Real Estate Practice Chapter 11
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
