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CA RE
CA Real Estate
157
Real Estate & Planning
Undergraduate 1
03/01/2018

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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?
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
PROMISSORY NOTE
Term
THE TERM THAT BEST DESCRIBES A CONTINUOUS URBAN CORRIDOR JOINING AT LEAST TWO CITIES IS
Definition
MEGALOPOLIS
Term
THE TERM REAL PROPERTY CAN ALSO BE DESCRIBED AS
Definition
THE BUNDLE OF RIGHTS
Term
THE RIGHTS OF A LANDOWNER TO A RIVER BORDERING HER PROPERTY ARE KNOWN AS
Definition
RIPARIAN RIGHTS
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
640
Term
THE REQUIREMENT THAT MULTIPLE OWNERS TAKE TITLE TO PROPERTY AT THE SAME TIME IS A CHARACTERISTIC OF
Definition
JOINT TENANCY
Term
THE TYPE OF OWNERSHIP THAT PROVIDES THE MOST COMPLETE BUNDLE OF RIGHTS IS
Definition
FEE SIMPLE ABSOLUTE
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
GENERAL PLAN
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
SYNDICATE
Term
THE PROPER WAY FOR A LANDOWNER WHO HAS PHYSICAL DIFFICULTY IN DEVELOPING HIS PROPERTY TO GET RELIEF IS TO OBTAIN A
Definition
VARIANCE
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
THE FIFTH LOT
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
DOMINANT TENEMENT
Term
ALL LIENS ARE ENCUMBRANCES. ALL ENCUMBRANCES ARE
Definition
LIMITATIONS
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
A CLOUD ON TITLE
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
ALWAYS
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
POLICE POWER
Term
AN AGENT REPRESENTS A
Definition
PRINCIPAL
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
FIDUCIARY
Term
THE AGENT WHO BRINGS A READY, WILLING, AND ABLE BUYER TO A SELLER IS COMMONLY CALLED THE
Definition
PROCURING CAUSE
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
THE DUTY OF CARE
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
A NET LISTING
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
MULTIPLE LISTING
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
THE BUYER'S AGENT
Term
A BROKER HIRED TO SELL A HOUSE IS CONSIDERED A
Definition
SPECIAL AGENT
Term
A REAL ESTATE SALESPERSON IS ALWAYS CONSIDERED AN
Definition
EMPLOYEE
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
OPEN LISTING
Term
ALL AGENCY AGREEMENTS FOR THE SALE OF PROPERTY MUST BE IN WRITING EXCEPT CREATION OF AN AGENCY BY
Definition
THERE ARE NO EXCEPTIONS.
Term
THE MOST PROFITABLE SINGLE USE THAT WILL GENERATE THE HIGHEST VALUE FOR A PIECE OF PROPERTY IS CALLED IT'S
Definition
HIGHEST AND BEST USE.
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
EXPRESS UNILATERAL.
Term
WHICH OF THE FOLLOWING IS NOT A CHARACTERISTIC OF VALUE?
Definition
CHANGE
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
PLOTTAGE
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
RATE OF RETURN.
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
MAKING ADJUSTMENTS.
Term
AN APPRAISAL MAY HAVE MORE THAN ONE DATE ON IT. THE DATE OF THE VALUE ESTIMATE IS THE
Definition
EFFECTIVE DATE.
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
ECONOMIC AGE LIFE METHOD
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
SINGLE-FAMILY HOMES.
Term
WHICH APPROACH TO VALUATION ESTIMATES LAND AND BUILDING VALUE SEPARATELY?
Definition
COST APPROACH
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
ASSESSED VALUE
Term
RISING MORTGAGE INTEREST RATES WILL TEND TO
Definition
LOWER PROPERTY VALUES
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
LEVERAGE
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
CONTRIBUTION
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
FDIC
Term
THE PROCESS BY WHICH A MORTGAGE LOAN IS PAID OFF IN EQUAL PAYMENTS CONSISTING OF PRINCIPAL AND INTEREST IS CALLED
Definition
AMORTIZATION
Term
"THE DIFFERENCE BETWEEN THE VALUE OF A PROPERTY AND ALL DEBTS ATTRIBUTED TO IT" IS A GOOD DEFINITION OF
Definition
EQUITY
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
PROMISSORY NOTE
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
IT RAISES IT
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
AN IMPOUND ACCOUNT
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
REGULATION Z
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
DISCOUNT RATE
Term
WHICH TYPE OF MORTGAGE LOAN TYPICALLY RESULTS IN NEGATIVE AMORTIZATION?
Definition
GRADUATED PAYMENT
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
THE GRANTOR
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
TITLE INSURANCE
Term
BUILDER A TURNS OVER THE STREETS IN HIS NEW SUBDIVISION TO THE TOWN. HE DOES THIS BY
Definition
STATUTORY DEDICATION
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
PRORATION
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
PROPERTY TAXES
Term
THE OPPOSITE OF MARKETABLETITLE CAN BEST BE EXPRESSED AS
Definition
CLOUD ON TITLE.
