Real Estate Final Exam - 100 Questions Flashcards

Real Estate Final Exam - 100 Questions Flashcards The seller must provide the buyer of a condominium with:the CC&Rsthe bylawsa copy of the most recent financial statement Misuse of the real estate appraisal report or coercion of the

appraiser are now:

federal felonies.

If a rental property is sold, the rents of the tenants are:prorated in escrow.

One-half of a section has how many acres? 320

The bottom portion lining a doorway or window is the:sill.

Which of the following is NOT usually prorated in escrow?Title insurance If the prospective investor of real property is most concerned with making money off the usefulness of the

improvements, he or she would be most concerned with:

economic life remaining in the improvements.The salesperson exam requires what percent of correct answers to pass?70% A real estate professional who assists agents and brokers in the processing of a real estate transaction all the way

through escrow is known as a(n):

transaction coordinator A real estate license for both salesperson and a broker

must be renewed every:

four years.The current status of items from the county records

affecting the property's title is called the:

preliminary title report.Which "American" title insurance is usually requested by lenders?ALTA policy What is the section in the Residential Listing Agreement (Exclusive Authorization and Right to Sell) that can entitle a broker to a commission even after the termination of the listing?Safety Clause

A recorded public history of a specific property is called a:chain of title.

A fee estate that is subject to particular limitations imposed

by the grantor of the estate is called:

a fee simple defeasible estate

The nominal interest rate is:stated on the note

An agency is terminated by operation of law when: the agency agreement expiresthe broker or seller diesthe property is destroyed

Zoning is under the control of:government agencies.

Which word best describes the effects of income taxes as your income increases?Progressive Which of the following is NOT a test to determine whether an item is a fixture?Date of purchase Which of the following are considered non-institutional lenders?private lendersmortgage companiescredit unions When an improvement is permanently attached to real

property it becomes:

real property.

Real property consists of:land and structures on the landanything incidental to the landanything appurtenant to the land You enter a hardware store where you have an account, pick up a pair of $5.00 pliers, and wave them at the manager as you leave the store. This would be an example

of a(n):

implied contract.

An information booth is called a(n):kiosk.

The "Pest Control Inspection Report and Certification" is

also called the:

termite inspection.When a residential tenant vacates a residential rental unit, the landlord has how long to return any unused portion of the tenant's security deposit?21 calendar days An ownership interest in real property that only exists for the life of any designated person or persons (often the

grantee) is called a(n):

life estate.When the Federal Reserve wants a "loose" money market,

it:

buys back bondslowers the discount ratelowers the reserve requirements of banks

An incompetent person:is of unsound mindcannot individually contractmust have

court approval to contract Of the following, who is permitted to purchase property in California without court approval?Foreign persons (aliens) Noninstitutional lenders who usually lend their own money and then sell their loans to others and service the loans are

called:

mortgage bankers.When property is legally described using the U.S.Government Rectangular Survey System, the intersections of the north-south lines with the east-west lines are known

as:

base lines and meridian lines.You are a landlord who discovers that one of your tenants is having new carpet installed in his apartment without your

consent. To protect yourself, you should file a(n):

notice of non-responsibility.Which advisory form reminds the buyer and seller of the importance of investigating a property before the sale?Statewide Buyer and Seller Advisory A lien placed on more than one parcel, all parcels having

the same owner, is known as a:

blanket encumbrance.

Depreciation can be:curableincurableloss in value from any cause

Which of the following is a requirement of a lease?length of leaseamount of rentnames of parties

An outdated kitchen would be an example of: functional obsolescence

In order for victims of domestic violence to terminate a lease, they must provide the landlord a copy of a police report that a domestic violence report has been filed and a

written:

30-day termination notice.Other than the initial small deposit to open the account, when are money deposits the personal property of the broker?Never

The Real Estate Commissioner:enforces the Real Estate Law.

