State Exam Ch 26

Front 1

On a zoning map "M" "C" "R" generally Lee indicates____?

Back 1

M = Manufacturing

C = Commercial

R = residential

Front 2

The act of combining Parcels of real estate, is referred to as assemlage

Back 2

The increase of value is referred to as plottage.

Front 3

The Northeast 1/4 of a section contains 160 Acres

Back 3

There are 3 Baseline and Meridian in California.

Front 4

Zoning can never be applied to existing structures, only to structures being built

Back 4

Zoning is never retroactive.

Front 5

Individual ownership of a lot and common ownership of other areas in the development constitute a?

Back 5

Planned unit development (PUD)

Front 6

The Real Estate Commissioner, can rescind their approval of a subdivision by?

Back 6

Issuing a desist and refrain order

Front 7

A roof, with all four sides slope, to an eaves is classified as a? Hip roof.

Back 7

A two sided roof, is, a? Gable roof.

Front 8

Personal property, may not be?

A. Become real property.

B. Be alienated.

C. Hypothecated.

D. None of the above.

Back 8

Answer.

D. None of the above.

Front 9

What notice is filed first in regards to a mechanic's lien, (construction lien)?

Notice of non responsibility.

Back 9

And owner, may prevent the attachment of a mechanic's lien, by recording and posting, a notice of non responsibility, within 10 days after they become aware, of the tenants contracted Improvements.

Front 10

20-day preliminary notice.

Back 10

A Subcontractor, uses this to notify a general contractor or an owner, of their right to record, and foreclose a mechanic's lien, against the property, when they are not paid.

Front 11

Which of the following is a lien?

A. A homestead.

B. Recorded notice.

C. Easement.

D. Attachment.

Back 11

Answer.

D. Attachment.

A Lein, always has, a dollar value.

Front 12

To establish a title, by adverse possession, an occupant must show all of these, except?

Back 12

They have occupied the property, in a way, which constitutes, no notice to the record owner.

Front 13

All of the following, are essential elements of a contract, except?

Back 13

Performance.

Front 14

A Broker, took a listing on a commercial office complex, and received an option to purchase property within one month. On the 25th day of the listing, the broker decide to buy the property. Before buying the property The broker is required to?

Back 14

A. disclose the existence any outstanding offers received on the property to the seller.

B. disclose all material information to the seller.

C. Obtain written consent from the seller which acknowledges any profit or anticipated profit.

D. All of the above.

Front 15

Which of the following, is an acceptable termination date, for an enforceable exclusive listing, of residential real property?

Back 15

Answer.

180 days, after the listing agreement, is signed.

Front 16

The hold harmless clause, in a listing agreement, protects the agent, from liability for?

Back 16

Misinformation, about the property from the seller.

Front 17

In offer to conform, in accordance with contractual obligation is an example of? Tender.

Back 17

To make an offer is to tender.

Front 18

Exchange agreement

Back 18

Bilateral contract, by which both, the offeror, and the offeree, are both grantors.

Front 19

Essential elements, of an enforceable contract, are?

Back 19

1. Competency.

2. Mutual consent.

3. Lawful objection.

4. Consideration.

Front 20

What are the four elements required of every enforcible and valid contract?

Back 20

1. Competent parties.

2. Legal purpose.

3. Offer and acceptance.

4. Compensation.

Front 21

Title 8, (VIII) known as The Fair Housing Act, refers to?

Back 21

Civil Rights Act, of 1968

Front 22

A newspaper advertisement, is considered blind, when it?

Back 22

Fails to state the fact, that the advertiser, is a broker or agent, and does not include, their Department of real estate license number (DRE)

Front 23

The best guide, to determine whether an Action, is ethical, can be found, in?

Back 23

Answer.

The Business, and Professional code.

Front 24

The transfer, disclosure statement form, is required, for?

Back 24

The sale of, 1 to 4, unit Residential Properties.

Front 25

Interpleader action

Back 25

Legal process asking the court to settle dispute between principles

Front 26

A loan for a new house has an origination fee of one point. If the loan is for $275,000 what would the cost of the one point be? $2,750

Back 26

$275,000 X 0.01= $2,750

Front 27

Fixed rate mortgages, are locked in, at the same rate, for the life of the loan.

Back 27

Adjustable Rate Mortgage (ARM), have a rate, that float or ride the market rate.

Front 28

Hypothecate

Back 28

To offer property, for security of a loan, without giving up possession.

Front 29

CalVET

Back 29

Land contract purchases, with the state functioning as a vendor

Front 30

The primary reason for creating the, Federal National Mortgage Association was? (FNMA) Increase the money available to house.

Back 30

The Federal National Mortgage Association was created, to repurchase qualifying loans, thus replacing cash in the lenders hands, to facilitate a continuing source of monies to loan.

Front 31

The release cause in a deed is there to Release? Some properties upon partial payment, when more than one property is used as security for the debt.

Back 31

When several properties are securing One loan, known as a blanket mortgage, a release Clause allows individual properties, from the obligation.

Front 32

One of the primary reasons for the real estate settlement procedures Act (RESPA) is, to?

Back 32

Provide customers, with enough information, to enable them to, effectively, shop for Settlement Services.

