Real Estate 101
The current award for liquidated damages on a purchase agreement form is a maximum of:
3% of Home Purchase Price
How many sections are in a township?
36
Any individual who wants to operate a real estate office must have
A brokers license
If one of the parties doesn't go through with a contract (nonperformance), it is called a(n):
Breach
The amount of rent stated in the rental agreement is the:
Contract Rent
Which of the following is NOT one of the four essential elements of value?
Cost
A clause in a financial instrument that allows a lender to demand immediate payment of the entire note balance is known as a(n):
acceleration clause
What principle does the "market data approach" use to compare similar properties?
Principle of Substitution
An owner can deduct a "loss" on the sale of residential property if that property:
has been converted into rental property
If a contract is said to be "executory," it:
has not yet been completely performed
"Police Power" is the power to make rulings to control the use of private property for the protection of the public's:
health. safety. welfare.
Under A, subsection 7. PETS AND ANIMALS, odors from animal urine or other contamination may be dormant for long periods of time and then become active because of:
heat
What differentiates an estate for years from an estate from period-to-period is that an estate for years:
is for a fixed period of time.
An exclusive right to occupy and use property on a temporary basis is known as a(n):
leasehold.
A notice of a pending lawsuit that clouds title is called a(n):
lis pendens
Approximately how many acres are there in a lot 1/2 mile by 1/2 mile?
160
Each year property taxes in California (Proposition 13) are allowed to increase by what percentage?
2%
How much time, after the buyer signs the loan application, does the lender have to provide a good faith estimate of closing costs (RESPA requirement)?
3 business day
In California, a notice to vacate an "estate at will" (rental agreement) requires how many days notice?
30
Proration of expenses and income is based on a month with
30 Days
When a tenant has lived on a property for less than one year, how many days notice is a landlord required to give to terminate a month-to-month lease?
30 Days
One acre equals:
43,560 square feet.
How many hours of Commissioner-approved continuing education must a salesperson or broker have in order to renew his or her four-year license?
45 hours
The documentary transfer tax is charged on money borrowed or cash down payments at the rate of
55 cents per $500
A section consists of how many acres?
640
A lease for a property in a town or city can be for any predetermined time, up to how many years?
99 Years
Proration of prepaid taxes is
A credit to the Seller
An agency relationship does not require which of the following?
A payment of consideration
With what type of clause does the entire balance of the loan become due and payable when an owner is alienating, transferring, or conveying a property?
Alienation clause
What license is issued by the Department of Real Estate?
Broker's license Prepaid rental listing service license Real property securities dealer
Which of the following is NOT normally prorated
Brokers Commission
Any sale of a substantial part of the inventory of a business is know as a:
Bulk Transfer
According to the SBSA, whose responsibility is it to conduct thorough investigation of the property, both personally and with appropriate professionals?
Buyer
Under A, subsection 10. SQUARE FOOTAGE, LOT SIZE, BOUNDARIES, AND SURVEYS, who is responsible for determining the square footage of a piece of property?
Buyer
In what way can a real estate agency relationship be created?
By ratification By express or written authority By estoppel
The standard title insurance policy in California is the
CLTA
A property, to be purchased by a veteran, must have what type of appraisal?
CRV
The group, through its leader, that regulates real estate transactions is called the:
California Department of Real Estate.
The portion of the Business and Professions Code that refers to licensing and subdivisions is called:
California Real Estate Law
Another term for the income approach is:
Capitalization Approach
A recorded history of a specific property is called a
Chain of Title
Which of the following non-profit organization's real properties are usually exempt from property taxes?
Charitable Religious Medical or educational
According to A, subsection 9. SOIL AND GEOLOGIC CONDITIONS, who is most suited to evaluate soil stability?
Civil or geo-technical engineers
Which of the following is NOT a requirement of a valid escrow?
Confirmation of Citizenship
Which of the following is NOT one of the three methods to determine the value of real property?
Correlation approach
Which of the following is used to change the original terms of the purchase agreement?
