California Real Estate Exam Questions
Practice Tests Questions for the California Real Estate Sales Person Exam
Terms in this set (737)
Broker A receives two offers on Seller B's house, which is listed for sale at $250,000. The first offer is for all cash at $200,000. The second offer is for 20% down with 80% financing for the full price. What should the broker do with respect to both offers?
Present both offers to the seller as soon as possible.
The two primary documents dealing with payment of a loan are the mortgage or deed of trust and a
The term that best describes a continuous urban corridor joining at least two cities is
The term real property can also be described as
the bundle of rights.
The rights of a landowner to a river bordering her property are known as
In the case of a transfer of ownership of a piece of real estate, a fixture is normally
assumed to be included in the transfer.
A tenant who operates a jewelry store wants to take his jewelry cases with him at the expiration of the lease. What is the best solution?
He may take the cases if removal will not cause substantial damage.
A legal description of property is not adequate unless
land boundaries are defined.
The lot and block system of property description is not also known as the
rectangular survey system.
What best describes the interests of the holder of a life estate?
possession, use, and ownership
How many acres does a section of land contain?
The requirement that multiple owners take title to property at the same time is a characteristic of
The type of ownership that provides the most complete bundle of rights is
fee simple absolute.
Which are most similar to each other with respect to inheriting property?
joint tenancy and community property with right of survivorship (both allow for reversion to remaining owners)
A statement of the goals and policies regarding growth of a community is a good definition of the
The primary difference between a common interest subdivision and a standard subdivision is
ownership of common areas.
Which of the following is a generic term for a group of people joining together to invest in real estate?
The proper way for a landowner who has physical difficulty in developing his property to get relief is to obtain a
When is a landowner entitled to compensation for a change in zoning?
when the landowner is denied all practical economic use of the property
At which lot does the Subdivided Lands Law take effect?
the fifth lot
The state has enacted legislation providing special consideration or control for development of
rangeland, earthquake areas & coastal areas
The land that benefits from an easement is referred to as the
All liens are encumbrances. All encumbrances are
A deed restriction prohibiting the sale of property to certain ethnic groups
is illegal and unenforceable.
A mechanic's lien creates
a cloud on title.
A private deed restriction that places a restraint on alienation
is void, restricts the sale of property and is unenforceable.
An easement is an encumbrance
The seller of a one-family house is required to disclose to buyers
the structural and mechanical condition of the property.
The process by which eminent domain occurs is called
An agent represents a
Which of the following types of easement does not run with the land?
the electric company's easement to cross over your land with their power lines
What is another term for an agent entrusted to act on someone's behalf?
The agent who brings a ready, willing, and able buyer to a seller is commonly called the
Broker A agrees to represent Seller B in the sale of her house. Seller B agrees to pay Broker A a commission if he successfully sells the house. What do we know for certain based on these facts?
A bilateral express contract exists between Broker A and Seller B
Broker A has a listing agreement to sell Seller B's house. Broker A brings an offer to Seller B on behalf of Buyer C. Seller B rejects the offer and a week later attempts to negotiate directly with Buyer C. Seller B has violated
the duty of care.
Seller A wants to walk away with $200,000 after the sale of her house and all expenses are paid. She agrees that Broker B can keep, as his fee, anything he gets above that. What type of agreement have they made?
a net listing
Seller A has signed a listing agreement with Broker B. Without the assistance of Broker B, Seller A sells her property and under the terms of the listing agreement owes no commission to Broker B. What type of listing agreement did Seller A sign?
an exclusive agency listing
A cooperating broker may represent
the buyer or the seller or the listing broker
This is not a type of listing agreement?
Broker A has a listing to market Seller B's house. He also has a buyer's agency agreement to find a house for Buyer C. If Buyer C becomes interested in Seller B's house what might the danger be, if any, to Broker A?
the creation of a dual agency (this can be taken care of by disclosing to both parties)
Who of the following owes fiduciary responsibility to the buyer?
the buyer's agent
A broker hired to sell a house is considered a
A real estate salesperson is always considered an
Seller A wants to get the broadest exposure for the sale of her house but does not want to pay a commission if she sells the house herself. What type of listing will she try to establish?
All agency agreements for the sale of property must be in writing except creation of an agency by
there are no exceptions.
The most profitable single use that will generate the highest value for a piece of property is called it's
highest and best use.
Broker A agrees in writing to keep details of Seller B's property in his files but indicated that he will not actively market it. Seller B agrees to pay Broker A a commission if he finds a buyer. This agreement would best be described as
Which of the following is not a characteristic of value?
An uncashed deposit check usually may be held and not deposited by the broker for how many days before an offer is accepted?
until the offer is accepted
Two lots, each valued at $50,000, when combined have a value of $125,000. What term best describes this added value?
What is deducted from potential gross income to arrive at an effective gross income?
vacancy and collection loss
In the income approach to estimating value, another term for the capitalization rate is
rate of return.
In appraising a property, the process by which dissimilarities are accounted for in comparing a subject property and a comparable property is called
An appraisal may have more than one date on it. The date of the value estimate is the
What is an example of functional obsolescence?
having to get to a bedroom by going through another bedroom
If you assume that depreciation occurs at an even rate, what method of calculating depreciation would you be using?
economic age life method
A parking lot in a downtown area being developed with office buildings is most likely
an interim use of the property.
Potential gross income of an investment property is the same as
market rent plus other building income.
The gross rent multiplier approach is a useful income approach in appraising
Which approach to valuation estimates land and building value separately?
In order to arrive at a final value estimate after applying all three approaches to value, which of the following will an appraiser do?
Reconcile the three values.
What type of value is the term advalorem most closely associated with?
Rising mortgage interest rates will tend to
lower property values.
What activities of the Federal Reserve System is likely to have the most direct effect on the rates charged for consumer credit?
adjusting the discount rate
Appraisers paid on the basis of a percentage of the value of a property are
in violation of appraisal ethical standards.
A person wanting to buy a $200,000 home by putting down $40,000 in cash and borrowing $160,000 is making use of what financial concept?
"An improvement to a property is worth the value it adds, if any, to the whole property, not its individual cost or value" is a good definition of the principle of
A buyer purchases a $275,000 house with $60,000 down and a mortgage loan of $215,000. In order to secure a preferred interest rate, the borrower must pay the bank 1 point. How much will this charge be?
$2,150 (a point is 1% of a loan)
After 1989, who insured deposits in all federally chartered banks?
The process by which a mortgage loan is paid off in equal payments consisting of principal and interest is called
"The difference between the value of a property and all debts attributed to it" is a good definition of
The object of creating a negotiable instrument is to
allow a note to be transferred.
The terms and conditions of the promise to pay back money borrowed to buy a house is found in the
A home buyer borrows $280,000 to purchase a home for 30 years at an interest rate of 7%. How much interest will he pay the first year on the loan?
$19,600 (Total amount borrowed x 0.07 or 280,000 x 0.07 = 19,600)
What does a discount point do to the effective yield that a lender gets from a mortgage loan?
It raises it.
A mortgage lender requires a borrower to make monthly payments, in addition to the mortgage payments, to a special account to cover taxes and hazard insurance costs for the property. This type of account is commonly called
an impound account.
California law protects homeowners when the sale of the property cannot cover the outstanding mortgage balance
only on the original purchase mortgage loan.
Equity is most accurately defined as
the value of the house minus all liens and encumbrances.
A purchaser wants to buy a house that costs $330,000. The bank is offering a mortgage loan at a loan-to-value ratio of 80%. How much will the purchaser need for a down payment?
$66,000 (Loan to Value Ratio Bank Loans 80% 20% Down 330,000 x 0.20= 66,000)
The law that controls advertising of real estate loans is
What don't VA and FHA loan programs in California do?
Money is not lent directly by these agencies.
The interest rate charged by the Federal Reserve System to borrow money is called the
Which type of mortgage loan typically results in negative amortization?
A types of purchase financing that allows the seller to take immediate possession of the property but delays transfer of title is
a land contract, a contract for deed, an installment sales contract.
Buyer A pays $300,000 for a house putting down $60,000 and borrowing $240,000. The house appreciates 25% during the years he owns it. When he sells the house, what is his profit?
$75,000 (300,000 x 0.25 = 75,000)
A testator who dies testate has no need of
the laws of intestate succession.
Whose signature must be on a deed to make it valid?
Which of the following is not a duty of an escrow agent?
to conduct an independent investigation of the transaction
Which of the following is true?
All accretions are accessions.
Extra protection for title problems on property conveyed by a warranty deed is provided by
Builder A turns over the streets in his new subdivision to the town. He does this by
The creation of escrow is conditional on
execution of a binding contract. (Escrow is created when a binding contract is signed & conditional delivery of documents is agreed to)
The process by which payments such as taxes are allocated at closing is called
What is true regarding title insurance policy coverage for changes in land use as a result of zoning changes?
It is not covered by either ALTA or CLTA extended coverage policy. (Zoning Changes are not covered by either policy)
A seller has paid taxes of $2,400 in advance on July 1 for the following year. He closes sale of the property on November 1. Who owes how much to whom?
The buyer owes the seller $1,400.
The term advalorem usually is associated with
The opposite of marketabletitle can best be expressed as
cloud on title.
Assuming that the current assessed value of a property after all exemptions have been applied is $55,000, what is the annual tax on that property?
$550 (The statutory property tax rate is 1% 55,000 x 0.01 = $550)
The act that extended antidiscrimination protection to business establishments is the
Unruh Civil Rights Act.
A mobile home advertisement must be withdrawn within how many hours of the home being taken off the market?
