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22 Cards in this Set

  • Front
  • Back
The method by which a local planning commission permits an inconsistency to the construction,systems, or standards within applicable building codes is best known as:

A: a Variance
B: an exemption
c: a permit
D: spot zoning
A Variance
Conversion of apartments to community apartment projects and condominiums come within the provisions of the California Real Estate Subdivided Lands Law when they contain how many units?

A: two or more
B: three or more
C: five or more
D: all subdivisions come within that law
Five or more units
The regulation of the housing and construction industries is accomplished by:

A: local building codes
B: State Housing Act
C: the Contractor's State License Law
D: all of the above
all of the above
On the local Level, compliance with the State Housing Law and minimum construction standards will usually be enforced by:

A: the city engineer
B: the local district attorney
C: the city planning commission
D: the local building inspector
the local building inspector
Sanitation, sewage, and occupancy regulations are enforced by:

A: the city engineer
B: local health officers
C: the city planning commission
D: the local building inspector
local health officers
When appraising real estate, appraisers attempt to estimate value. The value arrived at by appraisers is:

A: based solely upon the replacement cost
B: based upon an analysis of facts as of a given date.
C: derived from income data covering the preceding nine months.
D: projected from original cost minus depreciation and inflation.
based upon an analysis of facts as of a given date.
When an appraiser uses the cost approach to appraise an existing commercial structure, the correct depreciation factor would be obtained by the use of:

A: economic life of the property
B: effective age of the improvements
C: chronological age
D: physical age
effective age of the improvements
The usefulness of the cost approach would be most limited when:
Appraising an older structure with many functional deficencies
The method which is most commonly used by appraisers to value land or sites is:
The comparative method
When using the cost approach to determine the value of a building built in 1901, the appraiser would:
Use current prices to build a building with the same utility, then subtract accrued depreciation.
The appraisal of income producing property is usually:

A: determined by a gross multiplier
B: determined by the structural soundness of the structure
C: directly proportional to the remaining economic life of the buliding
D: based on the capitalization of net income.
based on the capitalization of net income.
Which of the following factors is not considered when calculating annual net income for the capitalization approach to appraisal?

A: vacancy and collection losses
B: maintenance expenses
C: property management fees
D: mortgage interest cost
mortage interest cost
When a real estate appraiser is using a gross multiplier to determine property value, the appraiser would calculate the appropriate gross multiplier by:
A: dividing the sale price by the net monthly income.
B: multiplying the annual gross income by the appropriate capitalization rate
C: dividing the sale price by the gross monthly income
D: dividing the sale price of comparable properties by the appropriate capitalization rate
dividing the sale price by the gross monthly income
When real estate is sold a copy of the structural pest control report must be given, if requested, to:
A: the buyer, as soon as practical
B: the title insurance co
C: the broker
D: the escrow company
the buyer, as soon as practical
The borrower's loan application for an FHA loan is properly submitted to:

A: the FHA
B: The arranger of credit
C: The licensed real estate broker
D: the mortgagee.
the mortgagee
FHA loans generally differ from conventional loans in which of the following ways?

A: lower loan to value ratio
B: shorter maturity
C: More protection for the borrower
D: lower interest rate
lower interest rate
A buyer most likely would be able to obtain which of the following loans with no down payment.

A: conventional
D: Cal Vet
The amount of the down payment for a VA loan is determined by:

A: the amount of the discount
B: 3% of the purchase price
C: the CRV
D: No down Payment is ever required on a VA loan
the CRV
When real estate is purchased under the California Veterans Farm and Home Purchase Plan, payments are made to and legal title to the property is held by:

A: the trustee
B: the California Veteran
C: The Veteran's Administration
D: The Department of Veteran's Affairs
The Department of Veteran's Affairs
A lender would likely not enforce the "due on sale" clause in a promissory note under which of the following circumstances?
When deflation occurs and there are more houses for sale than there are buyers.
Mr Gonzalez sold ten previously unencumbered properties to Mr. Long. Part of the purchase price is a loan made by Mr. Gonzalez that is secured by a trust deed on the ten properties.
This trust deed may be described as:
a blanket encumbrance
a homeowner needed 9,000 to pay for a child's college education. A loan broker arranged a home equity loan for 9,600. The broker must provide the borrower with?
a mortage loan disclosure statement