ONLINE COURSE CHAMBERLAIN Flashcards

ONLINE COURSE CHAMBERLAIN Flashcards

• Comparative Market Analysis is most often used to(a)ensure the the seller has a realistic listing price(b)help

the buyer(c)assist a builder in determining construction cost(d)determine property value for insurance purposes

• demand being equal(a)prices decrease as availability decreases(b)prices

increase as availability increases(c) prices increase as availability decreases(d)prices always increase

• All of the following are among the forces influencing

value Except:

(a) Economic(b)political(c)social(d)demand

• Property that is very seldom sold would be appraised by

which of the following appraisal techniques?(a) Market data approach(b) Cost approach(c) capitalization approach(d) Hoskold or Inwood method

• When the real estate commissioner stops a real estate

licensee from performing any act in real estate which

requires a license, he would issue a(n):

(a)desist and refrain order(b)revocation declaration(c)bar order(d)order of cloture

• What should sellers do when they are uncertain

whether the property is located within one of the designated natural hazard areas?(a) Claim (in writing) that you have no actual knowledge that the property is located in a hazardous area.(b) Hire a third-party professional who specializes in natural hazard disclosures to find out if in fact the property is located within one of the specified hazard zones(c)Make a notation in the real estate transfer disclosure statement that you have no actual knowledge that the property is located in a hazardous areas(d)None of the above

• Both buildings and neighborhoods alike generally exist

in one of four life cycle stages; these are:

(a)utility, demand, scarcity, transferability(b)growth, stability, decline, and revitalization(c)progression, balance, conformity, regression(d)construction, equilibrium, deterioration, obsolescence 29.Market value is best described as:(a)construction cost(b)what the property will bring at sale(c)the value in use to the owner(d)replacement cost

• Which of the following persons is authorized to manage

property for the general public?(a)A licensed real estate broker(b)One holding a certified property manager designation(c)Any affiliate member of the california association of realtors(d)all of the above 92.A buyer is interested in a property. Buyer calls broker to see if she has a listing on the property. Broker says no, but that the owner is a client. Broker calls the owner to secure a listing and to let the owner know that she has a buyer.The owner says the property is not for sale. Two weeks later, the owner sells the property to the buyer.(a)broker is not entitled to a commission for her efforts(b)broker is entitled to 50% of the commission for her efforts(c)broker is entitled to all the commission for her efforts(d)broker must share commission with the buyer, who found the property on their own

• Salesperson jones is going door-to-door in her

neighborhood handing out fact sheets containing information on past sales in an effort to obtain new listings.According to the Commissioner's Regulations, the flier include (a)Her real estate license identification number(b)her employing broker's real estate license identification number(c)Her assistant's real estate license identification number(d)All of the above

• A licensee placed the following ad in the newspaper;

"three bedroom, two bath, pool and spa, large lot- $967,000. 555-1234. "Which of the following best describes this ad?(a)This is false advertising(b)This is misleading advertising(c)This violates Regulations Z(d)This is blind advertising 88.Who is required to provide the natural hazard disclosure statement to the buyer?(a)The seller or seller's agent(b)The buyer agent(c)The escrow officer(d)The lender

• Evans owns a new personal residence. The

transportation agency is widening the street in front of his residence. This will cause Evans to lose 10 feet along the front of his property which borders the street. This is an

example of:

(a)functional obsolescence(b)economic obsolescence(c)physical deterioration(d)accrued depreciation

12. functional obsolescence can be created by: (a)non-conforming land

use(b)over-improvement(c)deterioration of the driveway(d)external forces 59.Prensenting competing offers to purchase property to an owner in a way that influence the owner to accept an offer

that is favorable to the agent is:

unethical and illegal (a) & (b)

• Which entity issues a permit for a subdivision in a

coastal community?(a)California coastal commission(b)California department of real estate(c)California department of conservation(d)California department of parks and recreation

• Which of the following would terminate agency?(a)mutual consent(b)death of the broker or seller(c)

destruction of the property(d)all of the above

• A salesperson's commission is paid by the: (a)seller(b)employing broker(c)escrow(d)buyer

30. The prime requisites of value area:(a)transferability, demand, cost,

scarcity(b)transferability,cost, demand, utility(c)demand, cost,transferabilty, age(d)demand, utility, scarcity, transferability 36.In order for a licensed salesperson of a broker to legally mange the office, initial contracts, and constitute proper

supervision, which of the following is required:

(a)2 years full-time experience during the (immediate) preceding 5 years.(b)2 years full-time experience during the (immediate) preceding 5 years ouse 16 college units(c)2 years full-time experience during the (immediate) preceding 20 years(d)Experience is not required as long as they are licensed 34.Copies of real estate transaction documents must be

kept:

(a)by the broker for 4 years(b)by the broker for 3 years(c)by the broker or salesperson for 3 years(d)by the salesperson only for 3 years 76.California state law defines maximum security deposit based on furnished v unfurnished. The maximum security

deposit allowed by law for an unfurnished rental is:

(a)1 times the rent(b)twice the rent amount(c)3 times the rent(d)1 1/2 times the rent

• When a licensee is employed as an independent

contractor, the employing broker may still have to cover the

licensee for:

(a)unemployment insurance(b)workers' compensation insurance(c)errors and omissions insurance(d)all of the above are required

• The period over which a property may be profitably

utilized is called its:

(a)economic life(b)amortized life(c)income life(d)net life

58.The statement realtors shall not publicly disparage the

business practices of a competitor would be found in the:

