Term
| BROKER A RECEIVES TWO OFFERS ON SELLER B'S HOUSE, WHICH IS LISTED FOR SALE AT $250,000. THE FIRST OFFER IS FOR ALL CASH AT $200,000. THE SECOND OFFER IS FOR 20% DOWN WITH 80% FINANCING FOR THE FULL PRICE. WHAT SHOULD THE BROKER DO WITH RESPECT TO BOTH OFFERS? |
|
Definition
| PRESENT BOTH OFFERS TO THE SELLER AS SOON AS POSSIBLE |
|
|
Term
| THE TWO PRIMARY DOCUMENTS DEALING WITH PAYMENT OF A LOAN ARE THE MORTGAGE OR DEED OF TRUST AND A |
|
Definition
|
|
Term
| THE TERM THAT BEST DESCRIBES A CONTINUOUS URBAN CORRIDOR JOINING AT LEAST TWO CITIES IS |
|
Definition
|
|
Term
| THE TERM REAL PROPERTY CAN ALSO BE DESCRIBED AS |
|
Definition
|
|
Term
| THE RIGHTS OF A LANDOWNER TO A RIVER BORDERING HER PROPERTY ARE KNOWN AS |
|
Definition
|
|
Term
| IN THE CASE OF A TRANSFER OF OWNERSHIP OF A PIECE OF REAL ESTATE, A FIXTURE IS NORMALLY |
|
Definition
| ASSUMED TO BE INCLUDED IN THE TRANSFER |
|
|
Term
| A TENANT WHO OPERATES A JEWELRY STORE WANTS TO TAKE HIS JEWELRY CASES WITH HIM AT THE EXPIRATION OF THE LEASE. WHAT IS THE BEST SOLUTION? |
|
Definition
| HE MAY TAKE THE CASES IF REMOVAL WILL NOT CAUSE SUBSTANTIAL DAMAGE |
|
|
Term
| A LEGAL DESCRIPTION OF PROPERTY IS NOT ADEQUATE UNLESS |
|
Definition
| LAND BOUNDARIES ARE DEFINED |
|
|
Term
| THE LOT AND BLOCK SYSTEM OF PROPERTY DESCRIPTION IS NOT ALSO KNOWN AS THE |
|
Definition
| RECTANGULAR SURVEY SYSTEM |
|
|
Term
| WHAT BEST DESCRIBES THE INTERESTS OF THE HOLDER OF A LIFE ESTATE? |
|
Definition
| POSSESSION, USE, AND OWNERSHIP |
|
|
Term
| HOW MANY ACRES DOES A SECTION OF LAND CONTAIN? |
|
Definition
|
|
Term
| THE REQUIREMENT THAT MULTIPLE OWNERS TAKE TITLE TO PROPERTY AT THE SAME TIME IS A CHARACTERISTIC OF |
|
Definition
|
|
Term
| THE TYPE OF OWNERSHIP THAT PROVIDES THE MOST COMPLETE BUNDLE OF RIGHTS IS |
|
Definition
|
|
Term
| WHICH ARE MOST SIMILAR TO EACH OTHER WITH RESPECT TO INHERITING PROPERTY? |
|
Definition
| JOINT TENANCY AND COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP (BOTH ALLOW FOR REVERSION TO REMAINING OWNERS) |
|
|
Term
| A STATEMENT OF THE GOALS AND POLICIES REGARDING GROWTH OF A COMMUNITY IS A GOOD DEFINITION OF THE |
|
Definition
|
|
Term
| THE PRIMARY DIFFERENCE BETWEEN A COMMON INTEREST SUBDIVISION AND A STANDARD SUBDIVISION IS |
|
Definition
| OWNERSHIP OF COMMON AREAS |
|
|
Term
| WHICH OF THE FOLLOWING IS A GENERIC TERM FOR A GROUP OF PEOPLE JOINING TOGETHER TO INVEST IN REAL ESTATE? |
|
Definition
|
|
Term
| THE PROPER WAY FOR A LANDOWNER WHO HAS PHYSICAL DIFFICULTY IN DEVELOPING HIS PROPERTY TO GET RELIEF IS TO OBTAIN A |
|
Definition
|
|
Term
| WHEN IS A LANDOWNER ENTITLED TO COMPENSATION FOR A CHANGE IN ZONING? |
|
Definition
| WHEN THE LANDOWNER IS DENIED ALL PRACTICAL ECONOMIC USE OF THE PROPERTY |
|
|
Term
| AT WHICH LOT DOES THE SUBDIVIDED LANDS LAW TAKE EFFECT? |
|
Definition
|
|
Term
| THE STATE HAS ENACTED LEGISLATION PROVIDING SPECIAL CONSIDERATION OR CONTROL FOR DEVELOPMENT OF |
|
Definition
| RANGELAND, EARTHQUAKE AREAS & COASTAL AREAS |
|
|
Term
| THE LAND THAT BENEFITS FROM AN EASEMENT IS REFERRED TO AS THE |
|
Definition
|
|
Term
| ALL LIENS ARE ENCUMBRANCES. ALL ENCUMBRANCES ARE |
|
Definition
|
|
Term
| A DEED RESTRICTION PROHIBITING THE SALE OF PROPERTY TO CERTAIN ETHNIC GROUPS |
|
Definition
