Real Estate Exam Prep

Front 1

Reversion

Back 1

Lessors right to take possession of leased property’s the end of the lease

Front 2

Sales and lease back

Back 2

Seller retains the occupancy of the land by leasing it back simultaneously with sales

Front 3

Sandwich lease

Back 3

When Louise has been somewhat another party so the former becomes a lease

Front 4

Seat back

Back 4

Area from the curb or other set of line of demarcation within which no structure can exit

Front 5

Specific performance

Back 5

Court action directing a party to for fill the contract terms which has refused to perform

Front 6

Subagent

Back 6

A party that receives the power of an agent form the principle but when an agent has authorized it

Front 7

Tax free exchange

Back 7

Transfer of property with no capital gain

Front 8

Tenancy of sufferance

Back 8

Tenancy created when a lawful retains possession of a property after lease terminated

Front 9

Tenate

Back 9

Person given possession of real property belong to someone else for a fixed term or at will

Front 10

Title insurance

Back 10

Insurance policy providing protection from loss caused by defects in the title

Front 11

Tort

Back 11

Wrongful act not criminal in nature but giving Rise to a civil action with one committing the torte torte fear potentially liable for civil damages

Front 12

Unearned increment

Back 12

A rise in real estate value due to no effect by the owner usually due to population growth

Front 13

Validven

Back 13

Having legal sufficient enforceable by court

Front 14

Vendee

Back 14

Buyer the person who purchase

Front 15

Vendor

Back 15

Seller person who buys

Front 16

Warranty

Back 16

Promise of guaranty

Front 17

Without recourse

Back 17

Phrase employed in endorsements of a note or bill indicating that the holder cannot expect payment from the debtor personally in non payment occurs

Front 18

Zoning

Back 18

Governmental authority designated an area for a particular use

Front 19

Purchase capital

Back 19

Funds used to purchase reality from whatever source.

Front 20

Police power

Back 20

Government right to pass law and in force them to achieve health order public safety and general welfare for public

Front 21

Overall capitalization rate

Back 21

Read calculated by dividing not operating income by the property purchase cost

Front 22

And arrangement not in writing usually unenforceable thank you

Back 22

And arrangement not in writing usually unenforceable thank you

Front 23

Null and void

Back 23

Without any legal validity

Front 24

Mineral rights

Back 24

Authorized to a mass income from the sales of gas oil and other resources underground

Front 25

Notice actual

Back 25

Meow

Front 26

Permission to build or maintain a structure prohibited by a zoning ordinance is called?

Back 26

A variance

Front 27

Examples of police power are?

Back 27

Building codes

Zoning regulations

Rent control

Hint 27

Government authority to tax is separate from its police power, the right to regulate a persons conduct or property to protect the health of safety, and welfare of the community. Unlike the ex rose of eminent domain, the states use of the police power.

Front 28

State sales taxes that are assessed on fixtures in the sale of a business opportunity are?

Back 28

Paid by the buyer to seller, along with the purchase price

Sent by the seller to the board of equalization

Paid prior to the verticals of clearance being issued

Front 29

What is not classified as a prime Yea at in a shopping mall Liam

Back 29

Mom and pop shoe store

Hint 29

The largest l, high earning tenant in a shopping center is regarding as prime tenants

Front 30

Loan underwriting

Back 30

The process of assessing the risk involved in making a mortgage loan

Hint 30

Includes verification of employment history, salary and financial statements and the lenders evaluation of the borrowers credit history and ability to pay.

Front 31

If a real property title that is encumbered by a trust deed is transmitted through a sale, it is necessary to?what is an exa

Back 31

Have a grant or provide the delivery of the deed

Hint 31

Even if a property is encumbrances, it may still be conveyed; this is usually accomplished with a grand deed.

Front 32

What is an example of estate in severalty

Back 32

A corporation with 100 shareholders holding title to an estate.

Hint 32

Sole ownership is an estate in severalty, even though a corporation can be wined by multiple shareholders, it is viewed as a single legal person; it holds title in severity

Front 33

A broker is adverting under the name of “cyz realty” franchise: the broker add must also include?

