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- You can not tell them absolutely yes or no on whether to retain an attorney. You also cannot act as an attorney because you are not licensed to do so. Never say no, or "yes, you must". Explain that while some people are comfortable not using a...
- After the settlement, who will pay your commission to you? Bill, who promised you the commission b. Broker A c. The seller d. The co-operating broker You can never receive any money from anyone except your employing broker. Even if a client or...
- An example of a customer would be a buyer who comes to your office and wants you to show her the properties you have listed. Which of the following is true regarding commissions? They are due and payable to the agent within 10 days of the broker's receipt of funds. The agent who is the procuring cause will earn the commission when the sale is completed. A listing broker will earn his commission if a sale is completed within the day broker protection period, even if the property is listed with another broker. All of the above. All of the above are true regarding commissions. Once a broker receives the commission earned, they must disperse the agent's portion of commission as soon as possible and within 10 days of receipt.
- The procuring cause refers to the person who caused the sale to take place. Just because you showed someone a property does not mean that you automatically earned your commission and they may end up buying it from another agent. But if you can prove that you were integral in convincing the buyer to purchase that particular property and they made the decision while working with you, you may be able to prove procuring cause and collect the commission. And most listing agreements contain a broker protection clause which usually gives 90 days protection after a listing expires. This provision protects the brokers commission if a buyer was shown the property, and expressed an interest, but decided after the listing expired to purchase the property. As long as an interested buyer list was given to the seller before the listing expired, the broker will be protected and be paid the commission. If any of those buyers successfully negotiate and complete a sale on that property, the seller will pay the commission to the former listing broker.
- This is to stop sellers from taking the buyer aside and knowing the listing will expire, offering them a reduced price if they buy the house directly from the seller after the listing expires. This clause becomes void if the seller lists the property with a new broker. Businesses with what number of employees must be compliant with the standards of the American with Disabilities Act? Less than c. More than 49 d. All businesses must be ADA compliant. Businesses with 15 or more employees must follow this civil rights law for people with disabilities. It covers many aspects of accommodating people who may need different assistance than others to just get around and complete ordinary tasks. Enacted in , it covers transportation, communications, construction and other areas to improve the lives of others. A licensed real estate broker can refuse to rent to the following tenants: a.
- A person from a minority ethnic group with substandard credit b. A single mother c. An older gentleman on social security d. A family with a section 8 voucher for the rental amount. A person from a minority racial or ethnic group with bad credit can be turned down - for having bad credit. Anyone can be turned down for having credit that would show them to be a risk. A single mother would be protected as long as she meets the other legal requirements. The gentleman on social security and the family with the voucher are protected for the same reason, and you cannot discriminate as to the source of the income.
- Knowing that you have been a licensed real estate agent for some time, your neighbor asks you if you could give her an idea of what her house may be worth. She is retiring and has been thinking of downsizing. You are glad to assist her, so you go into your local multiple listing service and search for comparable homes. You chose a few homes that have the most features in common with her home. Features would include size of the house and lot, number of bedrooms and baths, condition, location, age and any other information that would be helpful. You prepare a report that shows her how these homes compare to hers and how you arrived at the value based on these comparisons. What is the report that you present called? A cost approach valuation b. An appraisal c. A market analysis d. A supply and demand report Although a market analysis contains some of the information found in an appraisal, only a certified appraiser can prepare an appraisal which contains a more detailed approach and a highly calculated valuation.
- You can never call your presentation an appraisal. It was a 6 percent commission and a co-op broker had the listing. Your employment agreement has your commission split set at 65 percent. How much will your broker retain after he has paid you? Putting aside the rights of owners to manage their own properties, for which of the following do you need to be a licensed New Jersey real estate salesperson? Auctioning real estate c. Attempting to negotiate a mortgage loan d. All of the above Just attempting to do any of the listed activities without being licensed can land you in serious trouble. Foreclosures are first put to auction at the county courthouse and if not sold, they are foreclosed upon by the lender and can be sold in an online auction run by companies who employ licensed agents. An owner can collect rent from his own tenant, but he cannot hire someone to do it for him unless they are actively licensed by the state.
- An owner holding a mortgage for the buyer of his property can specify the terms he wants in the loan but the mortgage document would be drawn by an attorney. Should the buyer ask for your assistance in negotiating the loan with the seller, you need to be familiar with terms, rates and other facets of the transactions. A seller may want to discuss what rate he should charge and how long he should hold the loan. You need training and experience to render this assistance. If you are not sure of something you may have your broker assist, or have the attorney who will prepare the mortgage documents the advice. A franchise office running an advertisement in the local newspaper must make sure the ad includes the following statement?
- We are members of NAR. This office is a Full-Service agency serving the public for 23 years. Each office is independently owned and operated. Ad must state the number of offices in the franchise. Franchise offices must let the public know that each office is under separate ownership and may differ from other offices under the same franchise name. If a client or customer were dissatisfied with the service they received from their salesperson, they could send a written complaint to the Real Estate Commission. Once the complaint is filed, what are the investigatory powers of the commission?
- What score do I need to pass? The salesperson exam consists of questions. The broker exam consists of question. You will receive your score immediately after you complete your exam. How much time do I have to complete the exam? For the salesperson exam: you are allowed a total of 4 hours. For the broker exam: you are allowed a total of 4 hours. What should I bring with me for the exam? One of them must be government issued and photo bearing. You may bring a calculator which must be silent and should not contain the alphabet. What is the format of the exam? The exam is given on a computer. What is on the exam? The exam consists of the following topics: Property Ownership Land use controls and regulations Valuation and market analysis.
