Real Estate # 3

Front 1

With what type of estate is the phrase " of indefinate duration"

Back 1

Estate of inheretance

Front 2

an easement may NOT be terminated by revocation of the owner of the serviant tennant

Back 2

true

Front 3

What is the difference between real property taxes and assesment bonds

Back 3

assesment bonds are used for local improvements only

Front 4

California sales tax applies to

Back 4

tangible and personal property

Front 5

j gets hurt in s pool if j obtained a judgement against s for 2,500 it would be

Back 5

A general lien

Front 6

A licence differs from an easement in the fact that a licence

Back 6

can be revoked

Front 7

A corperation cannot hold title to real property as a joint tennant because

Back 7

of its perpetial existance

Front 8

Under a tennancy in common

Back 8

theyre must be a unity of possesion

Front 9

which of the following is an important condition in the exercise of Eminant Domain

Back 9

The proposal must be public and compensation must be paid

Front 10

A prudent buyer in a subdivision would most likely choose a home in the center of the tract

Back 10

True

Front 11

Homestaed exceptions

Back 11

will have the least effect on property taxes in a community

Front 12

the unadujusted basis of a taxpayers property is best defined as

Back 12

original cost of aquisition

Front 13

in the appraisal of property , the principal of substitution would apply to

Back 13

every approach

Front 14

the easiest method for an appraiser to use when calculating the replacement cost of an improvement would be

Back 14

comparitave unit method

Front 15

An appraiser using the Land Residual approach is attempting to determine

Back 15

Land value

Front 16

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

Back 16

contribution

Front 17

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

Back 17

contribution

Front 18

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

Back 18

contribution

Front 19

When intrest rates go up and the income of a property is fixed, the capitolized value of the property will

Back 19

decrease

Front 20

When intrest rates go up and the income of a property is fixed, the capitolized value of the property will

Back 20

decrease

Front 21

_____________is the method most appraisers would be least concerned with in land value

Back 21

Gross multiplier method

Front 22

When intrest rates go up and the income of a property is fixed, the capitolized value of the property will

Back 22

decrease

Front 23

_____________is the method most appraisers would be least concerned with in land value

Back 23

Gross multiplier method

Front 24

thw owner has a 100 unit apartment house_____________________
would not be deductible from the gross income in determining net income.

Back 24

wages for part time gardners and matienence personel

Front 25

_____________is the method most appraisers would be least concerned with in land value

Back 25

Gross multiplier method

Front 26

if an appraiser was appraiseing a property buily on 1910 he would use __________________

Back 26

todays cost of reproduction

Front 27

thw owner has a 100 unit apartment house_____________________
would not be deductible from the gross income in determining net income.

Back 27

wages for part time gardners and matienence personel

Front 28

thw owner has a 100 unit apartment house_____________________
would not be deductible from the gross income in determining net income.

Back 28

wages for part time gardners and matienence personel

Front 29

the value of income producing property is usually dependent upon

Back 29

Capitolization of future net income

Front 30

in order to arrive at an effective gross income for rental properties , an appraiser should deduct _______________ from gross income

Back 30

vacancies and collection losses

Front 31

if an appraiser was appraiseing a property buily on 1910 he would use __________________

Back 31

todays cost of reproduction

Front 32

if an appraiser was appraiseing a property buily on 1910 he would use __________________

Back 32

todays cost of reproduction

Front 33

Improved value is

Back 33

market value of land and improvements

Front 34

the value of income producing property is usually dependent upon

Back 34

Capitolization of future net income

Front 35

the value of income producing property is usually dependent upon

Back 35

Capitolization of future net income

Front 36

in doing a study for residential developement , everything should be considered except

Back 36

specific data related to the proposed project

Front 37

in order to arrive at an effective gross income for rental properties , an appraiser should deduct _______________ from gross income

Back 37

vacancies and collection losses

Front 38

in order to arrive at an effective gross income for rental properties , an appraiser should deduct _______________ from gross income

Back 38

vacancies and collection losses

Front 39

from an appraisal standpoint, market value is most closely related to

Back 39

market price

Front 40

Improved value is

Back 40

market value of land and improvements

Front 41

productivity is a direct function of

Back 41

value

Front 42

functional utility in a dwelling is dependent upon

Back 42

the desires of its occupants

Front 43

Improved value is

Back 43

market value of land and improvements

Front 44

in doing a study for residential developement , everything should be considered except

Back 44

specific data related to the proposed project

Front 45

from an appraisal standpoint, market value is most closely related to

Back 45

market price

Front 46

in doing a study for residential developement , everything should be considered except