Counter offer form
The first installment of property taxes is due on November 1st. When is it delinquent?
December 10
Which of the following is NOT considered a "demand area" for borrowing money?
Demolition
A table that illustrates how the highest value is located in the front part of a lot is called a:
Depth Table
Which of the following are stages of a real property's life cycle?
Development Maturity Decline
What are included steps in agency disclosure?
Disclose Elect Confirm
Civil law requires that both parties to a transaction be informed of the various options they have regarding agency representation. Which form is used for this purpose?
Disclosure Regarding Real Estate Agency Relationship
Which of the following forms are part of CAR's® "Purchase Agreement Package"?
Disclosure Regarding Real Estate Agency Relationship (AD) Wire Fraud and Electronic Funds Transfer Advisory (WFA) Buyer's Inspection Advisory (BIA)
The lower the loan-to-value ratio, the greater the:
Downpayment
What agency relationship requires the informed consent of both parties (buyer and seller)?
Dual agency
Which of the following is NOT a lien?
Easements
Sections in a township run:
East-West
The amount that a property should rent for in the current open market is called the:
Economic Rent
Which type of depreciation is always incurable, meaning nothing can be done?
Economic obsolescence
A lease for a fixed (predetermined) period of time is a(n):
Estate for Years
Which of the following would be a reason to terminate an agency relationship?
Expiration of term Destruction of property Death of the broker
An agreement that is made either verbally or in writing is known as a(n):
Express Contract
Banks in California are insured by the
FDIC
The practice of purchasing real estate using a small amount of your own money and a large portion of borrowed funds is known as:
Ieverage.
Which appraisal method measures the present worth of future benefits?
Income approach
For income tax purposes, you may deduct what portion of your house payment?
Interest only
The term that best describes a construction loan is a(n):
Interim Loan
Ranges are 6-mile increments measured (and described) from the north-south meridian running:
North and South
What document does a trustee record after being notified by the lender of the trustor's nonpayment?
Notice of Default
In a landlord/tenant situation, who would be called the lessor?
Owner
Who can petition for zone changes?
Owners Subdividers Government agencies
The trustee issues a "reconveyance deed" when the promissory note is:
Paid in Full
Under E, subsection 11. CONTRACT RELATED ISSUES AND TERMS discusses all of the following, EXCEPT:
Schools
Which of the following real estate terms best describes mortgages and trust deeds?
Security devices
In a real estate transaction, the grantor is the:
Seller
The 1% loan fee on FHA loans is usually paid by the
Seller
Under D, subsection 1. DEATH ON THE PROPERTY, if the buyer has any questions about a death that may have occurred on the property, he or she should submit a written request to the:
Seller
The categories "General Disclosure Duties" and "Statutory Disclosure Duties" can be found at the beginning of which form?
Seller's Advisory
In California, what is the usual method of forcing someone to sell property to pay off a judgment?
Sheriff's sale
A township contains
Six Square Miles
Under B, subsection 6. HEATING VENTILATION AND AIR CONDITIONING SYSTEMS, changes to energy efficiency regulations impact the installation, replacement, and some repairs of heating and air conditioning units (HVAC). Which level of government are responsible for these regulations?
State and Federal
The "nominal interest rate" is:
Stated in the note
Coordinating subdivision plans and insuring that subdividers comply with the city or county's master plan is the objective of the:
Subdivision Map Act
When a person temporarily rents out an apartment on which he or she holds a lease, it is called a(n):
Sublease
What provision in an instrument of finance would permit a change in the priority of liens on a property?
Subordination clause
Which of the following is NOT a test to determine whether an item is a fixture? Relationship of the parties Method of attachment Value of the item Intent of the parties
Value of the Item
What do we call the wood lining on the lower portion of an interior wall with the upper portion wallpapered or covered with another material different from the lower portion?
Wainscoting
The advisory to obtain phone numbers and account numbers only from Escrow Officers, Property Managers or Landlords at the beginning of the transaction is included in which form?
Wire Fraud and Electornic Funds Transfer Advisory
Which legal document allows a sheriff to physically evict a tenant?
