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Real Estate Principles > Principles > Flashcards

Principles Flashcards

1
Q

Zoning is under the control of:

A

Government Agencies

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2
Q

Easements appurtenant are for the benefit of:

A

Adjoining (neighboring) landowners

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3
Q

A contract that is binding and enforceable in a court of law is said to be:

A

Valid

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4
Q

Who makes an offer on a property that is for sale?

A

Offeror (Buyer)

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5
Q

Escrows base monthly probations on how many days?

A

30

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6
Q

The process of proportionally dividing rents, property taxes, and fire insurance is called:

A

Proration

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7
Q

The area of a rectangle lot that is 50 feet wide by 100 feet deep is:

A

5,000 square feet

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8
Q

If the international revenue service is using a minimum of 39 years for straight-line depreciation on commercial properties, what would be the annual depreciation on a newly constructed apartment that cost $1,950,000 and had an original land cost of $585,000?

A

$35,000

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9
Q

For how much assessed value is the Homeowner’s Property Tax Exemption?

A

$7,000

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10
Q

The difference between property taxes and special assessments is that:

A

Special assessments are levied for the cost of specific local improvements, while property tax revenue goes into the general fund.

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11
Q

Which of the following is TRUE concerning the Cap Rate?

A

The greater the risk, the greater the cap rate
Appraised value increases when the cap decreases
Finding the cap rate is the most difficult step in income approach
ALL OF THE ABOVE^^^

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12
Q

Misuse of the real estate appraisal report or coercion of the appraiser are now:

A

Federal felonies.

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13
Q

A person who is authorized by the Secretary of State to witness the acknowledgment of documents is known as a(n):

A

Notary public

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14
Q

An estate for years is an example of a: less-than-freehold estate for a fixed period of time.

A
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15
Q

A broker who mixes personal funds with his or her principals funds is guilty of:

A

Commingling.

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16
Q

A Real Estate Commissioner enforces provisions of the:

A

Real Estate Law.

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17
Q

Real property consists of:

A

Land and structures on the land
Anything incidental on the land
Anything appurtenant to the land
ALL OF THE ABOVE^^

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18
Q

Determining the present value of a property based upon its anticipated future income and expenses is called the:

A

Capitalization or income approach

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19
Q

Which of the following in NOT one of the forces that affect the value of a neighborhood?

A

Past sales consideration

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20
Q

The right to reasonable use of water from a river or stream, if the land borders it, is called:

A

A riparian right

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21
Q

The federal civil rights law that applies to Americans with disabilities and protects them from discrimination is the:

A

Americans With Disabilities Act.

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22
Q

A zoning act that requires disclosure of a property’s vicinity to hazardous earthquake faults is known at the:

A

Alquist-Priolo Special Studies Zone Act.

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23
Q

When prices rise due to shortages of available properties, it is known as a:

A

Seller’s market

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24
Q

The higher your credit score:

A

The better your interest rate and loan terms

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25
Q

Other than the initial small deposit to open the account, when are money deposits the personal property of the broker?

A

Never

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26
Q

Which of the following is NOT a method to establish a real estate broker agency?

A

Secret ballot

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27
Q

What “American” title insurance is usually requested by lenders?

A

ALTA policy

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28
Q

“QR Code” stands for:

A

Quick response code

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29
Q

Which of the following is a requirement of a lease?

A

Length of lease
Amount of rent
Names of parties
ALL OF THE ABOVE^^^

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30
Q

When a tenant voluntarily gives up a lease before the expiration of its term, its known as:

A

Surrender

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31
Q

Which of the following is NOT an essential element of a contract?

A

Cash

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32
Q

Owner A tells owner B that he will pay him $1,000 to paint his house. B agrees. This is an example of a:

A

Bilateral contract

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33
Q

The California department of Veteran’s Affairs loan program is commonly known as the:

A

CalVet Program

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34
Q

Which of the following is NOT institutional lenders?

A

Private individuals

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35
Q

The market data method is the most common approach for:

A

Houses
Condos
Vacant land
ALL OF THE ABOVE^^^

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36
Q

The agency disclosure form tells the seller and the buyer that their agent is working as:

A

The seller’s agent
The buyer’s agent
Both seller’s and buyer’s agent
ANY OF THE ABOVE^^^^

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37
Q

What type of listing entitles the listing broker names in the agency contract to a commission even if the owner sells the property privately during the listing period?

A

Exclusive right to sell listing

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38
Q

The first phase in the life of a contract is:

A

Negotiation

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39
Q

How many square feet are in 1 acre?

A

43,560

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40
Q

What is 395,340 square feet of area minus an area of 110 x 30 feet?

