Real Estate Practice FINAL EXAM Flashcards

Real Estate Practice FINAL EXAM Flashcards Any person who is actively involved in a real estate transaction at the service of another, in the exception of

receiving a commission, must be:

Licensed After a license is revoked, that licensee cannot apply for

reinstatement until after:

• yr has passed

The CalBRE fee for the original salesperson examination

is:

$60 The rollback of California Property Tax to 1% of the selling price, plus 2% cumulative interest every year thereafter,

was mandated by:

Proposition 13 With what type of commission plan does a broker not charge a fee, but a commission based on a percentage of the selling price?Straight commission plan How a house looks to a passerby when compared to the

rest of the neighborhood is called:

curb appeal

The purpose of the lockbox is to:a store key to the property for agent access

Accredited Management OrganizationThe designation "CPM" refers to:

An incoming call register is a useful tool for: record keepingcontrolling ad revenue and expensesfollowing up on inquires

In California, a real estate assistant:is not required to be licensed

The seller must provide the buyer with a Lead-Based Paint Disclosure as an attachment to the purchase contract if the

residential property was constructed:

Prior to 1978 The Federal Home Loan Mortgage Corporation(FHLMC) is

commonly known as:

Freddie Mac In California, who customarily conducts the title search, prepares preliminary reports and issues policies of title insurance?Title Insurance Company What entity requires that you include your salesperson or broker's license number on all your real estate websites?CalBRE

The Real Estate Commissioner is defended by: the State Attorney General

An individual who is not a real estate salesperson or broker may solicit for the sale of real property as long as he or she

is:

the owner or holding power of attorney for the ownera receiver or court appointeea trustee, selling under a deed of trust

The Housing Financial Discrimination Act of 1977 prohibits:redlining

In order to be permitted to take the state real estate exam,

an examinee must present a(n):

acceptable picture IDprinted test date notice An assistant working as an independent contractor may be

expected to:

pay his or her own taxes When selling real estate, the MOST effective form of

communication is:

Direct contact (face-to-face)

A document that spells out the company's ethical and professional expectations and requirements, including a mission statement, personnel policies, and general

procedures is called:

an Office Policy Manual The amount of commission payable to a real estate broker

is ordinarily based on:

agreement of the parties Which of the following is NOT one of the 3 requirements for a valid escrow?Legal advice

FSBO refers to which of the following:For Sale By Owner

Before making an offer, which of the following forms should be provided to the buyer detailing the total cost of the purchase, including monthly payments?Estimate Buyer's Costs The portion of the Business and Professions code that

refers to licensing and subdivisions is called:

the California Real estate law Surveys have shown that a younger demographic clientele

prefers to be contacted by their real estate agents via:

tweet and text Sources of listings may include:probate attorneys"for sale by owner" adsforeclosures Retail propertyCommercial office propertyIndustrial property

Delaying the fixing of existing repairs is called:

A candidate must be how old to obtain a real estate license?18 years old The Federal Civil Rights Act of 1968 was based on the

Supreme Court case of:

Jones vs Mayer The compensation for processing the loan and setting it up

on the books, which is based on the loan amount, is:

a loan origination fee A real estate broker who wants to include negotiation of loans for prospective borrowers and the sale of trust deeds

secured by real property will need:

a real property security dealer's endorsement All the documents a brokerage generates for a single

completed transaction are kept in:

a master transaction file The short name for the "California Green Building Standard Code"

The designation AMO refers to:

The form that is often referred to as "FIRPTA" is the:Seller's Affidavit of Nonforeign Status and/or California Withholding Exemption The most updated real estate information online can be

found on:

Realtor.com Which of the following is TRUE concerning the employment relationship between the broker and salesperson?A salesperson actively involved in real estate activities must be employed by a licensed brokerThe CalBRE considers a salesperson an employee of the broker, even if he or she is an independent contractor.The broker must carry worker's compensation insurance for his or her salespeople Which of the following is a lender's extended coverage policy?