(a)business and professions code(b)commissioner's code of ethics(c)NAR code of ethics(d)real estate law 81.The Alquiest-priolo Earthquake Fault Zoning Act resulted in the establishment of Earthquake Fault Zones.How wide is the "typical" zone boundary?(a)1/4 mile(b)1/2 mile(c)3/4 mile(d)1 mile

• A licensee was farming a non-integrated neighborhood

which was next to an integrated neighborhood by telling the owners that is minority people moved into their neighborhood, their property values would go down. This is

an example of:

(a)steering(b)panic peddling(c)blockbusting(d)both (b) and (c) 68.A broker convinces a white family to put their home up for sale after saying that minority families are moving into the neighborhood. The broker's action are all of the

following except:

(a)blockbusting(b)panic selling(c)illegal(d)legal but unethical

• "No prudent person would pay more for a parcel of real

property than the price of a reasonably close alternative which is available without undue delay" refers most nearly

to the principle of:

(a)balance(b)conformity(c)substitution(d)intervention

• An owner of a 20-unit apartment house is considering

installing a swimming pool and calls an appraiser for his opinion. In advising the owner, the appraiser's opinion

would be based upon the:

(a)principle of regression(b)principle of contribution(c)principle of integration(d)principle of substitution

• An agent must submit all new offers to the owner until:(a)open of escrow(b)close of escrow(c)when the agent

decides(d)when the broker decides 32.A real estate licensee sells a used mobile home. How much time does the licensee have to submit a contract of sale to the Department of Housing and Community development (HCD)?(a)10 business days(b)10 calendar days(c)7 business days(d)7 calendar days 27.in appraisal, "utility value" most nearly means:(a)insurance value(b)liquidation value(c)market value(d)use value 52.An unlicensed secretary working in a real estate office

may legally:

(a)discuss terms for sale of a property advertised by the broker(b)type listing agreement for salespersons(c)collect rent on properties managed by the office(d)quote prices on listed property over the telephone

• Which of the following types of sale require a disclosure

that the sales commission is negotiable?(a)30-unit apartment complex(b)commercial property(c)industrial property(d)1-4 unit residential property 82.The alquist-priolo earthquake Fault zone Act is

concerned with:

(a)all buildings in the entire state of california(b)all residential buildings within an earthquake fault zone(c)all buildings within an earthquake fault zone(d)commercial buildings within an earthquake fault zone 63.Any citizen injured by discrimination in housing practices

may, under the civil rights act of 1968:

(a)institute a private action in a state or federal court(b)file criminal charges in federal court(c)file criminal charges with local law enforcement authorities(d)bring a civil action in a state superior court for specific performance

• The type of architectural design with an open floor place,

glass walls, and flat roof lines is:

(a)modern(bcontemporary(c)ranch(d)dutch colonial

• What portion of applicant license fees are put to use in

the recovery portion of the real estate education and recovery fund?(a)1 percent(b)5 percent(c)12 percent(d)50 percent

• The supervising broker should review all documents

prepared by their associate licensees:

(a)same day or end of next day(b)according to broker's procedures manual(c)within 10 days(d)at close of escrow

• A special agent is best described as someone who:(a)has power of attorney(b)has authority to sell a

property(c)has authority to represent a principal in a specific transaction(d)has authority to represent a principal in all matters concerning an area of the principal's interest 40.Real estate commissions may be paid in the form of:(a)a note(b)stock(c)cash only(d)anything of value 66.A broker is showing property to a person who is a minority. The broker decided to show property in a certain area because of his customer's race. This is an example of (a)redlining(b)block busting(c)plottage(d)steering

• In the correct order, list the chain of events necessary

to comply with the agency disclosure law:

(a)confirm, disclose,elect(b)investigate, disclose, confirm(c)disclose, elect, confirm(d)disclose, confirm, reconfirm

• In the appraisal of residential property, the cost approach

is most appropriate in the case of:

(a) new property(b)middle-age property(c)older property(d)multi-family property

• A "Brownfield" property that has been left vacant or is

underutilized is most likely:

(a)toxic and contaminated(b)taken for a freeway(c)depleted for crop use because the soil has been depleted after overuse(d)overpriced 64.A lion broker ask a person applying through the broker's office for a new loan to fill out a questionnaire in which the borrower's race and martial status are left blank. The

applicant can:

(a)refuse to disclose his race or martial status(b)file a complaint with the real estate commissioner(c)supply the information requested so his credit history can be properly checked(d)all of the above

• A seller lists a property with a real estate agent. The

agent shows the property to a prospect at one price and to a different race couple at a higher price. The seller then sells the property to a nieghborhood because the neighborhood does not want another race next door. Who has not broken the law?(a)the broker(b)the seller(c)the neighbor(d)the prospect 22.Why are housing so heavily weighted when calculating the consumer price index?(a)increasing down payment amounts contribute significantly to inflation(b)the most significant portion of the cpi is building cost(c)housing prices and the associated interest costs from the bulk of most homeowners outlay(d)all of the above

• The basic valuation principle of the market approach is:(a)change(b)increase &

decrease(c)anticipation(d)substitution

• A broker must have a written broker-salesperson

agreement with each of his/her:

(a)office employees(b)licensees only(c)janitors(d)assocaited brokers 55.Real estate licenses are issues for:(a)1 year(b)2 years(c)4 years(d)18 months 61.When a deed contains discriminatory language or

clauses:

(a)the deed must be rewritten by the owner before the property may be sold(b)the title company must re-write the