Practice Exam
Regarding an outstanding loan, $200 interest was paid during a three month term. If the loan was for $10,000, the interest rate was:
$200 / $10, 000 x 100 x (12 / 3=) 8.0%. Interest amt. -:- loan amt. x 12 months -:- 3 months paid.
An investor purchased a $140,000 four-unit apartment building. For a "Cap Rate" of 10%, what would the owner have to get monthly from each of the two bedroom units?
$292 Value x Rate = Income; $140,000 x 10% = $14,000 Gross Annual Income; $14,000/ 4 -:- 12 months = $292 per unit per month.
The maximum commissions for loans subject to Article 7
1. For first loans: a. 5 percent of the principal of a loan of less than 3 years; b. 10 percent of the principal of a loan of 3 years or more; 2. For second or other junior loans: a. 5 percent of the principal of a loan of less than 2 years; b. 10 percent of the principal of a loan of at least 2 years but less than 3 years; c. 15 percent of the principal of a loan of 3 years or more.
National Fair Housing principles are founded on:
13th Amendment to the Constitution. The 13th Amendment and Title 8 of the Civil Rights Act of 1968 both provide for fair housing on a national level.
You wish to purchase 2 acres of property for which you will pay up to $1.13 per square foot. The purchase price (maximum) would be:
2 acres x 43,560 = 87,120 sq. ft. 87,120 sq. ft x $1.13 per sq. ft. = $98,445.60
The resale of which of the following would NOT require a notice to the Bureau of Real Estate?
2 units in a planned development. The BRE requires a notice to be filed for the resale of 5 lots or more in a planned unit development (PUD).
Jurisdiction over practices of unfair or discriminatory acts in housing matters belongs to the:
Fair Employment Practices Commission
An apartment building has a land value set at $30,000. The investor recently bought the property for $150,000. Assuming an economic life for the improvement to be 35 years, using the straight-line approach, what would be the value of the property after 14 years?
Improvement Value = $150,000 - $30,000 = $120,000 Allowable annual depreciation = $120,000 -:- life (35 years) = $3,428.57 Amount depreciated over 14 years = $3,428.57 x 14 yrs = $48,000 Value of property after 14 years = 150,000 - 48,000 = $102, 000
A property offered for sale for $88 000 has been appraised for a new FHA loan at an appraised value of $87,500. How large a loan can be obtained if the FHA down payment is 3% of the first $25,000 of the appraised value plus 5% of the remainder of $25,000?
Loan calculation must use the APPRAISED value Appraised Value = $87,500 Down Payment Requirements: 3% x $25,000 = $750 5% x 62,500 = 3,125 Total Down Payment = $3,875 Sale Price - Down Payment = Loan = $87,500 - 3,875 = $83, 625
An FHA appraisal report includes the abbreviation "MPR" This refers to:
Minimum Property Requirements
A parcel of land 500 ft. x 300 ft. is bisected into two equal sized rectangles by a row of eucalyptus trees. How many acres are there in each portion?
Total area = 500' x 300' = 150,000 sq. ft. 150, 000 -:- 43,560 = 3.44 acres total + 2 = 1. 72 acres each.
A rectangular lot is divided diagonally into two (2) parcels by a small stream. The dimensions of the lot are 300' x 600'. How many acres are there in each of the resultant triangularly shaped lots?
Total lot area = 300' x 600' = 180,000 sq. ft.; Acreage = 180,000 sq. ft. 43,560 = 4.13 acres (rectangular lot). Since the stream cuts the larger lot into two equal parcels, each would have: 180, 000/43,560 / 2 = 2.07 or approx. 2.1 acres (rounded up).
A building has two separate sections, each with internal dimensions of 25' width by 80' depth.The dividing center wall, running from front to back, is 12" thick, and all exterior walls are 6" thick.How much land does the building cover?
Width = 6" + 25' + 12" + 25' + 6" = 52' Depth = 6" + 80' + 6" = 81' Gross sq. ft. = 52' x 81' = 4,212 sq. ft.
Which of the following is not required in a valid deed: a. grantee's signature. b. grantor's signature. c. none of the above. d. all of the above.
a. grantee's signature. the grantee's signature is not required in a valid deed. But, the grantor's signature is ALWAYS required!
All of the following are essential elements to claim an easement by prescription, except: a. payment of taxes for 5 years. b. open and notorious use for 5 years. c. payment of taxes. d. hostile use.
a. payment of taxes for 5 years. it's only with adverse possession that taxes would be paid for 5 years.
