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Real Estate Principles > Chapter 13 > Flashcards

Chapter 13 Flashcards

1
Q

Tax

A

Enforced charge extracted of persons, corporations and organizations by the government to be used to support government services and programs.

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2
Q

Gift Tax

A

A tax on the transfer of property by one individual to another while receiving nothing or less than full value in return.

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3
Q

Business Opportunities

A

The purchase or sale of a business.

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4
Q

Bill of Sale

A

A written instrument given to pass title of personal property from vendor to the vendee.

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5
Q

Building Code

A

A systematic regulation of construction of building within a municipality established by ordinance or law.

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6
Q

Specialty Contractor

A

A contractor whose operations involve the performance of construction work requiring special skill and whose principal contracting business involves the use of specialized building trades or crafts.

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7
Q

General Contractor

A

A contractor whose principal business is in connection with any structure being built (or to be built), requiring in its construction the use of at least two unrelated building trades or crafts.

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8
Q

Gambrel Roof

A

A roof with two sides, each of which has a shallower slope above a steeper one.

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9
Q

Gable Roof

A

A roof sloping downward in two parts at an angle from a central ridge, so as to leave a gable at each end.

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10
Q

Mansard Roof

A

A roof that has four sloping sides, each of which become steeper halfway down.

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11
Q

Hip Roof

A

A roof with the ends inclined, as well as the sides.

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12
Q

Flat Roof

A

A roof which is almost level.

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13
Q

Floor Plan

A

A drawing to scale, showing a view from above, of the relationships between rooms, spaces and other physical features at one level of a structure.

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14
Q

Foundation Plan

A

A floor plan drawing to scale showing the location and size of the foundation walls of a building.

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15
Q

Plot Plan

A

A scaled plan diagram showing the buildings, utility runs, and equipment layout, the position of roads, and other constructions of an existing or proposed project site.

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16
Q

Crawl Space

A

An area of limited height under a floor or roof, giving access to wiring and plumbing.

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17
Q

Radon

A

A colorless, odorless, radioactive gas present in the soil that enters a home through small spaces and openings.

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18
Q

This is an enforced charge extracted of persons, corporations and organizations by the government to be used to support government services and programs….?

A

Tax

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19
Q

A tax on the transfer of property by one individual to another while receiving nothing or less than full value in return is known as a…?

A

Gift Tax

20
Q

Who are exempt from the real estate licensing education requirements in California…?

A

Anyone licensed to practice law in California

21
Q

For new licensees, continuing education is required how many years after getting their license…?

A

4 years

22
Q

All new licensees are required to take which of the following continuing education courses…?

A

Ethics, Fair Housing, Consumer Protection

23
Q

Real estate brokers must maintain records of all transactions for how many years from the date of the closing…?

A

3

24
Q

Which of the following enables a person who has been defrauded or had trust funds converted by a real estate licensee in a transaction requiring a license, to recover at least some of his/her actual loss when the licensee’s assets are insufficient…?

A

The California Real Estate Recovery Fund

25
Q

A systematic regulation of construction of buildings within a municipality established by ordinance or law are known as…?

A

Building Codes

26
Q

Building codes are an example of police power…?

A

T (True)

27
Q

What is the job of a building inspector…?

A

To enforce the building codes

28
Q

The Housing and Community Development do which of the following…?

A

Develop housing policy and building codes, Regulate manufactured homes, Regulate mobile home parks

29
Q

This is a contractor whose operations involve the performance of construction work requiring special skill and whose principal contracting business involves the use of specialized building trades or crafts…?

A

Specialty Contractor

30
Q

A gift is subject to tax liability…?

A

T (True)

31
Q

This refers to a contractor whose principal business is in connection with any structure being built (or to be built), requiring in its construction the use of at least two unrelated building trades or crafts…?

A

General Contractor

32
Q

A plumber is an example of a general contractor…?

A

F (False)

33
Q

Specialty contractors work under a general contractor on a project…?

A

T (True)

34
Q

It is a misdemeanor for a licensed contractor to perform asbestos related work without prior certification…?

A

T (True)

35
Q

Contractors in the State of California are governed by the…?

A

Contractors State Licensing Board

36
Q

A roof which is almost level is referred to as a…?

A

Flat Roof

37
Q

A drawing to scale, showing a view from above, of the relationships between rooms, spaces and other physical features at one level of a structure is known as a…?

A

Floor Plan

38
Q

A floor plan drawn to scale showing the location and size of the foundation walls of a building is known as a…?

A

Foundation Plan

39
Q

A scaled plan diagram showing the buildings, utility runs, equipment layout, the position of roads, and other constructions of an existing or proposed project site is known as a…?

A

Plot Plan

40
Q

An area of limited height under a floor or roof, giving access to wiring and plumbing is referred to as a…?

A

Crawl Space

41
Q

Mobile homes are NOT subject to a sales and use tax…?

A

F (False)

42
Q

A gift tax can be applied to both personal and real property…?

A

T (True)

43
Q

A written instrument given to pass title of personal property from vendor to the vendee is known as a…?

A

Bill of Sale

44
Q

A bill of sale is required if the items being sold are valued over…?

A

500

45
Q

This law is intended to prevent a business owner from selling the items in which they run their business…?

A

Bulk Sales Law

46
Q

Which of the following is a requirement of a bulk sale by a business…?

A

The business owner must setup an escrow for all funds realized from the sale, The business owner must give notice to all of their creditors, The business owner must publish notice of the sale in a circulated publication

47
Q

A broker is required to supervise which of the following…?

A

All transactions that require a real estate license, Handling of all trust funds, Filing, storage, and maintenance of all transaction related documents

Real Estate Principles (14 decks)

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