Writ of possession
The United States Government Survey System has to do with:
Zoning, Taxing, Polling
A lot facing a turnaround portion of a dead-end street is called a(n):
cul-de-sac lot.
Depreciation can be:
curable. incurable. loss in value due to any cause.
Which of the following does NOT require a real state license? a. Selling real estate for others b. Buying real estate for others c. Negotiating leases for others d. Selling your own real estate
d. Selling your own real estate
A written instrument that conveys and evidences title is called a(n):
deed.
A deed does NOT take effect until it is:
delivered and accepted.
Under A, subsection 5. INSPECTIONS, in addition to a general inspection, a buyer might be advised to seek additional expertise from all of the following professions, EXCEPT:
dentists
A homeowner can deduct from income taxes all the items listed below, except:
depreciation
Selling an apartment:
does NOT terminate a tenant's lease.
If property taxes are NOT paid by June 30, the property:
is sold to the state. starts a five year redemption period. remains undisturbed for five years.
With regards to a subdivision, if the Real Estate Commissioner wanted to stop sales or any violations, he or she would:
issue a desist and refrain order.
Time, title, interest, and possession are the four essential unities of a:
joint tenancy
The least desirable lot, bordered on the side by the backs of lots that front on another street is a(n):
key lot.
Which of the following is NOT a type of depreciation?
political
A written notice that should be given within 20 days of supplying labor or services, and before filing a mechanic's lien, is known as a:
preliminary notice.
Someone using another person's land continuously, without paying any property taxes, might qualify to obtain an easement, or legal right to use the land, according to:
prescription
Under D, subsection 3. the EPA'S LEAD-BASED PAINT RENOVATION, REPAIR, AND PAINTING RULE applies to structures built
before 1978
Should the trustor default, the trustee may have to sell the property for the:
beneficiary
A voluntary lien placed over more than one parcel is known as a(n):
blanket encumbrance
Any escrow amendment must be signed by the:
both parties (seller and buyer).
With regards to the closing escrow statement, the seller's and buyer's respective totals:
can be different
A manufactured home is transferred with a
certificate of title
Property acquired by a husband and wife during marriage and is split 50/50 is called:
community property.
The approach that takes the current selling prices of similar properties and adjusts these prices for any differences is called the:
comparative approach
A non-listing broker with whom the listing broker agrees to share a commission (not necessarily ½ and ½) if the non-listing broker sells the property is
cooperating broker.
A title company could make a title search by searching the records of the:
county clerk's office. county recorder's office. federal lands office.
In a seller's market, decreased supply and increased demand causes
prices to rise
The principle that states that the value of the best property in a neighborhood will be adversely affected downward by the value of many lesser properties is known as:
regression.
In California, any person in real estate who is acting in return for compensation from others, must have a Department of real estate license to:
sell or offer to sell. buy or offer to buy. solicit prospective buyers and sellers
A utility company obtains an easement in gross to run power lines over your property. As a result, your property would become a:
servient tenement.
A buyer will not pay more for a particular property if he/she can buy an equally desirable one for less, according to the principle of:
substitution
"Eminent domain" allows the government to:
take private property for compensation.
The lessee is the:
tenant
What is NOT an example of functional obsolescence?
Hole in the Loop
Which type of will, unless signed with an "X," requires NO witnesses?
Holographic
Under A, subsection 4. GEOLOGICAL HAZARDS, the buyer is encouraged to obtain and read the booklet:
Homeowner's Guide to Earthquake Safety
Appurtenant means the ownership of the item:
Runs with the land
When the general level of prices decreases
The value of money increases
Personal property that is permanently affixed to real property is called:
a fixture.
When a salesperson chooses to leave the employ of a broker, that broker must notify the DRE within
10 days
Once recorded, a judgment is good for:
10 years
What term refers to the amount left after deducting what is owed on a property from the market value of the property?
Equity
Which of the following is considered an employee of an escrow company?
Escrow officer Escrow holder Escrow agent
Of the following government backed loans, which is insured?
