CA DRE - Practice Exam 2

What is the California Statute of Limitations on bringing a court foreclosure to enforce a mechanic's lien? To bring action for removal of encroachments? 120 days after filing the lien; Four years 190 days after filing the lien; Three years 90 days after filing the lien; Three years 120 days after filing the lien; Five years

90 days after filing the lien; Three years

Which is not a form of syndication? The Corporate Form The General Partnership The Limited Liability An Equity Trust

An Equity Trust

Which of the following is not an exemption to the federal fair housing laws concerning age and family status? In a government-designated retirement housing. In a retirement community if 70% of the dwellings have one person who is 55 years of age or older, provided there are amenities for elderly residents. In residential dwellings of two to four units if one of the units is occupied by the owner. None of the Above.

In a retirement community if 70% of the dwellings have one person who is 55 years of age or older, provided there are amenities for elderly residents.

Georgina sat for the examination about two weeks ago. She believes she passed with flying colors and checks her mail immediately upon arrival home for her results. Today, they arrived and, as she opened the envelope, she saw her test score. Did Georgina pass or fail? Georgina passed the examination. Failing scores are not revealed; only the information the examinee failed. Georgina failed the exam. The exam is qualifying by nature and if you pass, you pass; your score is irrelevant and is not revealed. There is no way to tell if Georgina passed or failed without knowing her actual score. None of the Above.

Georgina failed the exam. The exam is qualifying by nature and if you pass, you pass; your score is irrelevant and is not revealed.

Patrice and Cornell are completing a sales contract with Mary, their agent. The sales contract used at Mary's brokerage is preprinted. Mary, as a senior agent, has the authority to waive one of the brokerage's fees. The fee is explained and preprinted on the contract. Mary simply crosses it out, writes "waived," and both parties initial. Which overrules the other? The preprinted or handwritten portions of the contract? The preprinted portions of a contract always take precedence over handwritten. It depends on the portion of the contract and the language involved. Handwritten portions of real estate contracts always supersede preprinted forms. None of the Above.

Handwritten portions of real estate contracts always supersede preprinted forms.

What is the form of California State Real Estate licensing examinations? True or False Tests Essay Tests Multiple-Choice Tests All of the Above

Multiple-Choice Tests

Carol is studying for the California real estate license examination. She knows she has to know all areas covered in the examination extremely well to pass. Which portion of the examination, approximately, makes up the largest portion of the test? Practice of Real Estate and Mandated Disclosures Contracts Transfer of Property Financing

Practice of Real Estate and Mandated Disclosures

Which of the following conditions does not apply in converting a mobile home into real property? The homeowner must obtain a building permit. The home must be placed on a permanent foundation. The homeowner must obtain a Certificate of Occupancy. The homeowner is required to have a tag guaranteeing the mobile home's proper construction.

The homeowner is required to have a tag guaranteeing the mobile home's proper construction.

Tracy and Darnell are buying a home. They have a 15% down payment and have qualified for a thirty year fixed conventional rate mortgage. Will Tracy and Darnell have to pay PMI? Yes, private mortgage insurance is required for all loans with less than 25% down payment. No, private mortgage insurance is only required for all loans with less than 15% down payment. No, this is Tracy and Darnell's second mortgage for the purchase of a new home. Private mortgage insurance is only for first-time buyers with less than a 20% down payment. Yes, private mortgage insurance is required for all loans with less than 20% down payment.

Yes, private mortgage insurance is required for all loans with less than 20% down payment.

Agent Simpson tells residents of a neighborhood that minorities are moving into the neighborhood, and property values are sure to plummet. Simpson goes on to say, "resale values will suffer, the neighborhood will deteriorate, and if they don't sell their homes now, they will lose money." What form of illegal discrimination is Agent Simpson practicing? Blockbusting Redlining Steering Discriminatory Misrepresentation

Blockbusting

Which of the following statements concerning real and personal property is true? Annexation changes real property to personal property; severance changes personal property to real property. A trade fixture is personal property and can be removed by the tenant any time before the end of the lease term. Annexation changes personal property to real property; severance changes real property to personal property. Both B and C

Both B and C

Judy is the listing agent for the Brandts' home. In the inspection of their home, she discovers a few issues of concern. The basement is very damp and smells of mildew. Judy noticed what appeared to be mold on the interior walls of the lower level. She also saw what she believed to be their main line overflowing in the utility area of the basement. State the case that is responsible for broker's conducting a diligent inspection of properties they are listing or selling. Sherman v. Clayton Easton v. Strassburger Mello v. Roos Jones v. Mayer

Easton v. Strassburger

Ken has just passed his licensing examination. However, he has been notified the DRE will not issue a full-term license. Ken is behind on child support payments and therefore has not complied with a court order to provide these payments. Will Ken ever be able to obtain his license? Ken will not be eligible for a license until he has been current on all child support payments for a minimum of 150 days. Ken may be issued a 150-day temporary license while he is on the list of child support obligors. Only one 150-day temporary license may be issued. His full-term license may be issued if a release is obtained from the district attorney's office during the 150-day temporary period. Ken must clear his name and pay his support on time for a minimum of six months to be eligible to receive a full-term license. None of the Above.

Ken may be issued a 150-day temporary license while he is on the list of child support obligors. Only one 150-day temporary license may be issued. His full-term license may be issued if a release is obtained from the district attorney's office during the 150-day temporary period.

Which are the four elements required for a valid contract? Legally Competent Parties; Offer and Acceptance; Consideration; and Legality of Object Legally Competent Parties; Offer and Acceptance; Consideration; and Terms Legally Competent Parties; Offer and Acceptance; Assignment; and Legality of Object Legally Competent Parties; Offer and Acceptance; Contingency; and Legality of Object

Legally Competent Parties; Offer and Acceptance; Consideration; and Legality of Object

Christina is planning on getting married in the next year. She is a very successful business owner and is planning on buying some vacation property on the coast. She asks her agent, Martina, for advice on how she should take title to this new property. Should she hold the title alone, or jointly with her fiance? How should Martina advise? Martina should advise Christina to protect her future assets and hold title separately due to California's community property laws. Martina should simply tell Christina to consult her attorney on this matter. Martina should discuss with Christina what she knows in reference to how title can be vested but give no advice except to consult an attorney for advice. None of the Above.

Martina should discuss with Christina what she knows in reference to how title can be vested but give no advice except to consult an attorney for advice.

Broker Burns is negotiating a first trust deed loan for buyers. The buyers have signed a contract for a fifteen-year loan. What is the maximum commission for Broker Burns? Five percent of the principal of the loan. Ten percent of the principal of the loan. Fifteen percent of the principal of the loan. Two percent of the principal of the loan.

Ten percent of the principal of the loan.

Which of the following is not a fourfold unity? Time Title Possession Vesting

Vesting