RE Flashcards
The real estate commissioner’s goal is to create an industry that is color blind. What does this mean?
Free from bias. Race, creed, sexual orientation and color is not a material fact in a real estate transaction.
What resource is most helpful in estimating accrued depreciation?
An appraiser.
Is an easement over one’s land to another kept or terminated when the parcels are combined under one ownership?
Terminated
What does a trustee record to release a trust deed from the public record once the debt has been paid in full?
Reconveyance deed
What are the sequential steps that an agency disclosure is handled?
Disclose, elect, confirm.
If multiple lenders participate in the same loan but in different portions, it is then called a _________________.
Participation loan
When a tenant relinquish his possession by mutual agreement with the owner, is it referred to as abandonment or surrender?
Surrender
The chief officer of the department of real estate is the real estate what?
Real estate commissioner
The real estate commissioner is authorized to enforce all the real estate laws pertaining to what?
Real estate practice, licensing and the subdivided lands act.
The broker represents the principle. A sales person is “an agent of the agent” and always works for the?
Broker
DRE
Department of real estate
Who created the California department of real estate?
The California legislature
What fund is available to individuals who have obtained a judgment against a licensee and are unable to recover the judgment from the licensee for losses caused while acting as an agent?
Real estate recovery fund
What is a residential mortgage (primarily for personal, family or household use) and secured by a deed of trust on a dwelling known as?
Consumer purpose mortgage
