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