An owner of rental property may properly a. set reasonable occupancy limits. b. refuse to rent to a person who has a mental handicap. c. refuse to rent to a person with AIDS. d. designate particular units as family or adult units.
a. set reasonable occupancy limits. B, C and D are strict violations of non-discrimination laws.
When land is acquire through natural causes it is usually due to:
accretion. Accretion usually occurs near rivers and streams, causing the settling of dirt to go from one side to the next. Avulsion = the opposite of accretion - when land is taken away!
Based on the California Fair Housing Act (Rumford Act), complaints must be filed within how many days of the violation? a. 30 b. 60 c. 90 d. 180
b. 60
A Licensee would have the least chance of receiving a commission in which of the following circumstances? a. A sale of personal property without written authorization. b. Failing to reveal the amount of profit under a net listing. c. An exchange of businesses under verbal authorization. d. Negotiating a lease of one year or less, not in writing.
b. Failing to reveal the amount of profit under a net listing.
The safety clause in a listing deals with a. liquidated damages. b. agent's commission. c. a hold harmless agreement. d. owner contingencies.
b. agent's commission. Safety clause says if listing expires but 2 weeks later you sell house to someone who came to my open house when I had the listing - I would still be entitled to my commission.
A broker was leaving his office to present an offer he had written on one of his office listings.The first offer met the terms as listed. The second offer provide for a larger cash investment, with more favorable financing terms for the sellers, but the price was $1,000 under the listed price. The listing broker would submit: a. only the second offer if he feels the initial offer is a bad risk. b. both offers at the same time. c. both offers in the order received. d. only the first offer.
b. both offers at the same time.
When interest rates increase but net income remains unchanged, the value of an owner's equity tends to: a. increase. b. decrease. c. remains the same. d. none of the above.
b. decrease. An owner's equity will decrease when net income remains the same while interest rates increase.
In a typical percentage lease, rent is calculated as a percentage of a. assets of the lessee's business b. net sales of the lessee's business c. a flat fee that remains consistent through the life of the lease d. gross sales of the lessee's business
b. net sales of the lessee's business. Lessee = tenant NOT gross - but - NET sales!
You have taken an exclusive right to sell listing to assist an owner in selling his home. The owner could lease the property for a maximum of: a. as long as he wishes, with consent of broker. b. not more than 99 years, with or without the broker's consent. c. not beyond the listing period, without the broker's consent. d. the owner cannot lease the property without the consent of the broker, as is clearly spelled out in the listing agreement.
b. not more than 99 years, with or without the broker's consent. The owner can do as he wishes, with or without the consent of the broker. However, violation of the listing agreement could create a condition whereby the owner was liable to the broker for a full commission. Under no circumstances can the owner lease for a period in excess of the 99 years maximum allowed by law.
In appraising a house, the shape (design) of a residence would affect the appraiser's estimate in regard to: a. economic obsolescence. b. replacement costs. c. income attributable to the property. d. none of the above.
b. replacement costs. Odd or peculiar design or shape should be taken into consideration for its replacement costs.
An e-mail solicitation must include all of the following EXCEPT a. a subject line indicating it is a solicitation. b. the price for property or services. c. an opt-out mechanism as to future solicitations. d. return e-mail address.
b. the price for property or services. CANSPAM = emails must include A, C & D. Must have physical address too.
If a person purchases the right to occupy a unit for a certain designated period each year, this is called: a. undivided ownership b. time share ownership c. cooperative ownership d. estate for years ownership
b. time share ownership
The secondary money market refers to: a. participation in California real estate financing by out-of-state lenders. b. transfers of notes and T.D.s between mortgagees for value. c. junior loans. d. transfers of loans and T.D.s between mortgagors for value.
b. transfers of notes and T.D.s between mortgagees for value. mortgagee = lender / mortgagor = borrower Transfers between lenders as well as agencies set up for the purpose of buying and selling notes and TD.s, i. e. "Fannie Mae," etc.
Which of the following is smaller than a section? a. 1/36 of a township b. Sixteen 40 acre parcels c. 27,000,000 sq. ft. d. Lot 5000' X 6000'
c. 27,000,000 sq. ft. 27, 000, 00 / 43,560 = 620 acres. A section = 640 acres.
In the event there is an encroachment on another's property, legal action must commence within: a. 6 months. b. 1 year. c. 3 years. d. 5 years.
c. 3 years. Per statute of frauds.
