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Ca Real Estate > Mix > Flashcards

Mix Flashcards

1
Q

Which of the following is not a Ca starting point in the U.S. Government Survey System?

A

Baja Base line and Meridian

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2
Q

A single person can avoid paying capital gains taxes on up to what amount of profit from the sale of a residence

A

$250,000

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3
Q

What is required in California for a valid real estate contract?

A

A consideration and acceptance by both parties

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4
Q

Under the department of real estate commissioners rule and regulations, which of the following would be required to have a written employment contract with a broker?

A

A real estate broker working for another real estate broker

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5
Q

Which word best describes the effects of income taxes as your income increases

A

Progressive

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6
Q

Which of the following is an example of a voluntary lien

A

Trust deed

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7
Q

The seller must provide the buyer of a condominium with:

A

-the CCnR
-the by laws
-a Copy of the most recent financial statement

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8
Q

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

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9
Q

What was the purpose of president Biden HUD-led task force, property appraisal and valuation equity? (PAVE)

A

Establish new appraisal standards

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10
Q

A neighborhood in which a real estate agent “cultivates “ new clients by contacting its resident up to 12 times a year in order to update them on real estate activities and values

A

Geographical Form

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11
Q

When an owner decides and try’s to sell his own property

A

FSBOs, For Sale by owner

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12
Q

This type of newspaper advertisement is designed to advertise a specific property and enjoys high readership among those looking for low and medium priced housing

A

Classified ads

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13
Q

A time-tested, step-by-step method used in writing ads; this formula gets the job done

A

AIDA-Attention, Interest, Desire, and Action

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14
Q

Advertising of Real Estate credit terms is under this federal organization Jurisdiction

A

Consumer Finance Protection Bureau (CFPB)

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15
Q

An informative analytical tool that logs in daily calls that specifically gives you a daily and historical review of how effectively your brokerage is advertising and includes important caller data

A

Traffic Sheet

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16
Q

Type of advertising that is sent using the U.S. postal Service

A

Direct Mail

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17
Q

Article 9

A

The regulations of the Real Estate commissioner also establishes advertising guidelines and restrictions

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18
Q

A comparison of one property’s value to similar recently sold properties is called

A

Comparative market analysis

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19
Q

FSBO is an abbreviation of

A

For sale by owner

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20
Q

CMA stands for

A

Comparative Market Analysis

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21
Q

The time-tested model used in writing ads to s the AIDA formula, which stands for

A

Attention, Interest, Desire, Action

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22
Q

Brokers owe a duty of the highest care and confidentiality to their principal (clients) whose interest they promote even at the cost of some greater benefit to themselves

A

Fiduciary Relationship

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23
Q

Listings that did not sell within the contract period

A

Expired listings

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24
Q

Calls made to people you already know and which are usually more productive

A

Warm calls

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25
Q

If a landlord knows that there is a current bed bug infestation, he or she

A

Cannot show or rent vacant units

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26
Q

An agreement where the seller of a business agrees to not open a competing business for a period of time within a specific geographical area is referred to as:

A

A covenant not to compete

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27
Q

In california, before selling real property securities to the public, the broker must obtain an endorsement from the:

A

Governor
California department of real estate
State franchise board

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28
Q

Which of the following are operating expenses the DO vary

A

Utility cost
Property management
Cleaning and Maintenance

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29
Q

The illegal practice of misappropriation and using the client’s money is called:

A

Conversion

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30
Q

The economic principle that states, “ if two properties are equally desirable, the less expensive one is likeliest to sell first “ is the:

A

Principle of substitution

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31
Q

When there are more unsold properties available for purchase in a specific neighborhood than buyers, an appraiser and a real estate agent would describe this as a

A

Buyers Market

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32
Q

What is generally the main purpose for ordering an appraisal

A

To determine market value

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33
Q

What is generally the main purpose for ordering an appraisal

A

To determine market value

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34
Q

An___________ is usually ordered to determine the true average property value by analyzing both general data of purchase.

A

Appraisal

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35
Q

General Data

A

Economic and neighborhood trends

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36
Q

Specific Data

A

Lot size, shape of house zoning for the subject property

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37
Q

A self- employed appraiser who is hired to appraise properties for a fee may be referred to as ________ ________ because he or she is usually paid a flat fee for the services he or she performs.

A

Fee appraisers

38
Q

Appraisers are certified and licensed by the state of California. Under federal law , a state-licensed appraiser, as set out in the ______ ______ ______ _______ ________ ______ ( USPAP) guidelines, may work on federally-Related, federally-backed, or federally-Insured mortgage loans or government owned properties.

A
39
Q

The four elements of value are:

A

Utility, Scarcity, Demand, and Tranferability

40
Q

Principle of substitution

A

Given the choice between two identical homes to purchase, a buyer is likely to buy the more affordable one.

41
Q

The depth of value of a property site may be described by way of a value principle known as the 4-3-2-1 rule. The site’s value is broken down as follows: 40% _____ 30%____, 20%______ and 10%______.

A

40% front quarter of the land site that is adjacent to the street
30% second quarter
20% third quarter
10% back portion of the lot

42
Q

The rebuilding of a property structure estimate is ________ ________ and ________ _______

A

Reproduction Cost
Replacement Cost

43
Q

Damage to a property or physical deterioration is classified as ______(fixable) or_______( when the cost to repair or correct is not financially within reason) curable physical deterioration is also known as __________ _________

A

Curable
Incurable
Deferred maintenance

44
Q

The _______ _________ ( or cap rate) is used to convert the net operating income (NOI) into a meaningful present market value

A

NOI
———=value
CAP Rate

Capitalization Rate

45
Q

Who has unity of “time, title, interest, and posesión?”

A

Joint tenants

46
Q

Who has unity of “time, title, interest, and posesión?”

A

Joint tenants

47
Q

What is it called when two or more parties hold undivided interest?

A

Tenancy in common

48
Q

What is it called when two or more parties hold undivided interest?

A

Tenancy in common

49
Q

What may arise after a periodic or term tenancy ends upon mutual acceptance?

A

Tenancy at will

50
Q

Ownership in severalty is equivalent to_______

A

Sole ownership

51
Q

Title to a property that is sold with a condition that the land will not be used for selling alcohol create a (n) .

A

Fee simple difeasable

52
Q

What term may also be defined as an estate of inheritance?

A

Freehold Estate

53
Q

An agreement is signed between two parties for the use and possession of real property for 60 days which creates a (n).

A

Term tenancy

54
Q

Which of the following gives the owner the most absolute rights and unlimited duration?

A

Fee simple absolute

55
Q

A possessory interest with limited duration or time is a

A

•leasehold
•Less-than freehold estate

56
Q

Property usually refers to ______

A

Rights or interest in something owned

57
Q

Escrow

A

Is the place where money documents are held by a neutral third party, up until the transaction is about to close

58
Q

An agreement made by two spouses for the sale of community property is ________.

A

Valid

59
Q

What best defines community property as it relates to ownership

A

All property purchased by a spouse or domestic partner that is not separate property.

60
Q

What is it called when two or more parties hold undivided interest?

A

Tenancy in common

61
Q

Who has unity of “time, title, interests, and possession?

A

Joint tenants

62
Q

What may arise after a periodic or term tenancy ends upon mutual acceptance?

A

Tenancy at will

63
Q

Ownership in severalty is equivalent to

A

Sole Ownership

64
Q

An agreement is signed between two parties for the use and possession of real property for 60 days which creates

A

Term tenancy

65
Q

What term may also be defined as an estate of inheritance?

A

Freehold estate

66
Q

Title to a property that is sold with a condition that the land will not be used for selling alcohol creates

A

Fee simple defeasable

67
Q

Which debt-to-income ratio will a lender prefer the most for a mortgage borrower applicant?

A

25% front-end-debt ratio

68
Q

What is the best FICO risk score for a borrower applicants?

A

775

69
Q

What is the very first section on 1003 mortgage loan application form?

A

Type of terms of mortgage requested

70
Q

Seller-financed mortgage disclosure laws go into effect when there are more than how many buyer payments to the seller after the down payment that is originally made at the time of closing?

A

4

71
Q

A fee that a borrower may pay for a slightly lower fixed rate is called a:

A

Discount Point

72
Q

Which loan is likeliest to have a balloon payment?

A

Partially- amortized loans

73
Q

What is a type of demand deposit account?

A

Business Checking

Personal Checking

74
Q

Which of the following gives the owner the most absolute rights and unlimited duration?

A

Fee simple absolute

75
Q

Which funded mortgage loan is the least likely to be sold to Fannie Mae or Freddie Mac in the secondary Markets?

A

Private mortgage

76
Q

Which statements about mortgages insured by FHA is most true?

A

The borrower usually must be an
owner-occupant

77
Q

What is another name for a lenders loan commitment?

A

Pre-approval letter

78
Q

The first set of ________ ________ is usually based on the signed countersigned purchase contract. These details usually include _______, closing dates, _______ _______, earnest money, ________ ________, any existing lenders to be paid off, and various contingency dates.

A

Escrow instructions
Purchase Price
Commission Fees
Deposit Receipts

79
Q

All independent California escrow companies must be licensed by the _______ ________ _______ _______.

A

Department of business oversight

80
Q

Are the property tax payments likely to be listed as a recurring cost in a closing statement for escrow?

A

Yes

81
Q

What is the name of the document that an escrow officer will send out to a lender about to be paid off?

A

Beneficiary statement

82
Q

For disputes over funds held by escrow between a buyer and seller, the legal action that is taken by an escrow company is called?

A

Interpleader

83
Q

A buyers side of the settlement statement will probably contain?

A

Mortgage loan origination fee

84
Q

The best rate fee for most types of documentary transfer tax fee is approximately?

A

$1.10 per every $1000 of sales price

85
Q

What are the MARIA acronyms

A

Method of attachment
Adaptability
Relationship of the parties
Intention
Agreement between the parties

86
Q

Accession

A

The process of manufactured or natural improvement or addition to property

87
Q

Acceleration Clause

A

Provision in a real estate financing instrument allowing the lender to declare the fall debt due immediately and f the borrower breaches any of the provisions of the loan agreement, also referred to as a call provision.

88
Q

Abstract of Title

A

Summation of all recorded transfers, conveyances, legal proceedings, and any other facts relied on an evidence of title to show ownership continuity and signify any possible loss to tittle.

89
Q

Abstract of Judgement

A

Document that summarizes the result of a legal action, which can be filed in any county where the judgment debtor owns a property.

90
Q

Acquisition Cost

A

Amount of money required to acquire title to a property; it includes the purchase price as well as the closing costs, legal fees, escrow, service charges, title insurance, recording fees.

91
Q

Acre

A
  • 160 square rods
  • 4,840 square yards
  • 43,560 square feet
  • A tract of about 208.71 feet square
92
Q

ADA

A

American with Disabilities Act

Ca Real Estate (4 decks)

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