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28 Cards in this Set
- Front
- Back
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Which is not needed for a valid contract? a. offer b. legal object c. acceptance d. due date |
d. due date |
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Which of the following isn't part of a deed? a. Premises b. Habendum c. Acknowledgement d. Novation |
d. Novation |
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Which of the following means "going to the state"? a. taxation b. eminent domain c. police power d. escheat |
d. escheat |
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Does California have "dower laws" a. yes b. no |
b. no |
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Is California a community property State? a. yes b. no |
a. yes |
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Does California have joint tenancy or tenancy by entirety? a. joint tenancy b. tenancy by entirety c. neither d. both |
a. joint tenancy |
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Does California have Homestead laws? a. yes b. no |
a. yes |
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How soon after closing does the broker receive a commission check? a. Once the transaction is completed and funded b. Once the seller has moved out c. After appraisal d. Once offer sheet is signed |
a. Once the transaction is completed and funded |
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Which of the following would NOT put a salesperson in Jeopardy of losing their license in California? a. Being authorized to accept an excessive Commission. b. Placing ad claiming to be a broker when they are not. c. Convicted of a felony. d. Depositing his/her clients escrow money into a personal account. |
a. Being authorized to accept an excessive Commission. |
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Does California recognize holographic wills? A. YesB. No |
A. Yes |
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What are holographic wills? A. A will and testament that has been entirely handwritten and signed by the testator. B. A will the displays in 3D. C. A well that has been approved by each family member. D. A standard boiler plate will. |
A. A will and testament that has been entirely handwritten and signed by the testator. |
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What are California's Reciprocity States? A. Oregon Nevada B. Arizona Oregon C. None D. Nevada Arizona Oregon |
C. None |
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In California standing trees would be considered: A. real property B. personal property C. Chattels D. Emblements |
A. Real property |
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In California who is responsible for maintaining a habitable property and for complying with local housing and building codes? A. Lessor B. Lessee C. Department of health D. Mortgage lender |
A. Lessor |
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In California which of the following is a landlord option for a tenant not paying rent? A. shut off the gas B. shut off the power C. lock the timing out D. unlawful detainer action in court |
D. unlawful detainer action in court |
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In what circumstances, if any, can a broker in California who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller? A. None, broker may only collect compensation from one party to a transaction. B. Only when both buyer and seller give informed consent to this arrangement. C. Only when both buyer and seller have legal representation. D. In most circumstances, except when the buyer and seller are related. |
B. Only when both buyer and seller give informed consent to this arrangement. |
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Mortgage "discount" points only apply if which of the following conditions are met? A. The seller has agreed to pay 1% of the closing costs. B. The interest rate on the mortgage loan has been lowered by 1% for each point charged. C. The interest rate on the mortgage loan has been lowered by 2% for each point charge. D. The loan does not close and the buyer owes the lender for services rendered. |
B. The interest rate on the mortgage loan has been lowered by 1% for each point charged. |
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Tenants in common share in the unity of A. Time B. Title C. Interest D. Possession |
D. Possession There's only Unity to tenancy in common. That's the matter of possession. Do not confuse with the unities that belong to joint tenancy. |
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When comparing the economic life of improved property with the physical life of the property, the economic life is: A. Longer. B. Shorter. C. The same. D. Depends on the type of improvements. |
B. Shorter Economic life refers to the useful life of improved property, which is customarily shorter than the actual physical life the property. |
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The Builder's plan that display the piers, sub-floors, footing and columns within a structure is called: A. a floor plan B. An elevation plan C. a foundation plan D. a plot plan |
C. A foundation plan It is the foundation plan that will show the placement of the piers, subfloors, footings and columns within the structure. |
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Federal law protects purchasers of subdivision properties that are located in the United States and are being offered for sale in interstate commerce. This law provides for right of rescission within: A. 3 days B. 5 days C. 7 days D. 10 days |
C. 7 days. Under the federal Interstate land sales full disclosure Act Right of rescission last for 7 Days. Also recall that the number of lots in discussion under this act would be 100 or more lots being sold from state to state with a seven day right of rescission. |
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A mortgage company would give the LEAST consideration to which of the following in granting a loan? A. Borrower's present and future income B. Value of the property in relation to loan C. Borrowers need for financial assistance D. Amount of down payment |
C. Borrowers need for financial assistance - the borrowers need for financial assistant is the least consideration that a mortgage company will give. |
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In the event the parties to a bulk sale do not comply with the provisions of the bulk sales law, as outlined in the Uniform Commercial Code, the party that would probably be injured the MOST would be the: A. seller B. buyer C. creditor D. lender |
B. Buyer If the requirements of the bulk sale law are not met the Creditor could move to unravel the sale between the seller and the buyer. Buyer would stand to lose any deposit money is presented in the escrow up to that time. |
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In California, a broker must have an employment contract with each licensed employee in the office. This contract A. must be kept by the employer for 5 yrs after the term of employment B. must be in writing C. must be renewed every two years. D. can be verbal |
B. Must be in writing! The employment contract between the broker and the salesperson must be in writing because of statutory requirement. A copy of this employment contract must be kept by by both the broker and salesperson for up to 3 years after termination of employment. |
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Through valid contractual assignment of a lease, the assignee purchases the leasehold interest and becomes a A. landlord B. guarantor C. sublessee D. Tenant |
D. Tenant The assignee Takes Over All rights and interest of the original tenant in a lease agreement. The assignee becomes a tenant, replacing the original tenant. |
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Which of the following is true with respect to an impound account? A. the lender holding the account pays the same interest rate on funds as that paid by a savings and loan on savings account B. it benefits both the trustor and the beneficiary C. the maximum amount cannot exceed 5% of the annual disbursements D. it is required on all home loans. |
B. it benefits both the trustor and the beneficiary. An impound account benefits both the trustor and the beneficiary AKA borrower and lender. By impounding taxes and insurance, the lender is certain that these debts will be paid. The borrower is also certain that the payments will be made. |
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Upon payment of a fee, information inspection reports issued by any licensed structural pest control operator may be obtained from the Structural Pest Control Board for up to 2 years A. the seller only B. the buyer only C. the seller and buyer only D. anyone who requests it and pays the fee. |
D. Anyone who requests it and pays the fee. The structural pest control board in Sacramento retains information on Pest Control reports for up to two years. This information may be secured by anyone who requests it and pays a fee. |
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An unlicensed secretary working in a real estate office may legally A. discuss terms for sale of a property advertised by the broker. B. type listing agreements for salespersons. C. collect rent on properties managed by the office. D. quote prices on listed property over the telephone. |
Abvd |
