered from discrimination in housing may receive: A. an opportunity to buy or rent the property if it is still available B. an opportunity to buy or rent a similar property C. money damages D. Any of the above 5. A prudent lender who is deciding whether or not to make a real estate loan to a prospective borrower will ensure that: A. the market value of the property is greater than the loan amount B. the borrower's credit is satisfactory C. the borrower has adequate cash reserves after paying the downpayment and closing costs D. All of the above 6. A man owns a house and has a first deed of trust executed against...
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...| | √ | 1. | A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door handles. The landlord | | | A. | | | can allow the tenant to make these modifications and pay for them to be made. | | | B. | | | can refuse to rent to the individual because it would devalue the property. | | | C. | | | must allow the tenant, at the tenant's expense, to make the modifications, but cannot require restoration at the end of the lease. | | | D. | √ | | must allow the tenant to make the modifications at the tenant's expense, but can require, by the terms of the lease, restoration of the property. | | | | | | The 1988 Amendments to the Federal Fair Housing Act require that a landlord allow a tenant to make changes to the property to accommodate a disability. These modifications are at the tenant's expense, and the landlord can require the tenant make reasonable restoration to the property at the end of the lease. | | | | √ | 2. | Which of the following is the best description of a fee simple estate? | | | A. | | | ownership of a property that extends for the period of a person's life | | | B. | √ | | the most complete ownership in property that one can obtain | | | C. | | | interest in a property for which a party to the transaction has paid...
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...Gulf Real Estate Properties | QUMT 6303 Case Study | | There’s a real estate firm named Gulf Real Estate Properties, Inc. that is in the southwestern part of Florida. This company promotes itself as "expert in the real estate market." They evaluate sales of condos through data collection in relating to the location, list price, sale price, and the number of days it’s on the market prior to being sold. Gulf View classification is a result of a condo being located on the Gulf of Mexico. A No Gulf View classification is due to being located on the bay or a golf course that is not actually on the Gulf. The sample data collected is from the Multiple Listing Service that’s located in Naples, Fl. It contained the sales data of 40 Gulf View condos and 18 No Gulf View condos. For the first two parts of the managerial report, the use of appropriate descriptive statistics is needed to summarize each of the three variables for the 40 Gulf View condos and the same goes for the 18 No Gulf View condos. Based on the data, Gulf View condominiums have a higher average listing price at $474,007.50 than No Gulf View condominiums at $212,805.56. GV condominiums also have a higher median listing price at $437,000 than the NGV condominiums at $212,500. In regards to sale price, the GV are higher in average sales price at $454,222.50 when compared to NGV at $203,188.89. GVs are also higher in median sales price at $417,500 in comparison to NGVs at $203,500. The data indicates...
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...The Short Sale Process 8 Steps to Selling Your Home List the Short Sale Property When listing a short sale property it is important to educate the sellers about the short sale process. No one can guarantee what a bank will do in any given situation. Although it may be possinle for the seller to walk free and clear from the short sale we cannot guarantee this because not all lenders will react the same. During the short sale process it is important to set realistic expectations. It is often better to over estimate time frames and deliver early. After the short sale property is listed our office will reach out to the seller and begin the collection of the necessary documentation for the short sale. Market the Short Sale Property When marketing a short sale property it is important to inform the buyer and buyer's agent that a short sale can be a lengthy process. Florida Short Sale Solutions has an excellent track record of closing short sales. The fact that you have partnered with an expert short sale negotiation company separates you from agents who negotiate their own short sales, often with little or no success. Seller Accepts an Offer After a Purchase Agreement is executed by both buyer and seller the short sale process can be initiated with the lender. Our short sale negotiator will not submit an incomplete short sale package to the lender because this may cause unnecessary delays. All paperwork is reviewed for completeness and accuracy before submission to the...