Back 33

Include his own names in the advertising

Hint 33

I’d name not in the add can violate real estate law

Front 34

A grant deed contains?a broker wishing to legally enforce his right to a com

Back 34

The word “grant” in its conveyance

Guarantee that the property title has not been conveyed to anyone else

A guarantee that there are no hidden encumbrance on the property

Hint 34

The grantor also conveys to the grantee any right he might acquire to the property after conveying it to the grantee, termed as “after-acquired title”. The grant deed is the only form of deed that conveys an after-acquired title

Front 35

A broker wishing to legally enforce his right to a commission for procuring a six month rental agreement must?

Back 35

Contracts that can be performed in less than one year like six months really agreement do not have to be in sorting to be enforced

Hint 35

Be able to prove he had an oral agreement with the property owner

Front 36

When a real estate agent pays a portion of his or her commission to the buyer, the agent is required to?

Back 36

Inform the seller

Front 37

Although not authorized to do so, agent Andrew acts on behalf of the seller Stan by showing stans home to a potential buyer. Later, after the buyer makes an offer, Stan approves of Andrews actions. This is known as what?

Back 37

Ratification

Hint 37

A principal can ratify something that has been done on her behalf by another individual who assumed the authority to act in the capacity of an agent

Front 38

In their first meeting, an owner tells a broker that the property should not be shown to any person of color, upon hearing this, the broker should?

Back 38

Refuse the listing

Hint 38

Must refusing listing because if accepted one is condoning the actions

Front 39

Marcus and Migule each own a single family house, marcus currently lives in his house, while Migule rents her to a tenant. Marcus and Migule trade houses, each one planning to rent the new property I generate income, which means coo

Back 39

Migule can take advantage of the tax free exchange.

Because his former property was generating income to whereas marcus wasn’t

Also known as a 1031 exachange

Hint 39

1031 exchange

Front 40

Cooperating agentwhich type

Back 40

A licensed person who tries to find a buyer but who is not the listing agent

Front 41

Which type of bankruptcy filing provides a firm with the opportunity to reorganize its debt to try to re emerge as a healthy organization a broke

Back 41

Chapter 11

Hint 41

Chapter 11 will contact the creditors and attempt to change loan terms

Front 42

A broker is allowed to?

Back 42

Accept commission form both the seller and buyer

Direct an employee who is not a salesperson to perform clerical duties at the brokers office

Act as an escrow

All are permissible actions

Front 43

The parties to a deed are called

Back 43

Grantor and grantee

Hint 43

Grantor gives grantee receives

Front 44

The term disintermediation refers to

Back 44

Large- scale withdraw of funds from savings account

Front 45

A contract that states the price and terms is

Back 45

Express

Hint 45

A contract can be either express contract or implied

An express contract has its terms expressed on words, orally or in writing.

An implied contract has at least some of its terms not expressed on words.

Front 46

A listing agent can be a a lease where the tenant pays $

Back 46

Dual agent

Hint 46

Allows the agent to represent both buyer and seller but requirements need to be disclosed

Front 47

A lease where the tenants pays $500 per month for five years, with the landlord paying taxes and fees it is called

Back 47

Gross lease

Hint 47

Is when a tenant pays flat rental amount, and landlord pays for all property charges regularly incurred by the ownership.

Ex most apartments

Front 48

The front-end ratio for a loan is determined by?