Value levels in a residential neighborhood are influenced more by social characteristics of its present and prospective occupants than by any other factor. What would maintain high values in a given neighborhood? a. Everybody purchasing with comparable down payments. b. Everybody having approximately the same income levels. c. Both a and b. d. None of the Above.
c. Both a and b. Neighborhoods generally have similar physical structures based on common social, economic, and political characteristics.
The California real estate law would be found in the: a. Civil Code. b. Uniform Commercial Code. c. Business and Professions Code. d. Administrative Procedure Act
c. Business and Professions Code. This is where it's found, and then enforced by the Commissioner.
Five people hold undivided interest as tenants in common. Which is always true? a. Each has an equal interest. b. Each acquired their interest at the same time. c. Each cannot identify their respective part of the property. d. Each has an unequal interest.
c. Each cannot identify their respective part of the property. Each tenant in common owns an "undivided interest" in the property.
The Real Estate Commissioner' authority over the sale of a subdivision would include which of the following? a. Alignment of the street within the subdivision. b. Design and improvements for storm drain systems. c. Financial arrangements to insure completion of community facilities. d. All of the above.
c. Financial arrangements to insure completion of community facilities. Concerned about the sale, leasing, or financing aspects of the project.
Which law prohibits a real estate agent from receiving a referral fee from an escrow or title Company? a. Truth in Lending b. Regulation Z c. RESPA d. all of the above
c. RESPA The Real Estate Settlement Procedures Act prohibits kick-backs.
The members of the National Association of Real Estate Brokers are called: a. Realtors®. b. Consolidated Brokers. c. Realtists. d. None of the above.
c. Realtists. This one can be tricky, so watch for the word "brokers." Realtists were formed by African American brokers nearly 100 years ago.
Which of the following maintains inspection controls over wood-destroying organisms? a. Ecology Board b. Real Estate Commissioner c. Structural Pest Control Board d. Animal Regulation
c. Structural Pest Control Board The State Structural Pest Control Board maintains control over termites and other wood destroying pests or organisms.
An unlawful detainer action may be filed by a landlord in all but one of the following. Which is it? a. Tenant holds over after termination of lease. b. Tenant fails to pay rent. c. Tenant exercises lease option agreement, but fails to make payment as required. d. Tenant breaches lease by permitting nuisance on the property.
c. Tenant exercises lease option agreement, but fails to make payment as required. By process of elimination, this is the exception. The others are three of five lawful situations for exercising this action, the others being: (4) failure to perform any lease covenant, and (5) failure to give up possession when he had previously given written notice of intention to do so.
In order to obtain a listing, a salesperson told an owner that neighborhood crime would likely increase as members of a minority group had purchased homes in the area. This action would be a violation of a. The Civil Rights Act of 1866. b. The Civil Rights Act of 1964. c. The Civil Rights Act of 1968. d. all of the above.
c. The Civil Rights Act of 1968. This action is considered block busting and was named in the CVR 1968. Block busting / panic selling = 1968 - Steering & Redlining too!
Under Regulation "Z" (Truth in Lending Law), all borrowers have the right to rescind before midnight of the third business day following consummation of the contract when: a. security for the loan is real property and the principle residence of the borrower. b. lien is not the first lien to purchase the property. c. both a and b. d. neither a nor b.
c. both a and b. Remember that there is no right of rescission for a home purchase loan. You only have 3 day right to rescind with a 2nd mortgage or deed of trust, a HELOC, etc...
An "agreement in a deed" would best match up with: a. option. b. prescription. c. covenant. d. subrogation.
c. covenant. = a promise.
110. All of the following are considered contracts, except: a. mortgages. b. open listing. c. grant deed. d. escrow instructions.
c. grant deed. A contract is an agreement to perform or not to perform a certain act or service. A grant deed transfers title, it is NOT a contract.
Market value is: a. assessed value. b. book value. c. highest price in terms of money. d. all of the above.
c. highest price in terms of money Market value is the highest price a buyer will pay and an owner will accept.
An easement held by the power company for erecting poles and lines as required is an easement: a. personal. b. appurtenant. c. in gross. d. prescriptive.
c. in gross. Think about utility companies and telephone poles to recall "gross."
When interest rates on real property loans increase, capitalization rates on income properties tend to: a. be affected inversely. b. remain the same c. increase d. decrease.
c. increase
Under the rental offset rules, which of the following is true? The tenant can do housing code repairs up to: a. one month's rent, once per year b. two months' rent, twice per year c. one month's rent, twice per 12-month period d. one month's rent, twice per year
c. one month's rent, twice per 12-month period
The act of recording instruments which transfer or encumber real property has all the following effects, except: a. gives priority over subsequently recorded instruments. b. creates a presumptive delivery. c. presents creation of a forged (wild) document. d. gives notice of the contents of the instrument.
c. presents creation of a forged (wild) document. THINK: "wild card" when playing poker.
Confirmation of agency status takes place a. upon first contact with buyer or seller. b. prior to entering any listing agreement. c. prior or coincident with execution of deposit receipt. d. within three days of acceptance of purchase offer.
c. prior or coincident with execution of deposit receipt. Agency must be confirmed when or before writing an offer.
A lien that will take priority over all other liens, regardless of the date it was created, is called a: a. subordinated lien. b. legal lien c. superior lien. d. junior lien.
c. superior lien. Note: it referred to date of creation, NOT recordation.
An "oral" agreement for the sale of real property may be enforced where: a. a neutral depository is used. b. the broker guarantees performance. c. the purchaser takes possession and makes valuable improvements to the property. d. the consideration paid is a minimum of $2,500.
c. the purchaser takes possession and makes valuable improvements to the property. All real estate contracts are supposed to be in writing by law. An exception of an oral agreement would have to be very obvious.
Based on the Civil Rights Act of 1968 (Title VIII), complaints must be filed within how many days of the violation? a. 30 b. 60 c. 90 d. 180
d. 180 Steering, Blockbusting & Redlining = Civil Rights Act of 1968 = 180 days - same with ADA Americans With Disabilities Act for mental & physical disabilities.
With respect to probate court disposition of property, which of the following is NOT true? a. The minimum bid a court will accept must be within 10% of court appraisal. b. The executor of an estate may enter into an open listing with a broker. c. Commissions for brokers negotiating sales are set by the California Probate Code according to selling price of the property. d. A representative may make an offer subject to the court approval.
d. A representative may make an offer subject to the court approval.
A homestead offers NO protection against which of the following? a. Real property taxes b. Mechanic's liens c. Prior recorded liens d. All of the above
d. All of the above
Which of the following agents need to provide an agency disclosure? a. Listing agents selling their own listings b. Listing agents not selling their own listings c. Selling agents working with the buyer d. All of the above
d. All of the above
The California Fair Employment and Housing Act that predated the Civil Rights Act of 1968 was the a. Holden Act. b. Rumford Act. c. Jesse Act. d. Civil Rights Act of 1964.
d. Civil Rights Act of 1964.
Which of the following would most likely lower the value of a single-family residence? a. Age-life ratio b. Obsolescence c. Depreciation d. Deferred maintenance
d. Deferred maintenance Existing, but unfulfilled requirements for repairs/maintenance.
Where land values of an area are well known and much data available from recent lot sales, which method of appraising property in that area would be least likely used? a. Comparison b. Property residual direct capitalization c. Building residual d. Land residual straight-line
d. Land residual straight-line. Land does NOT "depreciate."
A property is owned by five persons in "joint tenancy." Which of the following actions would destroy the respective tenancy relationship? a. One tenant wills his interest to another. b. Judgment and writ of execution is rendered against a tenant. c. Another of the joint tenants places a trust deed against her interest. d. Lender completes a foreclosure action against a joint tenants, issuing a trustee's deed to the highest bidder.
d. Lender completes a foreclosure action against a joint tenants, issuing a trustee's deed to the highest bidder. The new deed "breaks" two of the unities of time and title.
From which of the following would reliable "selling price" information be available? a. Recorded deed b. Records of Department of Housing and Urban Development c. Lessee d. None of the above
d. None of the above
Under which of the following situations would the beneficiary have the best opportunity to secure a "deficiency judgment" in the event of a foreclosure? a. Note and trust deed taken back by subdivider as part of purchase price of unimproved lot. b. Second note and trust deed. taken back by subdivider as part of purchase price of unimproved lot. c. Note and trust deed. executed in favor of conventional lender, with proceeds being used to purchase a residence. d. Note and trust deed. executed in favor of a conventional lender, with the proceeds being used to pay medical bills.
d. Note and trust deed. executed in favor of a conventional lender, with the proceeds being used to pay medical bills. Not "purchase money" note and trust deed.
