CA Real Estate Exam- Practice Flashcards

CA Real Estate Exam- Practice Flashcards Information concealment by an agent isMisrepresentation A fictitous business name expiresEvery 5 years on December

The analysis for a residential property is : Marketability and acceptablility

A person who is delegated in an intrument to legally do something for another person in his stead is called Attorney in fact Police power meansZoning "Due-on-Sale" meansAlienations. Under aliation, permits the lender to demand full payment of loan in the event title is transferred A standard policy of title insurance doesnt cover property lines The agency is terminatedif the property is destroyed by fire To hire self employed agents is an advantage: Is an advantage because the broker doesnt collect social security

A mispelled name in a deed:May be corrected with a quitclaim deed

Corn Crops areEmblements If a builder pays $35 an hour to a hostess, to perform an

openhouse, to answer questions:

a license is required to answer questions For income tax purposes improvements are Added to the basis of the property Not funtional obsolescense -Proximity of nuisances What does Lis Pendens stand forJudgment pending

Outmoded design is:Function absolescene

A strip lines of stores are:Shopping centers

The land that is subject to an easemnt is Encumbered The fiduciary duty to the seller is the same as Beneficiary to trustee The labor code 37000 isWorkers Comp a home painted in 1972, even if the seller repaintedthe property a lead based paint booklet is required,if not, the

ommission allows the buyer to:

cancel the transaction.

An easement can be canceled by signing a: Quitclaim deed

REAL PROPERTYVegetation The terms of exclusive right to sell listing are The exact requirements of the sellers instructions Joint tenant estate held by two joint tenants is severed and

ended by the following:

A foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to a third party. One of the joint tenants sell his interest.Which of the following are liens?IncometaxJudgementsAttachment If a broker has out-of state relatives and wants to buy a propery in CA. With a lease option to buy,the broker must present disclosure to The seller (owner) In a purchase money trust deed"A loan disclosure is required What is the best way to depreciate a 20 year old commercial building Straight line depreciation

Balloon payment means:all balances due at once

An advertisement to lease properties only to married couple is Illegal Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms

of affecting title this action could:

Place the beneficiary in a precarious position should the borrower die before the debt is paid.Who must disclose MelloSeller (OWNER) Payment of Moneyis not necessary for a valid contract All of the following acts of one joint tenant terminates a joint

tenancy except when the joint tenant:

Mortgages his or her share Before communication to the perspective purchaser of the seller acceptance of an offer, the buyer may cancel for any reason at any time an offer written on April 24th with a contingency, the

sellerto respond within 5 days, if the seller fails to respond:

The seller must return the deposit to the buyer

1/2 a mile by 1/2 miles is:160 Acres

Grandfather clauseis a continuation of a non-conforming use The appraiser gives an 30 year old home a rating of 6

years is called:

Effective age An offer presented with a $1000 noteCommunicate to the seller the type of deposit before acceptance

subagents:They work for the seller

Escrow settlement statement:could be different

Agents may get sued for:Any Wrong doing

Ownership rights are represented byEstate or Fees if the electrical was intalled by the son-in-law of the seller,and not to code and the buyer moves in, and after,

theproperty catches on fire :

the real estate agent is innocent of any wrong doing Turnkey ProjectIs a construction project completed (ready for occupancy) Buyer wilson signed an offer before the listing broker could obtain an unqualified acceptance Wilson died The death of Wilson worked a revocation of the offer Successor liability has to do withThe Alcohol Beverage Control Board Company dollaris the amount of commission reamining to the broker after paying the salesperson and other possible commissions.An agent may sell a mobile home that isRegistered If a buyer withdrawsthe seller may sue for a specific performance A man owns six seperate parcels of real property. He wants to offer all of the parcels as security for a mortgage loan. The mortgage that he will obtain will probably be?A blanket mortgage NovationIs a contract replace entirely by a new one

If the A.P.R. is disclose:No additional disclosures are required

The granting of doing business or to sell a product under a

name with restrictions from the grantor is called:

Franchise Which of the following is essential for an agency:Competency, Fiduciary, Agreement to the parties to the contract

CHILD SUPPORTHas to be paid before a license is issued The construction member found above the doors and windows is called Header

SAM LOAN:Shareed Appreciation Mortagage- any increase in the value

of the home will be split with ur mortgage lender. SAM loans are recommended in a strong financial market Subdivision reports must be filed with the city or county where the land is located Buyer Hanson, contacted Broker Cohen, Hanson told Cohen that he wants tobuy a property that is not listed.Broker Cohen approaches the seller to obtain a listing,the seller told Cohen that he is not intrested in selling. A week later buyer Hanson gotinto negotiations with the seller, which of the following is true?The broker is entitled to nothing

Intestate means:Someone that left no will

Owner Tesoro listed a valand with Broker Gonzalez for $124,200, Buyer Carter made andoffer for $123,000 with a

• days expiration date. The following date the seller

counter backwith a sales price of $123,600. When Broker Gonzales presented the counter offer to buyerCarter he rejected the conter offer. When Tesoro found out of Carters rejection the selleraccepted Carter's previous offer of $123,000. Which of the following is true?There is no contract If equal payments are madeThe equity increases and interest rate decreases Which of the following is invalid in its inception?Legal incompetence of a grantor When appraising a home build in 1910 the appraiser must

use:

Today's cost and today's reproduct ion cost

A property held in "Severalty" is owned by: Sole Ownership

Take out stands forLong term construction loan The benefits of Tax ShelterIncome tax purposes A principle may request an accounting from the real estate

agent of his funds :

At any time EErEnergy Efficiency Ratio LeverageIs to borrow money to the maximum extend possible

The seller's responsibility is to transfer the property:Free and clear

Home Accomodations meanUnits 1 through 4 Impound account isrecuring cost items RResistance to heat flow RESP applies to which of the following properties?Single family homes 1-4 units Miles sold a home to North with the help of Olsten, if the buyer (North) finds out that something was not properly

disclose by Miles and Olsten, this is called:

Fraud Brokers Trust AccountIt is not necessary for a broker to have one

When compare to real estate, stocks and bonds are:More liquid

Intangible personal property:is not taxible

AvulsionIs the sudden tearing away of land by the the action of water

Unemployment:Does not affect the interest rates directly

Interim useis the current use of a building to its highest and best use For income tax purposes improvements are Added to the basis of the property.FNMA (Fannie Mae)Provides a secondary market for FHA and VA

The offers must be presented:even if they are oral and in writing

A buyer pays for which of the following? Escrow, Title, Insurance oral commissionare legal if the seller selects to do so

In a counter offer:the buy may reject to perform or to cancel

The agent most likely to earn a sales commission Is the one who communicates acceptance of the offer from the seller to the buyer The real estate commissioner"Promulgates the real estate law A lender may evict a borrower within3 months The duty to preserve confidential information terminatesWhen the agency ends When appraising a site the appraiser applies the Highest and best use Logan sold a home to Hughes, if Hughes backs out: Logan can sue for a specific performance Acceleration clause meanspermits the lender to call the loan for behind payments PARTY WALLIs a wall that divides two apartment buildings Conflicts with the LA county codes and the uniform codesthe one with the highest standards of safety will apply