What is the term used to describe the depositing of a client's funds into the broker's personal or business account?
The California law that specifically prohibits redlining is the
Housing Financial Discrimination Act. Practice Test 1
What is the most desirable form of deposit from a seller's point of view?
an immediately negotiable check
Blind ads for real estate are permitted
for no properties.
A broker must maintain records of a transaction for how many years from the date of closing?
Which of the following activities could be performed by an unlicensed assistant?
creating sales brochures
A broker who employs salespeople as independent contractors rather than employees has
the same amount of supervisory responsibility.
Real estate law in California is administered by the
Department of Real Estate.
A salesperson collects a commission directly from a homeowner after selling her house. Which of the following is true?
The salesperson has violated the law.
A violation of the Real Estate Law could result in all of the following penalties except
a term of not more than one year in jail.
Payments for a financial injury sustained by a person as a result of the fraudulent practices of a real estate broker would be made from the
California Real Estate Recovery Fund.
When must a real estate salesperson be licensed in order to receive a commission?
at the time of the transaction
An unpaid child support obligation will result in what type of license being issued to a real estate salesperson applicant?
a 150-day temporary license
Which of the following statements is true?
The state of California has no official code of real estate ethicsPractice Test 1
Which of the following is not exempt from requiring a real estate license?
a corporation providing real estate sales. A real estate brokerage corperation musht hav a corporation license
Informed consent to practice dual agency is
required by both California law and the National Association of Realtors code of Ethics
How long does an applicant have from the time of passing the license exam to obtain his salesperson license?
Commercial property owners may require a maximum of
There is no maximum.
Which of the following is true?
All salespeople must work for brokers.
The grace period during which an expired license may be renewed simply by paying a renewal fee is
two years, and the agent cannot practice during that time.
The agent conducting the mandatory physical inspection of the property certifies the completion of the inspection in
the Real Estate Transfer Disclosure Statement.
Public improvements such as sidewalks may be paid for by
ad valorem taxes, Mello-Roos Community Facilities Act bonds and special assessments.
Within what time frame must a legal action be filed as a result of information in a property transfer disclosure statement?
Broker A is selling property to Buyer B. In which, if any, of the following situations would Broker A have to disclose his interest?
Broker A's brother-in-law owns the property, Broker A owns the property and Corporation C owns the property and Broker A is part owner of the corporation.
Buyer A is interested in purchasing a property from an estate. He asks the broker how the previous owner died. The owner died 18 months ago by suicide. The broker
must answer the question honestly.
The Real Estate Recovery Account is funded from
real estate license fees.
Seller disclosure of a dwelling's physical condition is required of
A house is being sold by a real estate broker on behalf of a homeowner. The basement leaks every time there's more than an inch of rain. The house is on a substandard-size lot, which will require a zoning variance to make any additions. The school district is rated in the bottom half of all districts in the state. And the furnace is 20 years old. Which of the following statements is least likely to be considered fraudulent misrepresentation?
This house is in a great school district.
A member of the National Association of Realtors is known as a
Houses built after 1980 and sold with the assistance of a broker will require all of the following except
a lead-paint hazard disclosure (cut off date for lead paint disclosure is for houses built before 1978).
The Homeowner's Guide to Earthquake Safety must be provided to purchasers of one-to four-family homes built prior to
January 1, 1960.
With respect to disclosure, state responsibility areas deal with
For disclosure purposes, a material fact effecting property value would include all but which of the following?
the presence of a significant minority population in the community
Ordnance location disclosure deals with the
possibility of live ammunition from military installations in the area.
An option to purchase property is considered an
express unilateral agreement.
At what phase of the contract process is a real estate commission generally earned?
One party agrees to sell another party a piece of property in exchange for a certain amount of money. The agreement is in writing. What type of contract do the parties have?
Which of the following types of listing agreements need not be in writing?
an agent representing a landlord renting rooms in a rooming house on a week-to- week basis
Owner A hires someone to burn down his building for the insurance money. They agree on all the terms including payment. The contract would be
A real estate broker always represents the principal, who is always the
buyer and/or seller.
Buyer A indicates to Seller B that he wants to purchase Seller B's property for $300,000. Seller B tells Buyer A that he would be willing to sell the property for $350,000. At this point, which of the following is correct?
Buyer A is the offeree; Seller B is the offeror.
An exclusive authorization and right to sell agreement is considered an
express bilateral contract.
What is the minimum age for a married person to enter into a contract?
There is no minimum age for a married person.
A tenant who stays in rented property after the lease has expired without the consent of the landlord is said to have
an estate at sufferance.
In an option agreement, the consideration is
the amount paid for the right to purchase the property.
The tenant's interest in property is a
leasehold and is considered personal property.
Broker A receives two offers on Seller B's house, which is listed for sale at $250,000. The first offer is for all cash at $200,000. The second offer is for 20% down with 80% financing for the full price. What should the broker do with respect to both offers?
Present both offers to the seller as soon as possible.
The two primary documents dealing with payment of a loan are the mortgage or deed of trust and a
Owner A sells a piece of his property to Buyer B. In order for Owner A to get access to the county road he needs an easement across Buyer B's property. In order to accomplish this, which of the following has to occur?
Owner A must reserve an easement appurtenant for himself.
A deed restriction was placed on all the properties in a subdivision prohibiting aluminum siding because of its appearance. New vinyl siding has a much more natural appearance and several owners want to use it to re-side their homes. What's the best way to change the restriction?
All the homeowners in the subdivision should sign a voluntary agreement.
The most serious consequence of the difference between a covenant and a condition in a deed is that
violation of a condition could result in forfeiture of the land.
What is the study of population characteristics called?
Real property includes only
the land, structures, and fixtures.
Several people concurrently own a piece of property. They may not own the property as
tenants in severalty.
What is the best term to describe a situation where a person buying a property may not use the property for the manufacture of alcoholic beverages or else title will revert back to the seller?
fee simple condition subsequent
Which of the following best describes a trust as a form of property ownership?
Title is held by the trustee on behalf of the beneficiary.
In his will, Owner A leaves his house to his children subject to a life estate to his sister. The interest held by his children is best described as
In order to benefit from the homestead exclusion, how long does the homeowner have to reinvest the protected equity from the sale of the home?
Owner A is selling the north west quarter of a section of land he owns. How much land is he selling?
The use of the term correlative most closely relates to
underground water rights.
What is the most common type of voluntary lien?
Lumber is delivered to a house to build a deck. At what point, if any, does the lumber become a fixture?
when the deck is complete
Owner A owns a piece of property. She subdivides it and sells a landlocked piece of it to Owner B. In order for Owner B to gain access to a nearby road, Owner B seeks an
easement by necessity.
Which unity is common to both joint tenants and tenants in common?
A survey or you hire mentions terms like baselines and meridians when surveying your property. What system of legal description is he most likely using?
Owner A gives the county a subsurface easement across her property to build a sewer line. This is best described as an
easement in gross by grant.
A, B, and C own property as joint tenants. A sells her share to D. What is the new status of the ownership?
B and C are joint tenants with each other and D is a tenant in common with them.
Which of the following will not cause a cloud on the title to real estate?
pending zoning change
Merger of the servient tenement with the dominant tenement best describes
the termination of an easement.
The smallest subdivision affected by the Subdivision Map Act is a subdivision comprising
two or more parcels.
When a home is sold to pay off unpaid debts, the first debt to be paid is
An agent employed to handle a number of different matters on behalf of someone is called a
Under the California Environmental Quality Act of 1970, an environmental impact report must be prepared for
all subdivisions that will have a substantial environmental impact.
Neighbor A built a fence 2 feet onto Owner B's property. This is best described as a(n)
encroachment. Practice Test 2
Owner A owns 10 acres on which there is a deed restriction prohibiting subdivision of the land into smaller parcels. The local zoning permits homes to be built on parcels of 2 acres or more. Which of the following is true?
Owner A may not subdivide his land.
Owner A owns a 3-story building on property that is zoned for construction of a 20-story building. Owner A does not want to sell his building but wants to make some additional money from it. Assuming his actions are in accordance with local development codes, what might he do?
Sell his air rights.
Which of the following is a requirement to make an exclusive listing agreement valid?
a definite termination date
An implied agency
is created by the actions of the parties.
The state has taken Seller A's property by eminent domain for a highway after she listed it for sale. What happens to the listing agreement?
It is terminated.
The type of authority specified in an agency agreement is called
A written disclosure of agency representation is required for
one to four unit residential transactions.
Depositing a buyer's deposit check in the broker's business operating account is
called commingling and is a violation.
The principle of loyalty as a fiduciary requires the agent to put
the principal's interest above all others.
Under the duty of obedience, which of the following requests from the seller should the agent not obey?
The seller tells the agent to only show houses to minority families.
Which of the following types of listing agreements do not require the broker to be compensated unless she is the procuring cause?
open listing and exclusive agency listing
Broker A has a listing to sell Seller B's property. Broker A shows the property to his cousin, who is interested in the property. What problem can potentially arise?
undisclosed dual agency, unless Broker A reveals the relationship to Seller B and Seller B is okay with it
A buyer's agent knows that the buyer is anxious to purchase a house so that he can enroll his children in school before the school year starts. What must the agent do with this information?
Keep the information confidential.
In what type of listing might the broker be both principal and agent?
Broker A has an exclusive authorization and right to sell listing agreement to sell Seller B's house for $300,000. Broker A brings Buyer C to see the house. Buyer C immediately makes a full cash offer of $300,000 to buy the house with no contingencies in the contract. Seller B decides he can probably get more for the house and refuses the offer, raising the asking price of the house. Does Seller B owe the broker a commission?
