Real estate test 1
the limits on what can be paid out of the recovery account are
$50,000 per transaction/$250,000 per licensee
the California Real Estate law was upheld in
1919
a section contains
640 acres
Freddie Mac was created to provide a secondary market for which of the following?
?
a license is
?
agreements to create a lease that is to terminate more than one year following the date of the agreement
?
before a foreclosure takes place the default can be cured and the borrow can exit the foreclosure process by paying all delinquencies and costs in a process known as
?
for a federally related residential mortgage loan, the lender must give the borrower
?
property tax postponement is available for senior citizens who qualify until
?
the law that requires sellers and agents to disclose if the property is located within a state delineated earthquake fault zone is
Alquist-Priolo Earthquake Fault Zoning Act
the second property tax installment becomes delinquent on
Aril 10
the law commonly referred to as the Real Estate Law is found in the
Buisness and Professions Code
1. Which of the following is the first step in the appraisal process
Gather data
to create a valid escrow for a real estate sale, the requirements are
a binding contract between buyer and seller, and a conditional delivery of the instruments of transfer to the escrow holder
in every agency relationship there are
a broker, a salesperson, and a client
A metes and bounds legal description of real property starts at
a designated point, called the point of beginning
real property does not include
a mobile home not permanently attached to a foundation
an owner of property can protect against a mechanics lien for unauthorized work by filing
a notice of non responsibility
economic obsolescence is a type of depreciation that results from
a poor economy
the best way to think of framing in a house is that it is like
a skeleton to which the exterior and interior walls are attached and consists of vertical supports called studs
Expiration of an employing broker's license will result in
all licensees who work for the broker being placed on nonworking status
agency disclosure law requires specified agency disclosure
all sales of real estate property
an estate for years
always has a definition termination date that the parties agree to before the lease begins and no termination notice is required
a lien is an example of
an encumbrance
california law requires that every single-family home that is sold has
an energy efficient oven
the term accession refers to
an increase in the property owned by either manmade or natural actions
the sudden loss of land through natural causes is called
avulsion
sales of real property in probate
can include paying real estate broker commissions but the amount may be subject to court approval.
the history of documents affecting title to a property is called
chain of title
loans that do not involve a government cooperation such as a guarantee or insurance are known as
conventional loans
a license to act as an escrow agent can be held only by
corporation
reconciliation is the same as
correlation
which of the following is not a protected clause under the fair housing act
employment
in a real estate loan transaction, the promissory note is
evidence of the debt
the listing agreement in which the broker is entitled to a commission no matter who sells the property is known as
exclusive right to sale
a contract that has NOT been fully performed by one or both parties is referred to as
executory
agency agreements may be terminated by
expiration, destruction of the property, death or bankruptcy of the principal or broker
Which of the following is considered constructive eviction by a landlord
failure to make necessary repairs after notice from a tenant making unwarranted alterations to the property interfering with the tenants legitament use of the property
bankruptcy is a
federal court proceeding
which of the following estates would consist of the greatest amount of rights?
fee simple absolute
a listing agreement is an employment contract that appoints a broker as an owner's agent for the purpose of
finding a ready, willing, and able buyer
All of the following describe personal property except
fixtures
a standard policy of title insurance covers
forgery, recording defects, improper delivery of a document of title or incapacity of a grantor
liens can be
general, specific
the simplified alternative to capitalization of net income that does not take into account vacancies, bad debts, or expenses is called
gross income multiplier
FHA loans
have no prepayment penalties
a deposit check may be held uncashed by the broker until acceptance of the offer
if the buyer has given written instructions to hold the check uncashed
undisclosed dual agency is
illegal
the California civil code permits a landlord to enter leased premises
in an emergency, when the tenant has abandoned the premises
according the the statute of frauds a lease for more than one year must be
in writing
what does an escrow officer file with the court when the buyer and the seller are unable to resolve a dispute regarding the release of funds?
interpleader action
when a person dies without a will, the person is said to have died
intestate
the agency disclosure form
is required In any transaction a Real estate licensee is involved in
An easement by necessity is often created by the courts to prevent
landlocked property
if a home was built before 1978, the buyer has to be given the opportunity to have the home tested for
lead-based pant
if a customer is paid out of the real estate commission recovery account, the real estate license of the offending licensee is suspended until the
licensee fully reimburses the recovery fund for the amount paid out, plus (10%) interest
to qualify for a tax-deferred exchange, the trade must be for
like-kind property
the legal method of describing land that would be used to follow each boundary for a given distance for an irregular parcel is
metes and bounds
in California, real estate commissions are
negotiable
what type of listing is typically used when the broker may want to purchase the property
option listing
which of the following is not a less-than-freehold estate
periodic tenancy
a fixture is anything that is
permenatly attached or affixed to land
a city or countys master plan is an example of government land use controls where the authority is derived from the governments
police power
a deed that conveys after acquired title and contains implied warranties is
quitclaim deed
the civil rights act of 1866 prohibits discrimination based on
race
which of the following are exempt from escrow licensing requirements?
real estate brokers
the appraisal principal that is considered the opposite of progression is
regression
a counteroffer is legally considered
rejection
in California every building with 16 or more residential dwelling units must have which of these
residential property manager
the kind of deed a person receives at a court ordered execution sale is called
sheriffs deed
the requirements for a valid deed are that the grantor must be competent and that the deed must be in writing, designate a grantee, have a granting clause, have an adequate description of the property, and
signed by the grantor
a real estate brokerage can operate as
sole proprietorship, corporation, partnership
the vertical supports of a house frame are called
studs
the effectiveness of various kinds of insulation is expressed by
the R-value
the financing instrument favored in California is
the deed of trust
the California real estate commissioner is appointed by
the governor of California
real estate licensees are authorized to help people buy and sell mobile homes provided
the mobile home has been registered with the department of housing and community development
an easement appurtenant usually usually is defined as
the right of the owner of one parcel of land to travel over an adjoining parcel.
a commission is earned by a real estate licensee who has entered into a listing contract when
the seller accepts a purchase offer at an agreed on price and terms
the appraisal principal of substitution states that
the value of a property is determined by the cost of acquiring desirable substitute property
for purposes of raising property taxes, which of the following transfers of title do not constitute a reassessment event
transfer of property between spouses or transfer of a principal residence up to $1 million in assessed value, between parents and children
the type of deed that is used when property serves as security for a debt is a
trust deed