| IS ILLEGAL AND UNENFORCEABLE |
|
|
Term
| A MECHANIC'S LIEN CREATES |
|
Definition
|
|
Term
| A PRIVATE DEED RESTRICTION THAT PLACES A RESTRAINT ON ALIENATION |
|
Definition
| IS VOID, RESTRICTS THE SALE OF PROPERTY AND IS UNENFORCEABLE |
|
|
Term
| AN EASEMENT IS AN ENCUMBRANCE |
|
Definition
|
|
Term
| THE SELLER OF A ONE-FAMILY HOUSE IS REQUIRED TO DISCLOSE TO BUYERS |
|
Definition
| THE STRUCTURAL AND MECHANICAL CONDITION OF THE PROPERTY |
|
|
Term
| THE PROCESS BY WHICH EMINENT DOMAIN OCCURS IS CALLED |
|
Definition
|
|
Term
|
Definition
|
|
Term
| WHICH OF THE FOLLOWING TYPES OF EASEMENT DOES NOT RUN WITH THE LAND? |
|
Definition
| THE ELECTRIC COMPANY'S EASEMENT TO CROSS OVER YOUR LAND WITH THEIR POWER LINES |
|
|
Term
| WHAT IS ANOTHER TERM FOR AN AGENT ENTRUSTED TO ACT ON SOMEONE'S BEHALF? |
|
Definition
|
|
Term
| THE AGENT WHO BRINGS A READY, WILLING, AND ABLE BUYER TO A SELLER IS COMMONLY CALLED THE |
|
Definition
|
|
Term
| BROKER A AGREES TO REPRESENT SELLER B IN THE SALE OF HER HOUSE. SELLER B AGREES TO PAY BROKER A A COMMISSION IF HE SUCCESSFULLY SELLS THE HOUSE. WHAT DO WE KNOW FOR CERTAIN BASED ON THESE FACTS? |
|
Definition
| A BILATERAL EXPRESS CONTRACT EXISTS BETWEEN BROKER A AND SELLER B |
|
|
Term
| BROKER A HAS A LISTING AGREEMENT TO SELL SELLER B'S HOUSE. BROKER A BRINGS AN OFFER TO SELLER B ON BEHALF OF BUYER C. SELLER B REJECTS THE OFFER AND A WEEK LATER ATTEMPTS TO NEGOTIATE DIRECTLY WITH BUYER C. SELLER B HAS VIOLATED |
|
Definition
|
|
Term
| SELLER A WANTS TO WALK AWAY WITH $200,000 AFTER THE SALE OF HER HOUSE AND ALL EXPENSES ARE PAID. SHE AGREES THAT BROKER B CAN KEEP, AS HIS FEE, ANYTHING HE GETS ABOVE THAT. WHAT TYPE OF AGREEMENT HAVE THEY MADE? |
|
Definition
|
|
Term
| SELLER A HAS SIGNED A LISTING AGREEMENT WITH BROKER B. WITHOUT THE ASSISTANCE OF BROKER B, SELLER A SELLS HER PROPERTY AND UNDER THE TERMS OF THE LISTING AGREEMENT OWES NO COMMISSION TO BROKER B. WHAT TYPE OF LISTING AGREEMENT DID SELLER A SIGN? |
|
Definition
| AN EXCLUSIVE AGENCY LISTING |
|
|
Term
| A COOPERATING BROKER MAY REPRESENT |
|
Definition
| THE BUYER OR THE SELLER OR THE LISTING BROKER |
|
|
Term
| THIS IS NOT A TYPE OF LISTING AGREEMENT? |
|
Definition
|
|
Term
| BROKER A HAS A LISTING TO MARKET SELLER B'S HOUSE. HE ALSO HAS A BUYER'S AGENCY AGREEMENT TO FIND A HOUSE FOR BUYER C. IF BUYER C BECOMES INTERESTED IN SELLER B'S HOUSE WHAT MIGHT THE DANGER BE, IF ANY, TO BROKER A? |
|
Definition
| THE CREATION OF A DUAL AGENCY (THIS CAN BE TAKEN CARE OF BY DISCLOSING TO BOTH PARTIES) |
|
|
Term
| WHO OF THE FOLLOWING OWES FIDUCIARY RESPONSIBILITY TO THE BUYER? |
|
Definition
|
|
Term
| A BROKER HIRED TO SELL A HOUSE IS CONSIDERED A |
|
Definition
|
|
Term
| A REAL ESTATE SALESPERSON IS ALWAYS CONSIDERED AN |
|
Definition
|
|
Term
| SELLER A WANTS TO GET THE BROADEST EXPOSURE FOR THE SALE OF HER HOUSE BUT DOES NOT WANT TO PAY A COMMISSION IF SHE SELLS THE HOUSE HERSELF. WHAT TYPE OF LISTING WILL SHE TRY TO ESTABLISH? |
|
Definition
|
|
Term
| ALL AGENCY AGREEMENTS FOR THE SALE OF PROPERTY MUST BE IN WRITING EXCEPT CREATION OF AN AGENCY BY |
|
Definition
|
|
Term
| THE MOST PROFITABLE SINGLE USE THAT WILL GENERATE THE HIGHEST VALUE FOR A PIECE OF PROPERTY IS CALLED IT'S |
|
Definition
|
|
Term
