Missed Questions

What is the maximum amount that will be paid out of the Recovery Account per licensee?

$250,000

Which of the following professional certifications for property managers applies to a firm?

Accredited Management Organization

Which term is defined as someone claiming property of another simply by using it for an extended period of time?

Adverse possession

Della has a new listing for a duplex. To fulfill her obligations as the seller's agent, she performs her diligent and reasonably competent inspection of the property, using the _________ to record her observations.

Agent Visual Inspection Disclosure

How may a buyer's title be vested through escrow?

As an estate in severalty or co-ownership

The sales price, acquisition costs, and capital improvement costs (such as renovations or additions) of a property combine to make up what?

Basis

Monica received a promotion at work that requires her to relocate. Because of the timing of her promotion, she'll need to buy a new house in her new city before her current one is sold. So, she won't have any equity from her current home to make a down payment on the new house. What loan option would allow her to make the purchase before selling the old house?

Bridge loan

As part of preparing a marketing plan for a landlord client, property manager Michelle has gathered information from numerous sources. Which of the following is likely to be most useful to her as she determines whether rent in the building she manages is in line with the competition?

Complete rent roll from the building she manages

The Residential Lead-Based Paint Hazard Reduction Act requires sellers, landlords, and their agents to _______________ any known lead hazards in the home.

Disclose

Enacted in 2010 to create stricter regulation of the financial services industry to reduce costs for consumers from (for instance), undisclosed kickbacks.

Dodd-Frank Wall Street Reform and Consumer Protection Act

You're working with a client, Donny, who's found his dream home in the neighborhood where he grew up. Unfortunately, the title search finds some issues and the title company refuses to issue a policy. Donny still wants to go forward with the purchase, and since he's paying cash, he doesn't have to worry about obstacles from a lender. In California, what is one thing that has to happen in this situation?

Donny must receive written notice that no title insurance will be provided.

Jimbo doesn't yet have a real estate license. Which activity is he legally allowed to perform without one?

Give advice to a friend who is negotiating the purchase of a house.

Bradley provided his clients with a dual agency disclosure. He obtained his clients' signatures and provided copies to his clients. What step did he miss?

He did not make sure his clients understood the form before signing it.

Kenny is updating a bathroom. Under what circumstances is a contractor's license required?

If he is preparing his house to sell

Your neighbor hires a middle school student to mow his lawn every two weeks. He draws up a written contract in which he clearly outlines the student's mowing responsibilities and the payment the student will receive in return. Which of the following is true in this situation?

If the neighbor and the student are content to uphold their agreement, the fact that it's not legally binding doesn't matter.

Wilma died without a will. How will her heirs be determined?

Intestate succession

Which statement best describes a purchase money mortgage?

It may be a first mortgage, a junior mortgage, or a junior wrap-around mortgage.

Max has a written agency agreement with Rufus in which Max will receive all of the listings in the subdivision that Rufus purchased (with Max's representation) and is developing. One day when Rufus is visiting the site of the subdivision, a work truck accidentally runs him over and he's seriously injured. Rufus can no longer run the development of the subdivision. What happens to Max's agency coupled with interest?

It's still in place because it doesn't terminate on the death or incompetence of the principal.

Sam and Bridget are cousins who jointly own property. They are both named on the deed, they received title at the same time, they have the right of survivorship, and they each have equal interest and undivided rights of possession. What type of ownership do they have?

Joint tenancy

sign of a plumbing problem

Low water pressure

Margo tells her seller client Troy that his property is worth less than it really is so he will get a quick sale. What fiduciary duty did she violate?

Loyalty

best describes a net listing

Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.

Which of the following describes amortization?

Paying off a loan over time

Jody is concerned about the ______ encumbrance that doesn't allow her to start her gardening greenhouse because it sits next to a nature conservancy.

Physical

What does the lot and block system use to develop a property's legal description?

Plat references

Bridget has an investment portfolio that includes an equity REIT. Which of these is most likely to be part of the REIT's investment?

Retail shopping centers

If a landlord refuses to rent an apartment to two single women who live together, this is discrimination on the basis of what federally protected class?

SEX

What did the Federal Housing Administration (FHA) implement to stabilize and improve the mortgage market?

Set construction standards for homes purchased with FHA loans

Which option describes a real property tax lien?

Specific and involuntary

a description of economic depreciation

The asset is worth less because the economy took a downturn.

A landlord with a strict "no pets" policy won't rent to a woman who uses a service animal to assist with her epilepsy. Which of the following is a true statement about this situation?

This is discrimination based on disability.

An MLS listing shows a property as available even though the parties closed on the transaction three weeks ago. What does this violate?

Truth in Advertizing (FCC)

It's January, and the pool at Roger's listing has been prepped for winter for several weeks. The homeowner assures Roger that it's in good working order. Roger has no reason to disbelieve the homeowner, so he tells prospective buyers that the pool is fine. The property sells, spring comes, and the new owners call to complain that the pump doesn't work, and the pool drain appears to be clogged. What did Roger commit?

Unintentional misrepresentation

Which act provides similar protections for consumers of business services and products as those provided by the California Fair Employment and Housing Act?

Unruh Act

Leslie is a listing agent for a well-maintained two-story home that her client, Jerry, is selling. She has performed her visual inspection of the property, noted a few small issues, and made sure that Jerry understands his obligations for disclosure. What else does Leslie need to do to complete her responsibilities for disclosure?

Use the proper disclosure forms

Anthony owns a new commercial strip mall with several units. He's hired Jillian as his agent to find tenants to rent each unit. Is Jillian required to provide Anthony with an agency disclosure form?

Yes, Jillian is required to provide Anthony with an agency disclosure form.

Risa is a licensee. She told Kim, her seller client, about Ranger's willingness to pay more for her house—something Ranger did not want Kim to know. Did Risa violate her duties?

Yes, if Ranger is also a client