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...tenant's possession or use of the property is the covenant A) of warranty forever. B) of seisin. C) against encumbrances. D) of quiet enjoyment. 2.Nine The availability of funds for real estate mortgage loans is affected by the Federal Reserve System through which of the following? A) Federal National Mortgage Association B) Federal Housing Administration C) Resolution Trust Corporation D) Discount rates 3.Nine The closing statement involves debits and credits to the parties in the transaction. A debit is a(n) A) adjustment for an expense paid outside of closing. B) refund. C) proration. D) charge. 4.Nine The purpose of an appraisal is to A) determine the projected income of a property. B) set the amount of consideration the seller should accept from a purchaser. C) set the market price of a property. D) estimate the value of a property. 5.Nine The income approach as used by an appraiser makes use of which of the following? A) Depreciation B) Capitalization C) Equalization D) Appreciation 6.Nine A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called a(n) A) title insurance policy. B) abstract of title. C) affidavit of title. D) certificate of title. 7.Nine A property manager's primary obligation is to A) bankers. B) tenants. C) government authorities. D) owners. 8.Nine All of the following are treated as personal property EXCEPT A) trade fixtures. ...
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...the state exam. When completed the individual has the opportunity to buy and sell property for another and enter the world of Real Estate sales. Real Estate sales can be very lucrative. Unfortunately, a real estate agents reputation is usually grouped together with used car salesmen and lawyers. The sales career seems to attract the unscrupulous where ethical boundaries are crossed all the time. According to Waller (n,d), As with most careers involving sales, real estate professionals encounter ethically compromising situations so frequently that they may be unaware of the situation or the implications of their actions. Many offer advice to their clients trying to be helpful, but are unaware of the problems they may create (para. 2). Since Real Estate Agents make their money based on performance and number of sales it predictable that agents make self serving decisions. The world of the Real Estate Agent can be analyzed using ethical principles to address issues, and answering the following questions: What role do external social pressures have in influencing organizational ethics? Most of us live by the golden rule of, “do unto others as you would have them to do for you.” The Real Estate Agent has a fiduciary duty to their client but this duty is often breached. Taking a listing knowing nothing about the area or taking an over priced listing just to have a listing can be...
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...file and import, select your author preferences and click "Download and import file attachments". All the content from the demo theme will be on your website. Setting Permissions Make sure the following folder have "write or 777" permissions for authors and specific images thumbnail creation: /cache/ (located within the theme) Image Size Image sizes are defined by default in Real Agent theme but you also need to setup your "Media" settings in the WordPress administration to tell WordPress to resize all your images to the correct size for the theme. Click on "Settings-->Media" Tab and add the following values to the 3 image sizes: Thumbnail: 150x150 Important! Medium: 300x300 Large: 1024x1024 If you have properties already uploaded, setup up the image sizes and use the free "Regenerate thumbnails" plugin created for this purpose after setting your media size and all images will be resized to the new...
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... 4. I want $80,000 net to me on the sale of my house. If total selling costs run 9%, what should I ask as a selling price in order to produce my net figure? 5. Escrow is due to close on April 14th. Rents are to be prorated. Total rental income for the month is $560.00. How much belongs to the seller? How much to the buyer? (Assume all months have 30 days, all years to have 360 days. The day of closing belongs to the buyer.) 6. How much can I afford to pay for an apartment house if it produces a net income of $6,800 annually and a market survey indicates I should earn 9.5% on my money? 7. A salesperson sells 2-3/4 sections of land to a subdivider for $50.00 per acre. What is the commission if the salesperson receives 60^ of a 5% commission? (Reminder: 1 section = 640 acres.) 8. A property sells for $21,250. You as the listing salesperson are to receive 12-1/2% of the total 7% commission collected on the sale. What amount will you receive? 9. A real estate broker, at closing, deducted a commission of 6%, and closing costs of $250. The seller then received $18,080. What was the selling price of the property? 10. An owner lists a property for sale with a broker to net $10,000 after paying the broker a 7% commission. The owner has a $14,000 first mortgage, a paving lien of $150 and owes taxes of approximately $500. At what (minimum) price would the broker have to sell the property?...
