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Real Estate Brokers Exam > Brokers Exam > Flashcards

Brokers Exam Flashcards

1
Q

The Trustor to Beneficiary is not a fiduciary relationship but merely that of borrower & lender. T or F

A

True

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2
Q

Trustor is also known as what?

A

Borrower

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3
Q

Beneficiary is also known as what?

A

mortgagor/lender

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4
Q

Who would be associated w/an unlawful detainer

A

Lessor/Landlord

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5
Q

What is held by the beneficiary as PRIME security for the loan?

A

The trustdeed

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6
Q

Promissory note is security for what?

A

Nothing

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7
Q

Recording a deed presumes delivery

A

True

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8
Q

Ad Valorem most nearly means

A

According to Value

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9
Q

An interest only promissory note is known as:

A

A Straight Note

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10
Q

Apt Building: income tax purposes the only method of deprection available since 1987

A

Straightline

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11
Q

If a salesperson leaves commissioner must be notified in writing

A

Immediately

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12
Q

min period of time over which an owner can depreciate the improvements is

A

39 years

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13
Q

Who approves the account for which funds for a sale of a land contract subject to a blanket encumbrance, containing a release clause

A

Vendee (purchaser)

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14
Q

a real estate licensee under federal law should not take restrictive listings or advertise dwellings which suggest discrimination because of what act?

A

Title VIII of the Civil Rights Act of 1968 (fair housing)

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15
Q

What is the purpose of a building code?

A

to provide minimum construction requirements

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16
Q

Businesses are preluded from discrimination against customers because of what act?

A

Unruh Civil Rights. Since a real estate office is a business, the broker cannot discriminate

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17
Q

The nominal rate granting a loan is:

A

the rate of interest specified in the promissory note

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18
Q

Financing statements are filed with

A

The Secretary of State

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19
Q

To evict a delinquent tenant, the landlord must:

A

bring a court action

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20
Q

Mr. Franklin was given real property for the term of his natural life what type of an estate would Mr. Franklin have?

A

a fee simple estate

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21
Q

What is the receiver of title called?

A

grantee

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22
Q

An option to buy real estate becomes a mutually binding contract when:

A

the optionee exercises the right to purchase

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23
Q

20-unit apt house, you live there and manage all 20 units, you are known as what?

A

a resident property manager

24
Q 
which has the highest depreciation out of the following properties: Industrial
commercial
apartment building
agricultural
if all are valued at the same 100K?
A

an apartment building

25
Q

the lowest percentage lease out of the following: chain of grocery stores
parking lot
dept store
hardware store

A

Chain of grocery stores

because the higher the gross volume, the lower the % lease & Vs. Vrs

26
Q

The real estate commissioner has the power to create, amend, or repeal real estate laws when the interest of the public welfare in…..

A

California Real Estate Law

27
Q

In the foreclosure process, if selling under the power of sale clause, the trustee must wait 3 months before doing what?

A

Publishing a notice of intention to sell the property

28
Q

An easement can be obtained by prescription, is most nearly like what?

A

adverse possession

29
Q

Who usually pays the discount points for an fha loan? the buyer or the seller?

A

Both, either can pay the discount points

30
Q

in a land contract, the seller would not iniate a legal action based on upon:

A

an agreement not to record

31
Q

in a listing “the undersigned broker agrees to use diligence in procuring a buyer” it make the contract what?

A

makes it a bilateral contract

32
Q

Assemblage is not what?

A

a method of depreciation

33
Q

name 3 methods of depreciation

A

straightline
150% declining balance
200% declining balance

34
Q

what is the typical of height of a residential ceiling in a sfr?

A

96 inches/8ft

35
Q

funds received on behalf of someone else are called:

A

trust funds

36
Q

Sub-divider must always compy w the real estate comm. regulation regardless of how many units? T of F

A

true

37
Q

Documentary Transfer Tax =

A 
1.10 p/$1000
ie 125,000 sale price
   -  75,000 took over seller balance
\_\_\_\_\_\_\_\_\_\_
= 50,000 / 1000 x 1.10=$55.00
$55.00 is the total doc trans tax due on this transaction
38
Q

What is regression?

A

when you lose value because you over improved something

39
Q

An alienation clause is a type of acceleration clause. t or f

A

true

ie: “a provision that the note become due and payable in the the event the property is sold, conveyed or alienated”.

40
Q

most real estate syndicates are known as:

A

limited partnerships

41
Q

if a sub-divider grants an easement to a utility company, the utility company holds what:

A

an easement in gross

42
Q

a recorded deed is presumed delivered and accepted. t or f

A

true

43
Q

What is the principle sum if the annual interest rate is 8% & the monthly interest payment is $60

A

60x12= 720

720/8%=$9,000 is the principle sum

44
Q

a listing would most likely be

A

high market value

45
Q

a commission split describes

A

the division of the total commission that comes to a brokerage between the broker & salesperson

46
Q

When does a judgement become a judgment lien?

A

When the abstract of judgement is recorded

47
Q

a landlord is advised that a railroad company plans to cross his property with a railroad line. If the landowner refuses, the railroad company can proceed by the use of:

A

eminent domain

48
Q

what is held by the beneficiary as prime security for the loan?

A

the trust deed

49
Q

a recorded deed to presumed delivered & accepted. t or f

A

true

50
Q

When damages are not adequate a broker can request specific performance from the principal. t or f

A

false- a broker cannot request specific performance from a principle when damages are not adequate

51
Q

a property manager

A

may not gain any advantage over the property owner

52
Q

mortgagee is

A

the person who loans money secured by a mortgage on a parcel of property

53
Q

income approach

A
  1. requires the determination of net income before interest & amortization but after deduction of operating expenses
  2. an appropriate capitalization rate must be determined
  3. it is not applicable to owner-occupied homes because benefits of amenities are difficult to measure in terms of dollars
54
Q

4-3-2-1 refers to:

A

appraising vacant land where the lots vary in depth

55
Q

An agency relationship is said to create a fiduciary relationship between principle and agent. Give 2 examples relationships that would illustrate fiduciary responsibility?

A
  1. any trustee to beneficiary

2. real estate broker to his client

Real Estate Brokers Exam (2 decks)

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