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22 Cards in this Set
- Front
- Back
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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
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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
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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
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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
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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
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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.
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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
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The usefulness of the cost approach would be most limited when:
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Appraising an older structure with many functional deficencies
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The method which is most commonly used by appraisers to value land or sites is:
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The comparative method
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When using the cost approach to determine the value of a building built in 1901, the appraiser would:
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Use current prices to build a building with the same utility, then subtract accrued depreciation.
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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.
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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
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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
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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
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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
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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
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A buyer most likely would be able to obtain which of the following loans with no down payment.
A: conventional B: FHA C: VA D: Cal Vet |
VA
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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
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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
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A lender would likely not enforce the "due on sale" clause in a promissory note under which of the following circumstances?
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When deflation occurs and there are more houses for sale than there are buyers.
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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
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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?
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a mortage loan disclosure statement
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