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94 Cards in this Set

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  • Back
With what type of estate is the phrase " of indefinate duration"
Estate of inheretance
an easement may NOT be terminated by revocation of the owner of the serviant tennant
true
What is the difference between real property taxes and assesment bonds
assesment bonds are used for local improvements only
California sales tax applies to
tangible and personal property
j gets hurt in s pool if j obtained a judgement against s for 2,500 it would be
A general lien
A licence differs from an easement in the fact that a licence
can be revoked
A corperation cannot hold title to real property as a joint tennant because
of its perpetial existance
Under a tennancy in common
theyre must be a unity of possesion
which of the following is an important condition in the exercise of Eminant Domain
The proposal must be public and compensation must be paid
A prudent buyer in a subdivision would most likely choose a home in the center of the tract
True
Homestaed exceptions
will have the least effect on property taxes in a community
the unadujusted basis of a taxpayers property is best defined as
original cost of aquisition
in the appraisal of property , the principal of substitution would apply to
every approach
the easiest method for an appraiser to use when calculating the replacement cost of an improvement would be
comparitave unit method
An appraiser using the Land Residual approach is attempting to determine
Land value
An appraiser is employed to advise an apartment owner of the economic feasibility of construction of a swimming pool. he would use the principal of
contribution
An appraiser is employed to advise an apartment owner of the economic feasibility of construction of a swimming pool. he would use the principal of
contribution
An appraiser is employed to advise an apartment owner of the economic feasibility of construction of a swimming pool. he would use the principal of
contribution
When intrest rates go up and the income of a property is fixed, the capitolized value of the property will
decrease
When intrest rates go up and the income of a property is fixed, the capitolized value of the property will
decrease
_____________is the method most appraisers would be least concerned with in land value
Gross multiplier method
When intrest rates go up and the income of a property is fixed, the capitolized value of the property will
decrease
_____________is the method most appraisers would be least concerned with in land value
Gross multiplier method
thw owner has a 100 unit apartment house_____________________
would not be deductible from the gross income in determining net income.
wages for part time gardners and matienence personel
_____________is the method most appraisers would be least concerned with in land value
Gross multiplier method
if an appraiser was appraiseing a property buily on 1910 he would use __________________
todays cost of reproduction
thw owner has a 100 unit apartment house_____________________
would not be deductible from the gross income in determining net income.
wages for part time gardners and matienence personel
thw owner has a 100 unit apartment house_____________________
would not be deductible from the gross income in determining net income.
wages for part time gardners and matienence personel
the value of income producing property is usually dependent upon
Capitolization of future net income
in order to arrive at an effective gross income for rental properties , an appraiser should deduct _______________ from gross income
vacancies and collection losses
if an appraiser was appraiseing a property buily on 1910 he would use __________________
todays cost of reproduction
if an appraiser was appraiseing a property buily on 1910 he would use __________________
todays cost of reproduction
Improved value is
market value of land and improvements
the value of income producing property is usually dependent upon
Capitolization of future net income
the value of income producing property is usually dependent upon
Capitolization of future net income
in doing a study for residential developement , everything should be considered except
specific data related to the proposed project
in order to arrive at an effective gross income for rental properties , an appraiser should deduct _______________ from gross income
vacancies and collection losses
in order to arrive at an effective gross income for rental properties , an appraiser should deduct _______________ from gross income
vacancies and collection losses
from an appraisal standpoint, market value is most closely related to
market price
Improved value is
market value of land and improvements
productivity is a direct function of
value
functional utility in a dwelling is dependent upon
the desires of its occupants
Improved value is
market value of land and improvements
in doing a study for residential developement , everything should be considered except
specific data related to the proposed project
from an appraisal standpoint, market value is most closely related to
market price
in doing a study for residential developement , everything should be considered except
specific data related to the proposed project
productivity is a direct function of
value
from an appraisal standpoint, market value is most closely related to
market price
functional utility in a dwelling is dependent upon
the desires of its occupants
productivity is a direct function of
value
functional utility in a dwelling is dependent upon
the desires of its occupants
An owner who borrows and executes a trust deed is a
trustor
selling a note for less than its face is known as
discounting
J purchased aproperty for 70.000 and made a 41.000 down payment. If he borrowed the balance of the purchase price, it would be considered a purchase money trust deed if he recieved the amount from
a conventional lender
a friend of a relative
or
the seller
the trust deed is properly prepared and executed, the power of sale of the second property is given by
Trustor to trustee
the trustor under a trust deed is the party who
Signs the note as a maker
A deed of reconveyance would be signed by the
trustee
J purchased a house 2 years ago , financing it with a long term first deed and note. They were un able to make the payment for 2 consecutive months. As a result, the beneficiary initiated foreclosure procedings and J recieved a copy of the notice of default that had been recorded. their best course of action at this time is is to exercise theyre right of
Reinstatement
In new construction financing, the lender will usually release the final payment to the borrower when
The mechanics lien period has expired
Under the 1911 Street improvement act, funds may be raised by local government, benefiting a subdivider, for all of the following purposes except
Purchase of land for subdivision
An owner wishes to sell the home and has arranged for a lender to finance the purchase, but has not yet obtained a buyer. This situation would be terme:
A conditional commitment
a primary sopurce of funds for residential financing is
A federal savings and loan association
The lower the loan to value ratio the higher the
equity intrest
in A COMMERCIAL BANK
loan policies are characterized by
a preference of short term loans

