1.

 Which of the following must be given to every buyer of a condominium unit?

A. Copy of the CC&R's

B. Copy of the bylaws
C. Copy of the most recent financial statement of the condo association
D. All of the above

D. All of the above

2. On a settlement statement, the value of the lender's title contract needed for a brand

new loan is typically shown as a:

A. Credit to the vendor

B. Debit to the vendor
C. Credit to the customer
D. Debit to the customer

D. Debit to the customer

3. In finance, the "secondary market" refers to the place where:

A. standard loans are originated
B. Secondary finance could also be obtained
C. federal agency loans are originated
D. Existing loans are bought and sold

D. Existing loans are bought and sold

4. A purchaser offers to buy a seller's property by signing a purchase contract. The seller
accepts the offer. What kind of title interest does the buyer have in
the property at this point?

A. Legal
B. Equitable
C. Defeasible
D. No title interest

B. Equitable

5. Once should all the listings in Associate in nursing workplace be renegotiated?

A. If the couple gets unmarried

B. If there are multiple offers
C. If the broker dies
D. a list will ne'er be renegotiated

C. If the broker dies

6. Once Associate in nursing owner is mercantilism his or her home, to whom would

they possibly provides a copy of a structural cuss management report?

A. To the written agreement company
B. To the brokers or salespeople representing potential consumers
C. To the customer, if requested
D. Their broker, at the time of listing

C. To the customer, if requested

7. Sara may be a freshly licensed broker and has simply opened her

own workplace. However long should she keep dealings records?

A. 3 years
B. 2 years
C. 4 years
D. 1 year

A. 3 years

8. Which of the following would have the least impact on property taxes?

a. New development
b. Compacted population density
c. A recorded homestead
d. Tax deferment

c. A recorded homestead

9. The most supply of earnings for property salespeople and brokers are:

a. referral fees.
b. commissions.
c. desk fees.
d. salaries.

b. commissions.

10. Which federal law requires that finance charges be stated as an annual

percentage rate?
A. Truth in Lending Act
B. Real Estate Settlement Procedures Act (RESPA)
C. Equal Credit Opportunity Act (ECOA)
D. Fair Housing Act

A. Truth in Lending Act

11. A seller signed a 90-day listing agreement with a real estate professional. Two weeks
later, the seller was killed in an accident. What is the present status of the listing?

A. The listing agreement is binding on the seller's estate for the remainder of the 90 days.

B. Because the seller's intention to sell was clearly defined, the listing agreement is still in effect
and the real estate professional may proceed to market the property on behalf of the seller's
estate.

C. The listing agreement is binding on the seller's estate only if the real estate professional can
produce an offer to purchase the property within the remainder of the listing period.

D. The listing agreement was terminated

automatically when the seller died.

D. The listing agreement was terminated automatically when the seller died.

12. Associate in Nursing activity involving the sale of one thing through Associate in

Nursing go-between World Health Organization
negotiates the dealings for payment is a:

a. brokerage.
b. listing.
c. deposit.
d. funding.

a. brokerage.

13. A list agreement is Associate in Nursing employment agreement between

a merchandiser and a:

a. prospecting organizer.
b. buyer.
c. broker.
d. employee.

c. broker.
14. Which statement regarding a Veterans Affairs (VA) mortgage is FALSE?

A. It does not have minimum property requirements

B. It does not require mortgage insurance
C. It does not require a down payment
D. It does not have a maximum debt ratio

A. It does not have minimum property requirements was correct.

15. Getting ready CMAs and transcription workplace previews may well be performed by

the:

a. listing organizer.
b. written agreement organizer.
c. property organizer.
d. property manager.

a. listing organizer.

16. The first step organizer is liable for work relating to property

inspections whereas the dealings is in written agreement.

a. listing
b. escrow
c. appraisal
d. disclosure

b. escrow

17. A Department of Veterans Affairs (VA) mortgage is

A. Always a recourse loan.

B. Guaranteed.
C. Conventional.
D. Pre-paid.

B. Guaranteed.

18. The most characteristic of French geographical area vogue is the:

a. floor-to-ceiling "window walls".

b. the 5 symmetrical windows across the front of the second story.
c. red covered roof with little or no or no overhanging overhang.
d. spherical stone tower flat-top with a conical roof.
d. spherical stone tower flat-top with a conical roof.