A

392,040 square feet

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41
Q

A month-to-month rental agreement is usually a:

A

Periodic tenancy

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42
Q

An on-site residential manager:

A

Is a tenant of the property.
Handles tenants complaints
Maintains the premises
ALL OF THE ABOVE^^^

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43
Q

You are landlord who discovers that one of your tenants is having new carpet installed in his apartment, without your consent. To protect yourself you should file a(n):

A

Notice on non-responsibility

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44
Q

Easements are created by:

A

Express grant(in writing)
Implication of law
Long-term use (prescription)
ALL OF THE ABOVE^^

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45
Q

Depreciation for tax purposes is a yearly tax deduction on the taxpayer’s income tax form. Which of the following is NOT acceptable for depreciation?

A

Your owner-occupied residence

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46
Q

Installment sales and exchanges have as their primary purpose:

A

Tax postponement

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47
Q

Which of the following is FALSE concerning a grant deed?

A

It is signed only by the grantee

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48
Q

If a person dies without a will, the procedure for transferring the deceased’s property to his or her heirs is called:

A

Interstate succession

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49
Q

Which of the following is NOT a type of property lot?

A

Curb lot

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50
Q

Which of the following would prevent the contractual requirement of genuine consent?

A

Menace
Undue influence
Duress
ALL OF THE ABOVE^^^

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51
Q

The rate the borrower is actually paying (including interest, points, and loan fees) is called:

A

The effective interest rate

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52
Q

In a trust deed, the borrower is usually the:

A

Trustor

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53
Q

What federal case on 198 upheld the 1866 Civil Rights Act?

A

Jones V. Mayor

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54
Q

A condominium does NOT have:

A

Private ownership of land and improvements

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55
Q

The closing date is:

A

The date the documents are recorded

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56
Q

Which of the following is NOT a duty of the escrow company?

A

Selling Title Insurance

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57
Q

The Real Estate Commissioner:

A

Enforces the real estate law

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58
Q

Any sale of a substantial part of inventory or other supplies and equipment associated with a business:

A

Is a bulk sale or transfer

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59
Q

When an improvement is permanently attached to real property it becomes:

A

Real property

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60
Q

Which of the following is NOT a recognized legal method of land description?

A

Satellite tracking

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61
Q

The housing Financial Discrimination Act prohibits:

A

Redlining

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62
Q

Rental agreements are designed for estates:

A

From period-to-period

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63
Q

“QR code” stands for:

A

Quick Response Code

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64
Q

A lessee making payments based on gross monthly income has a:

A

Percentage lease

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65
Q

If the “exact” terms of the listing agreement are met, the listing broker is entitled to a commission, even if the:

A

Owner refuses to sell to the buyer

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66
Q

All material facts affecting the value and desirability of a property must be disclosed on the:

A

Transfer disclosure statement

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67
Q

All material facts affecting the value and desirability of a property must be disclosed on the:

A

Transfer disclosure statement

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68
Q

Which of the following online real estate search websites owned by NAR uses information for MLS data?

A

Realtor.com

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69
Q

If you made a 17% profit on the $76,000 sale of a lot, how much did you pay for the lot?

A

$64,957

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70
Q

Income-producing property owners can deduct which of the following from their federal income taxes?

A

Property taxes
Prepayment penalties
Depreciation of building improvements
ALL OF THE ABOVE^^^

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71
Q

The term “EER” is used to measure:

A

Energy efficiency (the higher the better)

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72
Q

What do 90% of all home buyers do before contacting a real estate agent?

A

Search the Web

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73
Q

A lien placed on more than one parcel, all parcels having the same owner, is known as a:

A

Blanket encumbrance

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74
Q

When someone is performing unauthorized work on your property, you should file a(n):

A

Notice of non responsibility

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75
Q

Demand sources for real estate loans include loans for:

A

Buying property
Refinancing
Construction
ALL OF THE ABOVE^^

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76
Q

The cancelling of an offer to contract by the original offeror is called:

A

Revocation

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77
Q

An ownership interest in real property that only exists for the life of any designated person or persons (of ten the grantee) is called a (n):

A

Life estate

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78
Q

What is the legal process of making an instrument an official part of the county records?

A

Recording

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79
Q

The salesperson exam requires what percentage of correct answers to pass?

A

70%

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80
Q

A lease purchase option is the:

A

Right to purchase the property

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81
Q

Of the following, who is permitted to purchase property in California without court approval?