Yes, because Broker A produced a buyer who met all of Seller B's terms.
Five years ago, Seller A added a deck on to her house but never got a building permit for it. What obligation, if any, does Seller A have with respect to the deck when she decides to sell her house?
She must advise the buyer of the situation.
Buyer A hires Broker B as a buyer's broker. Broker B assures Buyer A that her fee will be paid for by the seller. To whom does Broker B owe his fiduciary duty in this arrangement?
Buyer A, because she is the principal
Seller A tells Broker B, who is representing her in the sale of her house, not to disclose the fact that the house has a leaky roof. Broker B agrees and does not reveal the information to the buyer. Which of the following statements is true?
Both Seller A and Broker B are liable.
Broker A is hired as a buyer's broker to help Buyer B find a house. Broker A is considered a
The most reliable method for appraising single family homes is the
sales comparison approach.
You spent $10,000 to remodel your bathroom and found that it only added $5,000 to the overall value of your house. This is an example of what economic principle?
The market value of a property is its
most probable price.
In the sales comparison approach, a condition of sale adjustment would be made for a property that had been subject to
In order for a use to be considered the highest and best use of a property, it must be physically possible as well as
legally permissible, financially feasible, maximally productive.
The positive effect on value that larger home shave on a smaller home in the neighborhood is known as
Total depreciation from all sources is a good definition of
In the cost approach to valuation, the cost to create an exact duplicate of the building is called its
According to federal regulations, a licensed or certified appraiser is required for all federally related transaction appraisals for properties valued above
$250,000 cut off point for federally related transactions
In the sales comparison approach, adjustments are made to
the comparable to make it like the subject.
Using the gross rent multiplier method, what is the value of a residential property improved with a four-unit building where each unit rents for $750 per month and the typical multiplier is 157?
$491,000 (750 x 4 unit = 300,000 Monthly Income x Gross Multiplyer = Value SO, 3000x 157 =471000)
A subject property has four bedrooms. The comparable property has three bedrooms and recently sold for $225,000. The value of a bedroom is estimated to be $30,000. In all other respects, the properties are the same. What is the indicated value of the subject property?
If the reproduction cost of a house is $300,000 with an economic life of 50 years, how much does the house depreciate each year using the straight line method of calculating depreciation?
"The value of a property is determined by the cost to purchase a property of similar usefulness" is a good definition of the principle of
An extremely contemporary house in a neighborhood of colonial homes might suffer a negative influence on its value because it violates the principle of
In the cost approach, accrued depreciation is
deducted from the replacement or reproduction cost.
When considering depreciation, the concept of whether an item of physical deterioration is curable or incurable is a function
of its cost relative to the value it adds.
Buyer A borrows money to buy a house. As part of the repayment plan, when he sells the house he will have to turn over a portion of the profit he makes on the house to the lender. This type of mortgage is called a
shared appreciation mortgage.
What is the loan to value ratio above which a borrower will typically have to purchase private mortgage insurance?
The difference between the primary mortgage market and the secondary mortgage market is that the secondary market
buys mortgages from primary lenders.
A conforming loan is defined as one
for an amount that meets Federal National Mortgage Association (FNMA) standards.
A mortgage loan that results in the entire principal balance being due at the end of the term after all other payments have been made is referred to as a(n)
interest only loan.
The potential benefits of a sale lease back arrangement include all of the following except
liquidity of the investment.
Maximum loan broker commissions are set by
the Real Property Loan Law.
The best description of a holder in due course is
a note purchaser.
Which of the following pairs consists of terms meaning essentially the same thing?
foreclosure and trustee's sale
A purchaser of a $200,000 home using Federal Housing Administration (FHA) financing would have to make a minimum cash investment of
$6,000 (FHA Purchasers Must Invest A minimum of 3%)
What is not be considered an institutional lender?
Buyer A is purchasing a home for $375,000 and is getting a mortgage loan at a loan-to-value ratio of 80%. The lender is charging 2 points to secure a lower interest rate. How much will the borrower have to pay in points?
$6,000 (1 point = 1%)
The right of redemption exists in the case of
a judicial foreclosure.
In a deed of trust situation, who can claim the property in the event of a default of payments on the mortgage loan?
The court order to evict the former owner of a home that has been sold through a trustee's sale is called
Which of the following do not make direct mortgage loans?
Protection extended to home owners to avoid losing their homes as a result of an installment purchase of goods or services was created by
the Unruh Act.
What is the first month's interest on an amortized 30 year loan for $250,000 at 7% interest?
A holographic will is valid if it is
completely handwritten by the maker of the will (testator/testatrix).
Which of the following in not a requirement for a valid deed?
the signature of the grantee
Buyer A closes on a house for which he borrowed $300,000 to purchase. Two days later, he changes his mind about buying the house and wants to use his right to rescind the mortgage. Can he?
The product of accretion is known as
A mortgage lender provides a borrower with a good faith estimate of the closing costs and a special booklet that meets HUD requirements. The lender is complying with what law/act?
The property of a person who dies intestate and with no heirs will be claimed by the state in a process called
The form of deed that carries no warrantees, implied or actual, is a
Closing of title in escrow is considered complete when
documents are recorded.
Escrow instructions given by one party at a time to the escrow agent are called
A seller pays the yearly taxes of $3,600 in advance on July 1. He closes on the sale of the house on November 15. Who owes what to whom?
The buyer owes the seller $1,340.
An escrow agent pays a referral fee to any brokers who send him business. Which of the following is correct?
He is breaking the law.
Which of the following terms does not belong with the others?
An owner occupied home is entitled to how much of an exemption from the value of the property for tax purposes?
The primary focus of the 1866 Civil Rights Act was
preventing housing discrimination on the basis of race.
Title insurance premiums a repaid
according to local custom and negotiation.
An uncashed deposit check may be kept by a broker for
whatever time period the principal authorizes.
What is the annual inflation factor permitted for local property taxes?
The California Fair Employment and Housing Act was formerly known as the
Rumford Housing Act.
If a transaction does not close, for how long must a broker keep the records?
three years from listing
The placement of an ad for the sale of a property through a real estate broker without disclosing that fact in the ad is called
blind advertising and is illegal.
For purposes of the state license law, the relationship between broker and salesperson is always
that of employer and employee.
In order for a mobile home to be advertised for sale by a broker, it must be in a mobile home park or a location where it can remain
for at least one year.
An unlicensed real estate assistant can be compensated by
the broker or the salesperson.
What would constitute a real estate license law violation?
commingling client's and broker's funds, neglecting to secure informed seller consent when combining an option with a listing agreement or undisclosed duel agency
The California Real Estate Recovery Account is funded by
5% of real estate license fees
How many members are on the California Real Estate Advisory Commission (not including the commissioner)?
A restricted license could require a licensee to
only work in a certain area, only work for a certain broker, only sell commercial property.
Which of the following would not prevent a real estate license from being issued?
the applicant being only 18 years old
Which of the following is true?
California recommends study and observance of the National Association of Realtors (NAR) code of ethics.
A real estate broker operating a prepaid rental listing service is exempt from
having a Prepaid Rental Listing Service (PRLS) license and the security bond requirement.
According to the NAR code of ethics, once a seller has accepted an offer, a Realtor
can stop marketing the property.
Before taking the state license examination to be a real estate salesperson, a person must have at least completed or be enrolled in a course in
real estate principles.
A licensee who has had her license suspended by the real estate commissioner after a hearing may appeal to the
Anti trust laws prohibit
a broker discussing a commission with a competing broker.
The obligation of a broker or salesperson to inspect a property for physical defects was based on
Easton v. Strassburger.
An applicant for a real estate salesperson's license is behind on his child support payments and his name comes up on a delinquent payment list. What type of license can he be issued?
a temporary 150-day license
Which of the following agreements must be in writing?
a lease for two years, a lease for one year that is signed today but will begin in four months, a property purchase option agreement
Disclosure requirements for a real estate agent are limited to
material facts and all agency relationships.
A material fact and a material defect are the same thing
Damage or destruction that occurs to a property before escrow closes but after the purchase contract is signed
is the responsibility of the seller.
What is the limit on the cost of work that can be done by an unlicensed contractor?
less than $500
Use of the term Realtor unless one has the right to use the term
is illegal, can result in loss of license, is unethical.
The practice of real estate without a real estate license is prosecuted by
the district attorney in the appropriate jurisdiction.
A real estate salesperson working as an independent contractor will have
workers' compensation coverage.
A warranty of authority
makes the principal responsible for certain agents actions.
Special disclosures that must be made by sellers of condominiums and common interest subdivisions include
minutes of the past 12 months of homeowners' association meetings.
Under the appropriate circumstances, all but which of the following disclosures will be required to be provided by a seller?
demographic change disclosure
Buyer A signs an agreement with Seller B to purchase her home. Seller B changes her mind about selling, but Buyer A still wants the house. Buyer B files a suit for
Houses built before what year require a lead-based paint disclosure to buyers?
Owner A discusses the terms of selling his property with Buyer B. They agree on the amount of money, the type of deed, and when the closing will be. This contract for the sale of the property is
void and unenforceable.
The Natural Hazards Disclosure Act requires such disclosure for
virtually all properties.
The major difference between a unilateral and a bilateral contract is that
in a unilateral contract, only one party must act; in a bilateral contract, both parties must act.
A homeowner places an advertisement in the newspaper offering her home for sale and offering to compensate any broker who brings a successful buyer to the property. The homeowner is seeking to create an
express unilateral open listing.
