The buyer would get to harvest the corn because of his equity in the corn;. Which of the following is an example of a freehold estate? Which of the following appraisal reports would be is the most comprehensive and complete? A seller is required to deliver the Homeowner's Guide to Earthquake Safety to the buyer of any one-to-four unit residential properties built prior to:.
California Real Estate Exam
When a tenant voluntarily moves out of his apartment with the intention to never return, it would be described as: Broker Jones represented a young man in the sale of his home. Broker Jones did not considered the age of the young man when he listed and sold the home.
After the grant deed had been signed and delivered into escrow, the title company discovered the young man who signed the deed was not yet 18 years old and was not emancipated. The grant deed would be: Who signs the promissory note and mortgage? A contractor obtains a construction loan, and the loan funds are to be released in a series of progress payments. Most lenders disburse the last payment when the: Open and notorious use which is continuous and uninterrupted for a period of five years;.
Private restrictions on the use of land may be created by: The owner of land owns riparian rights to water on, under, or adjacent to the land in which of the following?
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Generally, when the government forces the sale of private land for public use it is governed by due process of law and is accomplished through:. Linda applied for a real estate loan. The loan application requested her to disclose her race and marital status. What can she do? Completely fill out the loan application if she wants to get the loan.
John and Martha, husband and wife, own a home as community property. If only one spouse signed the listing to sell the property, the agreement is:. A seller or agent for the seller must give the buyer a "Natural Hazard Disclosure Statement" if the property is within which of the following areas? Which of the following laws exert the greatest control over the California housing and construction industries?
Puffing is when an agent: Convinces the seller to pay a greater commission than is typical for the area;. Convinces an appraiser to report a greater appraised value to the lender;. A home was sold and the escrow closed October 1, How would the property taxes for the tax year typically be prorated between the seller and the buyer? When one party agrees to indemnify another for a named loss in return for periodic payments, it is called: Which of the following represents an example of police power?
The court case of Easton v. Strassburger expanded which of the following real estate procedures? Disclosure of all known material facts regarding the physical condition of the property;. When four people own property as joint tenants: Each owner has a separate legal title to his undivided interest in the property.
What is the difference in value between the two parcels? A bona fide listing to sell real property must contain: Consideration, mutual consent, capable parties expressed time element and price;. Capable parties, mutual consent, lawful object, consideration, and be in writing;. Consideration, price, lawful object, competent parties, and legally sufficient writing. The reason an appraiser determines the value of an income producing property as of a "given date" is to indicate: The market conditions influencing the value of the property as of a given point in time;.
Joe owned a grocery store and wanted to raise some money. He decided to sell his land and building to an investor and leased it back to himself in order to to continue running his grocery store there. Which of the following would be a tax benefit to Joe? After an appraiser has collected all the data, what is the next step in the appraisal process? Assign appropriate value to individual estimates and average the total number;.
Nasr were denied a home loan due to a very negative credit report. They obtained a copy of the report and found that the critical information contained in the report was false. The trustor under a trust deed is the party who. The trustor is the borrower under a deed of trust and is the one who signs the note and the deed of trust itself.
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The act providing for civil action against persons conducting business establishments by aggrieved persons claiming discrimination on account of sex, color, religion, ancestry, or national origin is the. The Unruh civil Rights Act that prohibits discrimination by businesses. A licensed real estate broker is accused of violating the Unruh Act for refusing to rent property to anyone other than persons of the Caucasian race. If found guilty, the broker. Under the Unruh Civil Rights Act, payment of both punitive damages and actual damages for discrimination activities are both possible.
The act that empowers the State Department of Fair Employment and Housing to act against discrimination in both publicly assisted and private housing accommodations under specified conditions is the. The Rumford Act, also called the California Fair Housing Act, empowers this commission to take action for discrimination violations. The seller will pay greater discount points.
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The seller will pay a higher origination fee. In a tight money market, the cost of existing available dollars would increase. Therefore, buyers would be expected to pay more points for securing a loan.
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The escrow holder has ceased being an agent for both parties. All papers are properly drawn up and ready for final steps to be taken to close the escrow. All services of the escrow holder are involved. A complete escrow is one wherein all documents have been properly drawn and are prepared for final signature, allowing that escrow to close. When an escrow is in progress and all the conditions have been satisfied, the escrow officer becomes.
A counselor to both the buyer and the seller. An advocate to safeguard the interest of the principal. The independent agent for each of the parties to the escrow. The escrow agent is truly an independent agent for each of the parties to the escrow and can act neither as an advocate nor as a counselor. A life insurance company engaged in making real estate loans would normally create these loans with the assistance of. A federal-chartered or state-chartered savings and loan association. Most life insurance company loans are made through a loan correspondent that could be defined as a mortgage banker or mortgage broker.
For a homestead to be effective, it must be filed before the. For the homestead to be effective, the recording must occur before an ultimate judgment is recorded. Notice the difference between recorded and rendered. Recording occurs after a judgement is rendered. Gary, Louis, and Tom are joint tenants. Gary conveys his interest to Jacob. Louis, Tom, and Jacob are each Jacob one-third tenants in common.
