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Real Estate Sales Person Exam Prep
(California) Correct Answers |
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When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: - ✔✔Actual Fraud A fee simple estate is: - ✔✔an estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: - ✔✔Cost Approach The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: - ✔✔To provide consumers with enough information to enable them to shop for settlement services Definitions of market value is least concerned with: - ✔✔Market cost What type if an appraisal license is required to appraise a commercial strip mall valued at $ 700 , 000 : - ✔✔Certified general license; Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means - ✔✔According to value; In order to comply with the regulations of the state Housing Law, a person should seek the issuance of a building permit from: - ✔✔the local Department of Building and Safety One of the main benefits of a sale-leaseback transaction would be; - ✔✔The ability of the seller to deduct al of his future rent payments as business expenditures
A broker who holds a valid listing on a property places a classified ad for the property containing only the following information "For Sale: 3 bedroom, 2 bath home with swimming pool. Asking price $ 165 , 000. Telephone 555 - 9276 ". This type of advertisement would be an example of a: - ✔✔Blind ad A property owner lists his property for sale with a broker. During the negotiations, the owner told the broker that the owner wanted $ 138 , 000 for the property, and anything above that amount the broker could keep as his commission. The listing with this type of provision is known as a: - ✔✔net listing Which of the following is an example of a less-than-freehold estate? - ✔✔leasehold estate When a lender loans a borrower 100 % of the purchase price of a house, and the loan is not government- related, the lender would be best protected by: - ✔✔appreciation The term "warehousing" as used in real estate financing, means: - ✔✔A mortgage company collection loans prior to resale When a lender makes a loan regulated by the Real Estate Settlement Procedures Act, the loan applicant must be provided with which of the following: - ✔✔a loan estimate The law which gives cities and counties control over the physical design of subdivisions is: - ✔✔the Subdivision Map Act Who usually has the responsibility for providing streets, utilities, sidewalks, and curbs in a new subdivision? - ✔✔The builder/developer Economic Obsolescence is a cause of depreciation that can occur because of: - ✔✔Factors extraneous to the property The usual listing contract authorizes a broker to: - ✔✔Find a purchaser and accept a deposit with an offer to purchase
Blockbusting is best described as an attempt - ✔✔to panic a neighborhood into thinking property values will decline due to unwanted person(s) moving in. An acknowledgement may be taken by a notary public who is: - ✔✔A corporate employee without the interest in the corporation's instrument being acknowledged Which of the following would not make a contract voidable? - ✔✔Illegal Purpose For federal income tax purposes, a taxpayer could adjust the cost basis of his personal residence for which of the following items? - ✔✔The addition of a concrete patio Henry made an offer to purchase real property. However, he died of a heart attack before the listing broker could notify him of an unqualified, signed acceptance by the seller. Based on these facts, which of the following is true? - ✔✔The death of Henry constituted a revocation of the offer Land zoned for use as the site for a multifamily residential developments (such as apartment buildings) would be denoted as: - ✔✔R- 3 Although a title insurance policy does not cover the risk of loss for many reasons, which of the following risks is not covered in a title insurance policy? - ✔✔A zoning ordinance, regulation, or plan According to the Department of Real Estate regulations, it would be considered commingling if a broker:
- ✔✔deposits into the trust fund account renter's check for the security deposit on an income property the broker owns The position of a building on its site in relationship to its surroundings is normally referred to as its: - ✔✔Orientation A contract in which all parties have fulfilled their promises is a(n) - ✔✔executed contract According to the Truth-in-Lending Act, consumers must be informed of credit terms by: - ✔✔the lender
When a buyer gives the agent a post dated check, it: - ✔✔May be retained but must be disclosed to the seller The effective date of a real estate purchase contract is the date that: - ✔✔the acceptance is communicated to the buyer When may a real estate broker, serving as agent of the seller, refuse to transmit an offer to the principal?
- ✔✔When the broker is acting on the express instructions of the principal in his refusal; A lease where the tenant pays the property taxes, maintenance, and other expenses is a: - ✔✔Net Lease When an owner sues the government to get compensated, it is known as: - ✔✔Inverse condemnation On a settlement statement, the cost of the lender's title insurance policy required for a new loan is usually shown as a - ✔✔debit to the buyer In financing, the "secondary market" refers to the place where: - ✔✔existing loans are bought and sold Real property taxes become a lien on: - ✔✔January 1 st When must all the listings in an office be renegotiated? - ✔✔If the broker dies When an owner is selling his or her home, to whom would they most likely give a copy of a structural pest control report? - ✔✔To the buyer, if requested Sara is a newly licensed broker and has just opened her own office. How long must she keep transaction records - ✔✔ 3 Years Ownership of an undivided interest in land with no right of survivorship is found in: - ✔✔tenants in common
An exclusive agency listing guarantees the broker his commission: - ✔✔if a broker finds a buyer for the property Which activity requires a real estate license? - ✔✔A service that, for a fee, matches individuals who want to buy and sell properties A balloon payment is usually associated with a - ✔✔large payment during the term or at the end of the payment schedule Which of these is an example of external obsolescence? - ✔✔Vacant, abandoned, and run down buildings in an area The word "improvement" would refer to all of the following EXCEPT - ✔✔trade fixtures In the cost approach to value, the appraiser makes use of the: - ✔✔estimated current replacement cost of the building An appraiser is typically paid: - ✔✔a fee based on the amount of time and effort Which of the following individuals holds a license and is therefore not entitled to a claim of adverse possession? - ✔✔A person who has permission to enter an orchard and has been taking apples every year for 30 years. Zoning ordinances control the use of privately owned land in several ways. Which of the following ways is NOT a zoning control? - ✔✔Providing for control of rentals A person who has complete control over a parcel of real estate is said to own a - ✔✔fee simple estate An easement appurtenant to real property can be terminated by all of the following, EXCEPT - ✔✔revocation by the servient owner
A partition suit is used for which of the following? - ✔✔To force a division of property without all the owners' consents After a contractor has filed a mechanic's lien, he may enforce it by filing suit within what time period? - ✔✔ 90 days