| BROKER A AGREES IN WRITING TO KEEP DETAILS OF SELLER B'S PROPERTY IN HIS FILES BUT INDICATED THAT HE WILL NOT ACTIVELY MARKET IT. SELLER B AGREES TO PAY BROKER A A COMMISSION IF HE FINDS A BUYER. THIS AGREEMENT WOULD BEST BE DESCRIBED AS |
|
Definition
|
|
Term
| WHICH OF THE FOLLOWING IS NOT A CHARACTERISTIC OF VALUE? |
|
Definition
|
|
Term
| AN UNCASHED DEPOSIT CHECK USUALLY MAY BE HELD AND NOT DEPOSITED BY THE BROKER FOR HOW MANY DAYS BEFORE AN OFFER IS ACCEPTED? |
|
Definition
| UNTIL THE OFFER IS ACCEPTED |
|
|
Term
| TWO LOTS, EACH VALUED AT $50,000, WHEN COMBINED HAVE A VALUE OF $125,000. WHAT TERM BEST DESCRIBES THIS ADDED VALUE? |
|
Definition
|
|
Term
| WHAT IS DEDUCTED FROM POTENTIAL GROSS INCOME TO ARRIVE AT AN EFFECTIVE GROSS INCOME? |
|
Definition
| VACANCY AND COLLECTION LOSS |
|
|
Term
| IN THE INCOME APPROACH TO ESTIMATING VALUE, ANOTHER TERM FOR THE CAPITALIZATION RATE IS |
|
Definition
|
|
Term
| IN APPRAISING A PROPERTY, THE PROCESS BY WHICH DISSIMILARITIES ARE ACCOUNTED FOR IN COMPARING A SUBJECT PROPERTY AND A COMPARABLE PROPERTY IS CALLED |
|
Definition
|
|
Term
| AN APPRAISAL MAY HAVE MORE THAN ONE DATE ON IT. THE DATE OF THE VALUE ESTIMATE IS THE |
|
Definition
|
|
Term
| WHAT IS AN EXAMPLE OF FUNCTIONAL OBSOLESCENCE? |
|
Definition
| HAVING TO GET TO A BEDROOM BY GOING THROUGH ANOTHER BEDROOM |
|
|
Term
| IF YOU ASSUME THAT DEPRECIATION OCCURS AT AN EVEN RATE, WHAT METHOD OF CALCULATING DEPRECIATION WOULD YOU BE USING? |
|
Definition
|
|
Term
| A PARKING LOT IN A DOWNTOWN AREA BEING DEVELOPED WITH OFFICE BUILDINGS IS MOST LIKELY |
|
Definition
| AN INTERIM USE OF THE PROPERTY. |
|
|
Term
| POTENTIAL GROSS INCOME OF AN INVESTMENT PROPERTY IS THE SAME AS |
|
Definition
| MARKET RENT PLUS OTHER BUILDING INCOME. |
|
|
Term
| THE GROSS RENT MULTIPLIER APPROACH IS A USEFUL INCOME APPROACH IN APPRAISING |
|
Definition
|
|
Term
| WHICH APPROACH TO VALUATION ESTIMATES LAND AND BUILDING VALUE SEPARATELY? |
|
Definition
|
|
Term
| IN ORDER TO ARRIVE AT A FINAL VALUE ESTIMATE AFTER APPLYING ALL THREE APPROACHES TO VALUE, WHICH OF THE FOLLOWING WILL AN APPRAISER DO? |
|
Definition
| RECONCILE THE THREE VALUES. |
|
|
Term
| WHAT TYPE OF VALUE IS THE TERM ADVALOREM MOST CLOSELY ASSOCIATED WITH? |
|
Definition
|
|
Term
| RISING MORTGAGE INTEREST RATES WILL TEND TO |
|
Definition
|
|
Term
| WHAT ACTIVITIES OF THE FEDERAL RESERVE SYSTEM IS LIKELY TO HAVE THE MOST DIRECT EFFECT ON THE RATES CHARGED FOR CONSUMER CREDIT? |
|
Definition
| ADJUSTING THE DISCOUNT RATE |
|
|
Term
| APPRAISERS PAID ON THE BASIS OF A PERCENTAGE OF THE VALUE OF A PROPERTY ARE |
|
Definition
| IN VIOLATION OF APPRAISAL ETHICAL STANDARDS |
|
|
Term
| A PERSON WANTING TO BUY A $200,000 HOME BY PUTTING DOWN $40,000 IN CASH AND BORROWING $160,000 IS MAKING USE OF WHAT FINANCIAL CONCEPT? |
|
Definition
|
|
Term
| "AN IMPROVEMENT TO A PROPERTY IS WORTH THE VALUE IT ADDS, IF ANY, TO THE WHOLE PROPERTY, NOT ITS INDIVIDUAL COST OR VALUE" IS A GOOD DEFINITION OF THE PRINCIPLE OF |
|
Definition
|
|
Term
| A BUYER PURCHASES A $275,000 HOUSE WITH $60,000 DOWN AND A MORTGAGE LOAN OF $215,000. IN ORDER TO SECURE A PREFERRED INTEREST RATE, THE BORROWER MUST PAY THE BANK 1 POINT. HOW MUCH WILL THIS CHARGE BE? |
|
Definition
| $2,150 (A POINT IS 1% OF A LOAN) |
|
|
Term