A person who is authorized by the Secretary of State to witness the acknowledgement of documents is known as

a(n):

notary public.The California Department of Veteran's Affairs loan

program is commonly known as the:

CalVet Program.An agent who intentionally shows minorities homes for sale in a minority neighborhood only and refuses to communicate the availability of housing in other

neighborhoods is guilty of:

steering.The area of a rectangular lot that is 50 feet wide by 100

feet deep is:

5,000 sq. ft.

To be valid, a lease need NOT include the: words "let or demise"

Which of the following is FALSE concerning a grant deed?It is signed only by the grantee.The original housing law in California that deals with

discrimination in business is called the:

Unruh Civil Rights Act.

The acronym "CLTA" stands for:California Land Title Association

The cost of approach is most effective:with new, unique, or public buildings.

How many square feet are in 1 acre?43.560 The fundamental goal of the California Housing Finance

Agency (Cal HFA) is to:

help minority buyers obtain financing for new home purchases.The market data method (comparison approach) is the

most common approach for:

housescondosvacant land Which of the following is considered the most popular real estate brokerage websites?realtor.com and zillow.com

Real property subject to a lien is referred to as:encumbered.

The term "EER" is used to measure:energy efficiency (the higher the better)

The Fair Employment and Housing Act prohibits: redlining.

The rate the borrower is actually paying (including interest,

points, and loan fees) is called:

the effective interest rate.Which of the following is an important tax date to remember?November 1December 10February 1 Which of the following is an example of a voluntary lien?Trust deed.Under the Department of Real Estate Commissioner's rules and regulations, which of the following would be required to have a written employment contract with a broker?A real estate broker working for another real estate broker.Escrows base monthly prorations on how many days? 30 Which of the following is NOT a type of property lot?Curb lot.The type of misrepresentation which occurs least often in a

real estate sale would be:

malicious misrepresentation Which of the following is NOT one of the forces that affect the value of a neighborhood?Past sales considerations Which of the following is true about the salesperson's exam?150 multiple choice questionslasts three hours and fifteen minutesrequires 70% correct score to pass

A mechanic's lien can be filed against a property by someone who has furnished which of the following services?landscapingroofingplumbing How many square feet are in an acre?43,560 If the "exact" terms of the listing agreement are met, the

listing broker is entitled to a commission, even if the:

owner refuses to sell to the buyer.A document given to a tenant stating that he or she must

pay past due rent or vacate is known as a(n):

three-day notice to pay When prices rise due to shortages of available properties, it

is known as a:

seller's market.Which of the following forms are included in the "Listing Package?" -Disclosure Regarding Real Estate Agency Relationship-Possible Representation of More than One Buyer or Seller - Disclosure and Consent-Wire Fraud and Electronic Funds Transfer Advisory A broker who mixes personal funds with his or her

principal's funds is guilty of:

commingling.What is the term used when a person leasing a property remains after the expiration of the stated term?estate at sufferance.Which of the following statements is FALSE concerning economic obsolescence?It is due to wear and tear.An appraiser using the market approach collects many recent comparable sales. If a comparable property has a feature that is NOT present in the subject property, the

estimated value of the feature is:

subtracted from the sales price of the comparable.The "Purchase Agreement Package" includes which of the following forms?-Disclosure Regarding Real Estate Agency Relationship-Buyer's Inspection Advisory-Wire Fraud and Electronic Funds Transfer Advisory In real estate, the person who acts for and with the

authority of another is called a(n):

agent.

Mello-Roos liens:-require a seller and/or salesperson to disclose-are

municipal bonds-usually fund street improvements Which of the following would best describe an open listing?nonexclusive If a landlord knows that there is a current bed bug

infestation, he or she:

cannot show or rent vacant units.A Federal Estate tax return must be filed for any U.S.

resident whose gross estate exceeds:

$10,000,000.

The federal civil rights law that applies to people with

disabilities and protects them from discrimination is the:

Americans with Disabilities Act

CC&Rs refer to:covenants, conditions, and restrictions.

The closing date is:the date the documents are recorded.

If a buyer defaults on a conditional sales purchase contract (land contract), who would file a quiet title action to remove the cloud on the title?Seller.

An "REIT" is a:real estate investment trust.