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RE51 Quizzes - Real Estate Practice > Final Exam > Flashcards

Final Exam Flashcards

1
Q

How a house looks to a passerby when compared to the rest of the neighborhood is called:

A

curb appeal

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2
Q

When selling an older home, disclosure must be made to the buyer of any insurance claims made within the last:

A

five years.

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3
Q

This new type of barcode that consists of black modules (square dots) arranged in a square grid on a white background, which can be read by an imaging device is called a:

A

QR code

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4
Q

A real estate salesperson’s license is valid for:

A

four years

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5
Q

The Federal Civil Rights Act of 1968 was based on the Supreme Court case of:

A

Jones v. Mayer.

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6
Q

Which of the following is an excellent resource for finding FSBOs?

A

Craigslist

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7
Q 
Sources of listings may include
foreclosures. 
  "for sale by owner" ads.
probate attorneys.
all are correct
A

all are correct

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8
Q

Which of the following is one of the most used search engines for locating a real estate professional?

A

Google

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9
Q

Which of the following is TRUE concerning the employment relationship between the broker and salesperson?
The broker must carry worker’s compensation insurance for his or her salespeople.
The CalBRE considers a salesperson an employee of the broker, even if he or she is an independent contractor, for the administration of the real estate broker law.
A salesperson actively involved in real estate activities must be employed by a licensed broker.
all are correct

A

all are correct

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10
Q

For income tax purposes, the straight-line depreciation schedule for RESIDENTIAL property is a minimum of:

A

27.5 years

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11
Q

A real estate broker who wants to include negotiation of loans for prospective borrowers and the sale of trust deeds secured by real property will need:

A

a real property security dealer’s endorsement.

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12
Q

Escrow is not officially closed until:

A

all the conditions of escrow have been completed.
the documents are recorded.
the buyer’s remaining money is received.

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13
Q

In a listing agreement, handwritten or typed-in instructions:

A

are given precedence over preprinted instructions.

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14
Q

Which of the following is NOT an institutional lender?

A

Private lender

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15
Q

Liquidated damages are:
paid for not fulfilling a clause or condition in the contract.
all are correct.
the damages caused by none preformance
agreed to in advance and stated in the contract.

A

all are correct.

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16
Q

An incoming call register is a useful tool for:

A

record keeping.
controlling ad revenue and expenses.
following up on inquiries.

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17
Q

Surveys have shown that a younger demographic clientele prefers to be contacted by their real estate agent via:

A

tweet
video
text

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18
Q

The process of getting listing information displayed on numerous other websites is:

A

listing syndication

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19
Q

A packet of forms an agent provides to the seller when taking a listing is called:

A

a listing kit.

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20
Q

Any person who is actively involved in a real estate transaction at the service of another, in the expectation of receiving a commission, must be:

A

licensed

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21
Q

If there is a contradiction in the purchase agreement form:

A

the handwritten or typed-in words supersede the printed words.

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22
Q

Which of the following statements is NOT TRUE concerning listings in California?

A

Listing agreements are also referred to as purchase contracts.

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23
Q

The Housing Financial Discrimination Act of 1977 prohibits:

A

redlining

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24
Q

What entity requires that you include your salesperson or broker’s license number on all your real
estate websites?

A

CalBRE

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25
Q

An ad valorem tax is a tax that is charged:

A

in proportion to the value of the property.

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26
Q

The compensation for processing the loan and setting it up on the books, which is based on the loan amount, is:

A

a loan origination fee.

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27
Q

Which of the following refers to a business that has an actual physical presence?

A

brick and mortor

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28
Q

The Verification of Property Condition form is filled out:

A

during the final walk-through.

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29
Q

All the documents a brokerage generates for a single completed transaction are kept in:

A

a master transaction file.

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30
Q

A salesperson who is actively engaged in professional real estate activities must be employed by:

A

a licensed real estate broker.

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31
Q

The basic types of income producing properties include:

A

retail property
industrial property
office buildings

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32
Q 
In a purchase contract, which of the following is usually considered a financing contingency?
Obtaining the deposit 
  none are correct 
  Obtaining the down payment 
  Obtaining closing costs
A

none are correct

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33
Q

The most updated real estate information online can be found on:

A

Realtor

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34
Q

Which of the following listing forms does a buyer NOT receive a copy of?

A

Estimated seller’s proceeds
Residential listing agreement
Seller’s advisor

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35
Q

The collection of seller information from several MLSs to post on to one site for easier comparison is known as:

A

MLS aggregation

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36
Q

The rollback of California Property tax to 1% of the selling price, plus 2% cumulative interest every year thereafter, was mandated by:

A

Proposition 13.

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37
Q

The purpose of a lockbox is to:

A

store keys to the property for agent access.

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38
Q

Which of the following is NOT one of the three requirements for a valid escrow?

A

Legal advice

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39
Q

FSBO refers to which of the following?

A

For Sale By Owner

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40
Q

In California, a real estate assistant:

A

is not required to be licensed.

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41
Q

Which of the following would normally be found in a shared document file?

A

Buyer’s information
All disclosures
Seller’s information

42
Q

Ownership of a website (domain name) is treated legally most like:

A

real property

43
Q

What agency regulates the issuance of liquor licenses in California?

A

California Department of Alcoholic Beverage Control (ABC)

44
Q

Liability insurance that protects the agent and broker from catastrophic lawsuits brought by the public is called:

A

Errors and Omission insurance.

45
Q

Which of the following is true concerning the Transfer Disclosure Statement?

A

A buyer has two years to sue an agent for failure to make proper disclosures.
The listing agent is not legally allowed to complete the entire statement.
It must be provided to prospective buyers by sellers of one- to four-residential units.

46
Q

The transfer of personal property is completed with a(n):

A

bill of sale

47
Q

To earn a commission, a broker must produce a buyer who is:

A

ready
able
willing

48
Q

When selling real estate, the least effective form of communication is:

A

by letter (one-way)

49
Q

The Statewide Buyer and Seller Advisory (SBSA) is signed by:

A

the buyer

the seller

50
Q

The main purpose of the CalBRE is to:

A

protect the public.

51
Q

What type of lease calls for an additional percentage of the lessee’s gross business income above the minimum fixed rent?

A

Percentage lease

52
Q

The most frequently visited social networking site on the Internet is:

A

Facebook.

53
Q

When writing effective ads, the formula “AIDA” refers to:

A

attention, interest, desire, action.

54
Q

What is becoming the most commonly requested form of communication between client and agent?

A

text

55
Q

The Documentary Transfer Tax is computed at:

A

55 cents for each $500.

56
Q

Which large tech-savvy segment of the population should create the next house buying wave?

A

Millennials

57
Q

Real estate assistants who choose to become notary publics must:

A

maintain an official record called a notary journal.
use an official seal of notary.
pass an exam

58
Q

Escrow companies use a base month of:

A

30 days

59
Q

Copies of the listing agreement must be given to the signing parties:

A

at the time signatures are obtained.

60
Q

In a trust deed, the party who is borrowing money is called the:

A

trustor

61
Q

Economic obsolescence is:

A

loss of value due to conditions outside the property itself (external).
results in a decline in the value of a property not considered “curable.”

62
Q

Under the buyer occupancy section of the purchase contract, the term “CE+3” means:

A

the buyer will take possession 3 days after the close of escrow.

63
Q

The Real Estate Settlement Procedures Act (RESPA) covers the sale of:

A

one- to four-residential units.

64
Q

Operating expenses that do not vary depending on the occupancy of the property are:

A

fixed expenses

65
Q

In creating a Comparative Market Analysis (CMA), which of the following is important?

A

Only select recent sales of comparable properties.

66
Q

To qualify for a broker’s license, a four-year bachelor’s degree with a major or minor in Real Estate is equal to:

A

2 years of experience.

67
Q

The most commonly used purchase contract in California is the:

A

California Residential Purchase Agreement and Joint Escrow Instructions form.

68
Q

When you are an agent for ONLY one party, representing either the seller OR the buyer, it is called:

A

single agency.

69
Q

A resident manager:

A

may also be referred to as an on-site manager.
may also be referred to as a building superintendent.
lives on the property.

70
Q

An “open house” is a planned period of time during which a property for sale:

A

is held open for public viewing.

71
Q

“No Darn Fooling Around” is a method for remembering:

A

important property tax dates.

72
Q

A seller of a business agrees not to open another business establishment similar to that being sold for six months. Such an agreement is called a:

A

covenant not to compete.

73
Q

Before making an offer, which of the following forms should be provided to the buyer detailing the total cost of the purchase, including monthly payments?

A

Estimated Buyer’s Costs

74
Q

Which of the following government organizations makes direct loans to borrowers?

A

CalVet

75
Q

An assistant working as an independent contractor may be expected to:

A

pay his or her own taxes.

76
Q

The type of ordinance in a city on residential properties that controls rents charged and how big rent increases can be is called:

A

rent control

77
Q

The list of potential clients that an agent contacts on a regular basis:

A

is considered his or her “sphere of influence.”

78
Q

The seller must provide the buyer with a Lead-Based Paint Disclosure as an attachment to the purchase contract if the residential property was constructed:

A

prior to 1978.

79
Q

The form that is often referred to as “FIRPTA” is the:

A

Seller’s Affidavit of Nonforeign Status and/or California Withholding Exemption.

80
Q

The Federal Home Loan Mortgage Corporation (FHLMC) is commonly known as:

A

Freddie Mac.

81
Q

The Continuing Education (CE) requirement to renew a license is:

A

45 hours every 4 years.

82
Q

The county officer who collects real property taxes is the:

A

county tax collector.

83
Q

How many copies of a listing agreement must be provided to a couple who is considered “one legal entity?”

A

one

84
Q

Which of the following is a lender’s extended coverage policy?

A

ALTA

85
Q

A real estate assistant may work:

A

part time
on call
full time

86
Q

The MLS has an automatic email system that notifies a buyer when homes that fit his or her criteria come on the market called:

A

auto email alerts.

87
Q

CalBRE licensees who wish to negotiate mortgage loans and receive compensation for their services must have a(n):

A

NMLS endorsement.

88
Q

Most property owners move on an average of every:

A

6 to 8 years

89
Q

In California, who customarily conducts the title search, prepares preliminary reports, and issues policies of title insurance?

A

Title insurance company

90
Q

Which of the following do home buying research on the Internet?

A

buyers

91
Q

“Scheduled income” is the potential gross income a property is capable of producing:

A

without deductions for expenses.

if there were no vacancies.

92
Q

When selling real estate, the MOST effective form of communication is:

A

direct contact (face-to-face).

93
Q

The CalBRE salesperson’s exam:

A

requires a score of 70% to pass.
as 150 questions.
takes three hours and fifteen minutes.

94
Q

The amount of commission payable to a real estate broker is ordinarily based on:

A

agreement of the parties.

95
Q

A tenant’s right to occupy real estate during the specified term of a lease is a:

A

less-than-freehold estate, or leasehold estate.

96
Q

An escrow holder can be:

A

a real estate broker acting as the agent in a transaction.
an attorney.
a corporation.

97
Q

Which of the following lenders makes the majority of their funds available for short-term, high-interest loans like credit cards and automobile loans?

A

Commercial banks

98
Q

The annual percentage rate (APR) is:

A

the amount financed plus interest rate, points, and loan fees.
expressed as a percentage.
the actual cost of borrowing money.

99
Q

If the seller is not able or not willing to perform the terms and conditions agreed upon in the original Purchase agreement, the buyer’s agent forwards which form to the listing agent?

A

Notice to Seller to Perform

100
Q

With what type of commission plan does a broker not charge a fee, but a commission based on a percentage of the selling price?

A

Straight commission plan

RE51 Quizzes - Real Estate Practice (16 decks)

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