Real estate exam

Residential property includes how many dwelling units

1-4

1 acre is equal to how many square foot

43,560

A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract is known as

A exclusive right to sell agreement

The law regulating the behavior of civilians among and between each other is known as

Civil law

The minimum standards of human behavior are known as

Ethics

A commission is owed to the agent only after the transaction closes

False

A structure transportable in one or more sections,equipped to contain not more than two dwelling units to be used with or without a foundation system is know as

Mobile home

Who is authorized to advertise a mobile home as new

Mobile home dealer

The 1 st installment of property taxes are due on

November 1st

Taxation is a manifestation of

Police power

The individual who finds the buyer or seller for the property is referred to as the

Selling agent

Whitch of the following enables a person who has been defrauded or had trust funds converted by a real estate licensee in a transaction requiring a license to recover at least some of his her actual loss when the licensees assets are insufficient

The California real estate recovery fraud

a builder is required to secure a loan with mortgages on three properties this is an example of

a bridge loan

when are property taxes due and payable in california

on november 1st and feburaury 1st

whitch of the following is true of a loan with negative amortization

payments Are not sufficent to retire the loan

whitch of the folowing provides the strongest evidence of marketable title

title insurance

who are the essential parties involved in an estate in trust

trustee ,title company and beneficary

In California resident managers are required in buildings with at least how many dwelling units

10

In the mortgage industry this is a step above pre qualification it involves verifying a purchasers credit ,down payment and employment history

Pre-approval

when does an executory contract become an executed contract

when the considerations have been exchanged

1 mile is equal to how many linear feet

5280

The individual who enters into a listing contract With a principal is known as the

Listing agent

A real estate broker cannot have two or more mobile homes offered for sale without first having a

Mobile home dealers license

The rights of a land owner or land occupier to use flowing water such as a river that is adjacent to the land are known as

Riparian rights

The individual who finds the buyer for the property is referred to as

Selling agent

An agent who has complete authority over any activity of principal is known as a

Universal agent

the consumer recovery account of the real estate fund

reimburses qualified members of the public for losses suffered due to fraudulent activity commited by a licensee

An owner is exempt from paying capital gains up to how much profit on an owner -Occupied residence If he or she has lived there for at least 2 of the previous 5 years

250,000

How long does an individual have to identify another property in order to take advantage of a 1031 exchange

45 days

A property will be sold at a tax sale if property taxes are not paid for how many years

5 years

A married couple are exempt from paying capital gains up to how much profit on an owner -occupied residence,if they lived there for at least 2 of the previous 5 years

500,000

what is "chain of title "

A chronology of successive owners of record of a parcel of real estate

A systemic regulation of construction of buildings within a municipality established by ordinance or law are known as

Building codes

The rights ,or interests that an individual has in particular piece of property are referred to as

Bundle of rights

At resale of a capital item ,the amount by which the net sale proceeds exceed the adjusted cost basis (book value )is referred to as

Capital gains

Prior to signing a listing agreement, a party in a real estate transaction who will employ an agent is known as the...?

Client

The rules of a profession created by a professional association are known as

Code of conduct

An agent with full authority over one property of the principal is known as a...?

General agent

Which of the following is considered a formal description of property

Government survey,metes and bounds,lot and block

An agency relationship created by oral or written agreement between principal and the agent is known as

Implied agency

A person who acts for another but who sells final results and whose methods of achieving these results are not subject to the control of another is reffered to as a/an

Independent contractor

A listing whitch provides that the agent may retain as compensation for the agents service all sums received over and above a net price to the owner

Net listing

A listing given to one or more brokers in whitch the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property

Non-exclusive listing

Income earned from providing services or the sale of goods is known as

Ordinary income

That authority which a third person reasonably believes an agent possesses because of the acts or omissions of the principal is known as

Ostensible authority

All property that is considered to not be real property is known as

Personal property

Whitch category of topics accounts for the most number of questions on the state exam

Practice of real estate and disclosures

In the property management agreement who is the agent?

Property manager

Properties in California are assessed at whitch of the following

Purchase of sale of property

Federal legislation including imposition of civil and punitive damages for anti-trust activities is know as

Sherman-anti trust act

An agent with limited authority to act on behalf of the principal such as created by a listing contract is known as

Special agent

a transaction facilitator in a residential transaction represents

both seller and buyer

what are tenant improvements

modifications to a rental suite to confirm to a tenants usage specifications

The employer of an agent is known as the

principal

it is an escrow violation for a broker handiling escrow funds to

record a deed without written consent of the party whose real property insterest is being conveyed

to minimize the risk of violating fair housing laws a licensee should

refuse to use terms that refer to or describe any of the classes of persons protected by the laws

a lease automatically terminates under whitch of the following circumstances

the tenant fails to pay rent

Capital gains is 15 % for high earners

False

Resident managers are required to hold a real estate license in the state of California

False

The 2nd installment of property taxes are due on

February 1st

This is an item of personal property that has been attached to real property

Fixture

A number whitch times the gross income of a property ,produces an estimate of value of the property

Gross rent multiplier

A real estate broker can only sell a mobile home if they have been registered with

Housing and community development

what equation/method do you use to FIND THE VALUE OF THE PROPERTY

INCOME CAPITALIZATION METHOD

A legal charge against real estate by a public authority to pay for the cost of public improvements such as street lights ,side walks and street improvements is known as

Special assessment

Zoning is an example of police power

True

a property owner is precluded by deed restriction from developing a thirty foot boat dock.the limitation prompts the owner to sell to another party.the new owner

take title subject to the same restriction

According to this state property taxes are limited to 1 % of the fair market value

Proposition 13

This is an item of removable personal property that. A tenant attached to leased land for business purposes

Trade fixture

The listing agent can also be the selling agent

True

to be eligible for appoinment as manager of a branch office a licensee must be licenced as a broker

a licensee must be licenced as a broker

Building codes are an example of police power

True

Capital gains are typically taxed at a lower rate than ordinary income

True

Disclosure to the client must be executed prior to signing the listing agreement

True

In order to execute a 1031 exchange a qualified intermediary must be used

True

A condominium owner enjoys a

tenancy in common interest in airspace and common areas of the property

The key feature of an adjustable mortgage loan is that

the loan term can be shortened or lenghthend