Front 33

Encumbrance

Back 33

Any claim by another such as, a tax for judgment lien, mortgage, easement, encroachment, or a deed restriction, on the use of the land, that may diminish the value of the property.

Front 34

The elements of the value of real estate are generally known as the acronym "DUST"

Back 34

DEMAND - need or desire for

UTILITY - capacity to satisfy needs

Scarcity - a finite or limited supply

Transferability - the relative ease with which ownership rights can be transferred

Front 35

Open protection period clause

Back 35

a limit on the time that the broker can continue to collect a commission. ... When the listing agreement expires, the broker must also send notice to the seller with each buyer's name within a certain number of days after the property is off the market.

Front 36

Government Powers: PETE

Back 36

Police Power - (Zoning)

Eminent Domain

Taxation

Escheat

Front 37

Taxation

Back 37

is a charge on real estate used to pay for services provided by the government.

Front 38

fee simple defeasible - is a conveyance of property, that has conditions placed on it. The holder of a fee simple defeasible, possesses the property as a fee simple, subject to that condition.

Back 38

If the condition is violated or not met, then the property will either go back to the original grantor, or a specified third party.

Front 39

Abandonment

Back 39

Termination of an easement

Front 40

The suffix "or" is used to denote the person who performs an action.

Back 40

The suffix "ee" is used to denote the recipient of that action.

Front 41

The period over which a property may be profitably utilized is called?

Back 41

Economic life - estimated amount of time a property remains useful to an average owner.

Front 42

Why the economy is experiencing inflation, interest rates:

(balloon🎈)

Back 42

Rise, and housing prices, rise.

Front 43

A mortgage is usually accompanied by, ?

Back 43

A promissory note.

Front 44

A leasehold interest is the right to exclusive possession and use of property for a fix period time by the?

Lessee

Back 44

Lessee = Tenant

Lessor = Landlord

Front 45

Theft

Back 45

Improper taking, and carrying away someone else's personal property. FORGERY.

Front 46

An exclusive listing agreement is:

A. A promise for a promise.

B. A bilateral contract.

C. Employment contract.

D. All of the above.

Back 46

Answer.

D. All of the above.

Front 47

The measurement, or length of road that abuts a thoroughfare is referred to, as?

Back 47

Frontage - a part of a parcel of land, or an improvement on the land, which faces the street.

Front 48

Depth table

Back 48

Tables of percentage, used to provide a uniform system of measuring, the addition value of lots, which may be more valuable, because of added depth. Used on, vacant land, usually for commercial property

Front 49

Board of Directors

Back 49

Elected managing body, of a corporation, specifically, of a cooperative apartment building.

Front 50

Board of Managers

Back 50

Elected managing body of a condominium

Front 51

The Superfund Amendments and Reauthorization Act (SARA)

Back 51

Act amended the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) on October 17, 1986.

Front 52

28/36 Rule

Back 52

household should spend a maximum of 28% of its gross monthly income on total housing expenses and no more than 36% on total debt serviceExample:

Example:

Example:

Rebbecas gross income is 4500

28% X Gross income = spending

0.28 X 4500 = $1260

Front 53

Antitrust laws

Back 53

A collection, of federal and state government laws, that regulate, the conduct and organization of business corporations, normally to promote Fair competition for the benefit of consumers.

Front 54

Find the annual Gross Rent Multiplier (GRM) with an asking price of $500,000 and gross annual rent of $75,000

Back 54

$500,000 :/: $75,000 = 6.66 😊

Front 55

Closing is called by many names which is not a name for closing?

Back 55

A. Closing.

B. Passing papers.

C. Exchange and transfer.

D. Settlement and transfer.

Hint 55

Answer.

C. Exchange and transfer

Front 56

Which method, would an appraiser most likely used, to appraise a newly built, (one year old) apartment building?

Back 56

Cost approach (replacement) is most appropriate for the appraisal of new property. Think of it like this: how much would it cost, to replace, with something brand new?

Front 57

If an appraiser, is appraising, a special-purpose property, he would probably use the?

Back 57

Cost approach. Used for special buildings such as: schools, police station, Library, government building churches Etc.

Front 58

We are in a standard narrative, appraisal report, would one likely find, the type of value being estimated?

Back 58

The statement of purpose.

Front 59

One of the main benefits, of a sale-leaseback transaction, would be?

Back 59

The ability of the seller, to deduct, all of his future rent payment, as a business expenditure.

Front 60

Which of the following is created when possession, and title, do not occur at the same time?

Back 60

An interim occupancy agreement. Example: (having a drink while waiting for your guest to show up at a restaurant).

Front 61

Preliminary Report

Back 61

A report, prepared prior to issuing a policy of title insurance, that shows the ownership of a specific parcel of land, together with the liens and encumbrances, thereon which will not be covered under a subsequent title insurance policy.

Front 62

Charge imposed against Real Property to provide security for the performance of some type of act (you owe money) usually to provide incentive for, or to satisfy a payment, is a?

Back 62

Lien

Front 63

Attachment

Back 63

legal process by which a court of law, at the request of a creditor, designates specific property, owned by the debtor, to be transferred to the creditor.