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Trainers Prep > Exam notes day 2 > Flashcards

Exam notes day 2 Flashcards

1
Q

Installment note

A

Principal and interest, specific amounts and intervals

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2
Q

Interest rate can increase or decrease

A

adjustable rate

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3
Q

Balloon payment

A

partially amortized loan, entire balance due

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4
Q

Vendor executes contract

A

equitable title to vendee

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5
Q

Equitable title

A

use and possess, obtain legal title

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6
Q

Vendor and vendee

A

beneficiary and trustor

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7
Q

Insured loans

A

FHA, PMI

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8
Q

A junior loan is not

A

permitted for a home

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9
Q

VA Loans need

A

no down payment

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10
Q

Cal-Vet Loans: Set up as

A

Land contract

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11
Q

Department of Veterans Affairs

A

Vendor, protected by life/disability insurance

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12
Q

CalHFA Loans

A

first time low income buyers, tax empt

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13
Q

Cost of goods and services increasing over time

A

Inflation

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14
Q

Secondary mortgage market

A

Not FHA

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15
Q

Mortgage bankers (Mortgage companies)

A

Service loans, sell on secondary market

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16
Q

Mortgage brokers

A

Not own money

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17
Q

Insurance Companies

A

Work through mortgage companies, large loans

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18
Q

Most common way of transfer

A

Grant deed

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19
Q

Primary purpose of grant deed

A

convey title

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20
Q

Recorded in county where

A

property is situated

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21
Q

True about grant deed

A

Does not have to be recorded

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22
Q

Constructive notice given by

A

Possession or recording

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23
Q

Grant deed must be

A

delivered and accepted

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24
Q

Deed executed when

A

signed by grantor

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25
Q

How to alienate

A

convey

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26
Q

Alienation opposite of

A

Acquisition

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27
Q

Single woman married

A

cloud on title

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28
Q

quiet title action

A

remove a cloud, perfect title

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29
Q

Et ux

A

and wife

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30
Q

Quitclaim deed

A

Conveys rights of grantor, no warranties

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31
Q

Sublease transfers possession not

A

ownership

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32
Q

Escrow authorized to

A

call for funding of loan

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33
Q

Escrow law found in

A

financial code

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34
Q

Parties use escrow to

A

make sure terms are are met

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35
Q

Seller delivers deed to

A

escrow

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36
Q

Recurring costs impound

A

account items

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37
Q

Two termite reports get

A

written instruction

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38
Q

credit seller

A

prepaid taxes

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39
Q

Debit buyer for

A

purchase price

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40
Q

Title insurance most concern

A

documents that appear within chain of title

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41
Q

Abstract of title

A

written summary of documents in chain of title

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42
Q

Preliminary title report shows

A

seller as trustor

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43
Q

Standard policy (CLTA)

A

protects against forgery and improper delivery (no survey)

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44
Q

Extended policy (ALTA)

A

Covers improvements on adjoining land

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45
Q

Type of policy that cover everything

A

None

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46
Q

Most buyers obtain

A

standard

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47
Q

For extra fee, extended policy covers

A

survey issues, water rights

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48
Q

Abstract of title addresses

A

marketability

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49
Q

Special processes purchase from government

A

receive patent

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50
Q

Owner acquires land by. natural causes

A

accretion

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51
Q

Government take property for public use

A

eminent domain

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52
Q

Two requirements of eminent domain

A

Necessary public use/just compensation

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53
Q

Owner sues city

A

Inverse condemnation

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54
Q

Owner dies with no will

A

Intestate succession

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55
Q

Acquire title by adverse possession

A

5 years pay taxes and possess

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56
Q

Transfer through court supervision in probate proceeding

A

commission set by court

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57
Q

In tax sale, buyer receives

A

tax deed

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58
Q

Tax aspects buyer withholds 10% of sale prices and send to IRS

A

FIRPTA

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59
Q

Document transfer tax is based on

A

consideration given

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60
Q

Real property taxes become a lien

A

Jan 1st before fiscal year

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61
Q

Fiscal tax year in California

A

July 1 to June 30

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62
Q

Ad valorem means

A

according to value

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63
Q

Property reassessed

A

when sold

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64
Q

IF property over assessed

A

Assessment appeals board

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65
Q

Second installment of property taxes

A

Feb 1 to april 10

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66
Q

Property sold to state with delinquent taxes

A

5 years to stay and redeem

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67
Q

Tax delinquent property not redeemed is deeded to the

A

county

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68
Q

Mello Roos assessment

A

not commercial strip mall, seller discloses

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69
Q

With federal income tax, the basis is

A

the cost

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70
Q

To arrive at adjusted cost basis

A

do not add mortgage payments

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71
Q

Deductions on personal residence

A

Mortgage interest, property taxes

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72
Q

On income property, capital expenditures

A

Added to cost basis and depreciated

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73
Q

Sale leaseback

A

deduct 100% of future rent paid

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74
Q

Title Vestings: Severalty:

A

individual

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75
Q

Four unities of joint tenancy

A

(T-Tip) Time, title, interest, possession

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76
Q

Single joint tenant cannot will because of

A

right of survivorship

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77
Q

Surviving joint tenant owns property

A

free of unsecured debt

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78
Q

Tenancy in common

A

can hold unequal interest, right of possession must be equal

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79
Q

Deed in name of husband and wife

A

Community property

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80
Q

Trust accounts used to

A

separate trust funds

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81
Q

Most important reason for trust fund:

A

legal action against broker

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82
Q

Must reconcile (trust fund account)

A

monthly

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83
Q

Unexplained overage (trust fund account)

A

Keep separate record

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84
Q

Broker deposits his own renter’s check

A

commingling

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85
Q

Proper place for trust funds

A

escrows, trust account, owner of funds

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86
Q

Offeree can hold trust funds but you must have

A

written agreement between offeree

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87
Q

Deposit trust funds in

A

3 business days, hold check uncashed

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88
Q

If sales associate receives trust funds

A

deliver to broker immediately, follow instructions

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89
Q

CIvil Rights Act of 1968

A

No discrimination or bias

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90
Q

Right to bring suit

A

Discrimination and unlawful eviction

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91
Q

Complaints for violations of federal fair housing laws

A

files w/ HUD

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92
Q

Acceptable rental ad

A

no bicycles allowed

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93
Q

Direct buyer to nonintegrated neighborhood of his own ethnicity

A

Steering

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94
Q

Agent tells homeowner an ethnic group is moving in and values will decrease

A

blockingbusting

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95
Q

bank will not loan in a zip code because of ethnic composition

A

redlining

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96
Q

Americans w/ Disabilities Act

A

Mall, store, business office

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97
Q

The Unruh Act prohibits discrimination

A

by businesses

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98
Q

The rumford act

A

not selling business, dept of fair employment and housing within 60 days

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99
Q

Discrimination can result in violation of

A

federal, state, commissioner’s regulations

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100
Q

Misleading advertising

A

Misleading map

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101
Q

Ad does not identify broker

A

blind ad

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102
Q

Exaggerate features or benefits

A

puffing

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103
Q

License number must be in first contract materials

A

evereything

104
Q

Misuse of term realtor

A

revoke or suspend

105
Q

Record keeping requirment

A

3 years

106
Q

Keep contracts and paperwork dating from

A

close of escrow

107
Q

WORM

A

Write once, ready many

108
Q

Unlicensed assistant can

A

Set appts to meet broker, set termite inspections, show house but can’t discuss relevance of documents

109
Q

DRE

A

commisoner has authority to promulgate rules and regulations

110
Q

Prosecution for illegal activites:

A

district attorney

111
Q

Misrepresent a property to buyer

A

discipline, civil, criminal

112
Q

When salesperson is terminated

A

broker gives license back to salesperson

113
Q

Obtain license by fraud

A

Revoke within 90 days w/o hearing

114
Q

Real estate license term

A

4 years

115
Q

for broker license, two years experience or

A

4 year college degree

116
Q

Continuing education for real estate

A

45 hrs, 18 in consumer protection

117
Q

Licensee does not renew before expiration

A

Out of business, but 2 year grace period to avoid testing

118
Q

Child support obligor

A

150 day temp license

119
Q

Single transaction (Recovery account)

A

50,000

120
Q

Lifetime limit (Recovery account)

A

250,000

121
Q

Suspended license from recovery account payout

A

Pay only recovery account plus interest

122
Q

General ethics

A

honesty and fairness

123
Q

Authorized to manage property for public

A

Broker

124
Q

Responsible for safety measures

A

Property management

125
Q

Security deposits at end of lease

A

clean, repair, unpaid rent

126
Q

Return or account for security deposits within

A

21 days

127
Q

document used to evict

A

unlawful detainer

128
Q

Maximum deposit for furnished apartment

A

3 months

129
Q

maximum deposit for unfurnished aparment

A

2 months

130
Q

Easton vs Strassburger

A

diligent visual inspections, disclose all defects

131
Q

Civil Code 2079

A

Diligent visual inspection

132
Q

TDS required (Transfer disclosure statement)

A

FSBO

133
Q

Disclosures required

A

defects known and should be known

134
Q

Not required to disclose

A

repairs

135
Q

When can licensee fill out seller’s portion?

A

Never

136
Q

Amended TDS (Transfer disclosure statement)

A

Rescind contract, but not sue

137
Q

Defective TDS (Transfer disclosure statement)

A

Sue within 2 years

138
Q

Flood Hazard frequent when

A

2 times in 10 years

139
Q

Lead based paint

A

give EPA pamphlet, disclose reports, 10 days to inspect

140
Q

Alquist priolo act

A

Disclose earthquake fault lines

141
Q

Alquist priolo act applies to

A

specific types of structures in known earthquake fault zones

142
Q

fault zones

A

1/4 mile wide

143
Q

Salesperson took illegal referral fees

A

Broker also liable if guilty knowledge

144
Q

Licensee must notify DRE of any illegal activity

A

within 30 days

145
Q

Buyer related to listing agent

A

must disclose to seller

146
Q

Broker appoints manager for branch office

A

broker relived of direct supervision

147
Q

HUD section 8 housing choice voucher program

A

Assists w/ affordable housing in private market

148
Q

Independent contractor salesperson

A

broker does not pay social security and medicare

149
Q

Employee and independent contractor salespersons

A

broker pays workers comp

150
Q

Prepaid rental listing service (PRLS) license is issued for

A

2 years

151
Q

Seller to paint over water spots on ceiling

A

Listing agents discloses roof leaks

152
Q

Salesperson asked to lease house and doesnt know how

A

Asks broker’s assistance

153
Q

Busy market and house does not sell

A

Overpriced

154
Q

Nine-month listing, broker license revoked

A

listing terminates

155
Q

Broker dies, leaves business to daughter

A

seller sign new listing

156
Q

DRE does not issue licenses to

A

partnerships

157
Q

Licensee does not have to disclose

A

lives in same neighborhood

158
Q

Agent liable for own actions

A

whether principal liable or not

159
Q

Agent not liable for wrongful acts of principal

A

unless agent acquiesces (gives in)

160
Q

Legal essentials

A

capable parties, mutual consent, lawful object, consideration

161
Q

Legal essentials

A

capable parties

162
Q

Valid contract

A

has legal essentials

163
Q

Void contract

A

if missing even one essential, underage, illegal consideration

164
Q

Consideration

A

Valuable good, sufficient

165
Q

One party or obligation substituted for another

A

novation

166
Q

Contingency

A

Nature, duration, method removed

167
Q

Contracts that do not need to be in writing are

A

personal property listing or lease for one year or less

168
Q

Party able to enter into contract

A

emancipated minor

169
Q

Mutual consent in real estate contracts

A

Offer and acceptance

170
Q

Cloud mutual consent

A

threats, duress

171
Q

Voidable contract

A

Binding until rescinded, fraud, not illegal purpose, misrepresentation

172
Q

Actual fraud

A

intent to deceive

173
Q

Constructive fraud

A

negligence

174
Q

If buyer loses ability to complete purchase

A

unenforceable

175
Q

Must be in writing if not to be performed within one year

A

Statue of fraud

176
Q

Effective date (Purchase contract)

A

final acceptance delivered to offeror

177
Q

Buyer can sue seller (Purchase contract)

A

within 4 years

178
Q

Signed by only one spouse (Purchase contract)

A

Unenforceable

179
Q

“As is”

A

Seller not willing to make repairs / Includes observable conditions only

180
Q

Seller backs out

A

Buyer sues for specific performance

181
Q

On owner occupied, liquidated damages cannot generally exceed

A

3% of purchase price

182
Q

Receive copy of signed purchase contract

A

at time of signing

183
Q

Purchase contract contains

A

time is of the essence

184
Q

Contingency removal clause

A

purchase contract

185
Q

Counteroffer

A

rejection of the original offer

186
Q

Multiple counteroffers

A

must be disclosed

187
Q

Bilateral employment contract

A

listings

188
Q

Commission clause must be in

A

10 point font in bold

189
Q

Salesperson leaves broker

A

listing stays w/ broker

190
Q

Listing signed by only one spouse

A

Enforceable

191
Q

Exclusive listings

A

must have definite termination date

192
Q

Examples of definite termination date

A

90 days from signing

193
Q

Owner sells (Seller Preserve)

A

no commission owed

194
Q

Exclusive right to sell (property sells)

A

pay commission

195
Q

Multiple brokers (open listing)

A

Only procuring cause gets paid

196
Q

Owner nets his proceeds (Net listing)

A

predetermined amount

197
Q

Broker gets paid based on what happens after listing expires

A

Protection period clause

198
Q

Authority for broker to get paid

A

In listing, must be in writing

199
Q

False information from seller

A

Hold harmless clause

200
Q

Leases

A

right for possession for paying rent

201
Q

Sublease or assign

A

if lease doesn’t prohibit it

202
Q

Unwritten lease for more than a year

A

unenforceable

203
Q

Lessee who didn’t sign lease

A

implied contract

204
Q

percentage lease

A

percentage of gross sales

205
Q

maximum term for agricultural lease

A

51 years

206
Q

Tenant pays fixed and variable expenses

A

net lease

207
Q

If landlord does not maintain property

A

tenant released by constructive eviction

208
Q

Agreement to terminate lease early

A

surrender

209
Q

Tenant vacates early

A

abandonment

210
Q

Tenant stays after lease expires

A

Estate at sufferance

211
Q

Principal cancels before expires (commission)

A

could owe two commissions

212
Q

If no written agreement (commission)

A

payment of commission permissible

213
Q

no written extension of listing (commission)

A

quite possibly no commission

214
Q

Purchase of time share in interest

A

rescind in 7 days

215
Q

Advance fee contract, broker cannot

A

guarantee transaction

216
Q

Submit materials to commissioner

A

no less than 10 days before publication

217
Q

Broker can legally sell

A

Registered mobile homes

218
Q

Listing expires, advertising and signs removed

A

within 48 years

219
Q

Ad says no down payment if not true

A

illegal and deceptive

220
Q

Broker cannot sell

A

brand new mobile homes

221
Q

convert mobile home from personal property to real property

A

building permit, approved foundation, certificate of occupancy

222
Q

Document used to convey mobile home when real property

A

grant deed

223
Q

mobile home park is

A

two or more lots, human habitation

224
Q

Average depth of standards closet

A

two feet

225
Q

Bearing wall in home

A

any angle, intact during remodeling, stronger

226
Q

Most destructive termite

A

subterranean termite

227
Q

Structural pest control report given

A

within 10 working days to anyone

228
Q

Structural pest control report

A

filed w/ structural pest control board

229
Q

Cost to correct if no evidence of infestation

A

paid by buyer

230
Q

Crawl space

A

low space under subfloor, access to plumbing and wiring

231
Q

Topography a concern for developer

A

if it raises development costs

232
Q

Horizontal parallel timbers that support load of ceiling or floors

A

joists

233
Q

Highest construction member of frame house

A

Ridge board

234
Q

Spreading at base of foundation

A

footing

235
Q

Soil conditions

A

not deciduous

236
Q

Roof slopes on all four sides

A

hip roof

237
Q

A/c unit has energy efficiency ratio (EER)

A

More efficient

238
Q

Sheet metal that protects building from water seeping into roof

A

Flashing

239
Q

Inside of exterior wall same temperature as other partitions

A

insulation adequate

240
Q

R-value in insulation

A

resistance to heat flow must be disclosed in new home sales

241
Q

Turnkey project

A

ready for occupancy move right in

242
Q

Construction drawings showing exterior view of building

A

elevation sheet

243
Q

information booth at the ball

A

kiosk

244
Q

Soil to fill in trenches and brace foundations

A

Backfill

245
Q

Cracks in foundation

A

soils engineering report

246
Q

Purpose of architect’s plot plan

A

guide placement of construction

247
Q

Footing, piers, subflooring

A

foundation plan

248
Q

not a substandard building

A

old wiring

249
Q

Ordinary repairs to broken equipment

A

corrective maintenance

250
Q

commercial acre

A

Deduct for streets, curbs, sidewalks

251
Q

Orientation

A

position of building on site

252
Q

HVAC

A

heating, ventilation, air conditioning

253
Q

Hazardous gases in occupied residence

A

not carbon dioxide

254
Q

Percentage of consumers who search internet before calling realtor is

A

90%

255
Q

Open house w/ big windows

A

contemporary

256
Q

Radon gas

A

open the door

257
Q

percentage of agricultural land in california

A

27%

Trainers Prep (10 decks)

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