FHA
A judgment is best described as a(n):
general lien
A provision in a contract stating the purchase depends on the buyer qualifying for a loan is called a:
"subject to" provision or contingency clause
The homeowner's property tax exemption will reduce an assessed valuation of $200,000 to:
$193,000.
The maximum award of the recovery fund in any one occurrence is:
$50,000
Which of the following is FALSE concerning the broker's exam?
$500 fee
A married couple can exclude from taxable income up to what amount of profit from the sale of a residence?
$500,000
A farm 6 miles square has how many townships?
1
A lender charges an origination fee, which includes points. One "point" is equal to:
1 Percent of Loan Amount
Real estate laws in California related to real property apply to:
1- to 4-unit residentail property. commercial property. vacant land
What is the maximum length of a real estate license issue of renewal for an applicant on a list of persons who have not complied with a court order to provide child support payments?
150 Days
Which of the following is TRUE concerning the salesperson's exam?
150 multiple choice question test
55 cents per $500
A single person can avoid paying capital gains taxes on up to what amount of profit from the sale of a residence?
Which of the following statements is FALSE? A trust deed is an instrument used to transfer personal property. A gift deed is an instrument granting a gift out of love and affection. A tax deed is the deed given to the buyer when a property is sold for past due property taxes. A sheriff's deed is the deed given to the purchaser at a court required sale.
A trust deed is an instrument used to transfer personal property.
Most lenders require buyers (owners) to obtain an extended title insurance policy, known as a(n):
ALTA policy
Which of the following is NOT one of the basic appraisal principles?
Accession
What type of loan allows the interest rate to "fluctuate" depending on money market conditions?
Adjustable rate mortgage
Which form "limits and defines the agents scope of duty to inspect normally accessibility areas of the property"?
Agent Visual Inspection Disclosure
Smith sold Blackacre Estate to Willis. Before he sold it, Blackacre had an appurtenant easement across Whiteacre Estate, owned by Johnson. When Willis tried to use the easement, Johnson protested. Which is true?
An appurtenant easement always passes when the property is sold.
Which of the following is an encumbrance that affects the physical use of real property?
An easement A building restriction An encroachment
Which of the following is considered an institutional lender?
Bank
The best time for a seller to have a termite report issued is
Before the sale of the property
Under A, subsection 5. INSPECTIONS, what will an inspector NOT inspect during a general inspection?
Behind walls or under carpets
A false advertisement (Section 10177 of the Business and Professions Code) that gives the impression that the agent is the owner of the property is called a:
Blind Advertisement
Any net cash or net mortgage relief that a participant in an exchange might receive in addition to the actual property is known as:
Boot
In Northern California the buyer usually pays for escrow fees. Who usually pays for them in Southern California?
Both Buyer and Seller
Under B, subsection 10. MARIJUANA, CANNABIS, AND METHAMPHETAMINE LABS, the state of California's medical and recreational use marijuana laws are in direct conflict with:
Federal Law
Which of the following liens are NOT eliminated by a foreclosure sale?
Federal tax liens State, county, or city assessments State, county or city taxes
The standard fire insurance policy insures against which perils?
Fire and Lightning
A purchaser must read a final public report and sign a receipt for it. How long must the subdivider keep this required receipt?
For three years
Which of the following would be considered a tort?
Fraud Negligence Secret profit
All of the following real estate terms are closely related, except:
Frontage
The measure of the total value of production (goods and services) in the U.S. is called the:
GDP
Which of the following is NOT a party to a trust deed?
Grantor
A quick way to convert gross income into the approximate value is to use a:
Gross Rent Multiplier
A person who takes a negotiable instrument from another with no knowledge of defect is called a(n):
Holder in Due Course
Which of the following is FALSE concerning the Annual Percentage Rate (APR)?
It is expressed as a weekly rate.
