Simulated Exam 25-50

Question 1

The relationship between a vendor and vendee under a land sales contract is most similar to the relationship between a(n):

Answer 1

Seller and buyer

Question 2

If a lessee assigns their lease to someone else, the lessee:

Answer 2

May be responsible for both rent and maintenance

Question 3

Mineral and water rights are included in BLANK which are transferred with the sale of a property.

Answer 3

Bundle of rights

Question 4

Insulation values are rated as “R”. What does this represent?

Answer 4

Resistance to heat flow

Question 5

A violation of a condition in a homeowners’ association’s C,C&R’s is:

Answer 5

More severe than the violation of a covenant.

Question 6

Peter sold his home to Matt. Matt moves into the home but did not record the deed. Peter the. Sold the home to Isabella, who didn’t check the house, but recorded the deed. Who owns the home?

Answer 6

Matt owns the home. Isabella failed to look at the home. Constructive notice requires that the buyer look at the property as well as the county records

Question 7

A listing broker may not be:

Answer 7

The sole agent of the buyer.

Listing agent = selling agent

Question 8

What is false regarding the cost method of appraisal?

Answer 8

It produces the lowest value results

Question 9

The task of evaluating a property to qualify it as collateral for the repayment of a loan is completed by a(n):

Answer 9

TRICK QUESTION:
Appraiser

Don’t get caught up on the loan part of the question.

Question 10

A property owner lost their job. The owner’s loan payments were made for them since they had what type of loan?

Answer 10

California Housing Financing Agency Loan (CalHFA)

Question 11

Alienation of title refers to:

Answer 11

Transferring an estate (or title)

Question 12

What is false regarding a notary acknowledgment contained inside grant deed?

Answer 12

It does not need to be signed by the grantor.

Question 13

Successful marketing materials are generally held to include the following four critical elements:

Answer 13

Attention, interest, desire, and action.

AIDA

Question 14

If a newspaper ad run by a licensee fails to identify their name or license number, this is referred to as:

Answer 14

A blind ad

Question 15

Confidential information about a principal obtained by a broker during the course of a real estate transaction needs to be kept confidential for how long?

Answer 15

Forever

Question 16

A seller enters an exclusive right to sell listing with an agent but doesn’t not receive a copy. The seller, believing this relieves them of any obligations, personally sells the property while the listing is in effect. What is the outcome?

Answer 16

The listing is valid and enforceable, but the broker is liable to be disciplined.

Question 17

A buyer’s agent submitted an offer to purchase a home to a seller along with a $10,000 personal notes as the earnest money deposit. The buyer’s agent is to:

Answer 17

Inform the seller that the earnest money deposit is a personal note prior to the sellers acceptance of the offer

Question 18

A residential mortgage primarily for personal, family or household use and secured by a deed of trust on a dwelling is known as a:

Answer 18

Consumer purpose mortgage

Question 19

To make a formal declaration that a statement is true without giving an oath is a(n):

Answer 19

Affirmation

Question 20

What is not essential to creating a valid contract?

Answer 20

Written documentation

Question 21

Broker Wallace represented a young man in the sale of his home. It was later discovered the seller was not yet 18 or emancipated. The grant deed is:

Answer 21

Void

Question 22

In order to form a binding agreement, an offer or counteroffer:

Answer 22

Needs to be accepted in it’s entirety and without conditions

Question 23

In a 1031 exchange “boot” does not refer to:

Answer 23

Like-kind consideration