A real estate sales contract entered into by an emancipated minor is
Which of the following is most correct about buyer broker compensation?
The fee paid by the seller is credited against the fee owed by the buyer.
Farmer A plants 3 acres of his land in tomatoes and then sells his property to Buyer B. If the contract of sale is silent about the tomatoes, who has the right to harvest the crop?
the new owner
Which of the following is not a requirement of a valid real estate sales contract?
A written lease may be changed by all of the following except
A lease option for a house
gives the tenant the right of possession and the right to purchase the house in the future.
A broker acting without a listing agreement must follow whose instructions with respect to the buyer's deposit?
A periodic tenancy without a lease for agricultural and grazing land is assumed to run
for one year. Landlord A leased an apartment to Tenant B for six months. Landlord A failed to specify when the rent payment was due. When can he expect to get his rent? -at the end of each month
In addition to the usual elements of a contract, a real property land contract must include
the number of years to complete the contract.
Fees charged to a tenant in a mobile home park are limited to all of the following except
The last payment on a mortgage loan that is at least twice as much as any other payment and generally is made at the end of the term to pay off the loan is called
a balloon payment.
The type of note that reduces the bank's risk of changing interest rates is called the
adjustable rate note.
Which of the following is not true about the rights of a tenant in a lease situation?
The tenant has a fee simple defeasible interest.
A land owner's sub surface rights include everything except
rights to drill at a slant onto a neighbor's property for oil and gas.
The stock in a mutual water company that is appurtenant to the land
may only be transferred with the transfer of the property.
In a real estate sale, fixtures
are assumed to stay with the property.
In the government or rectangular survey system, which of the following is not true?
A section is 640 acres.
In the government survey system, when, because of natural features, a lot less than a quarter section was created, it was referred to as a(n)
An assessor's map may not be used to legally describe a property in a deed unless the map
has been filed in the county recorder's office.
A husband owns a rental building that he acquired before he got married. During the course of the marriage, he sells the building and buys another building. The new building he has acquired is considered
Concurrent ownership means
property owned by more than one person at the same time.
Which of the following is not true when holding title to real property in co-ownership as tenancy in partnership?
A partner's right in the real property would be subject to community property rules.
Upon the death of a person who owns property in joint tenancy, her interest goes to
the surviving joint tenants.
Which of the following is true regarding an encumbrance?
All encumbrances are the interest of someone other than the title holder.
Design professionals such as architects
are specifically permitted to seek a mechanic's lien.
Deed restrictions a real so known as
Land owner A gives Land owner B apermanent right to cross her property with a driveway so Landowner B can get to the highway. Which of the following describes this relationship?
Landowner B is the dominant tenement and Landowner A is the servient tenement.
A limited partner's liability in a real estate investment is
limited to the amount of his investment.
A deed restriction requiring that a house be of a minimum size will be
A government document addressing the future physical development, transportation, housing, and other issues is called the
The authority to adopt zoning ordinances is derived from the
A person attempting to use property in away that is not consistent with the principal uses listed in the zoning ordinance might use any of the following except a
planned unit development.
Funeral homes are listed in the zoning ordinance as a permitted use in some residential areas provided certain specific requirements are met. Someone wanting to build a funeral home in such a residential area will most likely have to apply for a(n)
conditional use permit.
In a trust ownership situation, title is held by the trustee on behalf of the
Which of the following types of projects would least likely be subject to CEQA requirements?
building permit for a single-family house
Which of the following is not actually a legal form of property ownership or real estate investment?
TheN1⁄2 oftheW1⁄2 oftheSE1⁄4 ofasectionof land contains how many acres?
The action required to dissolve a tenants in common ownership if the owners cannot reach an agreement is called
Compensation from the Real Estate Recovery Account is limited to how much per transaction?
Two types of property interest provide for possession but not ownership. They are
leasehold and life estate.
Broker A is hired by Seller B to market her property for $300,000. Broker A decides to buy the property himself and pays full price. A week later, Broker A sells the property for $325,000. Which of the following statements is true?
Broker A should have told the seller of the deal he was going to make and gotten her permission.
Real estate commissions are
How long after the acceptance of an offer does a broker have in which to place a buyer's deposit check into an escrow account?
three business days after the acceptance of an offer
The right of an agent to do something in the sale of a property that is not specified in the listing agreement but is accepted practice is known as
mixing client funds with the broker's own funds, Illegal and avoided by depositing the funds in an escrow account.
An openlisting is an
express unilateral contract.
ABC Real Estate Company withholds Social Security from its workers' pay, pays unemployment insurance on their behalf, and withholds payroll taxes. The workers are most likely
The difference between an employee and an independent contractor for tax purposes is
the taxes withheld by the broker.
The fact that a sales person must always work under a broker's supervision makes it mandatory that, for certain purposes, the salesperson is considered
Cooperating brokers represent
whomever they have an agency agreement with.
Buyers' brokers may be paid by
either buyers or sellers.
Pocket listings are
governed by multiple listing service rules.
Broker A takes a listing to sell a house. Broker B brings a buyer to see the house and prepares an offer on behalf of the buyer. What do we know for certain about Broker B?
She is a cooperating broker.
A written disclosure of agency relationships must be presented to the seller before
the seller signs the listing agreement.
Which of the following best describes the type of income used in the income capitalization approach?
potential gross income
A broker who is acting both as principal and agent
may be exercising an option listing agreement.
An appraiser asked to appraise a church would most likely use what valuation approach?
For which of the following activities would the broker not require specific authority from the principal?
to use the services of an administrative assistant to prepare the sales brochure for the house
The value of the largest house located in a neighborhood of smaller homes may be affected according to the principle of
In the sales comparison approach, the value of a feature present in a comparable that is not present in the subject is
subtracted from the selling price of the comparable.
A relatively new house contains 2,500 square feet of space. A similar, 2,600 square foot house built recently cost $338,000 to build, excluding the land costs. What is the estimated reproduction cost of the 2,500 square foot house?
Which of the following is not a characteristic of value?
Functional utility can best be described as
design features that meet market demand.
Spending money to improve a property beyond the point where the improvements add value to the property is an example of the principle of
Net operating income does not include consideration of which of the following?
The method for estimating reproduction or replacement cost that is most useful as a check on the other appraisal methods is the
historic cost index method.
The estimated reproduction cost of a house is $200,000. The estimated depreciation on the house is 30%. What is the depreciated cost of the house?
The estimated cost to build a 200-year-old house using modern materials and construction methods is called its
When the supply of houses goes up and the demand stays the same, what will likely happen to house prices?
Prices go down.
The average sales price for your subject property is $300,000, which is 10% below the asking price after three months on the market. The house you are looking at to use as a comparable for your competitive market analysis sold at full asking price, after only two weeks on the market. Is this property a good comparable sale for you to use in your CMA?
No, because it likely sold below market value.
A comparable property sold six months ago for $250,000. Prices of similar properties have increased by 5% since that time. At what amount would a broker doing a competitive market analysis on a similar house likely value the subject property?
The effects of natural phenomena like earthquakes and market forces can best be described as the effects of the principle of
An over supply of condominiums built in a retirement area is often the result of not paying attention to the principle of
An acceleration clause in a mortgage loan or trust deed
allows the lender to declare the entire loan amount due immediately.
Value can best be described as
value in exchange.
A real estate broker discusses a buyer's mortgage needs with her, advising her of the types of loans available for her particular circumstances and suggesting a lender who might accommodate her needs. The agent even enters the buyer's information into a computerized system to help the lender provide the type of financing needed. Which of the following is true regarding payment of a fee by the lender to the real estate broker?
The fee could be paid.
Among other activities, which of the following does the Federal Reserve System do to control the supply of money available for loans?
set the discount rate
When two people cosign a note that requires joint and several liability, it means that
each cosigner can be required to pay the entire loan amount if the other defaults.
Which of the following will be affected by California usury laws?
a private lender making a loan to buy a house
Due to an increase in his home's value, a homeowner refinances his home for an amount larger than the original mortgage. After a few years, his financial situation changes and he can no longer make his mortgage payments. Due to a downturn in the marketplace, the foreclosure sale of the house does not cover the amount of the mortgage. His lender can
sue for a deficiency judgment.
In a loan situation, what does a mortgage do?
It acts as the security instrument for the loan.
Which of the following is correct?
A trustor conveys title to a trustee on behalf of a beneficiary.
A buyer purchases a property for $260,000 with 100% financing and is required to obtain private mortgage insurance (PMI). Assuming the property's value has not changed, at what point will the buyer be able to stop paying for the PMI?
when he has paid off $65,000
A holder in due course would probably not be able to enforce a note if the note maker used a defense of
In the case of a VA loan where the buyer signed a contract prior to receiving a CRV, what are the buyer's rights?
He can cancel the contract if the CRV is less than the purchase price if such a contingency is written into the contract.
A deed in lieu of foreclosure
will avoid a foreclosure sale.
Which of the following types of mortgage loans do not fall under RESPA requirements?
private loans being retained by the lender
A person making loans on owner occupied residential property fewer than how many times a year is exempt from Regulation Z?
6 The secondary mortgage market includes all of the following except -FDIC
Which of the following is true of VA loans?
The lender can require a down payment.
The VA permits refinancing under all except which of the following conditions?
to purchase a second investment property home
What clause in the original mortgage loan or trust deed would prevent the use of a wraparound mortgage by a seller?
due on sale clause
A deed of reconveyance is used to
convey title from the trustee to the trustor
A security instrument in a loan
hypothecates the property.