When an appraiser is concerned about "equilibrium" and "decline," he is working with one of the three sub-principles of which of the following? a. Principle of Substitution b. Principle of Supply and Demand c. Principle of Highest and Best Use d. Principle of Change
d. Principle of Change
In is unlawful for any person to effect the sale of any franchise that is regulated by the Franchise Investment Law, unless such person has made an application to the Corporation Commissioner, and is licensed by the: a. Franchise Tax Board. b. Corporation Commissioner. c. Real Estate Commissioner. d. Real Estate Commissioner or Corporation Commissioner.
d. Real Estate Commissioner or Corporation Commissioner. A License from one of these two is required.
Which of the following sale price would probably NOT be used when appraising a single family residence using the market data approach? a. Smaller residences in the neighborhood. b. Similar homes in the neighborhood sold over six months ago. c. Similar home in a different neighborhood. d. Similar home in neighborhood sold under much pressure or by forced sale.
d. Similar home in neighborhood sold under much pressure or by forced sale. This would not be a good source for comparable sales.
What is NOT required to be disclosed under the Truth-in-Lending Law? a. Annual percentage rate / APR b. Length of Loan c. Monthly payment d. Total Finance charge in purchase of singe-family, owner occupied dwelling.
d. Total finance charge in purchase of single-family, owner-occupied dwelling. Only the APR, length of loan, and monthly payments are required.
Seller financing disclosure should include: a. terms of the note. b. notice that the note, if not fully amortized, will have a balloon payment. c. if buyer will receive cash at closing.. d. all of the above
d. all of the above
Seller financing disclosure statement includes a. any negative amortization. b. if the buyer is to receive funds at closing. c. balloon payment information. d. all of the above.
d. all of the above.
Which of the following statements regarding notes and trust deeds is true? a. a minor may not transfer title to real property. b. a person who has been declared incompetent by the courts may not transfer real property. c. real property may not be transferred when all owners on title have not signed the deed. d. all of the above
d. all of the above. A, B, C are all true!
A real estate salesperson does not have to check the do-not-call registry when making a solicitation call: a. to a commercial number. b. in response to an inquiry made within 3 months. c. if there was an existing business relationship within 18 months. d. all of the above.
d. all of the above. None of the responses are a violation of the Do Not Call Registry Law.
In advertising mobile homes, a broker should realize that a. advertising must be withdrawn within 48 hours of the unavailability of the mobile home. b. a used mobile home cannot be represented as being new. c. if the down payment is covered by another loan, the broker cannot advertise "No Down Payment". d. all of the above.
d. all of the above. The BRE Exam will contain a few various questions regarding the sale of mobile homes, so review the rules and laws.
Buyers have statutory rescission rights in sales involving a. time shares. b. undivided-interest subdivisions. c. neither a nor b. d. both a and b.
d. both a and b. Be sure you know the different rights of rescissions rule. 1. Mello-Roos 2. Subdivided Land Law 3. HELOC & 2nd's.
The initial step in the appraisal process is: a. establish the commission. b. estimate the square footage. c. establish the fee. d. define the problem.
d. define the problem.
According to Article 7 (Loan Brokers Law), the maximum "cost and expenses" that can be charged by a broker for negotiating a 10,000 second loan (hard money) is: a. actual expenses. b. $500, which is 5% of loan. c. $350. d. either a or c, as appropriate.
d. either a or c, as appropriate. "c" is the maximum limit, as long as the actual is not less.
By recording a deed with the County Recorder's Office, one: a. validates the documents so recorded. b. makes it possible for the new owner to be able to sell the property. c. gives actual notice of interest in real property. d. establishes precedence over subsequently recorded instruments.
d. establishes precedence over subsequently recorded instruments. Creates priorities between various instruments. REMEMBER: When a deed is recorded is when it becomes official.
Occasionally a property owner will realize a taxable gain when his property is destroyed or taken through condemnation. This is known as: a. trading up. b. depreciation. c. owner's amenities. d. involuntary conversion
d. involuntary conversion The conversion of real property to personal property (money).
In a period of tight money, the Federal Reserve Bank can increase the supply of money by: a. raising the discount rate charged to member banks. b. increasing member bank reserve requirements. c. selling bonds on the open market. d. lowering member bank reserve requirements.
d. lowering member bank reserve requirements. The resulting surplus reserve funds would increase money available for customers to borrow from member banks. Answers "a", "b", & "c" would result in decreasing available funds.
