Exam 2

Two friends hold title as joint tenants. One borrowed money and executed a note deed of trust against the home. In terms of affecting title, this action could:

Joint tenant estate held by two joint tenants is severed and ended by the following, except:

A man owns six separate parcels of real property. He wants to offer all of the parcels as security for a mortgage loan. The mortgage that he obtains will probably be:

All of the followings are acts of one joint tenant terminates a joint tenancy, except when the joint tenant:

A conflict in a contract between buyer and seller and also in the instructions to return the deposit from the trust account. The broker was unable to resolve the problem and refers it to a third person by:

A contingency in a contract is:

Under the real estate law, if an agent is found guilty of discrimination, the real estate commissioner will:

Which of the following is misrepresentation?

Broker Hadley took a listing from Watanabe for 30 days. Watanabe gave instructions to Hadley that he could purchase the property himself. After the 27th day, Hadley decided to buy the property. Broker Hadley present to the seller:

The purpose of a deed is:

11. Before his death, Westland had several listings. Now, Westland’s daughter is taking over the business. In regards to listings:

A hispanic wants to be shown property in certain neighborhoods. The real estate agent should:

An example of police power:

Which of the following may be attached to the land:

The agent who will earn a commission is the one that:

In a new developed subdivision, the Real Estate Commissioner was informed of misrepresentations being made by the developer. The commissioner may stop the sale of more lots by:

Which of the following must be given to a buyer of a condominium unit?

The placement of a building on the land is known as:

A binding contract represents:

CPI refers to:

Who pays the service charge under a FHA loan?

When comparing FHA and conventional loan, the conventional loan offers:

A commission to an agent may be in the form of:

A home sold for $178,000 and leased at $1,200. If another home is leased at $1,300 the value is:

The right of an interest in real property is represented by:

A brother and sister owned a property as joint tenants. The brother died penniless and left unsecure debts, the title to the sister is now:

Which of the following best refers to seller’s market?

A real estate broker discovers that one of the agents was receiving referral fees from a lender that they do business with. The broker fired the agent and warned the other agents not to receive any referrals according to the real estate law:

Buyer and seller decided to cancel the transaction. The seller instructed the broker to return the buyer’s deposit. The broker should:

A document used to represent another person:

In regards to appraisal, all of the followings are true, except:

Which of the following policies covers all the risks?

When appraising an old residential property in regards to periodic tenancy:

Bond, deed of trust, and notes held by a third party is known as:

A contract replaced entirely by a new one is known as:

Fuentes purchased Brown’s house and agreed to assume the existing mortgage:

Followings will determine if an item is a fixture or not, except:

Followings will determine if an item is a fixture or not, except:

A sale of a property through probate, the commission will determine by:

A voidable contract is a contract that:

When comparing real property to personal property:

A Standard policy will cover against:

Which of the following is not a lien?

Under the income tax law, a salesperson is:

€�As Is” is permitted when:

An appraisal is least concern with general state economy in appraising for:

The maximum amount that may be recovered from the Recovery Trust Fund is:

For a blind ads, it doesn’t identify the:

For a property under default, a possession of the property is held by:

Earthquake hazard report must be issued to properties in:

The maximum value of a property due to architectural design and stability of neighborhood is:

A contractor was installing a new hardwood floor and was unpaid and placed a lien on the property. The lien started running from:

A master plan shows:

The ordinary repairs on a property are known as:

The standard policy of title insurance consists of three processes. Which of the following is not one of the three processes?

When a property is being sold through an option, the broker must inform to the client that he is acting as a:

Capitalization rate means:

Conditions affecting interest rates and the availability of loan funds vary overtime. When would it be advantageous for a lender to waive a payment penalty clause contained in a promissory note?

When a broker is representing both buyer and seller on an exchange transaction and doesn’t disclose his dual agency. The remedy of the parties is:

When can an agent refuse to transmit an offer?

Consideration may be in the form of:

Broker Taylor listed a property for $55,000 with instruction from the seller that the minimum down payment not to exceed 23%. The broker then presented an offer with all cash and the seller rejected the offer. With this circumstance:

A broker has a listing and one of his salesperson sells the listing. This is known as:

Deed covenants that limit the conveyance of properties to persons of the minority group, these restrictions:

If the selling property has an item that is not present on the comparables, the appraiser has to:

A clause on a trust deed that agrees to be on a lower position is known as:

A document to transfer property from trustee to trustor is:

When an agent is a subagent of the selling broker, he is working for:

Omedo’s home is close to an airport. Omedo’s legal proceeding against government authorities is called:

The City made a change in zoning that is not permitted in the construction industry. This is an example of:

The activity of an unlicensed person working for a real estate office according to the department of real estate:

When an appraiser appraises a commercial building for $550,000, the appraiser must have:

According to the department of real estate, if an agent wants to advertise on the World Wide Web:

If the seller presented the hazard disclosure statement to the buyer, which of the following is true:

Which of the following is true in regards to Hazard Safety Disclosure Statement and Transfer Disclosure Statement?

Which of the following is a violation of Federal Housing Law according to periodic tenancy?

Which of the following report is the most complete report?

Deed restriction may be created by:

A tenant may be justified in abandoning a leased property if the landlord has constructively evicted the tenant. Which of the following acts would be an example of constructive eviction?

Nominal rate or normal rate means:

Which of the following listing allows an agent may collect a commission even if sold through the owner:

Roger sold his home and he paid $140 for escrow services and 6% commission. The seller received $13,583. The sales price is approximately:

An agency relationship is represented by:

A dual agency is permitted when:

A written contract between the broker and salesperson has to be in writing according to:

Riparian rights is the right of owners who are located on borders of:

As for rules and regulations, a pest control company must provide:

Once a binding contract has been created between buyer and seller, it is:

The date in the purchase contract is the date:

The construction industry is regulated by:

If a lender decides to take a deed in lieu of foreclosure:

The market data approach is accomplished by:

A listing must contain all of the following, except:

Under the truth and lending law disclosure is presented by:

The Federal Fair Housing Law declares a United States policy of:

Buyer and seller entered in a contract and the buyer asks the broker to move into the property before closing of escrow, the broker must:

David sold his friend’s home in Yolo County. David has no license and received a commission. Who will prosecute David?

John entered into a right to sell listing with Broker Otis. John gave Otis $100 to advertise the property. The payment of the $100 to Otis must:

A broker must have in writing of any employments with which of the following:

Property may be substituted by:

An exclusive agency listing may be for a period of:

An easement attached to the land is known as:

Cost approach is used in:

All of the following are necessary for a valid contract, except:

An appraiser will deduct the vacancy factor of an apartment to reach at:

An agent is authorized to accept a deposit on behalf of the seller, this is found in which of the following contracts:

A lessee may abandon the property by all of the following, except:

Broker Marshall sold to Sanders a property AS IS. Marshall and seller knew about problems with the plumbing. Sanders after close of escrow discovered the problems with the plumbing. If the buyer wants to seek legal proceedings, he will be:

The authority that prohibits an agent to do an act of fraud is found in:

As to ethics, the best guidelines to determine if an action is ethnical will be found in which of the following:

Eminent Domain may be exercised by:

What State agency would be a consumer contact in order to obtain a written report disclosing the presence of wood destroying organisms?

A board foot is:

In order for a broker to be able legally to claim a commission on an exclusive right to sell listing, which of the following termination dates would be appropriate?

Amezcua was asked to disclose her ethnicity in the loan application:

If the buyer and seller agree to prorate property taxes as of the date of the close of escrow; and escrow closes on May 1st, and the current annual tax bill of $1,380 has been paid, the escrow agent would appropriately debit the buyer for:

When a home is financed under the State of California Veterans Farm and Home Purchase Plan, which of the following documents is used?

Which of the following is a fiduciary relationship?

