Real estate exam
Residential property includes how many dwelling units
1-4
1 acre is equal to how many square foot
43,560
A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract is known as
A exclusive right to sell agreement
The law regulating the behavior of civilians among and between each other is known as
Civil law
The minimum standards of human behavior are known as
Ethics
A commission is owed to the agent only after the transaction closes
False
A structure transportable in one or more sections,equipped to contain not more than two dwelling units to be used with or without a foundation system is know as
Mobile home
Who is authorized to advertise a mobile home as new
Mobile home dealer
The 1 st installment of property taxes are due on
November 1st
Taxation is a manifestation of
Police power
The individual who finds the buyer or seller for the property is referred to as the
Selling agent
Whitch of the following enables a person who has been defrauded or had trust funds converted by a real estate licensee in a transaction requiring a license to recover at least some of his her actual loss when the licensees assets are insufficient
The California real estate recovery fraud
a builder is required to secure a loan with mortgages on three properties this is an example of
a bridge loan
when are property taxes due and payable in california
on november 1st and feburaury 1st
whitch of the following is true of a loan with negative amortization
payments Are not sufficent to retire the loan
whitch of the folowing provides the strongest evidence of marketable title
title insurance
who are the essential parties involved in an estate in trust
trustee ,title company and beneficary
In California resident managers are required in buildings with at least how many dwelling units
10
In the mortgage industry this is a step above pre qualification it involves verifying a purchasers credit ,down payment and employment history
Pre-approval
when does an executory contract become an executed contract
when the considerations have been exchanged
1 mile is equal to how many linear feet
5280
The individual who enters into a listing contract With a principal is known as the
Listing agent
A real estate broker cannot have two or more mobile homes offered for sale without first having a
Mobile home dealers license
The rights of a land owner or land occupier to use flowing water such as a river that is adjacent to the land are known as
Riparian rights
The individual who finds the buyer for the property is referred to as
Selling agent
An agent who has complete authority over any activity of principal is known as a
Universal agent
the consumer recovery account of the real estate fund
reimburses qualified members of the public for losses suffered due to fraudulent activity commited by a licensee
An owner is exempt from paying capital gains up to how much profit on an owner -Occupied residence If he or she has lived there for at least 2 of the previous 5 years
250,000
How long does an individual have to identify another property in order to take advantage of a 1031 exchange
45 days
A property will be sold at a tax sale if property taxes are not paid for how many years
5 years
A married couple are exempt from paying capital gains up to how much profit on an owner -occupied residence,if they lived there for at least 2 of the previous 5 years
500,000
what is "chain of title "
A chronology of successive owners of record of a parcel of real estate
A systemic regulation of construction of buildings within a municipality established by ordinance or law are known as
Building codes
The rights ,or interests that an individual has in particular piece of property are referred to as
Bundle of rights
At resale of a capital item ,the amount by which the net sale proceeds exceed the adjusted cost basis (book value )is referred to as
Capital gains
Prior to signing a listing agreement, a party in a real estate transaction who will employ an agent is known as the...?
Client
The rules of a profession created by a professional association are known as
Code of conduct
An agent with full authority over one property of the principal is known as a...?
General agent
Which of the following is considered a formal description of property
Government survey,metes and bounds,lot and block
An agency relationship created by oral or written agreement between principal and the agent is known as
Implied agency
A person who acts for another but who sells final results and whose methods of achieving these results are not subject to the control of another is reffered to as a/an
Independent contractor
A listing whitch provides that the agent may retain as compensation for the agents service all sums received over and above a net price to the owner
Net listing
A listing given to one or more brokers in whitch the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property
Non-exclusive listing
Income earned from providing services or the sale of goods is known as
Ordinary income
That authority which a third person reasonably believes an agent possesses because of the acts or omissions of the principal is known as
Ostensible authority
All property that is considered to not be real property is known as
Personal property
Whitch category of topics accounts for the most number of questions on the state exam
Practice of real estate and disclosures
In the property management agreement who is the agent?
Property manager
Properties in California are assessed at whitch of the following
Purchase of sale of property
Federal legislation including imposition of civil and punitive damages for anti-trust activities is know as
Sherman-anti trust act
An agent with limited authority to act on behalf of the principal such as created by a listing contract is known as
Special agent
a transaction facilitator in a residential transaction represents
both seller and buyer
what are tenant improvements
modifications to a rental suite to confirm to a tenants usage specifications
The employer of an agent is known as the
principal
it is an escrow violation for a broker handiling escrow funds to
record a deed without written consent of the party whose real property insterest is being conveyed
to minimize the risk of violating fair housing laws a licensee should
refuse to use terms that refer to or describe any of the classes of persons protected by the laws
a lease automatically terminates under whitch of the following circumstances
the tenant fails to pay rent
Capital gains is 15 % for high earners
False
Resident managers are required to hold a real estate license in the state of California
False
The 2nd installment of property taxes are due on
February 1st
This is an item of personal property that has been attached to real property
Fixture
A number whitch times the gross income of a property ,produces an estimate of value of the property
Gross rent multiplier
A real estate broker can only sell a mobile home if they have been registered with
Housing and community development
what equation/method do you use to FIND THE VALUE OF THE PROPERTY
INCOME CAPITALIZATION METHOD
A legal charge against real estate by a public authority to pay for the cost of public improvements such as street lights ,side walks and street improvements is known as
Special assessment
Zoning is an example of police power
True
a property owner is precluded by deed restriction from developing a thirty foot boat dock.the limitation prompts the owner to sell to another party.the new owner
take title subject to the same restriction
According to this state property taxes are limited to 1 % of the fair market value
Proposition 13
This is an item of removable personal property that. A tenant attached to leased land for business purposes
Trade fixture
The listing agent can also be the selling agent
True
to be eligible for appoinment as manager of a branch office a licensee must be licenced as a broker
a licensee must be licenced as a broker
Building codes are an example of police power
True
Capital gains are typically taxed at a lower rate than ordinary income
True
Disclosure to the client must be executed prior to signing the listing agreement
True
In order to execute a 1031 exchange a qualified intermediary must be used
True
A condominium owner enjoys a
tenancy in common interest in airspace and common areas of the property
The key feature of an adjustable mortgage loan is that
the loan term can be shortened or lenghthend