| AFTER 1989, WHO INSURED DEPOSITS IN ALL FEDERALLY CHARTERED BANKS? |
|
Definition
|
|
Term
| THE PROCESS BY WHICH A MORTGAGE LOAN IS PAID OFF IN EQUAL PAYMENTS CONSISTING OF PRINCIPAL AND INTEREST IS CALLED |
|
Definition
|
|
Term
| "THE DIFFERENCE BETWEEN THE VALUE OF A PROPERTY AND ALL DEBTS ATTRIBUTED TO IT" IS A GOOD DEFINITION OF |
|
Definition
|
|
Term
| THE OBJECT OF CREATING A NEGOTIABLE INSTRUMENT IS TO |
|
Definition
| ALLOW A NOTE TO BE TRANSFERRED |
|
|
Term
| THE TERMS AND CONDITIONS OF THE PROMISE TO PAY BACK MONEY BORROWED TO BUY A HOUSE IS FOUND IN THE |
|
Definition
|
|
Term
| A HOME BUYER BORROWS $280,000 TO PURCHASE A HOME FOR 30 YEARS AT AN INTEREST RATE OF 7%. HOW MUCH INTEREST WILL HE PAY THE FIRST YEAR ON THE LOAN? |
|
Definition
| $19,600 (TOTAL AMOUNT BORROWED X 0.07 OR 280,000 X 0.07 = 19,600) |
|
|
Term
| WHAT DOES A DISCOUNT POINT DO TO THE EFFECTIVE YIELD THAT A LENDER GETS FROM A MORTGAGE LOAN? |
|
Definition
|
|
Term
| A MORTGAGE LENDER REQUIRES A BORROWER TO MAKE MONTHLY PAYMENTS, IN ADDITION TO THE MORTGAGE PAYMENTS, TO A SPECIAL ACCOUNT TO COVER TAXES AND HAZARD INSURANCE COSTS FOR THE PROPERTY. THIS TYPE OF ACCOUNT IS COMMONLY CALLED |
|
Definition
|
|
Term
| CALIFORNIA LAW PROTECTS HOMEOWNERS WHEN THE SALE OF THE PROPERTY CANNOT COVER THE OUTSTANDING MORTGAGE BALANCE |
|
Definition
| ONLY ON THE ORIGINAL PURCHASE MORTGAGE LOAN |
|
|
Term
| EQUITY IS MOST ACCURATELY DEFINED AS |
|
Definition
| THE VALUE OF THE HOUSE MINUS ALL LIENS AND ENCUMBRANCES |
|
|
Term
| A PURCHASER WANTS TO BUY A HOUSE THAT COSTS $330,000. THE BANK IS OFFERING A MORTGAGE LOAN AT A LOAN-TO-VALUE RATIO OF 80%. HOW MUCH WILL THE PURCHASER NEED FOR A DOWN PAYMENT? |
|
Definition
| $66,000 (LOAN TO VALUE RATIO BANK LOANS 80% 20% DOWN 330,000 X 0.20= 66,000) |
|
|
Term
| THE LAW THAT CONTROLS ADVERTISING OF REAL ESTATE LOANS IS |
|
Definition
|
|
Term
| WHAT DON'T VA AND FHA LOAN PROGRAMS IN CALIFORNIA DO? |
|
Definition
| MONEY IS NOT LENT DIRECTLY BY THESE AGENCIES |
|
|
Term
| THE INTEREST RATE CHARGED BY THE FEDERAL RESERVE SYSTEM TO BORROW MONEY IS CALLED THE |
|
Definition
|
|
Term
| WHICH TYPE OF MORTGAGE LOAN TYPICALLY RESULTS IN NEGATIVE AMORTIZATION? |
|
Definition
|
|
Term
| A TYPES OF PURCHASE FINANCING THAT ALLOWS THE SELLER TO TAKE IMMEDIATE POSSESSION OF THE PROPERTY BUT DELAYS TRANSFER OF TITLE IS |
|
Definition
| A LAND CONTRACT, A CONTRACT FOR DEED, AN INSTALLMENT SALES CONTRACT |
|
|
Term
| BUYER A PAYS $300,000 FOR A HOUSE PUTTING DOWN $60,000 AND BORROWING $240,000. THE HOUSE APPRECIATES 25% DURING THE YEARS HE OWNS IT. WHEN HE SELLS THE HOUSE, WHAT IS HIS PROFIT? |
|
Definition
| $75,000 (300,000 X 0.25 = 75,000) |
|
|
Term
| A TESTATOR WHO DIES TESTATE HAS NO NEED OF |
|
Definition
| THE LAWS OF INTESTATE SUCCESSION. |
|
|
Term
| WHOSE SIGNATURE MUST BE ON A DEED TO MAKE IT VALID? |
|
Definition
|
|
Term
| WHICH OF THE FOLLOWING IS NOT A DUTY OF AN ESCROW AGENT? |
|
Definition
| TO CONDUCT AN INDEPENDENT INVESTIGATION OF THE TRANSACTION |
|
|
Term
| WHICH OF THE FOLLOWING IS TRUE? |
|
Definition
| ALL ACCRETIONS ARE ACCESSIONS |
|
|
Term
| EXTRA PROTECTION FOR TITLE PROBLEMS ON PROPERTY CONVEYED BY A WARRANTY DEED IS PROVIDED BY |
|
Definition
|
|
Term
| BUILDER A TURNS OVER THE STREETS IN HIS NEW SUBDIVISION TO THE TOWN. HE DOES THIS BY |
