BBK99E1 PRACTICAL FINAL EXAM QUESTIONS AND 100% CORRECT ANSWERS | GUARANTEED PASS | LATEST UPDATE | WITH VERIFIED SOLUTIONSB | GRADED A+.

BBK99E1 PRACTICAL FINAL EXAM QUESTIONS AND 100% CORRECT ANSWERS | GUARANTEED PASS | LATEST UPDATE | WITH VERIFIED SOLUTIONSB | GRADED A+. Calvin is buying his first home. He has been saving and saving for years. The home he is buying has a price of $300,000 and Calvin has a down payment of $75,000. Calvin's loan is considered: Highly Secured Low Risk Simple Interest Highly Leveraged - ANSWER: B Adeeb has listed his condo with Maria's broker and she is his listing agent. The listing agreement is signed and the day to begin showing his property is nearing. Adeeb decides the day before the open house to raise his asking price by $20,000. Maria disagrees with the decision but goes along with Adeeb's wishes. How must Maria take care of this contractual change in price? Maria must change the listing price on a price change or extension form. Maria may make the change on the original contract due to the fact the condo has not been professionally shown by licensees. 2 | P a g e The listing price change does not need to be changed on the contract. The price that will be paid for the condo does not have to be the listing price; therefore, it is just a guide, not set in stone. None of the Above. - ANSWER: A Although 16-year-old Tameka's goal is to be a licensed real estate salesperson in the State of California, she is currently living in Canada. Her long-term goal is to be a successful salesperson, manager, and to own a brokerage. She has been studying the Real Estate Principles Course for next week's exam. However, if she passes, she cannot apply for her 4 year salesperson's license. Why? Tameka cannot apply for a 4-year salesperson because she has not completed three college-level real estate courses. Tameka is only sixteen and a licensee must be eighteen years old. Tameka cannot provide proof of legal presence in the United States. Both A and B - ANSWER: D Janice has given her broker an earnest money deposit check with written instructions to hold the check until the seller has accepted her offer. Her broker 3 | P a g e follows instructions and informs the seller, through a telephone conversation with the seller's agent after the initial offer was presented, the buyer's check is being held awaiting offer acceptance. Did Janice's broker handle this situation correctly? No, the broker must inform the seller in writing the buyer's check is being held until acceptance of the offer. Yes, the broker informed the seller of the stipulation on the negotiation of the check until offer acceptance. No, the broker must inform the seller of the buyer's check being held at the exact time the actual offer is presented. Both A and C - ANSWER: D Katie and Rich own a rental home they have put up FSBO. They've noticed the same woman has accompanied several potential buyers viewing the home. Katie and Rich discover she is a broker that has been "showing" the home on the sly without their permission. Instead of fighting this aggressive salesperson, the couple just go along. In which manner was agency created? Ostensible Agency Ratification Implied Agency Written or Expressed - ANSWER: A 4 | P a g e Which of the following statements referring to general taxes is true? General taxes are Ad Valorem taxes. General taxes are used for the general operation of the governmental agency authorized to impose the taxes. Real property tax (general taxes) are based on the assessed valuation of the property. All of the Above - ANSWER: D Anthony is adding a new deck to his home. He has obtained all the necessary building permits to construct his new deck. Anthony's neighbor, Steve, informed him he has to have a California State Contractor's License to even work on his own property. Anthony says that Steve is wrong. Who is right in this situation? Anthony is correct, anyone who does the business of a contractor must be licensed. Steve is correct, any major work conducted on real property must be done by a licensed state contractor. Anthony is correct. Anyone who does the business of a contractor must be licensed. Unless, the property owner is planning to sell the finished real estate project, he does not need a license to work on his own property. None of the Above. - ANSWER: C 5 | P a g e Ross, a newly licensed residential real estate appraiser, is on his way to appraise his very first piece of property. He is nervous on the way to the property and is going through the appraisal process in his head. Please help Ross put the appraisal steps in order.