California: Real Estate Principles - Chapter 22

10 of 10 - What is the major difference between the real estate business in general and a real estate brokerage? A. The general real estate business consists of production, marketing, and financing of real property; a brokerage is directed primarily toward the sale, exchange, lease, rental, and financing for compensation. B. The brokerage business consists of production, marketing, and financing of real property; the general real estate business is directed primarily toward the sale, exchange, lease, rental, and financing for compensation. C. Both A and B D. None of the Above

A. The general real estate business consists of production, marketing, and financing of real property; a brokerage is directed primarily toward the sale, exchange, lease, rental, and financing for compensation.

1 of 10 - Samantha and Todd live in a mobile home park. They have lived in the park for five years and have never been late on their rent, utilities, or any other bills. Today the mobile home park landlord has terminated their tenancy. Which of the following is not a justifiable legal reason why this couple might have been evicted? A. The park had become overcrowded. B. They did not follow rules and regulations. C. They had become a substantial annoyance to other tenants. D. They failed to sufficiently maintain their property to meet management's standards.

A. The park had become overcrowded.

4 of 10 - Cheryl and Troy are closing on their home on Tuesday. Their brokerage represents the GoodHome Insurance Company. The couple have not yet decided what company will be handling their homeowner's insurance. Are they obligated to use GoodHome due to its affiliation with the brokerage? A. They are not exactly obligated to use the insurance company represented by the brokerage; however, it would make all of the paperwork and closing more efficient. B. No, they are not obligated to use any services recommended by the broker or agents licensed to the broker. Choosing a source of insurance is ONLY the client's choice. C. Yes, if they are going to use the brokerage they must use the broker's affiliates. D. None of the Above

B. No, they are not obligated to use any services recommended by the broker or agents licensed to the broker. Choosing a source of insurance is ONLY the client's choice.

2 of 10 - Sally, a licensee, has been asked to be the sales agent for a company selling new mobile homes. Can she sell these new mobile homes? If not, what sort of mobile homes can she sell? A. Sally may not sell new mobile homes, but she may sell used mobile homes. She would have to become licensed by the California Department of Housing and Community Development to sell new mobile homes. B. Sally may not sell new mobile homes, but she may sell used mobile homes, if they have been registered with the State of California and are on a lot. She would have to become licensed by the California Department of Housing and Community Development to sell new mobile homes. C. Sally is a licensed real estate salesperson in the state of California. She may sell any real property she is assigned to sell. D. None of the Above

B. Sally may not sell new mobile homes, but she may sell used mobile homes, if they have been registered with the State of California and are on a lot. She would have to become licensed by the California Department of Housing and Community Development to sell new mobile homes.

7 of 10 - What is required by a notary of the person signing the notarized document? A. A thumbprint of the person signing the document. B. A right thumbprint of the person signing the document. C. A right thumbprint of the person signing the deed, quitclaim deed, or deed of trust affecting real property. D. A thumbprint of the person signing the deed, quitclaim deed, or deed of trust affecting real property.

C. A right thumbprint of the person signing the deed, quitclaim deed, or deed of trust affecting real property.

9 of 10 - Howard, a licensee, has heard about a specialized area of real estate brokerage--the mineral, oil, and gas brokerage. Howard is trying to find his niche in the industry and believes this is the direction in which he needs to head. What specialized license does Howard need to work with mineral, oil, and gas transactions? A. He must obtain a Mineral, Oil, and Gas brokerage certification in addition to his real estate salesperson license. B. He must obtain a securities license to work with Mineral, Oil, and Gas transactions in addition to his real estate salesperson license. C. Howard does not need a specialized license to work with Mineral, Oil, and Gas transactions. D. Both A and B

C. Howard does not need a specialized license to work with Mineral, Oil, and Gas transactions.

3 of 10 - What are the steps to convert a mobile home into real property, if it is possible? A. Obtain a building permit and place the mobile home on a permanent foundation. Also, a document stating the mobile home has been attached to a permanent foundation must be recorded. B. It is not possible to convert a mobile home into real property. C. Obtain a building permit; place the mobile home on a permanent foundation and obtain a Certificate of Occupancy. Also, a document stating the mobile home has been attached to a permanent foundation must be recorded. D. Place the mobile home on a permanent foundation and obtain a Certificate of Occupancy. Also, a document stating the mobile home has been attached to a permanent foundation must be recorded.

C. Obtain a building permit; place the mobile home on a permanent foundation and obtain a Certificate of Occupancy. Also, a document stating the mobile home has been attached to a permanent foundation must be recorded.

6 of 10 - Saffron and Serge have a mobile home in which they travel from city to city, town to town, selling pottery and playing music. One week they may be in Berkeley, the next Sacramento. The couple travel wherever their mobile home will take them. Which of the following is true? A. By the definition of the California Health and Safety Code, this couple's 'mobile home' is not, in fact, a mobile home. B. The mobile home can be sold by a real estate licensee as real property, since it constitutes a dwelling unit. C. To become real property, their mobile home must have a permanent foundation. D. Saffron and Serge cannot legally occupy the mobile home without a Certificate of Occupancy.

C. To become real property, their mobile home must have a permanent foundation.

5 of 10 - Which of the following is an action taken by a Mineral, Oil, and Gas specialist on behalf of others? A. Solicit borrowers or lenders for or negotiate loans on mineral, oil, or gas property B. Lease or offer to lease or negotiate the sale, purchase, or exchange of leases on mineral, oil, or gas property C. Assist another in filing an application for the purchase or lease of, or to locate or enter upon mineral, oil, or gas property owned by the state or federal government. D. All of the Above

D. All of the Above

8 of 10 - Lisa has had her California real estate license suspended for violations involving mobile homes under the California Business and Professions Code. What could she have possibly done? A. Submitted a check to the State of California for mobile home fees and the check was not honored. B. Knowingly participated in the sale of a stolen mobile home. C. Unknowingly participated in the purchase of a stolen mobile home. D. Both A and B

D. Both A and B