ALTA

To pass the salesperson examination, you must get:70% correct

Escrow is not officially closed until:All the conditions of escrow have been completedThe buyer's remaining money is received.The documents are recorded.The Verification of Property Condition form is filled out:during the final walk through

The Institute of Real Estate Management(IREM) "Section 8" refers to:

If the seller is not able or not willing to perform the terms and conditions agreed upon in the original Purchase agreement, the buyer's agent forwards which form to the listing agent?Notice to Seller to Perform The purpose of the lockbox is to:CALGreen is: Ownership of a website (domain name) is treated legally

most like:

real property This new type of barcode that consists of black modules arranged in a square grid on a white background, which

can be read by an imaging device is called a:

QR Code

Every REALTOR must swear to abide by:the NAR Code of Ethics

The list of potential clients than an agent contracts on a

regular basis:

is considered his or her "sphere of influence" What agency regulates the insurance of liquor licenses in California?California Department of Alcoholic Beverage Control (ABC)

Police power deals with:healthsafetymorals

The collection of seller information from several MLSs to

post on to one site for easier comparison is known as:

MLS aggregation A tenant's right to occupy real estate during the specified

term a lease is a :

less-than-freehold estate or leasehold estate The process of getting listing information displayed on

numerous other websites is:

listing syndication Which of the following would normally be found in a shared document file?Seller's informationAll disclosuresBuyer's information

The Real Estate Commissioner is:Appointed by the Governor

The CalBRE salesperson's exam:takes 3 hrs and 15 minuteshas 150 questionsrequires a score of 70% to pass

The county officer who collects real property taxes is the:county collector

An escrow holder can be:a corporationan attorneya real estate broker acting as the agent in a transaction The annual percentage rate(APR) is:the amount financed plus interest rate, points, and loan feesthe actual cost of borrowing moneyexpressed as a percentage Which of the following listing forms does a buyer NOT receive a copy of?Residential listing agreementSellers AdvisoryEstimated seller's proceeds Which of the following government organizations makes direct loans to borrowers?CalVet Which of the following refers to a business that has an actual physical presence?Brick and Mortar

Which of the following is an excellent resource for finding FSBOs?Craigslist Regulations of the Real Estate Commissioner can be found

in:

the CalBRE publication Real Estate Law Low-income housingBy California law, no governmental agency can adopt any

rent control restrictions on:

Which of the following statements is NOT true concerning listing in California?Listing agreements are also referred to as purchase contracts Certified Property ManagerA professional association for property managers that is a

division of the National Association of REALTORS(NAR) is:

Any person who is actively involved in a real estate transaction at the service of another, in the expectation of

receiving a commission, must be:

licensed A salesperson who is actively engaged in professional real

estate activities must be employed by:

a licensed real estate broker "Scheduling income" is the potential gross income a

property is capable of producing:

if there were no vacancieswithout deductions for expenses How many copies of a listing agreement must be provided to a couple who is considered "one legal entity?" 1 In a listing agreement, handwritten or typed-in instructions:are given precedence over preprinted instructions

Liquidated damages are:paid for not fulfilling a clause or condition in the

contractagreed to in advance and stated in the contract Every state government regulates its own real estate brokerage activities by staff members who are collectively

referred to as:

regulators Which of the following lenders makes the majority of their funds available for short term high interest loans like credit cards and automobile loans?Commercial banks If you take an electronic examination, your results will be:provided to you upon completion of the exam The Continuing Education (CE) requirement to renew a

license is:

45 hrs every 4 yrs For income tax purposes, the straight-line depreciation

schedule for RESIDENTIAL property is a minimum of:

27.5 years The basic type of income producing properties include:office buildingsindustrial propertiesretail properties Which of the following is NOT an institutional lender?Private lenders A packet of forms an agent provides to the seller when

taking a listing os called:

a listing kit The type of ordinance in a city on residential properties that controls rent charged and how rent increases can be

called:

rent control CalBRE licensees who wish to negotiate mortgage loans and receive compensation for their services must have

a(n):

NMLS endorsement

Deferred maintenanceAs a property manager, your responsibilities with include: