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Brett CA DRE Cards > DRENew > Flashcards

DRENew Flashcards

0
Q

Assemblage

A

Combining 2 or more parcels

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1
Q

Anticipation

A

A purchase/sale decision

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2
Q

Balance

A

Occurs when supply & demand factors at the point of balance

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3
Q

Change

A

constant physical & economic change that influence value

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4
Q

Comparable

A

a property that is considered: alternative, similar, & competing to the subject property

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5
Q

Conformity

A

property is in harmony (style, condition, etc) with the surrounding properties

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6
Q

Contribution

A

an item is onl worth what it contributes in value to the whole

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7
Q

Plottage

A

increase value by combining smaller lots into one large lot for greater $$

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8
Q

Substitution

A

knowledgeable buyer will pay no more for one item than for a comparatively equivalent substitute

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9
Q

Government/Rectangular Survey

A

a TOWNSHIP is 6mi x 6mi (36 sq Mi)There are 36 SECTIONS in a township
There are 640 ACRES in a Section
One ACRE = 43,560 ft
Initial East-West Lines drawn in a RECTANGULAR SURVEY are “Base Lines”
Initial North-South Lines drawn in a RECTANGULAR SURVEY are “Principal Meridians”
Every 6 mi (EVERY TOWNSHIP) there are more lines drawn (called Township lines for E/W and Range lines for N/S)

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10
Q

What is a Township

A

Small unit of a RECTANGULAR SURVEY. Each 6 mi is a new TOWNSHIP

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11
Q

How large is a Township?

A

36 square mi (6mi x 6mi)

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12
Q

How Many SECTIONS in a TOWNSHIP?

A

36 (6x6)

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13
Q

How Many ACRES in a SECTION?

A

640

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14
Q

How Many FEET in an ACRE?

A

43,560

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15
Q

What are “Base Lines”

A

Initial E/W lines drawn in a RECTANGULAR SURVEY

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16
Q

What are “Prime Meridians”

A

Initial N/S lines drawn in a RECTANGULAR SURVEY

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17
Q

What are “Township Lines”

A

E/W Lines drawn every 6 mi in a RECTANGULAR SURVEY that outline each TOWNSHIP

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18
Q

What are “Range Lines”

A

N/W Lines Lines drawn every 6 mi in a RECTANGULAR SURVEY that outline each TOWNSHIP

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19
Q

What duties does an Agent Owe to Client?

A

CCLOAD

Confidentiality, Care, Loyalty, Obedience, Accountability, Disclosure

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20
Q

What is a Special/Specific Agent

A

A limited agent who is authorized for a specific transaction for a set amount of time

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21
Q

What is a General Agent?

A

An agent authorized for a series of transactions or acts over a continues period of time (e.g., a property manager)

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22
Q

What is a Universal Agent?

A

A broad agent - same as a Power of Attorney. Can act in ALL MATTERS of REAL ESTATE on behalf of Client

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23
Q

What is Single Agency?

A

When the Client/Principal (seller OR buyer) deals with the Agent, who acts on behalf of principal

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24
Q

What is Dual Agency?

A

When SELLER AND BUYER both have same agent for a transaction. MUST HAVE CONSENT and knowledge by both clients

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25
Q

What is a Transactional Broker

A

a non-agent. Commonly known as a “transaction coordinator” or “facilitator”. They assist both parties with paperwork without representing or negotiating for either buyer or seller.

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26
Q

What is the correct formula for the COST APPROACH TO VALUE?

A

Cost to Reproduce Depreciation + Value of Land = Value

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27
Q

Two JTs, one conveys his interest to another party. What is the result?

A

JT is severed and the new 3rd party becomes a TIC with the remaining JTs

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28
Q

Where is GRM used?

A

For the INCOME APPROACH when appraising SFRs. TRICK: It’s not used for Commercial properties (Cap Rate is). Difference is minor (GRM takes GROSS RENT, Cap Rate is Net Operating Income)

29
Q

What is the timeline to rescind a timeshare purchase?

A

7 days

30
Q

How long do you have to file a complaint with HUD if you believe your rights have been violated?

A

1 Year

31
Q

When a Broker hires a new Agent, how long does the Broker have to notify DRE?

A

5 days

32
Q

What is an Encumbrance?

A

Anything that burdens the title of the property or limits its use. Common examples are easements, liens, and restrictions on use.

33
Q

What is an Encroachment?

A

When a permanent object from one property extends over onto another property illegally. Classic example is the fence that extends over.

34
Q

What is a Lien?