Back 48

The introductory loan interest rate

Front 49

Which of the following actions by a broker would violate the rules regarding trust funds

Back 49

Keeping a deposit check uncashed by their own decision

Front 50

Buyer Johnny made an binding offer to seller Silas that Silas accepted in the proper manner, but Johnny changed his mid and refused togo through with the transaction. Under the statute of limitations, what is Silas deadline to sue Johnny in order to enforce the contract before being tome barred

Back 50

Four years

Hint 50

It’s considered breach of contract

Front 51

A broker holding a no exclusive listing for a sold property wishing to demonstrate she is entitled to a commission must show that she is:

Back 51

Held a broker license at the time of sale

Found a ready willing and able purchaser for the property

Was the procuring cause of the sale

Front 52

Express conditions include conditions such as

Back 52

Condition subsequent

Condition precedent

Hint 52

A condition precedent must be met before the performing party has a duty to perform,

Condition subsequent arise after duty has begun and if satisfied the releases the performing party from duty

Front 53

Assignment is when

Back 53

One party transfers it’s rights and obligations under the contract to another party, but remains secondarily liable

Front 54

Marcus and Mary ante two single women plan to take title to a home in such a way that each one will own a half- interest with right of survivorship. The grab clause will state?

Back 54

Marcus a single women and Mary mass a single woman as joint tenants

Front 55

The purchase of a single family residence can result in the following icims tax deduction except

Back 55

Painting the house

Hint 55

Loan paints

Loan interest payments

Property taxes are acceptable

Front 56

The maximum amount laud from the recovery account to victims of real paid form the recovery accounts to victims of tea estate fraud is?

Back 56

$50000

Hint 56

The max amounts paid by the recovery account are $50000 for a single transaction and 250000 for any one licensee

Front 57

A real estate agent tries to persuade a group of people in a neighborhood to list their properties for ales with the agent because members of a minority group are planning to move in, which the agent warns will lower overall property prices in the community. The agent conduct can be termed as ? Which of the following

Back 57

Blockbusting

Panic selling

Against the regulations of the real estate commissioner

Front 58

Which of the following would be considered incurable functional obsolescence in a department store

Back 58

Cheap building material

Front 59

Littoral rights and riparian rights differ how?

Back 59

Littoral rights are associated with oceans, riparian rights with rivers and lakes

Front 60

When a seller provides credit on the basis of a note trust deed is called

Back 60

Pitches money trust deed

Front 61

What creates a binding contract

Back 61

Offer

Acceptance

Consideration

Front 62

The lease agreement should specify when rent is to be paid. If the lease does not specify a date then rent is due by when?

Back 62

On the last day of the lease period

Front 63

The right of a utility company to string power lines across privately-owned land is an example of?att

Back 63

Encumbrance

Front 64

Attorney In fact

Back 64

When a writing instrument signed by a person names someone else to act legally for him, that named person is called.

Front 65

Security agreement

Back 65

Secured a loan on personal property

Front 66

Mechanics lean

Back 66

When homeowner fails to pay for work done on property

Front 67

These terms square foot method, unit cost in place method and the quantity survey method are?

Back 67

Appraisal

Front 68

Regarding the relationship between a broker and her salesperson, the broker is an employer and the sales person is an?

Back 68

Independent contractor or employee

Front 69

A contingency clause is an agreement should

Back 69

State a time limit for its conditions to be met

State how the parties will be informed of the fulfillment or waiving of the clause

Front 70

Math

Back 70

Math

Front 71

Math

Back 71

Math

Front 72

When a sublease is made, the following occurs

Back 72

Primary responsibility for paying the rent remains with the original tenant (sublessor)

Front 73

For a lease to be properly recorded, the lease agreement must be acknowledged by the

Back 73

Lessor

Front 74

Husband mike leases out a building owned by himself and his wife Jane as community property to lessee Larry. Mike signs the lease agreement for a two year term, without the consent or signature of his wife. This is

Back 74

Unenforceable

Hint 74

Cali law holds that the wife must join in any instrument by which the community real property is conveyed encumbrance or leased for a period longer than one year.

Front 75

A written summary of the chain of title for a parcel of real property taken from public records is called an?

Back 75

Abstract title

Front 76

The sellers warranty in a listing should include all of the following

Back 76

Sellers rights to sell the property according to the agreement terms

The property not coming with any undisclosed lines against it

The sellers description of the property being accurate

Front 77

To authorize a conventional loan, many lenders require an application to have

Back 77

Two months or more of mortgage payments in reserve

Front 78

Read

Back 78

Answer

Front 79

Read

Back 79

Read

Front 80

A written summary of the chain of tile for a parcel of real property taken form the public records is called

Back 80

Abstract of title

Front 81

FHA loans over conventional loans

Back 81

FHA loans usually have a higher loan to value LTV ratio conventional loans

FHA loans are more likely to have lower interest rates the a conventional loans

Front 82

What are respa covered transaction

Back 82

Appraisal fee

Title insurance fee

Pest inspection fee

Front 83

Merging two or more adjoining properties into one is called

Back 83

Assemblage also known as plottage

Front 84

A property is sold at foreclosure proceeding for $200000, but the property owes a total of 250000 to the lender on the mortgage the difference is called

Back 84

Deficiency judgment

Front 85

When an owner fails to pay taxes on his property, it can be sold at public auction by the county tax collector

Back 85

Lookup

Front 86

The likeliest a person to incur a pre payment penalties in real estate deal is the

Back 86

Seller

Front 87

Agency relationships like a listing may be terminated and all of the following ways

Back 87

If the property with the agency is considered destroyed

Mutual termination agreed-upon by both seller and agent

Resignation of the agency by broker

Front 88

I Screen saver Sister In normally provided by the title company in

Back 88

Northern California

Front 89

alternative names for a contractor sales

Back 89

Agreement of sale

Deposit sale

Purchase sale

Front 90

The type of consent that can be given are

Back 90

Express and implied

Front 91

Safety precautions agents should take

Back 91

Advice seller to remove valuables from their home before showing

Whenever possible work with another agent while showing homes or holding open houses

Keep their office informed of their whereabouts and schedules

Front 92

Deeds are recorded and indexes based on

Back 92

Grantor and grantees names in alphabetical order

Front 93

The real estate law designated a duty upon a real estate agent to his principle of undivided interest and loyalty. This relationship can be compared to.

Back 93

Trustee to his beneficiary

Front 94

If a borrower defaults on the loan and the lender starts the process of Judah cool foreclosure the right of possession to the property is held by the _____during redemption.

Back 94

Mortgagor

Front 95

Although not authorized to do so agent Andrew ask in behalf of the seller standby showing stands home to a potential buyer later after the buyer makes an offer stands approves of Andrew’s action that is an example of what

Back 95

Ratification

Hint 95

The principal can be ratified something that has been done or on her behalf by another individual who assume the authority to act in the capacity of an agent

Front 96

The area between the bottom of the floor joints in the ground is called

Back 96

Ground space

Front 97

The kind of long do usually made by a private lender with high rate of interest and back by the value of property and not the borrows credit score is

Back 97

Hard money mortgage

Hint 97

This hard bone is a cash loan and earmarked for a property purchase

Front 98

The term potable refers to

Back 98

Water

Front 99

Emblements are

Back 99

Personal property of the person who grew them

Hint 99

Annual crab such as corn and tomatoes are termed emblements categorized as the personal property of the Brower trees and grass not require a little planning and so are real property belonging to the property owner

Front 100

Lis pendants remains in effect

Back 100

Until the courts judgment is

During court proceedings

While the case is being decided

Front 101

A historical society Air’s appraisal Andrews to gauge the value of it’s majestic domed meeting house built in 1876 in applying the cost method of appraisal Andrew is most likely to use the buildings

Back 101

Replacement cost

Hint 101

Replacement cost is a current cost of the building a property with utilities equals two subject property, I.E.a building usable in the same way as a subject property. Pre-production costs related to what it would cost to build an exact duplicate of the subject property at current price. If the subject property is new home then reproduction cost and replacement cost may be the same’; if, as in the case, the building is older and was elaborately constructed with expensive material reproduction cost is and on reliable indicator of value

Front 102

Fire stop in a home refers to

Back 102

Bored bored’s nails between the studs in the blocks that spread of fire in the walls

Front 103

The marker of a note could employ which of these legal defenses against a holder in due course

Back 103

Material changes

Front 104

Well performing the duties of it was engaging in real estate broker is liable to their parties for