|
Definition
|
|
Term
| THE CREATION OF ESCROW IS CONDITIONAL ON |
|
Definition
| EXECUTION OF A BINDING CONTRACT. (ESCROW IS CREATED WHEN A BINDING CONTRACT IS SIGNED & CONDITIONAL DELIVERY OF DOCUMENTS IS AGREED TO) |
|
|
Term
| THE PROCESS BY WHICH PAYMENTS SUCH AS TAXES ARE ALLOCATED AT CLOSING IS CALLED |
|
Definition
|
|
Term
| WHAT IS TRUE REGARDING TITLE INSURANCE POLICY COVERAGE FOR CHANGES IN LAND USE AS A RESULT OF ZONING CHANGES? |
|
Definition
| IT IS NOT COVERED BY EITHER ALTA OR CLTA EXTENDED COVERAGE POLICY. (ZONING CHANGES ARE NOT COVERED BY EITHER POLICY) |
|
|
Term
| A SELLER HAS PAID TAXES OF $2,400 IN ADVANCE ON JULY 1 FOR THE FOLLOWING YEAR. HE CLOSES SALE OF THE PROPERTY ON NOVEMBER 1. WHO OWES HOW MUCH TO WHOM? |
|
Definition
| THE BUYER OWES THE SELLER $1,400 |
|
|
Term
| THE TERM ADVALOREM USUALLY IS ASSOCIATED WITH |
|
Definition
|
|
Term
| THE OPPOSITE OF MARKETABLETITLE CAN BEST BE EXPRESSED AS |
|
Definition
|
|
Term
| ASSUMING THAT THE CURRENT ASSESSED VALUE OF A PROPERTY AFTER ALL EXEMPTIONS HAVE BEEN APPLIED IS $55,000, WHAT IS THE ANNUAL TAX ON THAT PROPERTY? |
|
Definition
| $550 (THE STATUTORY PROPERTY TAX RATE IS 1% 55,000 X 0.01 = $550) |
|
|
Term
| THE ACT THAT EXTENDED ANTIDISCRIMINATION PROTECTION TO BUSINESS ESTABLISHMENTS IS THE |
|
Definition
|
|
Term
| A MOBILE HOME ADVERTISEMENT MUST BE WITHDRAWN WITHIN HOW MANY HOURS OF THE HOME BEING TAKEN OFF THE MARKET? |
|
Definition
|
|
Term
| WHAT IS THE TERM USED TO DESCRIBE THE DEPOSITING OF A CLIENT'S FUNDS INTO THE BROKER'S PERSONAL OR BUSINESS ACCOUNT? |
|
Definition
|
|
Term
| THE CALIFORNIA LAW THAT SPECIFICALLY PROHIBITS REDLINING IS THE |
|
Definition
| HOUSING FINANCIAL DISCRIMINATION ACT |
|
|
Term
| WHAT IS THE MOST DESIRABLE FORM OF DEPOSIT FROM A SELLER'S POINT OF VIEW? |
|
Definition
| AN IMMEDIATELY NEGOTIABLE CHECK |
|
|
Term
| BLIND ADS FOR REAL ESTATE ARE PERMITTED |
|
Definition
|
|
Term
| A BROKER MUST MAINTAIN RECORDS OF A TRANSACTION FOR HOW MANY YEARS FROM THE DATE OF CLOSING? |
|
Definition
|
|
Term
| WHICH OF THE FOLLOWING ACTIVITIES COULD BE PERFORMED BY AN UNLICENSED ASSISTANT? |
|
Definition
|
|
Term
| A BROKER WHO EMPLOYS SALESPEOPLE AS INDEPENDENT CONTRACTORS RATHER THAN EMPLOYEES HAS |
|
Definition
| THE SAME AMOUNT OF SUPERVISORY RESPONSIBILITY |
|
|
Term
| REAL ESTATE LAW IN CALIFORNIA IS ADMINISTERED BY THE |
|
Definition
| DEPARTMENT OF REAL ESTATE |
|
|
Term
| A SALESPERSON COLLECTS A COMMISSION DIRECTLY FROM A HOMEOWNER AFTER SELLING HER HOUSE. WHICH OF THE FOLLOWING IS TRUE? |
|
Definition
| THE SALESPERSON HAS VIOLATED THE LAW |
|
|
Term
| A VIOLATION OF THE REAL ESTATE LAW COULD RESULT IN ALL OF THE FOLLOWING PENALTIES EXCEPT |
|
Definition
| A TERM OF NOT MORE THAN ONE YEAR IN JAIL |
|
|
Term
| PAYMENTS FOR A FINANCIAL INJURY SUSTAINED BY A PERSON AS A RESULT OF THE FRAUDULENT PRACTICES OF A REAL ESTATE BROKER WOULD BE MADE FROM THE |
|
Definition
| CALIFORNIA REAL ESTATE RECOVERY FUND |
|
|
Term
| WHEN MUST A REAL ESTATE SALESPERSON BE LICENSED IN ORDER TO RECEIVE A COMMISSION? |
|
Definition
| AT THE TIME OF THE TRANSACTION |
|
|
Term
| AN UNPAID CHILD SUPPORT OBLIGATION WILL RESULT IN WHAT TYPE OF LICENSE BEING ISSUED TO A REAL ESTATE SALESPERSON APPLICANT? |
|