Back 46

specific data related to the proposed project

Front 47

productivity is a direct function of

Back 47

value

Front 48

from an appraisal standpoint, market value is most closely related to

Back 48

market price

Front 49

functional utility in a dwelling is dependent upon

Back 49

the desires of its occupants

Front 50

productivity is a direct function of

Back 50

value

Front 51

functional utility in a dwelling is dependent upon

Back 51

the desires of its occupants

Front 52

An owner who borrows and executes a trust deed is a

Back 52

trustor

Front 53

selling a note for less than its face is known as

Back 53

discounting

Front 54

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

Back 54

a conventional lender
a friend of a relative
or
the seller

Front 55

the trust deed is properly prepared and executed, the power of sale of the second property is given by

Back 55

Trustor to trustee

Front 56

the trustor under a trust deed is the party who

Back 56

Signs the note as a maker

Front 57

A deed of reconveyance would be signed by the

Back 57

trustee

Front 58

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

Back 58

Reinstatement

Front 59

In new construction financing, the lender will usually release the final payment to the borrower when

Back 59

The mechanics lien period has expired

Front 60

Under the 1911 Street improvement act, funds may be raised by local government, benefiting a subdivider, for all of the following purposes except

Back 60

Purchase of land for subdivision

Front 61

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:

Back 61

A conditional commitment

Front 62

a primary sopurce of funds for residential financing is

Back 62

A federal savings and loan association

Front 63

The lower the loan to value ratio the higher the

Back 63

equity intrest

Front 64

in A COMMERCIAL BANK
loan policies are characterized by

Back 64

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

Front 65

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

Back 65

Insurance company

Front 66

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

Back 66

mortgage intrest

Front 67

In real estate financing, reference is sometimes made to " take out" loans. this refers to

Back 67

long term loan after construction

Front 68

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

Back 68

Assumption fee

Front 69

Conventional loans differ from FHA loans in all of the following ways except

Back 69

Deficiency judjements are always permitted on conventional loans and are never allowed on FHA loans

Front 70

69. In a period of inflation the federal reserve board would __________________ to curb inflation

Back 70

Raise reserve requirements and sell bonds

Front 71

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

Back 71

An FHA loan

Front 72

Annual Precentage rate is defined as

Back 72

All loan costs, direct or inderect, expressed as a percentage rate

Front 73

72.Savings and loan institutions obtain most of their money for making loans from

Back 73

Individual savings

Front 74

RESPA Applies to certain federally related loans secured by liens on owner occupied one to four unit dwellings. A ___________________ whose ________________ are insured by a ___________________

Back 74

lender, deposits, federal agency

Front 75

Discount points on financing under the california farm and home procedure act are paid by

Back 75

No One

Front 76

Liquidation of a finiancial obligation on an instalment basis is

Back 76

amortization

Front 77

76. A conventional lender considering a real estate loan would be most concerned with

Back 77

degree of risk involved

Front 78

recording a deed would give

Back 78

Constructive notice

Front 79

COmmissions for brokers negotyiating sales are determined by the probate code according to pre arrahged schedules based on t he selling price T F

Back 79

FALSE

Front 80

More than one estate can exist in the sam property simotaniously T F

Back 80

True

Front 81

86. The remedy of unlawful detainer is most commonly used by the offended

Back 81

Lessors

Front 82

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

Back 82

none

Front 83

In most cases the least satisfactory place to obtain a legal descrittion of property is

Back 83

Real property tax bill

Front 84

the lender must supply the borroer with thr uniform settlement form

Back 84

At or before closing

Front 85

An escrow agent is excempt from licencing requirements of the corperations commisioner in all but which of the following

Back 85

A broker who is acting as an escrow agent for other brokers transactions

Front 86

an executory contract is

Back 86

A contract that is yet to be preformed by one or both parties

Front 87

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

Back 87

an exclusive agency

Front 88

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

Back 88

An exclusive agency

Front 89

all of the following are essential elements of a simple contract except

Back 89

Proper writing

Front 90

106.Jones bought an original general on sale liquor licence for a business . after 2 years he could sell the licence for

Back 90

6000.00

Front 91

A real estate salesperson effective 1998, who advertises a property must provide __________________

Back 91

at least the salespersons name

Front 92

the instrument used in hypothecating title to personal property is

Back 92

security agreement

Front 93

When dealing with the public, a broker may not

Back 93

remain silent as to material facts concerning the property known only to the broker

Front 94

A partnership agreement to buy or sell property would not be required to be in writing

Back 94

under the Statute of fraud