UPDATE Flashcards
Which of the following would usually be considered real property:
(A) landfill dirt in a dump truck; (B) airspace above the surface of the land; (C) unharvested crops which have already been sold; (D) lumber to be used to build a home.
(B) airspace above the surface of the land
How long does the owner have to return a copy of the written lease or rental agreement to the tenant?
(A) 5 days; (B) 10 days; (C) 15 days; (D) 21 days.
(C) 15 days
What is the Tenant Improvement Allowance?
It is an amount of money a landlord is willing to spend to customize space for the needs of a particular tenant.
An individual may obtain land by patent in which of the following?
(A) public grant; (B) default on a trust deed; (C) adverse possession; (D) Condemnation
(A) public grant
How is the property tax assessed in a condominium subdivision?
Each unit is assessed separately and the owner(s) of each unit receive their own property tax bill.
What is Smart Growth?
Smart growth is an urban planning and transportation theory that concentrates growth in compact walkable urban centers to avoid sprawl. It also advocates compact, transit-oriented, walkable, bicycle-friendly land use, including neighborhood schools, complete streets, and mixed-use development with a range of housing choices.
When the borrower is in default on a trust deed and the property is scheduled to be sold at the trustee sale, the borrower has the right to reinstate the loan up until:
(A) two days before the sale; (B) three days before the sale; (C) four days before the sale; (D) five days before the sale.
(D) five days before the sale
What are “Trigger Terms?”
Trigger terms are advertising terms which require additional disclosures under the Truth-In-Lending Law. These terms include: “down payment,” “monthly payment,” and “finance charge.”
Under the Truth-In-Lending Law, terms such as “monthly payment” and “down payment” used in an ad are called:
(A) trigger terms; (B) discriminatory terms; (C) red-lining terms; (D) illegal terms which may never be used.
(A) trigger terms
What is WORM in regards to electronic documents and signatures?
It means “Write Once, Read Many” and that the electronic document storage must be non-erasable. No changes can be made to the stored document or record.
When a broker wants to store documents electronically, rather than on paper, the storage method must not be able to be altered. What method of electronic storage is required by the Bureau of Real Estate?
(A) RAM; (B) WORM; (C) BLOT; (D) STORE
(B) WORM
What happens to the licensees who work for a broker when the broker dies?
(A) must stop real estate activity immediately; (B) may continue working for up to 30 days; (C) may continue working if there is an office manager appointed by the broker with two years experience within the last five years; (D) may continue working until another broker takes over the office or the office is closed.
(A) must stop real estate activity immediately
Who must pay for the cost of an audit if the commissioner has found that a broker has violated the real estate law?
The real estate broker
When a prepaid rental listing service is moving its office, notice of the new address and telephone number must be provided to all its clients:
(A) prior to the move; (B) as soon as possible following the move; (C) no later than two working days after the move; (D) within ten working days of the move
(A) prior to the move
What is the Section 8 program?
The Section 8 program is intended to make affordable housing available to very low-income individuals/families, senior citizens, and persons with disabilities by providing rent subsidies to private landlords.