Definition
| A 150-DAY TEMPORARY LICENSE |
|
|
Term
| WHICH OF THE FOLLOWING STATEMENTS IS TRUE? |
|
Definition
| THE STATE OF CALIFORNIA HAS NO OFFICIAL CODE OF REAL ESTATE ETHICSPRACTICE TEST 1 |
|
|
Term
| WHICH OF THE FOLLOWING IS NOT EXEMPT FROM REQUIRING A REAL ESTATE LICENSE? |
|
Definition
| A CORPORATION PROVIDING REAL ESTATE SALES. A REAL ESTATE BROKERAGE CORPORATION MUST HAVE A CORPORATION LICENSE |
|
|
Term
| INFORMED CONSENT TO PRACTICE DUAL AGENCY IS |
|
Definition
| REQUIRED BY BOTH CALIFORNIA LAW AND THE NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS |
|
|
Term
| HOW LONG DOES AN APPLICANT HAVE FROM THE TIME OF PASSING THE LICENSE EXAM TO OBTAIN HIS SALESPERSON LICENSE? |
|
Definition
|
|
Term
| COMMERCIAL PROPERTY OWNERS MAY REQUIRE A MAXIMUM OF |
|
Definition
|
|
Term
| WHICH OF THE FOLLOWING IS TRUE? |
|
Definition
| ALL SALESPEOPLE MUST WORK FOR BROKERS |
|
|
Term
| THE GRACE PERIOD DURING WHICH AN EXPIRED LICENSE MAY BE RENEWED SIMPLY BY PAYING A RENEWAL FEE IS |
|
Definition
| TWO YEARS, AND THE AGENT CANNOT PRACTICE DURING THAT TIME |
|
|
Term
| THE AGENT CONDUCTING THE MANDATORY PHYSICAL INSPECTION OF THE PROPERTY CERTIFIES THE COMPLETION OF THE INSPECTION IN |
|
Definition
| THE REAL ESTATE TRANSFER DISCLOSURE STATEMENT |
|
|
Term
| PUBLIC IMPROVEMENTS SUCH AS SIDEWALKS MAY BE PAID FOR BY |
|
Definition
| AD VALOREM TAXES, MELLO-ROOS COMMUNITY FACILITIES ACT BONDS AND SPECIAL ASSESSMENTS |
|
|
Term
| WITHIN WHAT TIME FRAME MUST A LEGAL ACTION BE FILED AS A RESULT OF INFORMATION IN A PROPERTY TRANSFER DISCLOSURE STATEMENT? |
|
Definition
|
|
Term
| BROKER A IS SELLING PROPERTY TO BUYER B. IN WHICH, IF ANY, OF THE FOLLOWING SITUATIONS WOULD BROKER A HAVE TO DISCLOSE HIS INTEREST? |
|
Definition
| BROKER A'S BROTHER-IN-LAW OWNS THE PROPERTY, BROKER A OWNS THE PROPERTY AND CORPORATION C OWNS THE PROPERTY AND BROKER A IS PART OWNER OF THE CORPORATION. |
|
|
Term
| BUYER A IS INTERESTED IN PURCHASING A PROPERTY FROM AN ESTATE. HE ASKS THE BROKER HOW THE PREVIOUS OWNER DIED. THE OWNER DIED 18 MONTHS AGO BY SUICIDE. THE BROKER |
|
Definition
| MUST ANSWER THE QUESTION HONESTLY |
|
|
Term
| THE REAL ESTATE RECOVERY ACCOUNT IS FUNDED FROM |
|
Definition
|
|
Term
| SELLER DISCLOSURE OF A DWELLING'S PHYSICAL CONDITION IS REQUIRED OF |
|
Definition
|
|
Term
| A HOUSE IS BEING SOLD BY A REAL ESTATE BROKER ON BEHALF OF A HOMEOWNER. THE BASEMENT LEAKS EVERY TIME THERE'S MORE THAN AN INCH OF RAIN. THE HOUSE IS ON A SUBSTANDARD-SIZE LOT, WHICH WILL REQUIRE A ZONING VARIANCE TO MAKE ANY ADDITIONS. THE SCHOOL DISTRICT IS RATED IN THE BOTTOM HALF OF ALL DISTRICTS IN THE STATE. AND THE FURNACE IS 20 YEARS OLD. WHICH OF THE FOLLOWING STATEMENTS IS LEAST LIKELY TO BE CONSIDERED FRAUDULENT MISREPRESENTATION? |
|
Definition
| THIS HOUSE IS IN A GREAT SCHOOL DISTRICT |
|
|
Term
| HOUSES BUILT AFTER 1980 AND SOLD WITH THE ASSISTANCE OF A BROKER WILL REQUIRE ALL OF THE FOLLOWING EXCEPT |
|
Definition
| A LEAD-PAINT HAZARD DISCLOSURE (CUT OFF DATE FOR LEAD PAINT DISCLOSURE IS FOR HOUSES BUILT BEFORE 1978) |
|
|
Term
| THE HOMEOWNER'S GUIDE TO EARTHQUAKE SAFETY MUST BE PROVIDED TO PURCHASERS OF ONE-TO FOUR-FAMILY HOMES BUILT PRIOR TO |
|
Definition
|
|
Term
| AN OPTION TO PURCHASE PROPERTY IS CONSIDERED AN |
|
Definition