Jacob owns one-third as a tenant in common with Louis and Tom, who now own two-thirds as joint tenants. Jacob becomes a one-third tenant in common with Louis and Tom, who remains as joint tenants. A liquidated damages clause in a real estate contract. Allows the buyer to withdraw her offer anytime before acceptance.
Determines the damages to be paid in case of fire during escrow.
CA Real Estate Practice Exam #1
Sets up a procedure to be followed in case of foreclosure. Liquidated damage agreements have been disliked by the courts. However, they are often allowed if the amount discussed is not unusually high and it might perhaps be difficult to fix actual damages suffered by the insured party. The provisions of the promissory note prevail over the deed of trust. The promissory note secures the trust deed and the property. The provisions of the trust deed prevail over the promissory note. The trust deed secures the promissory note.
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The promissory note is merely evidence of the debt and must be secured by another device commonly called the trust deed. Hence, a trust deed is a security device. This would be illegal because only the lessor can grant such a use. This would be legal for the term of the lease. This would be illegal because the owner must join in such a grant with the lessee. The tenant can legally grant such a right for an indefinite period. A lessee has possessory interest in real property and is able to grant an easement but only for the term of the lease. Which of the following is community property?
Income form husband's separate property earned during marriage. Income from wife's separate property earned during marriage. The husband's salary, as well as the wife's salary, is considered community property. A deed to a person under an assumed name is. A deed to an assumed name, sometimes called a fictitious name, is permissible, such as a deed to property bought by a person in the name of a business.
An appraisal by a member of the Appraisal Institute. The statute of limitations specifies the time limits in which lawsuits must be brought to court in the event of a breach. Under this statute, a buyer must bring legal action against a seller for failure to perform under a valid purchase contract within. A homeowner engages a broker to sell her home under an exclusive authorization and right-to-sell listing, Under these circumstances, the broker's authority is.
Whatever the broker believes his authority to be, even if it extends beyond those duties agreed to under the listing contract. That which will be necessary to sell the property, regardless of the listing terms, because that is the purpose for which he has been hired. That which has been agreed to between the principal and the agent and that which is necessary, proper, or usual in the ordinary course of business for effecting the sale of the property.
Choice "d" is a proper definition for the exclusive authorization and right-to-sell listing. The type of interest usually charged on single family home loans is. Simple interest is the form of interest customarily charged on real estate loans. Cash in the bank almost equaled her liabilities. Existing loan was in default only one month. FICO scores of and above can usually generate good loans there are exceptions. A commercial acre is defined as an acre of land. In a new subdivision zoned for commercial use. A commercial acre is defined as the remainder of an acre after the land as been subdivided to include areas devoted to streets, sidewalks, curbs, and alleys, and so on.
An individual purchased a fee simple interest in airspace and an undivided interest in common in a portion of a parcel of real property that could be used for residential, commercial. This would be classified as. A condominium purchase is the only transaction in which the buyer receives a fee simple interest and an in-common interest at the same time. Filing a complaint under the federal housing law must, according to the statute of limitations, be done within how many days from the occurrence of the alleged act?
The time period in which to file a complaint for violation under the federal fair housing law is days. Which of the following is necessary to legally transfer title to real property? A current beneficiary statement on any existing loan. A title policy showing title vested in the grantor. The services of a licensed real estate broker.
None of the choices are required for minimum building standard requirements by the FHA. FHA-insured loans can be granted only on residential properties that meet minimum building standards. The tread of the step must have a minimum width. The stairwell must allow for minimum headroom. Two handrails are not required for minimum building standard requirements by the FHA. If an owner dies leaving a will, but without heirs, their property. Vests in the devisees, subject to administration. When one expires leaving a will without heirs, the property transfers according to the provisions of the will and possibly to the interests of potentially existing devisees, subject to the proper administration of that will.
When a loan is obtained to purchase real property and a note and trust deed are executed, the party that furnishes the funds is the. The preferred method for the appraisal of a shopping center would be the replacement cost approach and the capitalization of net income approach. A "holder in due course" brings action to collect on the note. Which one of the following may the maker of the note use as a defense?
A hold in due course is a third party who buys up an existing note. The maker is the borrower. The borrower may refuse payment on the note if there is material alteration on the face of the note. Which of the following would be considered an estate of indefinite duration? An estate of inheritance is another form of fee simple.
A main characteristic of this interest is that the estate is of indefinite duration. If the owner enters into an exclusive-agency listing and thereafter sells the property through their own efforts,. Under an exclusive-agency listing, the seller reserves the right to sell the property on his own and not pay anyone a commission. If a person affixes property to the land of another by mistake, the. Person may remove it under prescribed conditions, including payment of damages. Property may not be removed because it has become a fixture. Which of the following is the viewpoint of the accountant and the appraiser with respect to depreciation?
The accountant is concerned with book depreciation, while the appraiser deals with actual depreciation. The appraiser is interested only in book value. The accountant is interested only in what caused the depreciation. The accountant is interested in the book value, while the appraiser is interested in the theory of deprecation.
