proceeding-an award by an arbitrator-a final determination

California Real Estate PRINCIPLES Flashcards charging an exorbitant rate of interest and is regulated by both state and federal law Usury is -on all sales of real propertyAgency disclosure law requires specified agency disclosures-only when there are two real estate companies involved in the transaction-only on dual agency transactions-in all residential transactions involving one to four dwelling units-on all sales of real property -a decision issued by a government regulatory agencyA judgement is-a decision issued by a government regulatory agency-the decision arrived at in a mediation proceeding-an award by an arbitrator-a final determination of the right of the parties in a lawsuit -any of theseThe California civil code permits a landlord to enter leased premises-none of these-any of these-in an emergency-when the tenant has abandoned the premises -either of theseA commission is earned by a real estate licensee who has entered into a listing contract when-the seller accepts a purchase offer at an agreed on price and terms-the broker finds a buyer who is ready, willing, and able to purchase the property on the seller's original terms in the listing agreement-either of these-neither of these -1% of assessed value plus voter-approved indebtnessThe maximum annual real property tax rate in CA is-determined by the amount of equity-3% of assessed value plus Mello-Roos indebtness-1% of assessed value plus voter-approved indebtness-determined by each country -makes property information available to its membersA multiple listing service (MLS) is an organization of member real estate agents that-records deeds when properties are sold-makes property information available to its members-is regulated by the state-advertise properties to anyone who pays a fee -tenancy in commonIf no other method of taking the title is specified, and parties are not married to each other, the default form of title created is-ownership in severalty-community property-joint tenancy-tenancy in common -lower valueThe appraisal principle of regression provides that a property of higher value tends to decrease in value when surrounded by properties of-higher income-lower capitalization-different character-lower value illegalUndisclosed dual agency isA) permitted so long as no injury is sustained B) illegal C) permitted so long as the principal paying the commission consents. D) permitted on

residential property -like-kind propertyTo qualify for a tax-deferred exchange, the trade must be for-trade or business property-prorated gain-like-kind

property-no profit

the value of a property is determined by the cost of acquiring desirable substitute property The appraisal principle of substitution states that -a promise made by one person to another to either do something OR refrain from doing something A contract is-a promise made by one person to another to do something-a promise made by one person to another to refrain from doing something-none of these choices are correct-a promise made by one person to another to either do something OR refrain from doing something the commissioner's fraud fundthe special fund established to help compensate parties who have obtained a judgment against licensees that is uncollectible is called A) the broker trust fund B) the commissioner's fraud fund C) the impound account D) the recovery account -a combination of all of theseThe appraisal method used to appraise property is-a combination of all of these-comparison-cost-capitalization -sales involving 1-4 family dwellings, except for specified exempt transactions The Transfer Disclosure Statement (TDS) is required in which type of transaction?-sales involving federally regulated lenders-sales involving co-owners-only in "as-in" sales-sales involving 1-4 family dwellings, except for specified exempt transactions ...which of the following provides that a lawsuit based on a written contract such as a real estate sales contract, must be initiated within four years?-the statue of frauds-the statue of perpetuities-the statue of limitations-the statue of terminations -resident property managerIn CA every building with 16 or more residential dwelling units must have which of these?-professional management firm-elevator-swimming pool-resident property manager -a skeleton to which the exterior and interior walls are attached and consists of vertical supports called studs The best way to think about the framing in a house is that it is like-the base of the house that everything else rests upon-a skeleton to which the exterior and interior walls are attached and consists of vertical supports called studs-the waterproof barrier at the top of a house-the material that provides insulating properties to a house -the resident manager of an apartment building an example of an exception where the real estate law does not require licensing is-soliciting prospective sellers-the resident manager of an apartment building-soliciting prospective purchasers-exchanging property -material suppliersWhich of the following would be an example of someone who would NOT qualify to file a mechanics lien?-material suppliers-real estate brokers-subcontractors-contractors -neither of the aboveAn acceleration clause in a loan can result in the lender demanding full payment of the balance on the loan if-the borrower uses the property for an illegal purpose-either of the above-the borrower fails to pay the taxes-neither of the above