Owner A buys property near a lake and crosses his neighbor's property every day for more than five years to get to the lake. At this point, having never discussed the matter with his neighbor, Owner A has most likely acquired what with respect to his neighbor's property?
easement by prescription
According to the laws of intestate succession, where there is community property owned by Spouse A and Spouse B, in the event of the death of Spouse A, Spouse A's half of the property will
go to Spouse B.
In researching a chain of title on a piece of property being sold, which of the following is true?
The current grantor was the previous grantee.
Increasing the value of a property by constructing a building on it is called
The warrantees in agrant deed are
Escrow agents are licensed by the
Department of Corporations.
Fuel oil left in the tank at the time of closing is best described as a
credit to the seller.
If a property is purchased subject to an existing mortgage loan, the escrow agent will ask the lender for a(n)
Paying referral fees for directing title insurance business is
The apportionment of tax payments at closing is known as
The premium for the title insurance insuring the lender is generally paid by the
For purposes of taxation, assuming a property transfer is not recorded, how many days after the transfer in ownership does the new owner have to file the change in property ownership statement with the recorder or the assessor?
Commingling of funds is permitted
When is a tax lien placed on a property?
January 1, when the assessment roll takes effect
An exemption to the federal Fair Housing Act of 1968 is provided to
religious organizations providing housing to its members.
An offer to purchase that is not accepted by the seller would result in the deposit funds being
returned to the buyer.
The practice of discrimination in lending policies based on location is known as
A home having two scraggly bushes and a lightning-damaged tree is advertised by the broker as having beautiful landscaping. The broker is most likely guilty of
puffing and will not lose his license.
A written employment agreement between a salesperson and a broker is
A blind ad in a newspaper is acceptable
under no circumstances.
Which of the following tasks can an unlicensed assistant not perform?
driving buyers around to different houses
Almost three years to the date after listing a property that a broker sold, the broker is asked to produce the records of the transaction. He is unable to because he cleaned out his files. Has the broker violated the law?
Yes, because he needs to keep the files three years from the closing date unless the property didn't close.
How many members of the California Real Estate Advisory Commission must be licensed brokers?
If a real estate license is revoked, how long must the licensee wait to reapply for a license?
Illegal immigrants may
not obtain a real estate license.
Which of the following is not a license law violation?
offering a rebate or gift to a prospective client
Buyer A has received an award from the State Real Estate Recovery Account as a result of circumstances involving Broker B. As a result,
Broker B's license is suspended.
Which of the following persons would not be exempt from real estate licensing requirements?
a property manager managing ten buildings for five different clients.
Under which of the following circumstances, according to the NAR code of ethics, may a Realtor reveal confidential information?
when presented with a court order, when the Realtor has been given the full informed consent of the client or when the client intends to commit a crime
A real estate broker must disclose all but which of the following to his seller client?
the specific nature of the advertising to be done
A California real estate broker is negotiating with someone in San Francisco to buy property in Nevada. California requires him to have
nothing more than his California broker's license.
The major difference between a real estate broker and a real estate salesperson is that the
broker can accept commissions from a client the salesperson cannot.
An attorney in fact
may be authorized by a power of attorney to act on the behalf of a principal in certain
The prepaid rental listing service license requires a surety bond of
Which of the following is a disclosable material fact?
A new bedroom was added onto the house by the current owner.
A buyer moves into a seller's property two weeks before escrow closes. The buyer would most likely be a(n)
The obligation of a real estate agent to inspect a property for material defects extends to
one- to four-family houses only.
The California Real Estate Recovery Account is designed to compensate victims of all but which of the following?
Who is responsible for disclosing material defects and material facts to the buyer?
the seller, the seller's agent or the buyer's agent
When a payment is made on behalf of a licensee from the recovery account, what must occur before the licensee's license can be reinstated?
The licensee must reimburse the trust fund the full amount paid.
Which of the following activities would not require a real estate license?
selling your own commercial property
The lead based paint disclosure law requires
brokers to complete the disclosure form
A one-family home is sold "as is" by a homeowner. Which of the following disclosures will not be required?
Disclosures of seismic hazards and earthquake fault areas are
How many members other than the commissioner are on the California Real Estate Advisory Commission?
The public report for a condominium will include
interest to be acquired by the purchaser, negative environmental issues or limitations on the use of the property.
A contract made while one of the parties was drunk may still be valid if the contract
is affirmed when the person is sober.
A broker brings a buyer to a home that has been advertised as for sale by owner, discusses various sales-related matters with the owner, and offers the owner advice that the owner accepts. The sale goes through. Because nothing was ever put in writing between the broker and the owner, what type of agreement did the broker have with the owner?
implied, unilateral, invalid
Although not mandatory, which type of disclosure would most likely be made if the condition existed?
Which of the following types of contracts need not be in writing?
leases for one year
Which of the following does not exist?
Environmental Assessment Reporting Act
The best way to discharge a contract is
A buyer's broker is representing two buyers for the same house. This is
a possible dual agency or permitted if both agree.
Who of the following would be least liable for misrepresentations made by the seller?
the buyer's agent
Which of the following is correct with respect to making an offer to purchase real estate?
An offeror makes the offer; an offeree receives the offer.
What type of action is required to enforce a land contract?
suit to quiet title
Which of the following is true regarding property dealings with minors?
A minor may receive property as a gift but needs a guardian to sell it.
A safety clause in a listing agreement
guarantees that the broker will be paid under certain circumstances even if the listing agreement expires before the property is sold.
Tenant A subleases his apartment to Tenant B. Tenant A's interest is called a(n)
In a lease option, a portion of the rent
may be applied to the purchase price.
The requirement that a lease be in writing applies to all
leases for longer than one year.
Which of the following is not a reason that a mobile home park tenancy may be terminated by the landlord?
change in the number of occupants of the mobile home
Rent payment in arrears means
at the end of the lease term.
A retail store in a mall pays a base rent each month and a variable payment in addition to the base rent based on sales. This is most likely a(n)
One type of negotiable instrument is the
Buyer A agrees to make monthly payments to pay back the money he borrowed to purchase his home. Each payment will consist of principle and interest, every payment will be the same and the loan will be paid off with the last payment. He most likely signed a(n)
Which pair of terms is most closely related?
fee simple qualified and fee simple defeasible
The owner of a house wants to take his built in bookcases with him when he sells the house. Which of the following is true?
He should remove them and repair the wall before he offers the property for sale.
Owner A allows B to use Owner A's property as long as C is alive. This is most likely
Cultivated crops area lso called
Which of the following is true about ownership in severalty?
Another term for it is sole ownership.
If you purchased the north west quarter of a section of land, what would the length of each side of the property be?
Which of the following is most likely personal property in the context of a real estate transaction?
window air conditioners
The right of survivorship with respect to property owned by two or more people
eliminates the probate process.
Which of the following best describes riparian rights?
the ownership by a landowner of the land up to the high-water mark of a navigable river adjacent to his property
A husband dies and conveys his interest in a piece of real estate that was held as community property to his son from a previous marriage. The man's surviving wife and his son are now
tenants in common.
Owner A has a permanent right across Owner B's land to view the ocean. Owner B may not block that view. What might this be called with respect to Owner A?
A, B, and C pool their income to buy a multi family house as an investment. Each of them takes on different management duties and can act on behalf of the group. Each also has full liability for the actions of any other member of the group. This arrangement is probably a(n)
Which of the following can a joint tenant not do?
will his share to his heirs
The local zoning ordinance permits lot coverage by all structures and impervious surfaces of 30%. How many square feet of a lot can be covered if the lot is 150 feet by 250 feet?
11,250 square feet
When a person's land is rezoned to a use that reduces the value of the land by 25%, the owner
is entitled to no compensation.
With respect to subdivided lands, which of the following is true?
Reservations for future purchases may be taken when the conditional report is issued.
A property owner owns his house and the parcel of land it is built on. In addition, she has a common interest in the recreation areas, trails, and clubhouse. She most likely owns property in a
planned unit development.
Renewal of a subdivision approval by the Real Estate Commissioner is available if all the lots have not been sold within
The water table has to do with
use of underground water.
Which of the following provides special regulations for development along coastal area?
Coastal Zone Conservation Act
A tenant in an apartment house attaches some book cases to the wall. What is the presumption?
that the bookcases are personal property and can be removed by the tenant
A commercial acre is best defined as the
portion of an acre remaining after subtracting the area necessary for public improvements.
What is the number of the section that is always located in the northeast corner of a township?
A township in the rectangular survey system always contains
36 square miles.
A person who has a time share
will always have a use interest.
An offer by a listing broker to split a commission with a cooperating broker through the multiple listing system is an
express unilateral agreement.
Another term for implied agency is
In joint tenancy, which unity deals with each party owning an equal share?
A real estate broker's services are used by a seller to locate a buyer. They discuss price, terms, and commissions, but no written agreement is signed. The broker is able to bring about a successful sale and sends a bill to the seller for his commission, which the seller refuses to pay. What is true?
The broker cannot enforce the commission claim because he has no written agreement.
A sub divider plans on turning over the streets in a subdivision to the local town. This is most correctly called a
A broker negotiating a sale on behalf of a buyer when the buyer has not given him permission to do so is
operating under apparent authority.
A sales person receives a deposit check as part of an offer on a house. She should
give the check to her broker immediately.
In addition to meeting all the legal requirements to establish an agency relationship, in order to collect a fee from someone for selling his house you must be
a licensed real estate broker.
Broker A in representing Seller B lies to Buyer C about the condition of the property. Seller B knows that Broker A has lied but says nothing. Which of the following is true?
The broker and seller will be liable to the buyer.