A

A type of encumbrance. For exam, it is a claim on a property to secure a debt.

35
Q

What is a Restrictive Covenant?

A

An agreement in a deed that requires one party to do (or not do) something.

36
Q

How long does DRE have to grant or deny a request for payment from RE Recovery Account?

A

90 days

37
Q

When a Broker changes business address, how long does he have to notify DRE?

A

ONE BUSINESS DAY

38
Q

How many hours of CLE must a MLO complete each year?

A

8 hours

39
Q

What does the SAFE Act cover?

A

Mortgage Lending, passed 2008. “Secure and Fair Enforcement for Mortgage Licensing Act”

40
Q

What is the punishment if you are acting as a RE broker or MLO without a license?

A

up to $20k fine and 6 mos imprisonment. If corporation, $60k fine

41
Q

How many hours of EDU required to apply for MLO endorsement?

A

20 hours

42
Q

What is a Net Lease?

A

a lease agreement where the tenant pays SOME OR ALL of the costs of building ownership such as (CAM fees, taxes, or insurance)

43
Q

What is a Gross Lease?

A

When the lessee does NOT pay any costs of ownership and just pays a set monthly rental amount

44
Q

What is a Percentage Lease?

A

When the lessee has a base rent plus a percentage of sales. Common in RETAIL spaces

45
Q

What is a Graduated Lease?

A

Rent changes occur at predetermined future dates

46
Q

How to calculate Net Operating Income?

A

Net Operating Income = (total anticipated revenue - expenses).

Total Anticipated Revenue = ((potential gross income - (vacancy + rent loss)) + (any additional income)

47
Q

How can a Join Tenancy be created?

A

By grant, purchase or will. It cannot be created by “operation of law.”

48
Q

What does Federal Law require with regards to appraiser licensure?

A

An appraiser must be licensed when involved in any federally-related transaction with an amount of $250,000

49
Q

How many times can you take MLO exam? What’s the waiting period between each sitting?

A

3x / 30d

50
Q

Using income approach for a property, value = what?

A

Value = (Net Operating Income) / Cap Rate.

51
Q

Homestead abandonment rules

A

Selling a property = loss of homestead. OR filing declaration of abandonment. Don’t need to file DOA if selling, can file another @ new house and it’s valid. Only 1 homestead at a time.

52
Q

Can tenants by the entirety be partitioned by Court order?

A

No

53
Q

When is a credit check typically done with a RE loan?

A

After pre-qual/before pre-approval.

Pre-qual send financial info so lender can esitamte the amount they’d qual for.

Pre-Approval is where they get credit and get a letter of pre-approval subject to appraisal and income verification.

54
Q

Upon request, when must CC&Rs be provided to a purchaser of a condo?

A

within 10 days

55
Q

What is the primary purpose of acknowledgement of a Deed?

A

The primary purpose is to verify the document was executed without duress. The secondary purpose is to verify the identity of the party signing the document.

56
Q

What is a latent defect?

A

A defect not easily visible or detectable during a normal inspection.

57
Q

What is a patent defect?

A

A defect in the property which is obvious and easily visible.

58
Q

How many units require a property manager to be on site?

A

16 or more.

59
Q

Obsolescence

A

the process or condition of going out of date or no longer being of use.

60
Q

Functional obsolescence

A

a property not complying with a recognized utility. It’s features that are not practical or desirable.

61
Q

Economic obsolescence

A

factors unrelated to the property itself and outside of the owners’s control diminish

62
Q

External obsolescence

A

events outside the owner’s control such as zoning changes make the building’s value diminish.

63
Q

What’s an equitable lien?

A

Lien arising out of a claim on goods or property conferred by a court.

64
Q

What’s a general lien?

A

A lien against ALL property owned by the Debtor.

65
Q

When an apartment owner converts to condos, how long do tenants have to puchase their units?

A

90 days after the issuance of the public report

66
Q

Indictment or felony charging must be reported to DRE when?

A

Within 30 days

67
Q

How many square miles in a quadrangle?

A

576

Quadrangles are 24 miles square, so their area is 24x24=576 sq mi.

68
Q

Equitable Conversion

A

when, after parties have entered into a binding contract, the buyer becomes the “equitable owner” before delivery of the deed

69
Q

Accession

A

one acquires title to additions or improvements as a result of annexation fo fixtures or the accretion of alluvial deposits on the banks of streams

70
Q

When did CERCLA become law? What is it?

A

1980 - Comprehensive Environmental Response, Compensation, and Liability Act.

Brett CA DRE Cards (2 decks)

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