Chapter 15 Flashcards
The __________ establishes the conditions for approval of a subdivision map, and provides the planning commission the authority to regulate the design and physical improvements to be installed in a common interest development (CID).
a. Subdivided Lands Act
b. Subdivision Map Act
c. local surveyor
d. general contractor
B
Contractors and subcontractors have a constitutionally protected right to file a(n) __________ against property they have improved should they not be paid for labor and materials.
a. lis pendens
b. Notice of Nonresponsibility
c. unlawful detainer
d. mechanic’s lien
D
After completion of construction, a(n) __________ is to be recorded within 15 days.
a. Notice of Completion
b. Notice of Nonresponsibility
c. conditional notice of cessation
d. None of the above.
A
A landlord who has actual knowledge a tenant is making improvements must record and post a(n) __________ to avoid the attachment of the mechanic’s lien to the fee interest held by the landlord.
a. Notice of Nonresponsibility
b. Notice to Vacate
c. contractor’s lien
d. All of the above.
A
Of all the economic factors affecting California real estate, __________ has the most impact.
a. weather
b. employment
c. automobile sales
d. tax code
B
As of 2014, ________ of households in California own the home they live in.
a. 44%
b. 47%
c. 54%
d. 57%
C
The Federal Reserve (the Fed) primarily uses ____________ to preemptively combat consumer inflation booms.
a. fiscal policy
b. monetary policy
c. police power
d. the mortgage interest tax deduction (MID)
B
In the aftermath of the financial crisis, numerous new regulations were formulated under the ______________ to control excesses in lending, particularly mortgage lending.
a. Dodd-Frank Wall Street Reform and Consumer Protection Act
b. Occupy Wall Street Act
c. Franken-Boxer Main Street Protection Bill
d. All of the above.
A
The ______ scrutinizes the nation’s largest credit reporting agencies to ensure consumers’ credit scores are reported accurately.
a. Consumer Advocation League (CAL)
b. Consumer Financial Protection Bureau (CFPB)
c. Department of Housing and Urban Development (HUD)
d. None of the above.
B
The percentage formula is a basic calculation used in real estate mathematics and is generally used to determine the amount of:
a. a broker’s fee in a transaction.
b. the purchase price of a property
c. a property’s total square footage.
d. a property’s annual operating expenses.
A
