Common Questions on the California Real estate exam

Common Questions on the California Real estate exam (2023) Flashcards Joe is a listing agent, cannot legally answer a sellers

question about the buyers race, due to the:

rumford act When a lender makes a loan regulated by the Real Estate Settlement Procedures Act, the loan applicant must be

provided with which of the following:

a loan estimate A real estate licensee submits a license renewal application, but his name is on a list of obligators who have not complied with a court-ordered payment of child support, which of the following is most nearly correct?a temporary renewal will be issued, but the licensee must pay the delinquent amount within 150 days the main purpose of "RESPA" (Real Estate Procedures

Act) is to:

To provide consumers with enough information to enable them to shop for settlement services In assessing the profitability of a real estate office, the broker must consider "desk cost." Which answer best

describes how to calculate "desk cost:"

divide the total operating expenses of the office, including salaries, rent, insurance etc, by the number of salespersons which of the following is an example of a less-than-freehold estate?leasehold estate Economic Obsolescence is cause of depreciation that can

occur because of:

factors extraneous to the property the usual listing contract authorizes a broker to:find a purchaser and accept a deposit with an offer to purchase.When a title company issues a California standard policy of title insurance, the policyholder is insured against loss

which occurs because of:

forgery in the chain of recorded title An appraiser's narrative appraisal report of a single-family

residence probably would contain no reference to:

a buyers financing When a lender loans a borrower 100% of the purchase price of a house, and the loan is not government-related,

the lender would be best protected by:

appreciate

fee simple estate is:An estate of inheritance

in order to comply with the regulations of the state housing law, a person should seek the insurance of a building

permit from:

the local department if building and safety A title company could make make a title search by

searching the records of the:

county recorders federal land and county clerks office which of theses properties are exempt from paying real estate taxes?educations institutions Whenever there is a real estate sales transaction, it must

be reported to the Internal Revenue Service by the:

Escrow which of the following "runs with the lan"? all the other options are correct;

Sarah has just qualified for her salesperson's license. How much time does she have to file her application to practice?one year from the date she passed the exam what are the right of a borrower who falls two months in making his or her trust deep payments?he or she has the right of reinstatement When agent Andy took a listing he promised the seller that he would advertise the property in a magazine until it was sold. Andy did not do the advertising that he promised.

Andy is guilty of:

actual fraud one of the main benefits of a sale-leaseback transaction would be; the ability of the seller to deduct all of his future rent payments as business expenditures.As long as it is specified as part of his or her duties, is it legal for an unlicensed salaried assistant to solicit listings for the broker?No, active participation in real estate require a license.Allison has just qualified for her salesperson's license. How much time does she have to file her application to practice?one year from the date she passed the exam under California law, the real estate commissioner has

authority to do which of the following:

impose fines, revokes licenses and promulgate rules and regulations property taxes are described as "ad valorem" most nearly means according to value mechanics liens are based onCalifornia Civil Code What type of an appraisal license is required to appraise a

commercial strip mall valued at $700,000:

certified general license An impound or reserve account MOST benefits whom? lender Who usually has responsibility for providing streets, utilities, sidewalks, and curbs in a new subdivision?the builder/developer

definition of market value is concerned with: market cost

If five people own property as joint tenants: there is still only one title to the whole property which of the following would create a dual agency situation:two agents working under a broker representing the buyer and seller in the same transaction who is responsible for disclosing a Mello-roos tax to the buyer?Seller an increase in the availably of money would lead to which effect?interest rates would go down when a situation is such that damages would not provide an adequate remedy (like for a breach of contract, a suit for specific performance could be successful brought by all of

the following except:

a licensed real estate broker acting as agent for the principals which of following approaches to value estimate tends to

set the upper limits of value:

replacement a property owner lists his property for sale with a broker.During the negotiations the owner told the broker that the owner wanted $138,000 for the property, and anything above that amount the broker keep as his commission. the

listing with this type of provision is known as a:

net listing

if an appraiser is appraising a special purpose property he

would probably use the:

Cost approach which of the following can a property owner expect after sewer lines are installed in front of his/her property?special assessment the unit of comparison when using the market data

approach to appraise a single-family residence, is the:

entire property A grandfather grants a life estates to his grandson and stipulates that on the grandsons death , the title to the property will pass to his son-in law. this second estate is

called:

a remainder the term "warehousing" as used un the real estate

financing means:

a mortgage company collecting loans prior to estate

Less then freehold estates consist of estates held by:Lesses

which of the following is NOT required for a contract to be legally binding?proper writing

The title to real estate passes when a valid deed is:delivered and accepted

When an agent or property manager signs a contract to

manage an owner's property, that person becomes a:

fiduciary A broker who holds a valid listing on a property places a classified ad for the property containing only the following

information "for sale: "3 bedroom, 2 bath home with

swimming pool. Asking price $165,000. Telephone 555-9276". This type of advertisement would be an

example of a:

blind ad which of the following is required to operate as an advance-fee rental agent?a written contract with prospective tenants Transfer Disclosure Statement (TDS)Detailed statement from the seller describing the condition of the property When a real estate agent acts exclusively as a buyer's

agent, he can:

present offer to the seller or the a sellers agent A subordination clause in a trust deed:gives priority to a more recent lien recorded against a property.a broker and seller terminate the listing contract. An offer is received in the mail by the broker after the termination of the listing contract. the offer is for full price and includes all of the terms and conditions of the seller.why is this NOT a valid contract?no acceptance has been given When the deposit receipt on the sale of a house states that

the property is being sold "as is," it:

also requires a real estate transfer disclosure statement the law which gives cities and counties control over the

physical design of subdivisions is:

the subdivision map act the prospective purchaser may withdraw the offer at any

time before the sellers acceptance of an offer:

for any reason