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...most sought after properties which is situated in a most convenient location. Comparable Sales In any market it is always difficult to price exactly what any property is worth. It is a fact that it is the buyers and the market who will value your property. At the end of the day it does not matter what the property has cost you, what value you think or even what value I think, but I would suggest that the property would sit in the vicinity of $2,200,000 - $2,500,000. A higher sale price may be achieved in the event of interest from one or more premium buyers. METHOD OF SALE Public Auction The auction method is recommended for properties: • Which are in a high demand market place like the Inner West. • Which are likely to encourage competitive bidding between multiple buyers. • Where it is preferable to let the market determine the price rather than predetermining it prior to sale. • Where creating deadlines for purchasers will limit procrastination. • Where an unconditional sale is desired. • Where keeping to a marketing budget is important. Private Treaty The private treaty method is recommended for properties: • Where the asking price is very clear and can be set as a guide. • Which are not unique and are quite easily comparable to other properties. • Where time is not essential in the sale equation. RECOMMENDED METHOD OF SALE It is our recommendation...
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...letter is required by the seller when purchasing a bank owned property. 2 Find a real estate agent specializing in foreclosed properties You need to do your research and find an agent in your area specializing in foreclosures. This will be helpful to you in many ways since they are knowledgeable about the foreclosure process and help you acquire with minimum hassles. In many cases, real estate agents and brokers specializing in foreclosures work directly with the banks that own these properties. This will greatly help with the negotiation process to help you get the best price. 3 Determine the fair market value of comparable properties In order to be certain that you are getting a good deal, you need to familiarize yourself with price values in the area of the property that you are considering to purchase. Make sure to familiarize yourself with the most recent sales transactions, as well as the prices of the properties that are currently on the market. This will help you get a better understanding of the fair market value. 4 Understand that you will purchase the property "as is" Understand that most bank owned properties are vacant and they come "as is." It will be up to the buyer to pay for and make necessary repairs. The upside of this is that this could speed up the process of taking possession of the property. Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the...
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...Administration September 27, 2011 Table of Contents Executive Summary.……………………………………………………………………….….. 3 U.S. Housing Market Trends.…………………………………………………………………. 3 Waukesha Housing Market Trends... …………………………………………………………. 4 Factors in Buying a Home…. …………………………………………………………………. 4 Factors in Renting a House..………………………………………………………..………….. 6 Recommendations ……………………………………………………………………….…….. 7 Conclusions …………………………………………………………………………………….. 8 Bibliography ……………………………………………………………………………...…… 10 Appendix A – Home for Sale.……………………………………………………………….…. 11 Appendix B – House for Rent.…………………………………………………………………. 14 Chart 1 - Existing 1-Family Home Sales: United States ………………………………………. 15 Chart 2 - Share of Distressed Properties in Sales of Existing Homes …………………………. 15 Chart 3 - Number of Sales ……………………..………………………………………………. 16 Chart 4 - Median Sales Price.…………..………………………………………………………. 16 Chart 5 - Average Price per Sqft ………………………………………………………………. 16 Chart 6 – Number of Listings… ………………………………………….……………………. 17 Executive Summary This technical paper analyzes scenarios of renting a house and purchasing a home in Waukesha, Wisconsin. The format of this technical paper includes an overview of the United States housing market trends and an overview of Waukesha’s housing trends leading to the process of how the homeowner’s budget for either a house to rent or a home to buy. The decision of paying rent for a house or purchasing a home will yield to a financial decision or a permanent investment...
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...Manager of Technology, Editorial: John Barans Frontlist Buyer, Manufacturing: Kevin Kluck Art Director: Bethany Casey Content Project Manager: D. Jean Buttrom Production Service: Pre-Press/PMG-India Cover Designer: Pop Design Works, www.popdesignworks.com Cover Images: © Getty Images © 2009 Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to permissionrequest@cengage.com Library of Congress Control Number: 2008926512 Student Edition ISBN 13: 978-0-324-64498-2 Student Edition ISBN 10: 0-324-64498-1 Student Edition with CD ISBN 13: 978-0-324-64497-5 Student Edition with CD ISBN 10: 0-324-64497-3 Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your course and learning solutions, visit academic.cengage.com Purchase any of our products at your local college store or at our preferred online store www.ichapters...
