Final Exam A California real estate Flashcards

Final Exam A California real estate Flashcards HipThe words " time is of the essence" will usually be included in which of the following contracts Simple interestLenders know that the lower the loan-to-value ratio, the higher the CostA person who holds fee title to real estate in severalty would probably have The basis is reducedWalker sold his land which had a recorded easement appurtenant for a road. The deed the buyer received contained an adequate description of the land, but made no reference to the easement. Under these circumstances, the buyer

• yearsA written agreement between the broker and the

salesperson is required Has the same right to the easement as the seller hadAfter a Notice Of Intent To Sell Tax delinquent property to the state is published, the owner has a right to redeem the property for a period of An exception to useIn accordance with the state law that requires the broker to make a competent and diligent inspection of a residential property being sold by the broker, the broker is required to Grounds for disciplinary action by the CommissionerIf a property owner believes that the assessed value on his or her property has been set too high, the owner could file a request to seek a reduction from the A real estate broker advertises that she will five a microwave oven valued at $500 to anyone who purchase a property listed with her office. This type of advertisement is The broker who represented only the seller in a transaction has a fiduciary responsibility to the seller. When dealing with a third party, the broker Land and buildingUnderground waterEasements* all of the above If a principal no longer desires the broker agent to act on his or her behalf during the period of an Exclusive Right To Sell listing, the principal may Supply & demand for moneyA residential land developer & contractor were building a number of new homes in a housing tract. During the construction phase a number of people observed the new development & showed a great interest & a desire to purchase he new homes at above market value prices.During the construction period, however the city notified the land developer that new city ordinances required that the existing street be widened 15 feet to handle the anticipated increase in flow of traffic. This increase meant cutting off a portion of each existing lot & as a result, interest in the homes waned. This result loss in value would be classified as

The document which transfers title but contains no express or implied warranties is a Quitclaim deed The effective interest return obtained from a trust deed by an investor Which of the following defines a mortgage?Economic obsolescenceA real estate developer purchased 4 acres of land doe a total of $80,000, paying $20,000 down & executing a straight note & trust deed in favor of the seller for the balance. Under the terms of the note & trust deed, the seller will release one acre free & clear each time the buyer pays an additional $20,000 on the note, If the buyer pays an additional $40,000 & receives 2 acres free & clear, the owner's equity on the encumbered property has A full commissionTitle to real property may be insured for the grantee by securing a ContributionThe parallel structural members that support the floor and ceiling loads are called Department of Fair Employment & HousingThe Subdivision Map Act requires Mutual mortgage insurance on a FHA loanProtects the lender against ant deficiency in the event of default JoistA contractor of sale has been described as a method of financing used as a substitute foe the note and deed of trust method. Therefore, a contract of sale might be said to be An old structure with many functional deficienciesBroker Andrews and Benson both have an open listing on a property. Broker Andrews showed the property to a prospective buyer and carried on negotiations, but the buyer decided not to buy. Two weeks later, broker Benson contacts the same buyer and arranged a sale of the property. The seller would be obligated to pay Increase as the interests decreasesA real estate broker advertises that he will give a seller a $50 credit in escrow from his commission to any seller who lists with him. He will also pay $50 to any buyer who purchases a property through him. This type of advertising is If a salesperson wishes to advertise his or her services, the advertisement must include The brokers name Mechanic's LeanOn home loans the interest which is paid the use of the money borrowed is almost always A real estate broker who desires to operate a real estate office that is both competitive & profitable, is vitally concerned with "Desk Cost'. "Desk Cost" is calculated by dividing the Total cost of rent, utilities, telephone advertising & other operating expense by the number of salespersons A standard policy covering a homeOne document which requires verification and recording for it's validity is a

The evidence of the debtA Quitclaim deed Purchase one-of-four residential unitsWhen depreciation is taken on real property $4.60Which of the following notices could be important to the filing of a mechanics's lien By the Real Estate BoardFinancial institutions which specialize in making home loans obtain most of their funds from Individual savingsAll of the following are essential on each and every contract except Oversupply of like propertiesThe primary justification for zoning ordinances is to Divide the total operating expenses of the firm, including salaries, rent, insurance, etc, by the number of salespersons Accretion would result in the acquisition of title to real property An encumbranceThe broker who must likely has earned a commission is the one who has Must treat the third part fairly, and honestly Which of the following state agencies is empowered to prevent acts of discrimination in housing accommodations in California because of race, color, religion, national origin or ancestry After completion of a new building in which the owner did not record a Notice of Completion, any unpaid claimant must file a Mechanics's Lien within 90 days Assume the trust deed and note liability An agreement between party "A" grating party "B" the right to offer, sell distribute goods or services under a marketing plan described by party "A", is commonly known as EquityIn the event that a property is cold by the owner, a broker must show that he or she was the procuring cause of the sale in order to be entitled to a commission in all of the following types of listings except Obtain the written consent of the seller A real estate salesperson was successful in obtaining listings of residential properties by making representations that because of the entry into the neighborhood of minority groups, property values would be diminished by a decline in the quality of schools & an increase in the crime rate.Such practices by this salesperson are Federal Housing AdministrationThe term "mortgage yield" as used by lenders, best describes The number of acres in a tract of land that is 1/2 mile square is 160 A real estate broker advertises that she will five a microwave oven valued at $500 to anyone who purchase a property listed with her office. This type of advertisement is Legal if proper disclosures are made to all parties of interest Assessment Appeals BoardA licensed real estate broker was successful in selling a home for a party with whom the broker had entered into an oral listing agreement. If there is no subsequent written verification of the oral agreement, the payment of a

commission to the broker is A security deviceWhich of the following contains the largest area?A Land developer offers a free prize to anyone who replies to his direct mail advertisement & visits his subdivision site.