Of the following, which is NOT true of a grant deed? It is used primarily to clear a "cloud on title" from the records. It warranties that the owner has not conveyed title to any other person. It warranties that the property being conveyed is free from any undisclosed encumbrances. It conveys any "after-acquired" title
It is used primarily to clear a "cloud on title" from the records
What distinguishes a will from other types of property transfers?
It only becomes effective at death
Grantor C conveys a large house and land to his daughter and son-in-law to be theirs as long as they are married. One year later they are divorced. What happens to the property?
It reverts back to C
What is always true about a counter offer?
It terminates the previous offer
When do property taxes become a lien (before the fiscal year starts)?
January 1
What type of ownership has definite rights of survivorship?
Joint tenancy
Federal discrimination laws evolved from
Jones v. Mayer. Title VIII of Civil Rights Act of 1968. 13th Amendment to the U.S. Constitution.
Which of the following is NOT a type of leasehold estate?
Life Estate
A contract to employ a broker as an agent, to do certain things for the owner/seller and serve as an employment contract for personal service is called a:
Listing
A "REALTOR" is a member of which trade association(s)?
Local Board of REALTORS ® California Association of REALTORS ® National Association of REALTORS ®
Which of the following is NOT a section title used on the SBSA?
Local suggestions and opinions
FHA and VA requirements that are often more restrictive than the building codes are called
MPRs
Which of the following is NOT a way to terminate a lease?
Making monthly payments
Which appraisal method uses the principle of substitution?
Market data approach
Municipal bonds issued to fund streets, sewers and other infrastructure needs before a subdivision is built and paid for by the purchaser are called:
Mello-Roos Liens
Regulatory authority of the housing and construction industry is NOT accomplished through:
Mello-Roos bonds.
FHA backed loans are protected by
Mortgage Insurance Premiums (MIPs)
Which lenders usually lend their own money so they can originate, finance, and close first trust deeds or mortgages secured by real estate?
Mortgage bankers
Any contract that can't be performed within one year from the date of signing:
Must be in Writing
The real estate trade association whose members are known as Realtists is the:
National Association of Real Estate Brokers.
Any licensee working in the real estate field must be a member of which group?
No affiliation is necessary
According to the Business and Professions Code 10176, which of the following is NOT grounds for license revocation or suspension?
No commissions earned for a year
If a retail store rents for $5000 a month or 12% of the gross sales, the tenant has what type of lease?
Percentage lease
A "bill of sale" transfers title to:
Personal Property
Which of the following is NOT a method of creating real property? Bolt it down Cement it down Plug it in Nail it down
Plug it in
The unethical practice of not giving a new listing to the MLS until the listing broker first tries to sell that listed property through only the other agents within the company is called a:
Pocket Listing
The basic instrument used to evidence an obligation or debt is a
Promissory Note
Which of the following is FALSE concerning purchase agreement contracts?
Promissory notes and post-dated checks are never acceptable as consideration.
The rights and interests that a person has in the thing owned is the definition of:
Property
BUILDING PERMITS, ZONING AND CODE COMPLIANCE information can be found under:
Property Use and Ownership
Which of the following would be considered operating expenses to be subtracted from the gross income of a property when determining its value through the income capitalization approach? Interest payments
Property taxes
A formal disclosure of the important facts about a subdivision is called the:
Public Report
From what document are escrow instructions usually drawn?
Purchase Agreement
Which of the following would NOT be applicable to RESPA requirements? Purchase of a shopping center A house to be built A property on which a mobile home sits A condominium unit of one-to-four families
Purchase of a shopping center
Which of the following uses of an escrow are highly recommended?
Sales of real property Loans Exchanges
Which of the following is a document conveying title with NO warranties, expressed or implied?
Quitclaim deed
Which of the following restrictions is illegal and unenforceable?
Race
Sloping members of a roof used to support the roof boards and shingles are:
Rafters
Who has the power to revoke, restrict, or suspend a real estate license?
Real Estate Commissioner
The completion of what college-level course is required to qualify for a real estate salesperson examination?
Real Estate Princples Real Estate Practice One other acceptable course
Which form identifies items of value attached to the structure or land and states whether these items are operational?