Depreciation is a term with two applications. For accounting purposes, deprecation is taken off the book value. For appraisal purposes, deprecation is taken off the actual replacement value of a new commodity. If zoning prohibits a use permitted by private deed restrictions, the. If deed restrictions and zoning conflict, the more rigid of the two will prevail.
In this example, zoning is more rigid. A beneficiary statement is furnished by the. Beneficiary upon the demand of the escrow company. Surveyor upon the demand of the beneficiary. The escrow company writes to the lender requesting a beneficiary statement. That settlement will indicate the condition of the loan, the balance due, rate of interest due to date, and so on. An individual who has rented real property may remove which of the following on termination of the lease?
Trade fixtures are items that can be removed on termination of the tenancy if the contract provides for that, as long as the tenant makes any repairs to the premises necessitated by the removal of such trade fixtures. Choices a and c are examples of trade fixtures. A attachment is legal seizure of the title to property by a court. It is a prejudgment activity, typing up that property until a hearing date is set. Limitations on the use of real property may be created by. Building codes, deed restrictions, and zoning regulations are all examples of public and private restrictions that may limit the use of real property.
For a judgment to constitute as lien, it must meet certain prerequisites. An abstract of judgment must be recorded in the state in which the real property is situated. It must be rendered by a lawfully constituted court. When recorded, an abstract of judgment becomes a lien on any property owned by the judgment debtor in the county where the abstract is recorded. An owner knew the roof leaked in his house and disclosed that fact to the broker whom listed the property for sale.
The broker is required to. Comply with the owner's request to keep it a secret. Have a new roof put on and put the bill into escrow. Both the seller and the broker are obligated to disclose any material facts to a prospective buyer concerning the property in question, unless prohibited by law. A copy of the real estate commissioner's public report that was issued on land within a land project must be given by the sub-divider or the sub-divider's agents or salespersons to.
All owners of land adjacent to the subdivision. Every adult prospect who wrote or telephoned requesting one or who visited the site and indicated an interest in purchasing one or more of the sites. Every prospective buyer, but the sub-divider's agent can wait until just before signing the purchase agreement. The local newspaper so it can be published in the legal section.
Every potential buyer of land within a land project is entitled to a copy of the public report. A township is a six-mile square, containing 36 square miles, within a 24 mile perimeter. A broker who has a signed listing to sell a property can refuse to submit an offer on that property. Under circumstances in which the broker also has obtained a backup offer. Whenever the offer is for less than the listed price. If, in the listing agreement, the broker also has an option to purchase the property. When expressly instructed to do so by the owner. Usually, a broker is obligated to submit all offers on a listing, unless the owner has expressly instructed the broker not to do so.
An enforceable standard listing that has been signed by the seller and the broker. Requires a seller to be able to deliver a marketable title. The requirement of the meeting of the minds is a requirement for a contract, and a standard listing agreement is an example of a contract. Functional utility in a dwelling depends on. Public tax-exempt land under a lease e. When issuing the closing statement, escrow would debit the seller of income property for which of the following items? When applying the principle of substitution, the home buyer would consider. The law that required that certain contracts be in writing is contained in the.
The statute of frauds says certain items, including real estate transactions, must be in writing to be enforceable. The legal procedure to evict a nonpaying tenant is by. Action by lessor through physical ejections. An unlawful detainer action is the legal action an owner may take to remedy a default in rental payment.
Which of the following statements is correct with regard to an easement and the dominant tenement? The dominant tenement receives both the benefit and the burden of the easement. The owner of the dominant tenement can retain the easement but can transfer title to the property. It can be created for ingress and egress only. The easement is transferred with the transfer of the dominant tenement. The easement is an easement appurtenant, meaning it will run with the land and be transferred to the buyer of the dominant tenement interest.
Legal enforcement of the terms of a deed of trust in case of default may be. Either by trustee's sale or judicial foreclosure. California law permits a person to file a declaration of homestead, provided that the person is living in. Unlike some other states, California offers a homestead exemption to everyone who owns a home and lives in it.
Your home need not be a single-family dwelling. If you live in a condo, motor home or on a boat that you own, you qualify for the exemption. A qualifying dwelling can be any place you own as your principal place of residence and that is subject to property tax. Examples include, but are not limited to: Single family residence Duplex or half-plex Condominium or planned unit development PUD Unit of any multi-unit property Mobilehome Houseboat or floating home that is subject to property tax A living unit in a commercial or industrial property A motor home or other temporary structure used as a principal residence on otherwise vacant property owned by the claimant.
A person who earned the right to act in behalf of another is known as. The commissioner may revoke or suspend the license of real estate licensee who. Demonstrated negligence or incompetence in performing any act for which he is required to hold a license. Failed to exercise reasonable supervision over the activities of his salespeople. Willfully disregarded or violated any of the provisions of the real estate law. Which of the following is an encumbrance? The fee that an appraiser charges for appraisal is established by the.
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