Real estate principles
Valid but the restriction is unenforceable
A broker lists vacant land in Morongo Valley. The seller gives the broker a copy of the deed. In the deed it states that this property is not to be sold to "non-whites" this makes the deed...?
Conditional use permit
A church, seeking to move into an old commercial building, would typically seek a?
Rejects the offer
A counter offer:
General
A judgement is considered to be what type of lien?
Valid
A landlord signs a lease and the lessee takes possession but never signs the lease. Under these circumstances, the lease is?
Triple net lease.
A lease in which the lessee is required to pay the property taxes, insurance and maintenance is known as a ?
Agreement of sale is to owner.
A lease is to lessee as:
51 years
A lease on ag land cannot exceed
Subdivision
A mobile home park, consisting of five or more lots, is considered a?
4 smoke alarms
A newly constructed, three bedroom, one story house would typically have?
$520,200
A property was valued at $500,000 for property tax purposes. According to proposition 13, what would be the maximum value for property tax purposes in two years, assuming the owner did not make capital improvements?
Voidable
A real estate broker taxes an exclusive right to sell listing from a seller for $400,000. A buyer makes an offer for $375,000, which the seller accepts. Before the sale closes, the buyer discovers that the broker misrepresented the sq footage of the home. Based on the information, the purchase contract is probably?
12
A resident manager is required for apartment building containing how many units?
Buyer Seller Broker
A sellers financial disclosure statement must be signed by the?
Employer-employee
According to real estate licensing law, for supervising purposes, the relationship between a salesperson and a broker is
Will, succession, accession, occupancy and transfer.
According to the California Civil Code, the five legal ways of acquiring property are by?
The sheriff sends the tenant an eviction notice
After a writ of possession has been granted to the landlord
A broker licensee must complete an additional 3-hour course in management and supervising for the total 45 hours.
After being a full-time California real estate broker for two years, what are the educational requirements for renewal of your real estate license?
Gives the lender the right to call the loan due and payable if the borrower conveys legal title to a new owner.
Alienation (due-on-sale) clause
Owner does not owe a commission.
An owner gives ABC Realty an exclusive agency listing for 60 days. Thirty days later the owner finds a buyer and sells the property without the services of ABC realty. The owner?
Offer to cooperate
An owner lists a home for sale with XYZ realty, with instructions to submit the listing to the multiple listing service and invite other brokers to help find a buyer. This is an example of a(an)?
Assume the note and trust deed
An owner sells and the buyer takes over the existing loan. To relieve the seller of primary liability, the buyer must?
A person must complete 45 hours of CalBRE-approved continuing education classes, within the first 45 hour renewal period, a licensee must take five separate rate three-hour courses in ethics, agency, fair housing, trust fund handling, and risk management.
As a California real estate salesperson licensee, what are the educational requirements for renewal of your real estate license during the first four years?
Three years
Brokers are required to keep copies of all transaction documents for at least?
When buyer receives proper communication of sellers acceptance
Buyer makes a written bonafide offer to purchase, and seller signs the acceptance. A contract is first created when?
Ordinances
Explosive devices near residential properties are referred to as
Trade fixtures are added by tenants as items needed to run a business, while regular fixtures are added by tenants for personal use.
How do trade fixtures differ from regular fixtures?
Boot
In a 1031 real estate exchange, a tax liability arises if the person exchanging receives?
Effective age
In evaluating a house that has an actual age of 15 years, the appraiser assigned is an age of only 10 years because of the homes excellent condition. This is an example of?
Cripple
In the construction of a frame house, the vertical 2" x 4" boards above a window or door opening are commonly called a?
Yes because there is no statute of limitations for removal of the tree branch.
Mr. Rodriguez has a neighbor with a huge tree. One of its branches is growing over the fence into Mr. Rodriguez's yard. The leafs that fall off the branch and wind up in the pool located on Mr. Rodriguez's property. This has been a problem for several years. Now Mr. Rodriguez is wondering if he can bring an action for removal of the tree branch, even though it has been more than five years.
Market value
Objective value is also known as?
5 years
Private property is deeded to the state for delinquent property taxes after?
Negotiable
Real estate commissions are.
Her salary from her job, alimony, and child support
Sylvia wants to purchase a home. She is recently divorced and is receiving alimony for the next ten years in addition to child support for her three year old son. She has been in her present job for five years. What sources of income can she include in her loan application?
The Rumford Act
The California law that makes it unlawful for private parties to illegally discriminate is the?
Mobile homes
The VA will guarantee loans on which of the following properties?
Recurring and non-recurring costs
The buyers closing cost are divided into categories they are?
Old home
The cost approach would be given the least weight if appraising a?
Value of the property for tax purposes
The county tax assessors duty is to determine?
Past or accrued depreciation
The difference between the current replacement cost new and the estimated value of the building as of the date of the appraisal
Jones vs. Mayer
The famous case that ruled that the civil rights act of 1866 was constitutional was?
$70
The homeowners exemption, excluding local assessments, saves approximately how much in property taxes?
Payment of property taxes
The major difference between obtaining an easement by prescription or title by adverse possession would involve the:
$20,000
The mortgage loan broker law does not apply to first loans of $30,000 or more and second deed of trust loans of?
Residential purchase agreement
The potential existence of gas and hazardous liquid transmission lines are disclosed in the?
Prop 90
The proposition that allows certain homeowners to transfer their property tax base to another home to a different county is?
Seller financing addendum and disclosure statement.
The sellers have accepted an offer in which they agreed to carry a second trust deed. What contract should be provided to the seller to be sure all the required information is available to them to enter into this type of agreement
A 10 unit condominium conversion in Los Angles
The subdivided Lands act would apply to?
Local government
The subdivision Map act requires the filing of a subdivision map with
17 days
Typically the buyer will have how many days to inspect and investigate the property?
Optionor
Under an option agreement, the grantor/owner of the property is the
$250,000
Under certain conditions, a single homeowner may exempt up to how much in gains from the sale of his or her personal residence?
One months rent, twice per 12-month period
Under the rental offset rules, which of the following is true? The tenant can do housing code repairs up to?
The right to own, possess, use, enjoy, encumber, dispose of, and exclude.
What do the bundle of rights include?
RESPA
What insurance policy requires the title company to make a physical inspection of the property?
Bulk sales rules Apply when a business is sold that involves inventory.
What is meant by the term bulk sale?
Method of attachment, Adaptability, relationship of the parties, intention of the parties to the transaction, and the existence of an agreement between the parties involved.
What is the MARIA tool?
A default
When a borrower pays mortgage insurance on an FHA loan, this type of insurance protects the lender against a shortage in the event of?
Interpleader
When an escrow officer receives conflicting instruction that cannot be resolved by the parties, the escrow officer can file a legal action in court called?
Brokers business account
Which is not an appropriate place for the buyers deposit check?
Taking someone's home to build a freeway
Which is not an example of police power?
To give a 60-day notice before vacating on a month-to-month tenancy
Which is not an obligation of the tenant?
Repose
Which is not an option of the seller when receiving an offer?
RESPA
Which law prohibits a real estate agent from receiving a referral fee from an escrow or title company?
Life insurance companies
Which of the following are major types of California lenders?
A loan that will not be sold on the secondary mortgage market
Which of the following best defines a portfolio loan?
Life insurance company
Which of the following is an institutional lender
Loan payments
Which of the following is not an annual operating expenses?
Tenancy at will
Which of the following types of leaseholds is no longer used in the state of California?
Acquisition
Which of the following words expresses a meaning most completely opposite to the term "alienation"?
U.S. Department of Veterans affairs
Which organization requires a CRV appraisal before approving a loan?