a heavy reliance on its past association with the borrower

loans on property situated close to the lenders office

some interm construction loans
S asked a broker to help secure a 19.000 loan for 5 years using his house as collateral. the appraised value was 80.000 and was completely free of liens and encumbrances.

The broker would likely fail to succeed if he attempted to secure the loan through
Insurance company
Impounds are used as a safety measure to insure payment of recurring bills. A lender might require a borrower to make deposits into an impound accountwith each monthly payment. Which of the following would least likely be a part of the impound deposit
mortgage intrest
In real estate financing, reference is sometimes made to " take out" loans. this refers to
long term loan after construction
A buyer assumes an FHA mortgage with the lenders aproval and pays the sellers equity in cash and the lender charges the buyer a 300.00 fee this fee is known as
Assumption fee
Conventional loans differ from FHA loans in all of the following ways except
Deficiency judjements are always permitted on conventional loans and are never allowed on FHA loans
69. In a period of inflation the federal reserve board would __________________ to curb inflation
Raise reserve requirements and sell bonds
A sales person takes a listing that requires that the buyer" assume" the existing loan. From the standpoint of the salesperson, the sale would be easiest if the existing loan is
An FHA loan
Annual Precentage rate is defined as
All loan costs, direct or inderect, expressed as a percentage rate
72.Savings and loan institutions obtain most of their money for making loans from
Individual savings
RESPA Applies to certain federally related loans secured by liens on owner occupied one to four unit dwellings. A ___________________ whose ________________ are insured by a ___________________
lender, deposits, federal agency
Discount points on financing under the california farm and home procedure act are paid by
No One
Liquidation of a finiancial obligation on an instalment basis is
amortization
76. A conventional lender considering a real estate loan would be most concerned with
degree of risk involved
recording a deed would give
Constructive notice
COmmissions for brokers negotyiating sales are determined by the probate code according to pre arrahged schedules based on t he selling price T F
FALSE
More than one estate can exist in the sam property simotaniously T F
True
86. The remedy of unlawful detainer is most commonly used by the offended
Lessors
In the absence of expressed provisions in the deed restrictions and plans, which of the following is part of a condiminum unit.
bearing walls
central heating system
elevator
or none
none
In most cases the least satisfactory place to obtain a legal descrittion of property is
Real property tax bill
the lender must supply the borroer with thr uniform settlement form
At or before closing
An escrow agent is excempt from licencing requirements of the corperations commisioner in all but which of the following
A broker who is acting as an escrow agent for other brokers transactions
an executory contract is
A contract that is yet to be preformed by one or both parties
100. A listing agreement in which the owner promises to pay a comission under all circumstances of sale, except if he sells the property himself is
an exclusive agency
A listing agreement in which the owner promises to pay a comission under all circumstances of sale , except if he sells the property himself is known as
An exclusive agency
all of the following are essential elements of a simple contract except
Proper writing
106.Jones bought an original general on sale liquor licence for a business . after 2 years he could sell the licence for
6000.00
A real estate salesperson effective 1998, who advertises a property must provide __________________
at least the salespersons name
the instrument used in hypothecating title to personal property is
security agreement
When dealing with the public, a broker may not
remain silent as to material facts concerning the property known only to the broker
A partnership agreement to buy or sell property would not be required to be in writing
under the Statute of fraud