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...Edition Optional Video DVD Set: See information about this optional DVD set under the heading of Course Requirements/Assignments Class Schedule: Students can watch lectures on Cable Television, view lectures over the internet, or watch lectures using DVD set available thru the college bookstore. You must have a DVD player in your computer (you cannot watch them using a television DVD player). Units: 3 Credit units Prerequisite: None Acceptable for credit: CSU Course Description This course covers operations in real estate: listing, prospecting, advertising, financing, sales techniques, escrow and ethics. This course is required by the California Department of Real Estate prior to taking the real estate salesperson’s examination. Learning Outcomes and Objectives: Upon completion of this course, the student will be able to: develop a practical approach to real estate. develop prospecting and sales techniques. develop contracts and other instruments used in real estate. develop presentations utilized in the practice of real estate. Course Requirements/Assignments: This is a video-enhanced online course. The videos are broadcast over Comcast and SureWest Cable TV. They are also available for viewing on demand over the Internet and for purchase on DVD (for...
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...Inspection Due Date Schedule Fee Status Menu Snapshot Print Field Notes 02/06/2012 $10.00 COMPLETED(02/07/2012) Print Invite Send Email Case Talk Services Requested AVM Value Focus Photo of house # (located on house, curb, mailbox etc) to verify correct property Photo of the road in front of the property Photo of the subject from the front Instructions The subject address was updated to standard format. Here is the client's provided subject address: 820 BRUNELLOS AVE LAS VEGAS, NV 89123 PLEASE RUSH THIS ORDER • REMINDER: • Client is ordering this inspection to verify the condition of the property. • The clarity of the pictures that you provide will be critical. • The client would like to know about deferred maintenance and damaged areas if any. New client. • Please rush. No invoice is necessary. Payment will be sent to the addressee for fee(s) indicated. Payment reference # 3074371 If data is not available, provide approximations for age, square feet, number of rooms, etc. (indicate when estimated). Reviewers will not approve reports with missing data. Provide comments explaining differences of comps & listings versus subject, if applicable. If you are currently listing this property, have listed it in the past or are in the listing office, you cannot do this order. MASSEY 2120 Ramrod Ave Apt 2988196 12/27/2011 1917 Henderson,NV 89014 Services Requested Fannie Mae Retro Desk Review 1 Line CMA/MLS Summary: 0-6 months CMA/MLS Detail Upload: 0-6 months MLS Sheet MLS Sheet for Subject...
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...whole and share in the profits and costs. Foreclosure[->1] breaks two of the unities: Time and Title. ▪ If economic conditions are rapidly changing, it is difficult to make the adjustments to the price of comparable properties[->2]. ▪ Rental payments are $80 per day ($2,400 / 30). The seller will be debited for 16 days or $1,280 ($80 x 16). Prorations[->3] typically assume that the buyer's rights and obligations begin on the day of closing. ▪ Subagent[->4]" means a person to whom an agent delegates agency powers. However, "subagent" does not include an associate licensee who is acting under the supervision of an agent in a real property transaction. The marketing of real property by real estate agents is often a cooperative effort. The listing broker usually makes an offer of compensation to a cooperating broker (subagent) by placing the property on the Multiple Listing Service[->5]. Some MLS's make the offer of subagency automatic, while for others, the offer of subagency is optional and requires an affirmative act by the listing broker. If the principal (seller) specifically authorizes his/her broker to appoint a subagent and thus establishes a new contractual and fiduciary[->6] relationship, the subagent represents the principal in the same manner as the listing broker ▪ Limited partners[->7] are usually passive investors that share in the profits, but do not actively participate in its management or operation. ▪ A valid deed must have a granting clause[->8] or some words...
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