Real Estate Transfer Disclosure Statement
in addition to a broker's license, what type of endorsement must a broker have to sell promissory notes or sales contracts?
Real Property Securities Dealer (RSPD)
A sale of a business (business opportunity) by a real estate agent can include which of the following?
Real estate Personal property Goodwill
Which of the following is FALSE concerning real estate licenses?
Real estate licenses are valid for the life of the licensee.
A property owner CANNOT deduct depreciation on what type of real property?
Residential
With regards to zoning, what does the symbol "R" usually designate?
Residential areas
What is the most common form used for the above contract?
Residential listing agreement
Which of the following is an example of economic obsolescence?
Rundown Neighborhood
Which of the following is NOT a remedy for breach of contract?
Substitute performance
If you sell your house, how do you determine your gain or loss?
Subtract adjusted cost basis from adjusted sale price
The Trustor is also known as
The Borrower
Through the process of escheat, the deceased's property passes to:
The State
Another term for the trustee is:
The Third Party
With regards to depreciation of real property, which of the following is TRUE according to income tax laws?
The land cannot be depreciated, but the improvements can
According to SBSA, which of the following statements is true?
The physical condition of the land and improvements being purchased are not guaranteed by seller or brokers.
Which of the following is TRUE concerning fee appraisers?
They are self-employed
Under E, subsection 4. HOME WARRANTY, which of the following is true regarding warranty plans?
They can be purchased before escrow closes. They can be purchased after escrow closes. The seller can purchase one during the listing period
Which of the following is FALSE concerning options?
They require that the optionee (purchaser) always go through with the purchase
What do we call a borrower who secures a loan through a trust deed?
Trustor
Which system may be used for legal description purposes?
U.S. Government survey Metes and bounds Lot, block, and tract
An increase in value of real estate due to NO effort on the part of the owner is a(n):
Unearned Increment
Zoning is police power that controls the:
Use of the Property
Which of the following requires NO cash down payment on loans up to $679,650 in some areas of California?
VA
Which of the following is a classification of a contract?
Valid Unenforceable Voidable
In addition to the FHA, a mortgage loan may be insured by
a private mortgage insurance (PMI).
A remedy for breach can be:
a unilateral rescission. an action for damages. an acceptance of breach.
A property owner living on a river bank acquires land due to the shifting of the river. This process is called: succession.
accretion
Which of the following is a consideration in determining the "highest and best use" of a property? Is the use physically possible Is the use legally permissible Is the use financially feasilble
all answers are correct
Which of the following is TRUE concerning appraisals? They are:
an opinion of value. for a specific property and as of a certain date. based on judgment and professional experience.
Consideration can best be described as:
anything of value
A transfer of an ENTIRE lease from one person to another is known as a(n):
assignment.
Compared to ordinary income tax rates, capital gains are taxed:
at a lower rate.
RESPA requires that the lender provide the buyer with a good faith estimate of closing costs:
at the time of the loan application, or within 3 business days
An encumbrance:
burdens the property.
A city tax on a real estate brokerage firm's gross receipts is called a:
business license tax.
If Bob places improvements and permanent fixtures on property that he does not own, Bob has created a(n):
encroachment
A lien (money owed) on real property makes the property:
encumbered.
Which of the following is NOT considered a basic element of a contract?
enforcement
A woman CANNOT receive title to real property by
escheat.
An estate where a tenant continues to retain possession, without the landlord's consent, after the expiration of the lease term is called a(n):
estate at sufferance
A written contract between two parties is:
express and bilateral.
The Real Estate Commissioner's Official (white) Report is the
final subdivision public report
The expanded portion of the concrete foundation is the:
footing
Loss of value due to outmoded style or non-usable space is called:
functional obsolescence
Under C, subsection 8. the OFF-SITE AND NEIGHBORHOOD CONDITIONS includes:
golf course disclosure
If from the ridge board, the highest point of the roof, a roof slopes downward in four directions, it is referred to as a:
hip roof
The market data method (comparative approach) is best used for:
houses. condominiums. vacant land.