A notice to creditors of bulk transfer would contain all of the following, except: a. location and general description of goods to be transferred. b. names and addresses of transferor and transferee. c. location and date on (or after ) which the transfer will be consummated. d. names and addresses of all creditors.
d. names and addresses of all creditors. Creditors' names and addresses are NOT required.
From the above question, what is the maximum commission the broker can charge if the loan was to be repaid in 30 months? a. $1,000 b. $500 c. $1,500 d. none of the above
d. none of the above. The law does not set a maximum in this case, since the loan was for $10,000. The restrictions are for loans UNDER $10,000; therefore, broker can charge what the market will bear.
A real estate broker, licensed only in California, agreed verbally to share a commission with a broker licensed in Florida. This would be: a. a violation of California real estate law. b. permissible, but the California broker must first obtain the approval of the DRE in California. c. unenforceable in the California court, because the agreement was not in writing as required by the Statute of Frauds. d. permissible.
d. permissible. Verbal agreements between brokers are permissible, although a written agreement is always the best course of action. We can give referral fees to other licensed agents & brokers. But, we CANNOT enter an agreement to give a referral fee w/ a non-licensed individual.
"The theory of Adverse Possession" would best match up with: a. dedication. b. conversion. c. prosecution. d. prescription.
d. prescription. Prescription is an easement, or the right to use another's land. Prescription & Adverse Possession have very similar distinction with one difference being the cloud on title and paying of property tax with adverse possession.
A broker arranges the sale of a home. There is a purchase money trust deed from the lender. The broker is not required to see that the trust deed is recorded if the: a. buyer instructs him not to record. b. buyer and seller select not to have an escrow. c. broker is not involved financially in the loan procurement. d. the beneficiary instructs him not to record the trust deed.
d. the beneficiary instructs him not to record the trust deed. Only a lender beneficiary can decide whether a promissory note and trust deed are to be recorded.
All of the following statements concerning options are correct, except: a. the optionee has no obligation to purchase the property. b. taking the property off the market is consideration upon the part of the optionor. c. the distinguishing characteristic of an option is the initial lack of mutuality of the obligation created. d. the optionee has a legal interest in the property.
d. the optionee has a legal interest in the property. The optionee has no legal interest in the property until she exercises the option.
A real property security endorsement is valid for: a. as long as the broker's license is valid, and it needs no further endorsement. b. multiples of 4 years. c. one year. d. the term of the broker's license to which the endorsement is affixed.
d. the term of the broker's license to which the endorsement is affixed.
When a tenant who had rightfully come into possession of a property by means of a lease agreement retains possession after the expiration of said lease without permission of the owner, it is called a(n):
estate at sufferance. Also, an estate at sufferance does not require a notice of termination.
A lease for a definite time period would be a(n)
estate for years. An estate for years can be for as little as two weeks, but there will always be an end date.
In a normal sale using both a grant deed and a trust deed (deed of trust) the buyer is the:
grantee and trustee
The person who receives personal property under the terms of a will is the:
legatee.
A lease agreement written for a definite period of time with prescribed payment conditions is:
personal property. The lease agreement is a "chattel real"---an interest in real property. Therefore, it is personal property.
The expression "A Bundle of Rights" best describes:
rights or interest which an owner has in the thing he/she owns-- the right to possess, use, encumber, dispose of, and to exclude.
If on a grant deed the manner of taking title is NOT indicated after the names of the two grantees, the courts would rule:
tenants in common. There are two grantees, so it cannot be severalty (sole ownership); There is no mention of right of survivorship, so no joint tenancy; There is no mention of marriage, so no community property.
A valid bill of sale must contain:
the seller's signature
A verbal acceptance of an offer for the purchase of real estate with a broker would constitute
unenforceable. The Statute of Frauds requires real estate contracts to be in writing; however, the contract which fails to comply is NOT void, just unenforceable.
The Real Estate Commissioner has the power to investigate, suspend, or revoke the license of a licensee when that person has been found guilty of:
using a false or fictitious name, knowingly made false statements in any application for registration of a manufactured home as a vehicle. AND submitting a check, draft, or money order to the Dept. of Motor Vehicles for any obligation or fee due the State, which was thereafter dishonored or payment refused upon presentation.
"The relationship of the thing desired to potential purchaser..." is a definition of:
value. = term for appraising. According to the reference book on appraisals, used by the MAI group.
