Real Estate Practice Chapter 11

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The unlawful appropriation of another's property or funds is known as

Conversion

A desirable neighborhood will typically have an abundance of active listings

False

Buyers should make an offer immediately after viewing a property

False

Multiple counter-offers are illegal in California

False

Termite inspections are required on all homes built prior to 1978

False

The buyer's agent should do which of the following for their client

Fully explain their client's offer

Which of the following series as insurance for the homebuyer

Home warranty

In a seller's market, prices generally

Increase

A seller must provide the buyer with all necessary disclosures during the

Inspection period

A broker's commission is typically based on a percentage of the

Sales price

From the real estate agent's perspective, selling real estate involves which of the following

Selling the owner on the listing Selling the buyer on the offer Selling the seller on the acceptance

When a listing agent presents an offer to the seller, which of the following information is described

The sales history of the listing Information about the buyer The terms of the offer itself

A buyer's agent should run comps on a property prior to their client making an offer

True

A counter-offer voids the original offer

True

A seller will typically receive more offers in a seller's market compared to a buyer's market

True

Escrow is opened after a prospective buyer's offer is accepted by the seller

True

Home inspections are required when qualifying for an FHA loan

True

Listing agents have a duty to protect their client from fraudulent practices

True

Listing agents must disclose to buyers if there is a multiple counter-offer situation

True

Real estate agents must always put their clients's interests before their own

True

A home warranty will protect which of the following for the first year of occupancy

Appliances HVAC Plumbing fixtures

In addition to a home inspection, what other inspection can a buyer obtain

Termite inspection Septic inspection Well inspection

Who typically pays for the home inspection

The buyer

Who typically presents an offer to the seller

The listing agent

Which of the following is the most common objection to a buyer's offer

The price

When does the listing agent typically present an offer to the seller

As soon as the offer is received

To mingle or mix, for example, a client's funds in the broker's personal or general account, is known as

Commingling

In making a counter-offer, the seller may counter which of the following terms

The offer price The proposed occupancy date The amount of earnest money required

If there are not too many active listings in the marketplace, the listing agent may be able to increase the listing price

True

Unless stated otherwise, the buyer's agent has the right to present an offer in-person

True


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