Real property is best described as:
immovable
Moneys collected in advance from borrowers to assure the payment of recurring costs are known as:
impound accounts.
The sale of real estate in which the payments for the property extend over more than one calendar year is called a(n):
installment sale
How do owner-occupied homes affect a neighborhood?
lend economic stability
"The right to use a property for a specific period of time" describes a:
less-than-freehold estate
The greatest source of shopping center financing is
life insurance companies
With a life estate, the ownership interest is limited to the:
life of any designated person or persons.
The percentage of the appraised value that the lender will loan the borrower to purchase a property is called
loan-to-value ratio (LTV)
A woman purchases an adjacent lot to the one she already owns, combining the two lots. This is known as:
plottage
In the income approach, the Net Income divided by the Capitalization Rate equals:
market value.
An association of real estate brokers that provides a pooling of listings, recent sales, and the sharing of commissions on a specified basis is called a(n)
multiple listing service
The replacement cost approach to appraisal is best used for:
new construction
Easements are always:
non-money encumbrances
The primary purpose of the master plan is to set forth existing and future matters concerning:
seismic safety. districts. streets and highways.
When an existing contract is replaced with an entirely new contract, it is called:
novation
If the time of closing is not specified, escrow will close:
on the date the documents are recorded.
Boards nailed across rafters, as a foundation for the roof covering, are called:
open sheathing.
Minerals, oil, and gas, once extracted, are considered:
personal property.
The seller of a 10-year-old condominium must provide, to the buyer, all the following, except:
pink public report
A "net lease" is one in which the lessee pays for:
property taxes. insurance. operating expenses.
"Front footage" is the:
property width in the front along the street.
A subdivider is always required to give a copy of the Commissioner's Public Report about a project to a(n):
prospective purchaser. interested realtor. fellow developer who requests one
A landlord's responsibilities include:
protecting tenant's health and safety. obeying fair housing laws. giving 24 hours notice before entering rental.
When you authorize a broker to act for you "after" he or she has already done so, it is known as:
ratification
The process of purchasing land in a run-down area and constructing new buildings, parks, and other new construction is called:
redevelopment
Trade fixtures are:
removable. forms of business furniture. personal property.
The capitalization rate is a:
return "on" and "of" investment.
A transaction where an owner sells his or her property to another party and leases the property from the new owner for a stated period of time is known as a:
sale-leaseback
Compensation made by the payment of money or the return of property, thus clearing a lien from the record, is known as: abstract of title.
satisfaction of judgment
When determining the starting time for a mechanic's lien, it is important to know when the work began, known as the:
scheme of improvements.
Because they are "asking prices" in most cases, listings:
set a ceiling on market value.
If there is a discrepancy between local and state building codes, the subdivider will use the code that:
sets the highest standard of safety
Local improvements, like street lights and sewers, are paid for by property owners through:
special assessments.
A small area that is zoned differently from the surrounding area is an example of:
spot zoning
Buyer and seller are advised that confirming the exact location of easements, access, and encroachments on or to the property may be possible if:
the buyer hires a licensed surveyor during buyer's inspection contingency period.
Under B, subsection 13. RETROFIT, BUILDING REQUIREMENTS, AND POINT OF SALES REQUIREMENTS, the buyer and seller are advised that state and local law may require:
the installation of operable smoke detectors. bracing or strapping of water heaters. a written statement of compliance delivered to the buyer.
An estate at sufferance does NOT require a notice of termination because:
the lease has already expired
A signed written contract takes precedence over oral agreements or prior written agreements based on:
the parol evidence rule.
Under E, subsection 3. ESCROW FUNDS, escrow companies cannot disperse funds:
unless there are sufficient "good funds" to cover the disbursement.
An easement that does NOT specify a special area for a right-of-way is known as a(n):
unlocated easement
An assignment:
transfers a person's right in a contract.
Items that are NOT included in the standard title insurance policy (CLTA) include:
undisclosed grants or liens. mining claims. nonpublic record liens
