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California: Real Estate Principles Practice Exam 1 Flashcards
28 of 50 - What is the mill rate of .017?A. 0.0017B. 1.07C.
1.7D. 17
- 17
- The Law of Supply and Demand
48 of 50 - The Western Acres neighborhood is a highly desirable area in which homes very seldom go on the market. The Western Acres properties placed on the market sell very quickly and usually for or above asking price. Which principal of real estate applies to the homes in Western Acres?A. Highest and Best UseB. The Law of Supply and DemandC. AnticipationD. Competition
29 of 50 - Marcus wants to have the deed to his new home recorded to protect his ownership rights. In order to record the deed, it must be notarized. Marcus must go before a notary public and verify the signing of the deed. The notary then signs the deed. The verification of Marcus' signature
in the signing of the deed is known as:A. AutographB.
AttestationC. RecordingD. Caveat Emptor
- Attestation
- Both A and C
- All of the Above
17 of 50 - Janice has given her broker an earnest money deposit check with written instructions to hold the check until the seller has accepted her offer. Her broker follows instructions and informs the seller, through a telephone conversation with the seller's agent after the initial offer was presented, the buyer's check is being held awaiting offer acceptance. Did Janice's broker handle this situation correctly?A. No, the broker must inform the seller in writing the buyer's check is being held until acceptance of the offer.B. Yes, the broker informed the seller of the stipulation on the negotiation of the check until offer acceptance.C.No, the broker must inform the seller of the buyer's check being held at the exact time the actual offer is presented.D.Both A and C
46 of 50 - Which of the following statements referring to general taxes is true?A. General taxes are Ad Valorem taxes.B. General taxes are used for the general operation of the governmental agency authorized to impose the taxes.C. Real property tax (general taxes) are based on the assessed valuation of the property.D. All of the Above
16 of 50 - Lillian is buying Julia's home in Malibu. Julia, after selling her home to Lillian, is buying Anne Marie's condo in San Francisco. In these transactions, who is the grantor and who is the grantee?A. Lillian is the grantor and Julia is the grantee. Julia is the grantor and Anne Marie is
the grantor.B. Lillian is the grantee and Julia is the grantor.Julia is the grantee and Anne Marie is the grantor.C. Lillian is the grantor and Julia is the grantee. Julia is the grantor and Anne Marie is the grantee.D. None of the Above.
- Lillian is the grantee and Julia is the grantor. Julia is the
grantee and Anne Marie is the grantor.25 of 50 - Is a broker allowed (permitted) to accept lender funds unless that broker owns the loan? Which requirement under the California Business and Professions Code
addresses the question?A. Yes, it is permissible for a broker to accept those funds. They will eventually be used for a loan or to buy a specific note. The requirement is outlined in Article 5.B. Yes, it is permissible for a broker to accept those funds. They will eventually be used for a loan or to buy a specific note. The requirement is outlined in Article 6.C. No, it is not permissible for a broker to accept those funds. The requirement is outlined in Article 17.D.No, it is not permissible for a broker to accept those funds.The requirement is outlined in Article 5.
- No, it is not permissible for a broker to accept those
funds. The requirement is outlined in Article 5.
31 of 50 - Lois is selling her needlework shop to Simon.Simon is also purchasing the name of the business from Lois, all of the fixtures, and the inventory. Lois is essentially handing over the entire business, from top to bottom, to Simon, who is planning continuing what she had started.What are the essential elements of this business opportunity sale?A. A Bill of SaleB. Financial StatementsC.GoodwillD. Both A and B
- Both A and B
- Both A and B
- The Mello-Roos Community Facilities Act of 1982
- of 50 - Which form of payment is most common for a
- A percentage of income.
- of 50 - In early common law, transfers of land were only
38 of 50 - Although 16-year-old Tameka's goal is to be a licensed real estate salesperson in the State of California, she is currently living in Canada. Her long-term goal is to be a successful salesperson, manager, and to own a brokerage. She has been studying the Real Estate Principles Course for next week's exam. However, if she passes, she cannot apply for her 4 year salesperson's license. Why?A. Tameka cannot apply for a 4-year salesperson because she has not completed three college-level real estate courses.B. Tameka is only sixteen and a licensee must be eighteen years old.C. Tameka cannot provide proof of legal presence in the United States.D. Both A and B
39 of 50 - Shivaram and Kiran are buying a home in a new subdivision. Due to all of the subdivisions in the area, a new elementary school is being built. Additionally, a new area park is planned. Shivaram and Kiran have been informed the taxes on their new home are substantially higher than their previous property. Why?A. The Mello-Roos Community Facilities Act of 1982B. The Street Improvement Act of 1911C. Proposition 13D. Proposition 60
property manager?A. A percentage of income.B. A salary.C. A flat fee.D. All of the Above
made when:A. The transfer of land from husband to wife,
upon the husband's death.B. The transfer of land from father to child, upon the father's death.C. The transfer of land from father to son, upon the father's death.D. Both A and B
- The transfer of land from father to son, upon the father's
death.11 of 50 - Derek's new office is undergoing a minor renovation and he cannot conduct business in the location for approximately six months. He decided to lease a temporary office in Samantha's building from June 1 to December 30. Which type of lease has Derek signed?A. An Estate for YearsB. An Estate at SufferanceC. An Estate at
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