Back 104

His own unlawful acts

Front 105

Which is the most significant factor when planning for a subdivision

Back 105

Market analysis

Front 106

One square Mile equals

Back 106

27878400 square feet

Front 107

The following are required elements of a valid contract

Back 107

Lawful objective, legal capacity to contract, offer and acceptance

Front 108

If I trust deed is foreclosed upon through the process of Judaical go for closure then

Back 108

Do you recall foreclosure to borrower Has the protection of a one-year redemption

Front 109

Something that is inherited is referred to as

Back 109

Hereditment

Hint 109

There are two types of hereditaments Our corporal and then inCorporal. Corporal or tangible objects confined to land such as coal timber and a house

In corporal are intangible right derived from real or personal property such as an easement

Front 110

Which of the following may not be a blanket encumbrance is it implies the subdivisions

Back 110

Tax liens

Hint 110

The real state law prohibits tax liens to blanket and cupboards. Lots in the subdivision are considered individual will you regarding such taxing obligation

Front 111

Any promises to Pizza and he sells us anymore problems he makes the promise and return it would qualify as

Back 111

Consideration

Hint 111

Consideration, and element of a binding contract does not have to be in the form of money. It may consist of a promise to perform a desire act or a promise to retain from doing an act. And a bilateral contract such as this one between sending Andy and Andy starred apostrophe in agreement by which both parties exchange mutual promises each promises and regards as regarding sufficient consideration for each other

Front 112

A plaintive can ask a court to issue a writ of attachment against the defendant’s property decide to file a judgment being sought. The result attachment lanes are

Back 112

Enforceable by the sheriff

Hint 112

Attachment liens are valid for three years and are renewable. A right of attachment and powers a sheriff to see‘s enough of the defendants property to cover the judgment being sought by the plaintive

Front 113

A real estate investment trust the REIT must invest at least blank of its total assets in the real estate property and cash

Back 113

75%

Hint 113

Reits Must also be managed by board of directors are trustees and distributed at least 90% of its taxable income to shareholders annually in the form of dividends

Front 114

Before we’ll see what does renewed it is required to complete blank hours of approved courses within a four year.

Back 114

45 hours

Front 115

A contract Stating that the seller will pay commission to the broker, if the broker funds are you ready, willing and able buyer and the broker promises to employed due diligence and Procuring a buyer is called

Back 115

Bilateral executory contract

Hint 115

A bilateral contract is a contract between two parties, which each offering a promise for a promise

Front 116

Which type of bankruptcy filing provides a firm with the opportunity to Re-organize its debt and to try to re-emerge as a healthy organization

Back 116

11 chapter

Front 117

Which of the following could be called in equitable remedy

Back 117

Specific performance, and injunctions

Hint 117

A equitable remedy it is a court order compelling defendants to perform their part of a contract instead of imposing it a fine. And Johnsons may be mandatory requiring a person to do something or prohibitory stopping them from doing something. Specific performance requires a party to complete their contract for duty for example transferring a piece of land to the claimant

Front 118

Broker Gary arrange the second trusteed amounting to $9000 for role, and ass roll for a commission of $1200 Gary’s commission

Back 118

Legal, because it complies with allowable commission percentage for the second

Front 119

Even if the loan application is rejected due to information included in a credit report, the Borrower does not have the right to the following

Back 119

Have a second chance, with one month, to apply for the loan

Front 120

Charles took a listing for a home. The owner to Charles over the phone at the property was in good shape, and Charles never expected it. The owners so they buy the property, and the buyer decided to open escrow with the owner, which then close a few months later. Which of these are facts are true

Back 120

Charles has violated the law

Hint 120

California Civil Code states a listing brokers have a duty to visually inspect the property he has listed. If any material defect is discovered in the inspection, the defendant must be disclosed to all potential purchasers

Front 121

Having suffered a stroke, Joe is considered mentally impaired and has a guardian appointed to protect his interest by the court. One day, Joe ventures out to a department store and enters into a long-term installment contract to buy and carpet. The contract is