- Please choose another answer. You can only legally receive a commission from your employer. True False Only a real estate licensee who is authorized by law to work independently can receive a commission directly from a member of the public. If not legally authorized to work independently, a real estate licensee can only receive a commission from the employing broker. This gives the employing broker additional control to ensure that, among other things, the transaction record is complete, fair housing laws are followed, and the appropriate disclosures are made in a timely fashion.
- Incorrect answer. Two managing brokers from different brokerage got together to play golf. During their private round of golf, the two brokers quietly decided to that the commission rates for the two brokerage firms should match. This is an example of: a. Legal behavior permitted in a free market economy. Illegal behavior under the Sherman Antitrust Act. Illegal discrimination under federal fair housing laws. Prohibited by the Statute of Frauds Quietly fixing brokerage firm commissions is the anti-competitive, collusive behavior that the federal Sherman Antitrust Act made illegal in A is incorrect.
- Since the federal Sherman Antitrust Act of was enacted, firms including real estate brokerage firms have been legally prohibited from engaging in anti-competitive activity like fixing prices, fees, or commissions. Other prohibited acts include dividing up geographic territories or boycotting brokers offering cut-rate discounts. C is incorrect. There is nothing in the test question to suggest that the two brokers are engaging in housing discrimination. D is incorrect. The Statute of Frauds is not related to price fixing.
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The Statute of Frauds requires certain contracts and agreements be formalized in writing in order to be enforceable in a court of law. All cash sales b. Sales invovling seller financing c. Federally related mortgage loans d. Because nearly all loans on residential properties are federally related, RESPA regulations cover the vast majority of residential loans. Here are some of the loans that are considered federally related: VA guaranteed loans, FHA insured loans, loans intended to be sold onto the secondary mortgage market, lenders with FDIC, etc.- A, B, and D are incorrect. Other exempt loans include: commercial loans, business loans, land contracts, and loans for land tracts of 25 or more acres, etc Incorrect answer. For a deed to be valid, it must be: a. Signed by the grantor b. Signed by the grantee c. Recorded at the state level. All of the above. A deed must be signed by the grantor i. B is incorrect. The grantee does not have to sign the deed. The grantee must accept delivery of the deed, but that can be achieved through possession of the deed, taking possession of the property, taking out a loan on the property, etc.
- For most states, official records are recorded at the county level. An agent, broker or lender who is "blockbusting" is trying to scare owners in a neighborhood into selling their property. Real estate licensees engaged in panic peddling by frightening homeowners with the prediction that minority members moving into the neighborhood would result in increased crime and declining property values. This now illegal practice was historically profitable for real estate professionals, and frequently resulted in homeowners selling at a loss. A buyer is applying for an ARM loan. Do the payments on this type of loan product change?
- They stay the same over the course of the loan. The interest rate changes annually, either raising or lowering the payment. The interest rate goes up every year. The interest rate goes down every year. In contrast to the fixed-rate mortgage, the ARM interest rate is tied to an economic index and can go up or down, depending on market trends. Typically, the ARM loan adjusts annually, but lender and borrower can negotiate how frequently an adjustment can occur.
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The interest rate on an adjustable rate mortgage is periodically adjusted based on an economic index published by a neutral third party. The loan paperwork states which economic index the lender will follow. C and D are incorrect. The interest rate on an ARM loan is variable and can either rise or fall, depending on current market conditions. How much time must a prospective borrower be given to review the Closing Disclosure? One week before closing A prospective borrower must be given 3 business days to review the Closing Disclosure prior to the closing. This goal of this 3-day window is to give the consumer time to raise any questions with the lender prior to becoming obligated under the terms of the new loan. If borrowers are undergoing a personal financial emergency, they can waive taking 3 business days to review the Closing Disclosure.- An example of this type of emergency is when a borrower needs a new loan immediately in order to prevent an upcoming foreclosure sale. Note: Lenders are required to provide consumers with both a Loan Estimate and a Closing Disclosure, and are not allowed to charge for either disclosure. The Loan Estimate must be delivered to the consumer within 3 business days after the loan application is submitted.
- A major institutional lender discriminates against certain prospective borrowers based solely upon their homes being located in depressed neighborhoods. The lender does this by giving no consideration to either the condition of the specific property or the creditworthiness of the prospective borrower. What is the name of this illegal activity? Redlining c.
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Air loans d. Backward applications Redlining is the illegal denial of a loan application based upon the location of the securing property without any consideration of the employment history or creditworthiness of the loan applicant or of the condition of the property itself. This activity got its name from the maps that lenders used to have up in their offices. A silent second is a loan between the buyer and the seller for part or all of the down payment.- Silent seconds are a type of mortgage fraud and are illegal. An air loan is another type of mortgage fraud perpetrated upon lenders. This involves getting a mortgage loan on a parcel of real estate that does not exist. A backward application is another type of mortgage fraud committed on lenders. Here, the buyer finds a desirable property and lies about his or her income in order to qualify for a purchase money mortgage. You are trying to price a property. What is the rough value of this property?
- The new remote option will provide greater flexibility to individuals who want to take the licensure exams during the COVID emergency. The new remote licensing exam will be available to individuals seeking licensure as real estate brokers, broker-salespersons, salespersons, and real estate school instructors. The remote option will remain in place permanently, and will be available to license seekers in addition to the current in-person testing option.
- Individuals interested in a real estate license will now have the flexibility to take the test online or in person at a designated testing site. The REC issues more than 88, licenses to real estate brokers, salespersons, referral agents, real estate schools, and course instructors, as well as establishes standards of practice for the real estate brokerage profession. The website currently used to schedule licensing exams will be revamped to allow for scheduling the remote option. In-person exams may be scheduled on the current website before September 20, The website will be down on September 20, to allow for the transition to the new scheduling system. The Department will continue to partner with PSI to ensure the integrity and security of the examination process as it expands into remote testing.
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