Broker B is appointed by Broker A to help him sell a house. Broker A has permission from the seller to do this. Which of the following is true?
Broker B is a subagent of the seller.
Which of the following would not be considered dual agency?
a broker representing two different buyers who are interested in the same property as the buyers' agent
Based on an inspection of the property, which of the following is the selling broker responsible for knowing or finding out on behalf of a property purchaser?
evidence of water in the basement
A broker who seeks to profit from a listing he has beyond his normal commission is violating the fiduciary principle of
A broker has an exclusive authorization and right to sell listing with a seller who wants $250,000 for her house. The broker decides to use his cousin to buy the house for himself at the full price because he knows he can resell it within a month for $300,000. Which of the following is true?
The broker would most likely be viewed as making a secret profit, The broker could have accomplished this by revealing the whole situation to the seller, The broker could have legally accomplished this with an option listing, provided he told the seller he was going to resell it at a higher price.
For which of the following statements would a broker not likely be held liable in the sale of a $1,000,000 house?
"This house has a million-dollar view."
A seller tells an agent that the furnace is 5years old when in fact it is a well maintained 20-year-old furnace. The agent passes this information on to the buyer. When the truth is discovered by the purchaser after title closes, who will be held liable?
the owner but not the broker
Even upon request of the principal, a broker is not required to reveal which of the following information about the third party?
Broker A, representing a seller, never conducted an inspection of the house, which would have revealed water damage in the basement. How long does the buyer have to sue the broker?
A near by highway is being widened. You buy property along the highway because you expect property values to increase in the area. In making this investment, you are primarily using the principle of
Which of the following information should not be revealed when a broker is acting as a dual agent in a transaction?
that the buyer will pay more than what she is offering
A strip mall would most likely be appraised using the
income capitalization approach.
Which of the following must be in a listing agreement to make a commission claim enforceable?
a definite termination date
If a home buyer is able to secure a private mortgage loan significantly below prevailing interest rates, what can the buyer afford to pay?
more than another buyer with the same income
A four bedroom house with only one bath room is an example of
The subject property has three bathrooms. A comparable, similar in all respects to the subject property has two bathrooms and sold for $235,000. The value of the bathroom is estimated to be $15,000. What is the indicated value of the subject property?
Which of the following statements about cost and value is true?
They may be the same.
The potential additional value created by combining two adjacent lots is best described as
The best definition of an appraisal is a(n)
estimate of value.
The term reconciliation in appraising is best described as
weighted analysis of the various values.
Potential gross income minus a vacancy and collection loss is
effective gross income.
The most probable price a well in formed buyer would pay for a property that has been on the market for a reasonable period of time is a good definition of
Avacant piece of land measuring 75 feet wide by 100 feet deep sells for $150,000. How much did it sell for per front foot?
What is the formula for calculating value using the income capitalization approach?
Net Operating Income ÷ Capitalization Rate = Value
Farm land is directly in the path of development. An appraisal would most likely find the current agricultural use to be
an interim use.
A separate estimate of the land value is part of which appraisal approach?
A sale between family members in the sales comparison approach would require what type of adjustment?
conditions of sale
In analyzing whether or not to approve a mortgage loan application, the lender will consider all but which of the following?
the ethnic background of the borrower
The comparables location is deemed to be 10% better than the subject location. The comparable recently sold for $350,000. What is the indicated value of the subject property?
Which of the following is not one of the functions of the Federal Reserve System as a means of controlling the supply of money?
to print money
In appraising a three unit dwelling and wanting to analyze its income in the appraisal, what approach would you use?
gross rent multiplier approach
A loan that does not qualify to be purchased by the federal secondary mortgage market is generally referred to as what type of loan?
Which of the following does not be long in the group?
Real Estate Settlement and Procedures Act
In the case of default on a loan secured by a trust deed, declaration of default is sent
by the beneficiary to the trustee.
Which of the following is not a requirement to be a holder in due course of a negotiable instrument? The instrument must have been taken
directly from the maker of the note.
What is the difference between buying property and assuming an existing mortgage or buying the property subject to an existing mortgage?
The seller is still liable to the lender under the subject to situation.
The four year statute of limitations with respect to a foreclosure applies to
judicial foreclosure only.
What is a loan arranged by a builder that will pay off a construction loan and result in financing for the purchaser called?
A purchaser borrows $275,000 to purchase a property for a term of ten years. At the end of that time, $100,000 of the loan will have been paid off and the borrower will have to make a final payment of $175,000. What is the payment called?
What is covered by Regulation Z rules?
loans for owner-occupied single-family houses
What agency buys residential conventional mortgage loans?
Federal Home Loan Mortgage Corporation
A loan arrangement that allows payments to be made to a seller who, in turn, continues to make payments on an existing loan is called a(n)
wraparound mortgage, wraparound trust deed and all-inclusive trust deed.
The commission that a mortgage loan broker may charge is determined by all of the following except
the type of property mortgaged.
What is the government program that makes use of land contracts to transfer property to the buyer being assisted?
In a case where a borrower pays 2 discount points on a mortgage loan, which of the following is true?
The nominal rate will be lower than the APR.
TheguaranteemadebytheVAonaloanof100% of the estimated value of the property will cost the borrower
A buyer finances the purchase of a $280,000 house with a 100% financing. He must pay PMI until the LTV ratio reaches 75%. Assuming he pays off $10,000 per year on the loan and the house does not appreciate in value, at the end of how many years will he be able to drop the PMI?
Which of the following types of mortgage loans feature a monthly payment that does not change throughout the life of the loan?
fixed rate; fully amortized
Borrower A must pay 21⁄2 points to secure a mortgage at the rate he wants. The value of the property is $390,000 and the LTV is 80%. How much does he owe the bank in points?
A testator wants to make a small change in her will. The way to do this is by adding a(n)
Which of the following is not a requirement for a valid deed?
What is the minimum surety bond requirement for an escrow agent?
The sudden loss of land is called
The trustdeed, used as security for a debt is given by the
trustor to the trustee on behalf of the beneficiary.
The state needs to build a road across Owner A's property. Owner A refuses to sell. The state could still obtain title to the property by exercising its right of
A deed of reconveyance is used to
return title to a trustor when the debt is paid.
In an escrow, closing title insurance is ordered by whom?
the escrow agent
The ALTA extended coverage policy protects against all of the following except
Real estate taxes of $1,200 are due on a property on January 1 for the previous six months. Sale of the property closes on November 1. What is the proration?
The buyer gets a credit of $400; the seller gets a debit of $800.
Which of the following types of property is not exempt from taxation?
a water treatment plant owned by Town A within the jurisdiction of Town B and built on the site of a former factory
The standard title insurance policy assumes that
the property owner can inspect the property before he buys it.
Assuming that the tax collector takes the maximum legally allowed amount of time to sell a property for unpaid taxes, how long could the owner have to redeem it by paying the back taxes and penalties?
Buyer A sues Owner B for racial discrimination in an owner-occupied single-family house sale transaction, citing the 1866 Civil Rights Act. Owner B says he has an exemption under the 1968 Federal Fair Housing Act. What court case should Buyer A cite to prove Owner B wrong?
Jones v. Mayer
A broker making the statement "My kids went to this school district and we thought it was the best" to a prospective buyer is
offering his opinion.
After an offer to purchase has been accepted, a broker should
deposit the check into a trust account.
Marital status is a protected class in the
Fair Employments and Housing Act.
A broker's personal business funds may be placed in the trust he maintains
to pay service charges and fees to maintain the trust fund.
A broker selling a mobile home plans on advertising that no down payment will be required since he will direct a buyer to secure a loan for the down payment from a loan officer he does business with. Which of the following statements is correct about this situation?
It is illegal.
A broker must maintain transaction records
for three years from the date of listing or three years from the date of closing, whichever is longer.
By whom are the members of the Real Estate Advisory Commission appointed?
the real estate commissioner
A broker is responsible for the actions of her salespersons
What is the difference between suspension and revocation of a real estate license?
Suspension is temporary; revocation is
An unlicensed assistant could
take photos of a prospective listing.
Which of the following could cause suspension or revocation of a real estate license?
criminal activities resulting in conviction, false advertising and incompetence
What is the maximum award that can be made from the Real Estate Recovery Account per transaction?
All real estate brokers may call themselves
real estate agents.
Employees of a broker whose license has expired
must stop working immediately.
The purpose of a multiple listing service is to
increase the potential to market the property by soliciting cooperating brokers.
How many hours of continuing education must a real estate licensee complete before renewing her license after the first four-year renewal period?
Broker A lists a property for sale that he eventually becomes interested in buying. In order to satisfy the NAR code of ethics, he should
disclose in writing to the owner that he is interested in buying the property.
An employee of a bank selling properties at foreclosure
is exempt from licensing requirements.
An option to renew a lease is considered to bean option to
Under the regulations for operating a prepaid rental listing service license, what must a prospective tenant be provided with?
at least three available rentals within five days of paying the fee
For purposes of disclosure, a material fact is best described as one that that involves
facts that would affect the desirability or value of the property.
A commercial acre is
the area remaining for development after streets, sidewalks, and other public
The obligation to inspect a property and disclose material defects to a third person includes
direct, visually seen defects, evidence of physical problems that may require further investigations and any defect discoverable through a thorough inspection by the agent.
The primary obligation of completing the Real Estate Disclosure Statement belongs to the
Broker A has been found guilty of defrauding a number of people in a phony real estate investment scheme. The total losses to all victims of the fraud are $200,000. How much can they collect from the Recovery Account?
Which of the following activities could be performed without a real estate license?
accompanying the appraiser on her inspection of the property that is being sold
A seller removed a wall between two bedrooms to make it a larger room several years ago. This was a structural change to the house because of where the wall was located. What are his obligations to a buyer?
to disclose the alteration and whether or not it was properly permitted
Seller A accepts Buyer B's offer to purchase her property. The next day she delivers the completed Transfer Disclosure Statement to the buyer. How many days does the buyer have to rescind the offer to purchase?
The use of a fictitious name for a brokerage is
legal, commonly known as a doing business as (DBA) and legal if filed with the county clerk.
When a salesperson changes her affiliation with a broker, how many days do she and the new broker have to notify the state?
According to the lead-based paint disclosure law, how many days must a buyer be given to have the house tested for lead-based paint hazard?
For an environmental hazard to be required to be disclosed, it must
be located on or near the property, potentially affect the property and specifically be known to the seller or agent.
The law that governs development in earthquake prone areas and also requires seller disclosure of this information is the
Alquist-Priolo Earthquake Fault Zoning Act.
The seller's broker invites the cooperating broker who sold the property to join her on a visit to inspect the property. The cooperating broker indicates that he doesn't need to inspect the property, because the seller's broker is already performing that task. The cooperating broker
Mold disclosure is best covered by using
a mold disclosure form.
After a property purchase agreement is signed, a survey is done and a mistake is discovered in the size of the lot. A survey is done noting that the property is smaller than originally described. Because the purchaser wants to go ahead with the purchase, he would likely seek a(n)
An offer to purchase property made by a person under the influence of alcohol is best described as
Buyer A signs an agreement to purchase Seller B's house. Buyer A must obtain financing before proceeding with the purchase. The contract could be described as
The law that requires most real estate contracts to be in writing is called the
Statute of Frauds.
Homeowner A puts a sign in front of his property after a snowstorm that says he will pay $25 to anyone shoveling his driveway. What kind of contract has he created?
A buyer's agency agreement must state that
all commissions are negotiable.
An offer to purchase real estate is revocable by
the person making the offer.
A listing agreement establishes a relationship between
seller and broker.
If the terms of a contract are illusory, they are
A listing agreement is generally
express and executory.
Automatic renewal of a lease may be voidable if the
renewal clause is not printed in the correct size type, renewal clause is not located in the correct place in the lease and lease is for a year and was not in writing.
The type of leasehold estate that has a definite termination date is called an
estate for years.
A homeowner in a mobile home park has defaulted on his bills, such as rent and utilities, a number of times. Each time he manages to pay the bills within the prescribed time period after the notice of termination. What is that time period?
Buyer A promises to pay off all the interest on the loan he used to buy the property in monthly installments and pay off the principal with the last payment of interest. He most likely signed a(n)
The opposite of untenantable is
Which of the following actions would not be considered a rejection of an offer to purchase a property?
revoking the offer by the buyer
An escalator clause relates to
rental rate adjustments based on an index.
The offer of pledging of real property to secure a loan is called a(n)
Which form of business structure does not avoid double taxation?
may be sold with the signature of either party.
In a community property situation, which of the following is not separate property?
property acquired with commingled funds
Trustor is to trustee as
grantor is to grantee.
How many acres are contained in the standard section directly north of section number 16?
What best defines a fixture?
items attached to the land, personal property that is permanently, attached to the structure, personal property that has become real property
Which of the following fixtures would a person correctly assume he can take with him when he moves?
attached display cases used in a jewelry business in leased space
The right of the municipality to install a water line underground across Owner A's property would involve the acquisition of
An owner takes title to a property on the condition that he never use it to manufacture alcoholic beverages on the property. What term best describes his ownership interest?
fee simple qualified
The state may divert water from one area to another by its
right of appropriation.
Owner A gives a life estate to a house he owns to his sister for the life of their mother. Upon the mother's death, possession of the house will return to the owner, unless he has died, in which case possession will go to his children, to whom he is leaving the house in his will. Identify the interests in this situation.
Owner A has a reversionary interest and his children have a remainder interest.
Which of the following is a general lien?
An easement in gross
does not run with the land.
In California, if the ownership status of the property of a married couple is unclear, which of the following best describes what the courts will presume?
All real property in California and all personal property anywhere is community property.
In cases where a notice of completion or cessation was not filed by the owner, how long does someone have to file a mechanic's lien?
90 days from completion of the work
The terms meridians and baselines are most closely related to which system of property description?
When a mechanic's lien has been filed and then terminated by the claimant's voluntary release, what should be filed so that no cloud appears on the title?
In order for a married couple to qualify for a $75,000 homestead exemption, which of the following must be true?
They must reside together.
An easement by prescription may be acquired after continuous, open, and notorious use for at least
Owner A has an easement across Owner B's property. Owner A acquires Owner B's property. What happens to the easement?
It is terminated by merger.
CC&Rs are generally enforced by
a court injunction.
The zoning on a commercial lot permits coverage of 20% of the lot with a structure no greater than five stories. What is the maximum square footage that can be built on a 350 ⋅ 250-foot lot?
What do planned development, condominium, time-share, and stock cooperative projects have in common?
They are all common interest subdivisions.
In a township, which section is located immediately southwest of section 22?
A listing agreement between Broker A and Seller B fails to mention a specific commission amount. Most owners in the neighborhood pay their real estate brokers a 5% commission on the sale price of the property. What commission, if any, will be owed by Seller A to Broker B when the house sells?
Owner A needs an easement from Owner B to get to the nearby highway. Owner B agrees. Which of the following is true?
Owner B grants the easement.
A broker who has a listing agreement to sell a house produces a buyer whose offer is acceptable to the seller. However, the seller delays title closing until after the listing agreement has expired, at which time he sells his house to the buyer. The seller then refuses to compensate the broker because the broker did not sell the house within the time frame of the listing agreement. Which of the following statements is true?
The broker is entitled to his commission.
In general, which lien will have first priority of payment?
property tax lien
Another term for producing aready,willing,and able buyer is a(n)
meeting of the minds.
For purposes of the California Real Estate Law a salesperson is considered
Which of the following is most correct regarding termination of a listing by a principal?
The principal may terminate the listing but may be liable for the broker's expenses up to that point.
When the actions of a buyer and seller seem to indicate that the seller will pay a broker a commission for selling her house but no agreement has been discussed or signed, the best description for the type of agreement, if any, that they have is a(n)
A broker regularly pays a finder's fee to his barber who often sends customers to him. Which of the following is true?
Payment of this fee is illegal.
The time frame for disclosure of agency relationships is
as soon as it is practicable.
An option listing agreement where by the broker purchases the property from the seller, and then resells the property making a profit on the resale requires
inform the principal of the resale of the property, any profits to be realized and securing the permission of the seller to proceed.
Seller A wants to use the services of a real estate professional to help her sell her house. However, she is also going to try to sell her house herself and does not want to pay a broker if she succeeds. What type of agreements should she have in order to accomplish this?
open listing and exclusive agency listing
A subagent to the principal is authorized by
Which of the following is a principal not liable for?
an independent contractor sales agent assaulting a prospective buyer
A buyer's agent can receive compensation
from the seller or the buyer only if he becomes a dual agent.
If a buyer were to sue a broker for not properly inspecting a house and revealing material facts, she would cite which case?
Easton v. Strassburger
All agency agreements must be in writing or confirmed in writing in order to collect a commission except
None of the above—there are no exceptions.
A seller has given an open listing to several brokers with no time limit. Broker A brings a prospective buyer to the house. A few weeks later, the owner contacts the same prospective buyer directly and negotiates a sale of the property. Which of the following statements is true?
The seller owes the broker the commission.
Which type of listing agreement would be considered a unilateral agreement?
The sale price of a four unit residential property was $450,000. Each unit rents for $900 per month. Using the gross rent multiplier approach and the information provided, what would be the value of a similar building where each of the four units rents for $750 per month?
In addition to having an independent contractor agreement, the most distinguishing factor that differentiates an independent contractor from an employee is
the emphasis on results rather than method
A property located near a sewage treatment plant would likely suffer from
external obsolescence incurable.
In calculating net operating income, when is debt service deducted from potential gross income?
Accrued depreciation is the dollar amount of
physical deterioration, functional obsolescence and external obsolescence.
A building has a replacement cost of $150,000and an estimated economic life of 50 years. What is the annual amount of depreciation?
Fee appraisers work for
themselves and are hired on a project-by-project basis.
A home owner improves her house by adding a new fireplace each year for three years. She finds that the first fireplace has increased the value of her house by 150% of the cost of the fireplace. The second fireplace increased the value of the house by 100% of the cost. The third fireplace has had no effect on the value of the house. This is likely based on the principle of
increasing and diminishing returns.
An investment property has a net operating in come of $47,700 per year. Buildings of this type are selling at a rate of return of 9%. What is the estimated value of the building?
Economic rent is the same as
In the income approach, what is the relationship between the capitalization rate and value?
rate goes down, value goes up
A home owner is deciding whether to do a major improvement to her home. The primary consideration is whether her home will increase in value to cover the cost of the improvement. Her concerns are based on her knowledge of the principle of
In appraising a 300 unit residential rental complex, an appraiser would rely most heavily on which valuation approach?
The most comprehensive type of appraisal report is
a narrative report.
There production cost of a building Is $280,000. Accrued depreciation is estimated at $60,000. The estimated land value is $70,000. What is the estimated value of the property?
The subject property is located in a neighborhood that is deemed to be inferior to the comparable. What type of adjustment is necessary in the sales comparison approach?
negative to the comparable
A borrower obtains a fully amortized mortgage loan for $165,000 at an interest rate of 6.5% for 30 years. The monthly payments are $1,044.45. What is the balance of the principal after the first month's payment?
