Brokers Exam Flashcards
The Trustor to Beneficiary is not a fiduciary relationship but merely that of borrower & lender. T or F
True
Trustor is also known as what?
Borrower
Beneficiary is also known as what?
mortgagor/lender
Who would be associated w/an unlawful detainer
Lessor/Landlord
What is held by the beneficiary as PRIME security for the loan?
The trustdeed
Promissory note is security for what?
Nothing
Recording a deed presumes delivery
True
Ad Valorem most nearly means
According to Value
An interest only promissory note is known as:
A Straight Note
Apt Building: income tax purposes the only method of deprection available since 1987
Straightline
If a salesperson leaves commissioner must be notified in writing
Immediately
min period of time over which an owner can depreciate the improvements is
39 years
Who approves the account for which funds for a sale of a land contract subject to a blanket encumbrance, containing a release clause
Vendee (purchaser)
a real estate licensee under federal law should not take restrictive listings or advertise dwellings which suggest discrimination because of what act?
Title VIII of the Civil Rights Act of 1968 (fair housing)
What is the purpose of a building code?
to provide minimum construction requirements
Businesses are preluded from discrimination against customers because of what act?
Unruh Civil Rights. Since a real estate office is a business, the broker cannot discriminate
The nominal rate granting a loan is:
the rate of interest specified in the promissory note
Financing statements are filed with
The Secretary of State
To evict a delinquent tenant, the landlord must:
bring a court action
Mr. Franklin was given real property for the term of his natural life what type of an estate would Mr. Franklin have?
a fee simple estate
What is the receiver of title called?
grantee
An option to buy real estate becomes a mutually binding contract when:
the optionee exercises the right to purchase
20-unit apt house, you live there and manage all 20 units, you are known as what?
a resident property manager
which has the highest depreciation out of the following properties: Industrial commercial apartment building agricultural if all are valued at the same 100K?
an apartment building
the lowest percentage lease out of the following: chain of grocery stores
parking lot
dept store
hardware store
Chain of grocery stores
because the higher the gross volume, the lower the % lease & Vs. Vrs
The real estate commissioner has the power to create, amend, or repeal real estate laws when the interest of the public welfare in…..
California Real Estate Law
In the foreclosure process, if selling under the power of sale clause, the trustee must wait 3 months before doing what?
Publishing a notice of intention to sell the property
An easement can be obtained by prescription, is most nearly like what?
adverse possession
Who usually pays the discount points for an fha loan? the buyer or the seller?
Both, either can pay the discount points
in a land contract, the seller would not iniate a legal action based on upon:
an agreement not to record
in a listing “the undersigned broker agrees to use diligence in procuring a buyer” it make the contract what?
makes it a bilateral contract
Assemblage is not what?
a method of depreciation
name 3 methods of depreciation
straightline
150% declining balance
200% declining balance
what is the typical of height of a residential ceiling in a sfr?
96 inches/8ft
funds received on behalf of someone else are called:
trust funds
Sub-divider must always compy w the real estate comm. regulation regardless of how many units? T of F
true
Documentary Transfer Tax =
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
What is regression?
when you lose value because you over improved something
An alienation clause is a type of acceleration clause. t or f
true
ie: “a provision that the note become due and payable in the the event the property is sold, conveyed or alienated”.
most real estate syndicates are known as:
limited partnerships
if a sub-divider grants an easement to a utility company, the utility company holds what:
an easement in gross
a recorded deed is presumed delivered and accepted. t or f
true
What is the principle sum if the annual interest rate is 8% & the monthly interest payment is $60
60x12= 720
720/8%=$9,000 is the principle sum
a listing would most likely be
high market value
a commission split describes
the division of the total commission that comes to a brokerage between the broker & salesperson
When does a judgement become a judgment lien?
When the abstract of judgement is recorded
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:
eminent domain
what is held by the beneficiary as prime security for the loan?
the trust deed
a recorded deed to presumed delivered & accepted. t or f
true
When damages are not adequate a broker can request specific performance from the principal. t or f
false- a broker cannot request specific performance from a principle when damages are not adequate
a property manager
may not gain any advantage over the property owner
mortgagee is
the person who loans money secured by a mortgage on a parcel of property
income approach
- requires the determination of net income before interest & amortization but after deduction of operating expenses
- an appropriate capitalization rate must be determined
- it is not applicable to owner-occupied homes because benefits of amenities are difficult to measure in terms of dollars
4-3-2-1 refers to:
appraising vacant land where the lots vary in depth
An agency relationship is said to create a fiduciary relationship between principle and agent. Give 2 examples relationships that would illustrate fiduciary responsibility?
- any trustee to beneficiary
2. real estate broker to his client