| EXPRESS UNILATERAL AGREEMENT |
|
|
Term
| AT WHAT PHASE OF THE CONTRACT PROCESS IS A REAL ESTATE COMMISSION GENERALLY EARNED? |
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Definition
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Term
| ONE PARTY AGREES TO SELL ANOTHER PARTY A PIECE OF PROPERTY IN EXCHANGE FOR A CERTAIN AMOUNT OF MONEY. THE AGREEMENT IS IN WRITING. WHAT TYPE OF CONTRACT DO THE PARTIES HAVE? |
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Definition
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Term
| WHICH OF THE FOLLOWING TYPES OF LISTING AGREEMENTS NEED NOT BE IN WRITING? |
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Definition
| AN AGENT REPRESENTING A LANDLORD RENTING ROOMS IN A ROOMING HOUSE ON A WEEK-TO- WEEK BASIS |
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Term
| OWNER A HIRES SOMEONE TO BURN DOWN HIS BUILDING FOR THE INSURANCE MONEY. THEY AGREE ON ALL THE TERMS INCLUDING PAYMENT. THE CONTRACT WOULD BE |
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Definition
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Term
| A REAL ESTATE BROKER ALWAYS REPRESENTS THE PRINCIPAL, WHO IS ALWAYS THE |
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Definition
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Term
| AN EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL AGREEMENT IS CONSIDERED AN |
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Definition
| EXPRESS BILATERAL CONTRACT |
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Term
| A TENANT WHO STAYS IN RENTED PROPERTY AFTER THE LEASE HAS EXPIRED WITHOUT THE CONSENT OF THE LANDLORD IS SAID TO HAVE |
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Definition
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Term
| IN AN OPTION AGREEMENT, THE CONSIDERATION IS |
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Definition
| THE AMOUNT PAID FOR THE RIGHT TO PURCHASE THE PROPERTY |
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Term
| BROKER A RECEIVES TWO OFFERS ON SELLER B'S HOUSE, WHICH IS LISTED FOR SALE AT $250,000. THE FIRST OFFER IS FOR ALL CASH AT $200,000. THE SECOND OFFER IS FOR 20% DOWN WITH 80% FINANCING FOR THE FULL PRICE. WHAT SHOULD THE BROKER DO WITH RESPECT TO BOTH OFFERS? |
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Definition
| PRESENT BOTH OFFERS TO THE SELLER AS SOON AS POSSIBLE |
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Term
| THE TWO PRIMARY DOCUMENTS DEALING WITH PAYMENT OF A LOAN ARE THE MORTGAGE OR DEED OF TRUST AND A |
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Definition
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Term
| OWNER A SELLS A PIECE OF HIS PROPERTY TO BUYER B. IN ORDER FOR OWNER A TO GET ACCESS TO THE COUNTY ROAD HE NEEDS AN EASEMENT ACROSS BUYER B'S PROPERTY. IN ORDER TO ACCOMPLISH THIS, WHICH OF THE FOLLOWING HAS TO OCCUR? |
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Definition
| OWNER A MUST RESERVE AN EASEMENT APPURTENANT FOR HIMSELF |
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Term
| WHAT IS THE STUDY OF POPULATION CHARACTERISTICS CALLED? |
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Definition
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Term