A house in need of painting may be said to be suffering from
physical deterioration curable.
A high risk investment property in a rundown neighborhood would tend to have
a higher capitalization rate than a lower-risk investment.
A comparable property sold three months ago for $280,000. Prices in the area have increased 5% in the past six months. What is the indicated value of a similar property?
Does not lend money
A lender charges a loan origination fee of one point to make a mortgage loan. Most likely this point will have what effect on the nominal interest rate relative to the APR?
The nominal rate will be the same as the APR. An impound account can be required to approve a loan if the LTV is -90%.
PMI will no longer be necessary on a 100% LTV ratio loan of $178,000 when the LTV reaches 75%. The property, having appreciated in value, is now worth $210,000. How much of the principal of the loan will have to be paid off before the PMI can be dropped?
A situation where the balance of the mortgage loan actually increases while payments are being made is called
A mortgage banker pays a fee of $200 to several brokers and salespeople for each loan that she successfully closes simply for referring business to her. This is an example of a
kickback and is illegal.
Which of the following terms does not fit with the group referring to a type of mortgage payment plan?
The VA loan program will guarantee loans for
no more than the CRV.
Which of the following does not buy mortgages?
The Real Estate Loan Law permits real estate brokers to do all but which of the following?
charge negotiable commission rates on all loans
Payment of three points on a note whose rate is 6% will increase the yield to the lender to
Which of the following is true about FHA loans?
They require a down payment.
Creative financing generally does not include
FHA 203(b) loans.
In seller financing of a home purchase, which of the following is correct?
The seller is the mortgagee; the buyer is the mortgagor.
How much to tal interest will a borrower pay on a $250,000, 30-year, fixed-rate, amortized loan at 5%, when the monthly payment is $1,342.50?
What is the first month's interest on a fixed rate loan at 7% for 25 years for a home that cost $360,000 with an LTV ratio of 80%?
A builder contracts with a buyer to build a home. The builder agrees to use his own funds to build the house. The builder wants a guarantee that the buyer will be able to buy the house when it is completed. What will the buyer seek from a mortgage lender?
a standby commitment
A lender can usually invoke an acceleration clause
if the borrower misses a certain number of payments, if the buyer tears down the house or if the buyer fails to pay property taxes.
When a buyer takes over a seller's mortgage, what can the seller do to protect himself from future liability for the mortgage?
He can make sure that the buyer assumes the mortgage.
During the statutory period required to claim ownership by adverse possession, which of the following is true?
The claimant pays the taxes.
What type of relationship does an escrow agent have to the principals?
A testator who leaves real property to his heirs is also known as a(n)
devisor. Which of the following is not required for a deed to be recorded? -grantee's signature
The high water mark in the river next to Owner A's property has permanently receded. Owner A has likely gained land area by the process of
A trustee's deed is given
by the trustee to the purchaser of a property after a foreclosure sale.
Buyer A and Seller B agree to a change in the house sale transaction, which is now in escrow. Seller A informs the escrow agent of the change by phone. Which is true?
The change will not be effective unless it is put in writing by both parties.
Property title insurance
insures the lender, insures the buyer, covers unknown risks to the title such as unrecorded liens.
In escrow, prepaid taxes, assessments, or insurance will be a
credit to the seller and a debit to the buyer.
The normal time frame used to calculate prorations is a
12-month year with months of 30 days each.
In an all cash property sale, title insurance is
The base value of a property and the assessed value will be the same if
the improvement was built this year.
How long may a deposit generally be held before an offer is accepted before it must be deposited in the broker's trust fund?
A real estate broker advertised a mobile home for sale that was located on a privately owned piece of property that has six months remaining on a one- year lease. Which of the following is correct?
The broker should not advertise the mobile home for sale at all.
What is the first tax installment on a property whose assessed value is $180,000, assuming the property is eligible for a homeowner's exemption?
Which of the following is not an exemption under the federal fair housing laws?
sale of an owner-occupied, single-family house based on race
the illegal mingling of the broker's money and the client's funds.
If a local city passes a law prohibiting discrimination on the basis of sexual orientation, it is
valid because it is stricter than the federal law.
An ad that does not state the name of the brokerage representing the seller is called
a blind ad and is illegal.
An unlicensed assistant is permitted to assist a salesperson or a broker with
Assuming a transaction closes, what is the earliest date a broker can discard the records of that transaction?
three years from the closing date
The Department of Real Estate administers all of the following except
the California Building Code.
An employment agreement between a salesperson and a broker would cover
compensation, supervision and duties.
The penalty for a Real Estate License Law violation can include
a fine, suspension or revocation of the license or requiring the licensee to complete educational courses.
What is the experience requirement for a non- college-educated real estate broker applicant?
With respect to accepting compensation from more than one party in a transaction, a Realtor
may do so by disclosing it to all parties and obtaining informed consent of his client.
Which of the following could result in license suspension or revocation?
misusing a trade name, a broker not supervising her salespersons and violating the restrictions of a limited license
What is the maximum amount per licensee that can be paid by the Real Estate Recovery Account?
How many hours of continuing education must a salesperson renewing her license for the first time complete?
Realtor A suggests to a new home purchaser that the purchaser buy his appliances from the ABC appliance corporation in which the Realtor is a part owner. Which of the following is most correct with respect to the Realtor code of ethics?
The Realtor has done nothing wrong as long as he revealed his ownership interest in the appliance store.
A broker who wants to use a fictitious business name must do all of the following except
check the name with the county Board of Realtors.
If a broker acts on behalf of a principal without authorization and later the principal accepts what the agent has done on his behalf, it is called a(n)
agency by ratification.
A real estate broker selling several mobile homes on his property
must obtain a mobile home dealer license.
An owner of a property purchases it for $150,000 and is able to sell it for $250,000 within three months. Which of the following is correct?
He may keep all information on the transaction confidential from all parties.
Upon the sale of a residential rental property, the security deposit may be
transferred to the new owner or returned to the tenant.
must be disclosed to a prospective purchaser.
In general, when a broker is involved in arranging mortgage loans, the records must be kept for a minimum of
The required physical inspection of a condominium by a real estate agent
includes only the unit.
Payments from the Real Estate Recovery Account
are charged against the licensee involved, are initially funded by license fees, are used to compensate real estate fraud victims.
Seller A added a new bathroom onto the house five years ago. What are his obligations to a purchaser of the house?
He must disclose the addition and whether or not it was properly permitted.
When did the Agency Relationship Disclosure Law become effective?
Which of the following buyer's questions may a salesperson answer?
What is the average income of the residents of this community?
If the buyer of a property in an earthquake fault zone receives a copy of the "Homeowner's Guide to Earthquake Safety," the broker
need not provide any additional information about earthquakes and must still disclose the fact that the property is in the earthquake zone.
The maximum fine for an unlicensed person who practices real estate is
If a real estate agent is employed in the sale of a house that requires a lead-based paint disclosure, the agent should do all but which of the following?
complete the disclosure form
The seller of a commercial building with masonry construction and wood-frame floors built before what date would have to provide the buyer with a booklet entitled "Commercial Property Owner's Guide to Earthquake Safety"?
January 1, 1975
Violations of the leadbased paint hazard disclosure requirements by a broker can result in
criminal penalties, civil penalties and action under the real estate license law.
Owner A agrees to sell her property to Buyer B for $500,000 any time within the next year if Buyer B wishes to proceed with the sale. This is an example of a(n)
option to purchase contract.
Broker A agrees to represent Seller B, who wants to sell her home. Seller B agrees to pay Broker A if he can sell the house, but they are old friends and have no written agreement. The listing agreement is
expressed, unilateral, and void.
An agent has completed an inspection of a property she is selling and notes asbestos in the basement. She provides the buyer with the booklet entitled "Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants" and never mentions the asbestos specifically. Which of the following is true?
She must specifically disclose the presence of asbestos to the buyer.
Which of the following is not one of the requirements for a valid real estate sales contract?
It must be witnessed.
Buyer A loses his job after he has signed an agreement to buy a piece of property. Because he can longer afford to buy the property by himself, he finds someone who will share the purchase price. The seller agrees to sell the property to the two buyers. What would the substitute contract be called?
A buyer's agency agreement generally advises the buyer
that the broker may collect a fee from the seller, that the broker may also represent the seller or that all commissions are negotiable.
Personal property is generally transferred by a
bill of sale.
An offer once made but before it is accepted
can be revoked.
Who must perform in an option agreement?
the seller of the property
Buyer A offers to purchase Seller B's house for $400,000. Seller B says he will not accept anything less than $450,000. Buyer A does not respond to the counteroffer one way or the other. After a few weeks go by with no other offers, Seller B contacts Buyer A again and says he will take the $400,000 offered. Which of the following is true?
Buyer A must affirm the $400,000 offer in order for there to be a valid contract.
A listing agreement is
revocable with potential liability by the principal or the agent.
Which of the following is not true regarding a tenant's possessions after eviction?
They belong to the landlord.
The time frame in which a suit must be brought in order to enforce a contract is usually referred to as the
statute of limitations.
Which of the following is correct?
The tenant is the lessee who has the leasehold interest.
How many times may a mobile home owner cure a default in payment in a 12-month period?
Owner A wants to rent a room in her house. Which of the following advertisements would be considered legal?
Room for rent; female only
Generally speaking, a contract entered into under duress or threat is
Which of the following answer choices does not fit with the others?
promissory note and payment plan
A promise to pay off a loan to purchase a house is usually made by means of a