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
UNRUH CIVIL RIGHTS ACT
Term
A MOBILE HOME ADVERTISEMENT MUST BE WITHDRAWN WITHIN HOW MANY HOURS OF THE HOME BEING TAKEN OFF THE MARKET?
Definition
48
Term
WHAT IS THE TERM USED TO DESCRIBE THE DEPOSITING OF A CLIENT'S FUNDS INTO THE BROKER'S PERSONAL OR BUSINESS ACCOUNT?
Definition
COMMINGLING
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
FOR NO PROPERTIES.
Term
A BROKER MUST MAINTAIN RECORDS OF A TRANSACTION FOR HOW MANY YEARS FROM THE DATE OF CLOSING?
Definition
3
Term
WHICH OF THE FOLLOWING ACTIVITIES COULD BE PERFORMED BY AN UNLICENSED ASSISTANT?
Definition
CREATING SALES BROCHURES
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
ONE YEAR
Term
COMMERCIAL PROPERTY OWNERS MAY REQUIRE A MAXIMUM OF
Definition
THERE IS NO MAXIMUM
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
THREE YEARS
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
REAL ESTATE LICENSE FEES
Term
SELLER DISCLOSURE OF A DWELLING'S PHYSICAL CONDITION IS REQUIRED OF
Definition
MOBILE HOMES
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
21916
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?
Definition
MUTUAL CONSENT
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?
Definition
EXPRESS BILATERAL
Term
WHICH OF THE FOLLOWING TYPES OF LISTING AGREEMENTS NEED NOT BE IN WRITING?
Definition
AN AGENT REPRESENTING A LANDLORD RENTING ROOMS IN A ROOMING HOUSE ON A WEEK-TO- WEEK BASIS
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
Definition
VOID
Term
A REAL ESTATE BROKER ALWAYS REPRESENTS THE PRINCIPAL, WHO IS ALWAYS THE
Definition
BUYER AND/OR SELLER
Term
AN EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL AGREEMENT IS CONSIDERED AN
Definition
EXPRESS BILATERAL CONTRACT
Term
A TENANT WHO STAYS IN RENTED PROPERTY AFTER THE LEASE HAS EXPIRED WITHOUT THE CONSENT OF THE LANDLORD IS SAID TO HAVE
Definition
AN ESTATE AT SUFFERANCE
Term
IN AN OPTION AGREEMENT, THE CONSIDERATION IS
Definition
THE AMOUNT PAID FOR THE RIGHT TO PURCHASE THE PROPERTY
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
PROMISSORY NOTE.
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?
Definition
OWNER A MUST RESERVE AN EASEMENT APPURTENANT FOR HIMSELF
Term
WHAT IS THE STUDY OF POPULATION CHARACTERISTICS CALLED?
Definition
DEMOGRAPHY
Term
REAL PROPERTY INCLUDES ONLY
Definition
THE LAND, STRUCTURES, AND FIXTURES
Term
SEVERAL PEOPLE CONCURRENTLY OWN A PIECE OF PROPERTY. THEY MAY NOT OWN THE PROPERTY AS
Definition
TENANTS IN SEVERALTY
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?
Definition
FEE SIMPLE CONDITION SUBSEQUENT
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
Definition
REMAINDER INTEREST
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?
Definition
SIX MONTHS
Term
OWNER A IS SELLING THE NORTH WEST QUARTER OF A SECTION OF LAND HE OWNS. HOW MUCH LAND IS HE SELLING?
Definition
160 ACRES
Term
THE USE OF THE TERM CORRELATIVE MOST CLOSELY RELATES TO
Definition
UNDERGROUND WATER RIGHTS
Term
WHAT IS THE MOST COMMON TYPE OF VOLUNTARY LIEN?
Definition
MORTGAGE LIEN
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
Definition
EASEMENT BY NECESSITY
Term
WHICH UNITY IS COMMON TO BOTH JOINT TENANTS AND TENANTS IN COMMON?
Definition
POSSESSION
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?
Definition
GOVERNMENT SURVEY
Term
WHEN A HOME IS SOLD TO PAY OFF UNPAID DEBTS, THE FIRST DEBT TO BE PAID IS
Definition
TAX LIENS
Term
AN AGENT EMPLOYED TO HANDLE A NUMBER OF DIFFERENT MATTERS ON BEHALF OF SOMEONE IS CALLED A
Definition
GENERAL AGENT
Term
NEIGHBOR A BUILT A FENCE 2 FEET ONTO OWNER B'S PROPERTY. THIS IS BEST DESCRIBED AS A(N)
Definition
ENCROACHMENT
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