A

Foreign persons (aliens)

82
Q

A counter offer:

A

Terminates the prior offer
Is a new offer
Changes the terms of the prior offer
ALL OF THE ABOVE^^

83
Q

The seller must provide the buyer of a condominium with:

A

The CC&R’s
The bylaws
A copy of the most recent financial statement
ALL OF THE ABOVE^^

84
Q

The federal U.S. Fair Housing Act of 1968 that requires equal housing posters to be displayed at real estate offices and at lending institutions is also generally known as the:

A

Federal Civil Rights Act of 1968

85
Q

Which of the following is considered the most reliable Internet source of real estate for sale accessible by the general public?

A

Realtor.com

86
Q

If a broker were to say to a prospective buyer “i think this is the best house on the street,’ the statement would be considered a(n):

A

Exaggeration of benefits (puffing)

87
Q

If the prospective investor of real property is most concerned with making money off the usefulness of the improvements, he or she would be most concerned with:

A

Economic life remaining in the improvements

88
Q

The most difficult part of the cost approach is:

A

Estimating depreciation of older buildings

89
Q

A recorded public history of a specific property is called a:

A

Chain of title

90
Q

In a sale-leaseback, the original property owner:

A

Becomes the lessee

91
Q

CC&R’s refer to:

A

Covenants, conditions, and restrictions

92
Q

A mechanics lien is filed against the:

A

Property

93
Q

Prior to receiving communication of its acceptance a buyer can withdraw an offer:

A

In writing
Personally
By registered mail
ALL OF THE ABOVE^^

94
Q

Which of the following is NOT a section and township starting point in California?

A

Blythe

95
Q

The current status of items from the county records affecting the property’s title is called the:

A

Preliminary title report

96
Q

What must a potential listing agent do if a seller requires the agent to discriminate?

A

Refuse the listing

97
Q

If you have an outstanding bank loan of $56,500 with monthly payments of $500 a month, of which $43.76 is applied to principal, what is the interest rate on the loan?

A

9.69%

98
Q

When a married couple (filing jointly) sells their residence after living in it for two of the last five years, they don’t have to pay capital gains for a profit of up to:

A

$500,000

99
Q

Compared to ordinary income tax rate, capital gains taxes are:

A

Lower

100
Q

Real property assessed:

A

Each time its sold

At 100% of its selling price or market value, whichever is higher

101
Q

An appraiser using the market approach collects many recent comparable sales. If a comparable property has a feature that is NOT present in the subject property, the estimated value of the feature is:

A

Subtracted from the sales price of the comparable

102
Q

The Federal Reserves monetary policies influence the supply of of money by:

A

Buying and selling government T-bonds and T-securities
Raising and lowering the reserve requirement
Raising and lowering the discount rate to member banks
ALL OF THE ABOVE^^

103
Q

An oath or affirmation made before a notary public that the content of an instrument is true is called a (n):

A

Verification

104
Q

An emancipated minor:

A

Has legal capacity
Is always emancipated
Can acquire property
ALL OF THE ABOVE^^^

105
Q

Which of the following is NOT a required document is a personal property security transaction?

A

A photograph of the property

106
Q

An advertisement by a broker that gives the impression that he or she is the owner of the property is a violation of Real Estate Law called a:

A

Blind advertisement

107
Q

Which of the following is NOT California starting point in the U.S. Government Survey System?

A

Baja Base Line and Meridian

108
Q

1/4 of a section is 1/2 mile by 1/2 mile and has how many acres?

A

160

109
Q

Which of the following statements constitutes an example of progression?

A

A home of lesser value is worth more when located among homes of greater value

110
Q

Which appraisal method is known as the “replacement cost method”?

A

Cost approach

111
Q

An agent who intentionally shows minorities homes for sale in a minority neighborhood only and refuses to communicate the availability of housing in other neighborhoods is guilty of:

A

Steering

112
Q

Which of the following is TRUE concerning illusory contacts?

A

They are unenforceable

113
Q

Which of the following are considered non-institutional lenders?

A

Private leaders
Mortgage companies
Credit unions
ALL OF THE ABOVE^^

114
Q

If you want an FHA loan, you should go to:

A

An approved lender

115
Q

An agency is terminated by operation of law when:

A

The agency agreement expires
The broker or seller dies
The property is destroyed
ALL OF THE ABOVE^^^

116
Q

Which of the following is NOT a duty of the broker/agent towards his or her principal?

A

Availability

117
Q

The nominal interest rate is:

A

Stated on the note

118
Q

In a trust deed, the “power of sale” clause is given:

A

From the trustor to the trustee

119
Q

If a rental property is sold, the rents of the tenants are:

A

Prorated in Escrow

120
Q

Changing the zoning from R3 to R1 (with less use density) is an example of:

A

Downzoning

121
Q

An incompetent person:

A

Is of unsound mind
Cannot individually contract
Must have court approval to contract
ALL OF THE ABOVE^^^

122
Q

Which of the following is a remedy for a breach?