The earthquake booklet was not necessary to be disclosed if property was built after:

Under which of the following listings can the seller refuse to pay a commission even if the agent is procuring cause?

Functional Utility is:

In the event a home was constructed in high quality cost of $190,000 at the neighborhood of $100,000 value homes. This is an example of:

Which of the following is not a valid reason for the seller to terminate an exclusive listing?

Hanson wants to buy a property and talks to Broker Cohen about that particular property that he wants to buy. Broker Cohen contacts the property owner and tells him that Hanson wants to buy his property. The owner tells the broker that the property is not for sale. Three months later, Hanson found out that the seller entered into a purchasing contract with Hanson. Under this circumstances broker Cohen:

In applying the principles of Easton vs. Strassburger case, the real estate licensees are obligated to give prospective buyers:

Mr. Arturian granted a property to Macy with a condition not to drink alcohol beverages. Macy’s ownership is now described as:

The maximum fine that may be imposed by the Real Estate Commissioner against a broker who pays an unlicensed person for soliciting borrowers or negotiating real estate loan is:

In the event a person is discriminated against in violation of Title VIII of the Civil Rights Acts of 1968, that person may seek relief by:

Police power to divide the land into districts is by:

Which kind of relationship does the salesperson not have?

Which of the following is a commercial acre?

The purpose of the assessment roll, as compiled by the assessor’s office is:

Buyer makes offer to buy a home including all the appliances. Seller is willing to accept offer, but will not include all of the appliances. Agent crossed out buyer’s requirement for all appliances without the knowledge or consent from the buyer. Seller then accepted the “modified offer.” Agent’s action was:

An estate at sufferance:

Jack leases a single family dwelling property from Mr. Michaels. After the lease agreement is signed and Jack moves in, Mr. Michaels insists that Jack to sign a contract with an agreement to make substantial capital improvements to the property. This requirement by the lessor would render the lease contract:

Jackson leased his home to Sullivan with a verbal agreement to sell the property to Sullivan. Jackson knows that Sullivan has been making significant improvements to the property in reliance on the verbal agreement. Jackson now declines to sell the property to Sullivan. Which of the following best describes the rights of the parties?

Bank lends 80% of appraised value with interest rate at 11%. First year’s interest was $7,040. What was the appraised value?

The SW ¼ of the NW ¼ of Sec. 5 is valued at $800 per acre. The S ½ of the NE ¼ of Sec. 8 is valued at $500 per acre. What is the difference in value between the two parcels?

The original amount of a straight note that calls for interest payment of $60 per month based on a rate of 8% per annum is:

Wong bought a vacant lot for $17,424 and wants to sell the lot to make a 40% profit after paying a 10% commission. What price must he sell the lot for?

An investor purchased a trust deed and note at a 20% discount. This was one year fully amortized note with a face amount of $4,500 with payments of $393 per month including 9% interest. If the investor holds the note for a full year, the yield on the investor’s original investment would be:

On August 5th, a buyer gave broker Gutierrez a personal check for $1,000 made payable to the seller. The buyer instructed broker Gutierrez that the check should be held un-cashed until August 30th. Broker Gutierrez must do following:

Which of the following factors would tend to make real estate values unstable in a residential neighborhood?

Misuse of the term “Realtor” is:

When the Real Estate Commissioner wishes to proceed against a licensee for a suspected violation for the Real Estate Law, the Commissioner must first serve the real estate licensee with:

Federal law requires sellers, landlords, and remodelers to disclose known information of lead-based paint hazards. It is assumed that lead paint was last used on homes built before:

When applying the capitalization of net income approach to establish the value of an income property, which of the following would not be included as an expense?

The owner of land owns riparian rights to water on, under, or adjacent to the land in which of the following:

John owns a lot that measures 150 feet deep by 50 feet wide. The zoning laws require a 20 foot front setback and 4 foot setback on both sides and at the back. The building size of this lot is:

The broker has an oral listing to sell real property. The broker presented an offer which the seller accepted. The seller then requested to broker to give him the buyer’s deposit check: