California: Real Estate Principles - Chapter 23

2 of 10 - The Juarez family are moving into a new home and are having the home tested for Radon. They have young children and are worried about the possible effects the gas could have on their health and development. What is the interior reading that should concern the family? A. 4 pCi/L Radon and above B. 2.73 pCi/L Radon and above C. 3.52 pCi/L Radon and above D. They should be concerned at the presence of any level of Radon in their new home.

A. 4 pCi/L Radon and above

5 of 10 - Every California dwelling unit was required to have a Carbon Monoxide Detector by: A. January 1, 2001 B. May 7, 2010 C. July 1, 2011 D. January 1, 2013

D. January 1, 2013

8 of 10 - Gary and Paul have signed the Exclusive Authorization and Right to Sell listing contract with Meyer's Real Estate. The term of the agreement was sixty days. After the expiration of the agreement, Gary and Paul sold their home to a couple who were shown the home by a salesperson licensed to Meyer's Real Estate. Does the real estate company have any claim to compensation from the sale? A. Yes, under the listing's "safety clause," there is a period of time set forth after the expiration of the listing contract, during which the broker is entitled to compensation if the owner sells to anyone who was shown the property or who made an offer on the property during the agreement--as long as the broker notified the owner in writing of the names of the prospective buyers with whom they negotiated during the listing term. B. No, if the broker could not sell the home during the listing term, Gary and Paul have every right to sell their home themselves to whomever they choose, without owing Meyer's Real Estate Company compensation. C. Yes, Meyer's is entitled to both compensation and damages if Gary and Paul sell to a prospective buyer that was gained through Meyer's Real Estate Company. D. None of the above

A. Yes, under the listing's "safety clause," there is a period of time set forth after the expiration of the listing contract, during which the broker is entitled to compensation if the owner sells to anyone who was shown the property or who made an offer on the property during the agreement--as long as the broker notified the owner in writing of the names of the prospective buyers with whom they negotiated during the listing term.

1 of 10 - Which of the following is not a required disclosure? A. Agency Relationship Disclosure B. The owner's motivation to sell C. Megan's Law D. Asbestos

B. The owner's motivation to sell

9 of 10 - The Browns have a real estate agreement with Sell Fast Real Estate Company. A couple makes a ridiculously low offer on their home, which is five-bedrooms, five-baths in Malibu. The offer is $200,000 less than the Browns' asking price. Does the broker have to present the offer to the Browns, even if it is obviously going to be rejected and waste everyone's time? A. No, if an offer is clearly not going to be accepted, the broker, acting in the seller's best interest, does not have to present the offer. B. Yes, according to the regulations of the Real Estate Purchase Agreements in California, all offers received by the broker must be presented to the seller, no matter how out of line with expectations. C. Yes, the agent, acting in the seller's best interest, must present the offer. In discussing the property with other prospective buyers, there is a record of an offer having been extended, making the property appear desirable. D. None of the Above

B. Yes, according to the regulations of the Real Estate Purchase Agreements in California, all offers received by the broker must be presented to the seller, no matter how out of line with expectations.

3 of 10 - Larry and Carlos are purchasing a 1930s bungalow in the Hollywood Hills. It is their dream home and once belonged to a silent film star. Is a lead-based paint disclosure necessary on this lovely, historic bungalow? A. No, only if encapsulation or abatement have been conducted on the property and the seller is aware of these processes. B. Yes, the seller of any residential structure built before 1978 is obligated to provide a lead-based paint disclosure. C. Yes, the seller of any residential structure built before 1988 is obligated to provide a lead-based paint disclosure. D. Yes, the seller of any property purchased prior to 1978 is obligated to provide a lead-based paint disclosure.

B. Yes, the seller of any residential structure built before 1978 is obligated to provide a lead-based paint disclosure.

6 of 10 - Tina and James have made an offer on a four-bedroom home that will be much more costly than their present mortgage. The day after making the offer, James learns his company is being sold and he will probably lose his job. Are Tina and James contractually obligated to the offer they have made on the new home? A. Yes, an offer is put onto a purchase contract form and is legally binding. B. No, an offer is just an offer until it is accepted by the seller. Once the owner has accepted the offer, the offeror is legally bound to the contract. C. It depends. If Tina and James have not received notification of the seller's accepting the offer, they may legally withdraw the offer and not be held liable on the contract. However, if the offer has been accepted, and communication of this offer has been received by the buyer, it is legally binding. D. None of the Above

C. It depends. If Tina and James have not received notification of the seller's accepting the offer, they may legally withdraw the offer and not be held liable on the contract. However, if the offer has been accepted, and communication of this offer has been received by the buyer, it is legally binding.

7 of 10 - Which of the following statements is true concerning Earthquake Hazards Disclosure? A. The seller and agent must supply the Homeowner's Guide to Earthquake Safety booklet and provide any information requested to the buyer regarding geological or seismic hazards. B. The seller's and agent's only responsibility is to supply the Homeowner's Guide to Earthquake Safety booklet. Nothing else pertaining to the property of any seismic or geological nature need be disclosed. C. The seller and agent must provide the Homeowner's Guide to Earthquake Safety booklet and also disclose that a property is in an earthquake zone. D. Both A and B

C. The seller and agent must provide the Homeowner's Guide to Earthquake Safety booklet and also disclose that a property is in an earthquake zone.

4 of 10 - Lizette is buying her first home today. She is overwhelmed with all of the information that is being disclosed. Sex offender disclosures, smoke detector compliance, title insurance--the list goes on and on. Which of the following are environmental hazards the seller and agent are obligated to disclose? A. Earthquake Information B. Lead-Based Paint C. Electromagnetic Fields D. All of the Above

D. All of the Above

10 of 10 - Juanita is in the process of buying Amir's home. She made an offer that was accepted by Amir and both are happy with the financial terms. After paying for several inspections, Juanita has found serious structural and electrical issues with Amir's home. In the contract, she has requested these items be rectified at Amir's expense within thirty days. At the end of thirty days, Amir is unwilling to spend the money to correct the items. What are Juanita's options? A. Juanita may simply proceed with the contract, despite Amir's unwillingness to correct the problems. B. Juanita may cancel the contract altogether. C. Juanita could possibly sue to have Amir take care of the issues and then continue with the transaction. D. Both A and B

D. Both A and B