A

Acceptance of the breach
Action for dollar damages
Action for specific performance
ANY OF THE ABOVE^^^

123
Q

An “REIT” is a:

A

Real estate investment trust

124
Q

Impound reserves can be used to pay:

A

Both A and B

Fire Insurance & property taxes

125
Q

The cost approach is most effective:

A

With new, unique, or public buildings

126
Q

A lease for more than one year must be:

A

In writing

127
Q

In real estate, the person who acts for and with the authority of another is called a(n):

A

Agent

128
Q

A person who sells final results rather than time is known as a(n):

A

Independent contractor

129
Q

What would be the interest due on a loan of $25,000, borrowed at 7%, for a period of three years?

A

$5,250

130
Q

Tenant A has a month-to-month tenancy with landlord B. What is the minimum number of days of days’ notice that A must give if she wishes to vacate?

A

30

131
Q

To be valid, a lease need NOT include the:

A

Words “let or demise”

132
Q

A landlord uses an unlawful detainer action:

A

To gain possession

133
Q

Which of the following is an example of a voluntary lien?

A

Trusty deed loan

134
Q

What is NOT one of the fair unities involved in the establishment of a joint tenancy?

A

Conveyance

135
Q

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

A

Progressive

136
Q

An agent who is only authorized to perform specific to perform specific acts is known as a (n):

A

Special attorney in fact

137
Q

If a property is to be returned to the grantor after a life estate is terminated, it is referred to as a
(n):

A

Estate in reversion

138
Q

Which of the following is true regarding joint tenancy?

A

Joint Tenants have the right of “survivorship”
A joint tenancy cannot be willed
BOT A AND B ^^^^^

139
Q

Am information booth is called a(n):

A

Kiosk

140
Q

The income approach is most effective:

A

For properties that can generate income

141
Q

In a trust deed, the beneficiary is the:

A

Lender

142
Q

A set number of days in which a lender will allow payments to be late without penalty is known as a:

A

Grace period

143
Q

The original housing law in California that deals with discrimination in business is called the:

A

Unruh Civil Rights Act

144
Q

The “Alquist-Priolo special Studies Zone act” pertains to:

A

Earthquake fault zones

145
Q

The acronym “CLTA” stands for:

A

California Land Title Association

146
Q

In a trust deed, the trustee is the:

A

Third (disinterested) party

147
Q

Which of the following is true about the salesperson exam?

A

150 multiple choice questions
Lasts 3 hours and 15 minutes
Requires 70% correct score to pass
ALL OF THE ABOVE^^^

148
Q

The fair housing violation of refusing to loan or inspire a house because of a properties location is also known as:

A

Redlining

149
Q

How many square feet are in an acre?

A

43,560

150
Q

Which kind of listing is preferred by most brokers?

A

Exclusive right to sell

151
Q

Which of the following is an important tax date to remember?

A

November 1st
December 10th
February 1st
ALL OF THE ABOVE^^^

152
Q

The county assessor determines a property’s:

A

Assessed valuation

153
Q

A document given to a tenant stating that he or she must pay past due rent or vacate is known as a(n):

A

Three-day Notice To Pay

154
Q

When a lessee (tenant) pays property taxes, insurance, and operating expenses, it is called a:

A

Net lease

155
Q

Which if the following would best describe an open listing?

A

Nonexclusive

156
Q

The CLTA policy protects against:

A

Lack of capacity
Deeds not properly delivered
Forgery
ALL OF THE ABOVE^^^

157
Q

If a buyer defaults on a conditional sales purchase contract (Land contract), who could file a quiet title action to remove the cloud on the title?

A

Seller

158
Q

Life insurance companies

A

Prefer large loans
Are least likely to make small loans
Seldom make construction loans
ALL OF THE ABOVE^^^

159
Q

You have completed the sale of a home for $365,000. The rate of commission is 7%. How much money have you made?

A

$24,920

160
Q

Which clause in a purchase agreement sets, in advance, a specified amount of money as compensation if there if a breach?

A

Liquidated damages agreement

161
Q

Depreciation can be:

A

Curable
Incurable
Loss in value from any cause
ALL OF THE ABOVE^^^

162
Q

Which of the following is true concerning mechanic’s liens?

A

They are specific liens
They are involuntary liens
They must be recorded to be effective
ALL OF THE ABOVE^^^

163
Q

A mechanic’s liens can be filed against a property by someone who has furnished which of the following services?