Back 121

Void

Hint 121

I mentally incompetent person with a garden has no capacity to enter into a contract at all so it is void with no effect

Front 122

Express and implied

Back 122

Express and implied

Front 123

I almost moved on to a potential buyer work, unfortunately, person died of aids for years earlier. The broker showing the home as

Back 123

No duty under any circumstances to disclose it

Hint 123

The California Association of realtor recommends that, regarding affliction or death for me it’s on the property, no matter what it occurred, does not have to be voluntarily disclose to the buyer. However, in response to a direct question about it, agent may not intentionally misrepresent the fax. Allegiant can simply respond that discussing such information is an invasion of privacy

Front 124

The real estate law Designate a duty upon a real estate agent has principle of undivided interest and loyalty. This relationship can be compared to the one between

Back 124

Trustee and his beneficiary

Front 125

Listen burgers of Linus is requested by buyer Bruce to hold the deposit check for 60 days. The brokers best response would be to

Back 125

Except the check, but from the buyer that the seller will make the choice on whether to grant the request hold

Hint 125

It was in brokers Rose to provide the owner with material information and can be informed advice, while leaving the decision to the owner whether to except the hold

Front 126

A homeowner renovators supplier can file a blanket against the home owner

Back 126

Mechanics lien

Front 127

Barney highest had to burn down Barneys home for insurance money. The share of meeting of the minds, agree on consideration, and all of the material terms. Their contract is

Back 127

Void

Front 128

For lease signs there ways to another party, the leasee is

Back 128

Could still be responsible for both rent payments and maintenance charges

Front 129

As a real estate terms of setback refers to

Back 129

Distance from the curve, property line, Or structures with and which building is prohibited

Front 130

Mrs. Mrs. Adams made a deposit on the purchase of a property. During the escrow the seller learned of the highway routed which would greatly enhance the value of a property. She instructed the broker to return the deposit to the buyers. This is Adam refused except the deposit. Her most unlikely course of action would be

Back 130

Unilateral recession

Front 131

A mudslide leading to severe property damage would be an example of

Back 131

avulsion

Front 132

Personal property is transferred three

Back 132

Bill of sales

Front 133

A Broker acting as an agent for a principal can ask her as much authority asBih Bro makes an offer to purchase real property from the seller CD in provides a deposit. If Brian’s appointment

Back 133

The principal actually or ostensibly gives her

Front 134

Bih Bro makes an offer to purchase real property from the seller saying he improvised the bus. Brian subsequently with drawls is off before sandy except it

Back 134

The buyer can recover his deposit

Front 135

According to the terms and agreement, a broker this to receive a commission of 7% of the sales price of a particular property that eventually sells for 300,000. How much commission will the broker receives

Back 135

21000

Front 136

If real estate broker does not sign the purchase agreement in the appropriate place than

Back 136

The agreement is still valid

Front 137

If a broker discovers ambiguous or difficult to understand language and a contract being negotiable he should

Back 137

Settle the discrepancy before executing a contract

Front 138

Which of the following actions would not provide a defense for a homeowner against the mechanics lien

Back 138

Notice of succession

Front 139

Which listing agreement is the most favorable for the listing agent

Back 139

Exclusive authorization and right to sell listing

Front 140

What a homeowner fails to pay taxes on his property that could be sold at Publix and buy the county tax

Back 140

After the notice of publication of delinquent taxes with a copy mailed to the delinquents Owner

Front 141

Someone who would be judged to be incompetent may still be bonded by signing a contract for

Back 141

Necessaries

Front 142

And investor wishing to hedge against losses in his capital due to inflation would probably seek to invest his fans in

Back 142

Real estate

Front 143

The following are ways that staging is used to improve the deseibelity of a home being shown to potential buyers

Back 143

Upgrading earthquakes insurance

Front 144

Respa purpose is to

Back 144

Eliminate kickbacks that unnecessarily increase settlement service cost

Front 145

Which of the following is considering an advantage of FHA loans over conventional loans

Back 145

FHA Loans are more likely to have lower interest rates than conventional loans