| REAL PROPERTY INCLUDES ONLY |
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Definition
| THE LAND, STRUCTURES, AND FIXTURES |
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Term
| SEVERAL PEOPLE CONCURRENTLY OWN A PIECE OF PROPERTY. THEY MAY NOT OWN THE PROPERTY AS |
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Definition
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Term
| WHAT IS THE BEST TERM TO DESCRIBE A SITUATION WHERE A PERSON BUYING A PROPERTY MAY NOT USE THE PROPERTY FOR THE MANUFACTURE OF ALCOHOLIC BEVERAGES OR ELSE TITLE WILL REVERT BACK TO THE SELLER? |
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Definition
| FEE SIMPLE CONDITION SUBSEQUENT |
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Term
| IN HIS WILL, OWNER A LEAVES HIS HOUSE TO HIS CHILDREN SUBJECT TO A LIFE ESTATE TO HIS SISTER. THE INTEREST HELD BY HIS CHILDREN IS BEST DESCRIBED AS |
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Definition
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Term
| IN ORDER TO BENEFIT FROM THE HOMESTEAD EXCLUSION, HOW LONG DOES THE HOMEOWNER HAVE TO REINVEST THE PROTECTED EQUITY FROM THE SALE OF THE HOME? |
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Definition
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Term
| OWNER A IS SELLING THE NORTH WEST QUARTER OF A SECTION OF LAND HE OWNS. HOW MUCH LAND IS HE SELLING? |
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Definition
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Term
| THE USE OF THE TERM CORRELATIVE MOST CLOSELY RELATES TO |
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Definition
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Term
| WHAT IS THE MOST COMMON TYPE OF VOLUNTARY LIEN? |
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Definition
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Term
| OWNER A OWNS A PIECE OF PROPERTY. SHE SUBDIVIDES IT AND SELLS A LANDLOCKED PIECE OF IT TO OWNER B. IN ORDER FOR OWNER B TO GAIN ACCESS TO A NEARBY ROAD, OWNER B SEEKS AN |
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Definition
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Term
| WHICH UNITY IS COMMON TO BOTH JOINT TENANTS AND TENANTS IN COMMON? |
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Definition
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Term
| A SURVEY OR YOU HIRE MENTIONS TERMS LIKE BASELINES AND MERIDIANS WHEN SURVEYING YOUR PROPERTY. WHAT SYSTEM OF LEGAL DESCRIPTION IS HE MOST LIKELY USING? |
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Definition
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Term
| WHEN A HOME IS SOLD TO PAY OFF UNPAID DEBTS, THE FIRST DEBT TO BE PAID IS |
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Definition
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Term
| AN AGENT EMPLOYED TO HANDLE A NUMBER OF DIFFERENT MATTERS ON BEHALF OF SOMEONE IS CALLED A |
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Definition
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Term
| NEIGHBOR A BUILT A FENCE 2 FEET ONTO OWNER B'S PROPERTY. THIS IS BEST DESCRIBED AS A(N) |
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Definition
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