A

Landscaping
Roofing
Plumbing
ALL OF THE ABOVE^^^

164
Q

Which type of depreciation is called “social” obsolescence?

A

Economic obsolescence

165
Q

Non institutional lenders who usually lend their own money and then sell their loans to others and service the loans are called:

A

Mortgage bankers

166
Q

The broker must place a buyer’s money deposit in a trust account or escrow:

A

Within three business days

167
Q

A fee estate that is subject to particular limitations imposed bu the grantor of the estate is called:

A

A fee simple defeasible estate

168
Q

A “good faith” estimate of settlement charges (RESPA) for the purchase of a home includes:

A

Rate of interest
Points on the loan
Additional loan fees
ALL OF THE ABOVE^^^

169
Q

Mello-roo’s liens:

A

Require a seller and/or salesperson to disclose
Are municipal bonds
Usually fund street improvements
ALL OF THE ABOVE^^^

170
Q

Which lender is a co-operative association organized to promote thrift among its members and provide them with a source of credit?

A

Credit union

171
Q

You enter a hardware store where you have an account, pick up a pair of $5.00 pliers, and wave them at the manager as you leave the store. This would be an example of a(n):

A

Implied contract

172
Q

In a legal dispute, when there is a conflict between the preprinted clauses and the handwritten information in a real estate contract, which information takes precedence?

A

Handwritten information

173
Q

The only time an agent can refuse to show a property is when:

A

The sellers are out of town and notify the broker than no one is allowed to see the property

174
Q

The California Fair Employment and Housing Act (FEHA) investigates and takes action against which of the following who engage in discriminatory practices?

A

Property owners
Financial institutions
Real estate licenses
ALL OF THE ABOVE^^^

175
Q

Which of the following is NOT a test to determine whether an item is fixture?

A

Date of purchase

176
Q

Which of the following is TRUE concerning listings?

A

They are not assignable
They can be for any period of time
They belong to the broker, not the salesperson
ALL OF THE ABOVE^^^

177
Q

Which of the following statements is FALSE concerning economic obsolescence?

A

It is due to wear and tear

178
Q

FHA-backed loans:

A

Generally have lower interest rates than conventional loans

179
Q

Which of the following is NOT a duty of the escrow company?

A

Selling title insurance

180
Q

Commingling can best be described as:

A

Mixing funds of a principal and a licensee

181
Q

Real property subject to a lien is referred to as a:

A

Encumbered

182
Q

A contract is best defined as:

A

An agreement to perform or not to perform

183
Q

Which of the following online real estate search websites owned by NAR uses information from MLS data?

A

Realtor.com

184
Q

The most common reason the terminate a lease or rental agreement is:

A

Expiration of the term

185
Q

Which of the following is NOT usually prorated in Escrow?

A

Title insurance

186
Q

If you are a subcontractor and a notice of completion has been filed, a mechanic’s lien can be filed:

A

Until 30 days after notice of completion

187
Q

Two brokers agreed to split a 6% commission on a 50-50 basis on a property that sold for $362,500. How much will each broker receive?

A

$10,875

188
Q

A clause allowing an owner to continue using property in a way that is now prohibited by new zoning is called:

A

A grandfather clause

189
Q

As of 2014, a federal estate tax return must be filled for any U.S. resident whose gross estate exceeds:

A

$5,000,000

190
Q

A money debt that an owner agrees to pay is a(n):

A

Voluntary lien

191
Q

An outdated kitchen would be an example of:

A

Functional obsolescence

192
Q

The substitution, by agreement, of a new contract for an existing one with the intent to cancel the old contract, is known as:

A

Novation

193
Q

What is the term used when a person leasing a property remains after the expiration of the stated term?

A

Estate at sufferance

194
Q

In order to record a deed or trust deed, a notary requires:

A

The recorder’s right thumbprint

195
Q

A real estate license for both a salesperson and a broker must be renewed every:

A

Four years

196
Q

The greatest and most complete form of ownership known to the law is:

A

Estate if we or fee simple

197
Q

One-half of a section has how many acres?

A

320

198
Q

What is the procedure used for transferring the deceased’s property to his or her heirs if there is no will?

A

Intestate succession

199
Q

The bottom portion lining a doorway or window is the:

A

Sill

200
Q

The Federal Safe Act of 2008 requires all persons/entitles tperforming acts such as mortgage loan originators to be registered with and/or licensed through the:

A

Nationwide Mortgage Licensing System and Registry (NMLS/NMLS&R)

Real Estate Principles (1 decks)

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