19. The Federal Housing Administration's (FHA) Section 8 program helps low- and
moderate-income people by

A. paying their mortgage loans.

B. insuring their mortgage loans.
C. paying the maintenance on a purchased home.
D. paying part of their rent.

D. paying part of their rent.

20. Which of the following is true regarding the depreciation of land under federal income
tax law?

A. Land may be depreciated by the 125% declining balance method

B. Owner may deduct the accrued depreciation of land over time
C. Land may be depreciated by the sum of the year digits method
D. Land cannot be depreciated under federal income tax law

D. Land cannot be depreciated under federal income tax law

21. A tenant's landowner plans to sell the building within which the tenant lives to the

state in order that a free- means is engineered. The tenant's lease
has invalid, however the owner permits the tenant to remain within the lodging till the
building is torn down. The tenant continues to pay the rent as prescribed within
the lease. What quite residence will this tenant have?

A. Holdover residence
B. Month-to-month residence
C. residence at sufferance
D. residence at can

D. residence at can

22. The owner of a house needs to fence the yard for the family pet. Once the fence is
erected, the fencing materials become property through

A. severance.
B. commutation.
C. annexation.
D. attachment.
C. annexation.

23. A merchandiser is fascinated by commerce a house as quickly as attainable and

believes that the most effective thanks to do that is to own many property professionals
compete against one another for the commission. The listing agreements with
four completely different property professionals specifically promise that if one
amongst them finds a emptor for the property, the vendor are supposed to pay a
commission thereto property skilled solely. What kind of agreement has the
vendor entered into?

A. Executed
B. Discharged
C. Unilateral
D. Bilateral

C. Unilateral

24. In some states, by paying the debt once a foreclose certain sale, the

delinquent receiver has the proper to regain the property below that of the following?

A. Novation
B. Redemption
C. Reversion
D. Recovery

B. Redemption

25. A rustic music singer United Nations agency owns a ranch enters into a sale-and-

leaseback agreement with an area medical practitioner. That statement is TRUE of this
arrangement?

A. The singer retains title to the ranch.

B. The medical practitioner receives possession of the
property.
C. The medical practitioner is that the owner.
D. The singer is that the owner.

C. The medical practitioner is that the owner.

26. A true estate skilled is used by an emptor. Once the important estate skilled finds a

property that the customer can be fascinated by shopping for, she
is careful to search out the maximum amount as attainable regarding the
property's house owners and why their property is on the market. The important estate
professional's efforts to stay the customer abreast of all facts that might have an effect
on a dealings is that the duty of

A. accounting.
B. loyalty.
C. confidentiality.
D. disclosure.

D. disclosure.

27. In crucial the worth of a property, associate degree appraiser would use the:

a. price approach.
b. market approach.
c. financial gain approach.
d. any or all of the higher than.

d. any or all of the higher than.

28. What percentage of a building's replacement value must be covered by fire insurance
according to typical coinsurance clauses?

A. 50 percent
B. 60 percent
C. 70 percent
D. 80 percent

D. 80 Percent

29. Past expenditures for residential enhancements area unit called:

a. costs.
b. investments.
c. price.
d. value.

a. costs.

30. A woman purchased an $87.50 bond. She can redeem the bond in ten years for $100.
She has purchased a

a. mortgage revenue bond.

b. industrial revenue bond.
c. general obligation bond.
d. zero coupon bond.

d - Zero coupon bond

31. A home oversubscribed for $150,000 on that the vendor was to pay a 6 June

1944 brokerage fee. Further prices were: two defrayment penalty on existing loan
balance of $102,800, written agreement fees of $210, new loan discount fee of $534. The
seller's price of sale are what p.c of gross equity?

a. 20.5%
b. 25%
c. 23.4%
d. 228%

b. 25%

32. A true estate dealings features a limit of Nov 15. The seller, United Nations

agency is chargeable for prices up to and together with the date of settlement, has
already paid the property taxes of $11,160 for the twelvemonth. On the closing
statement, the customer are

A. debited $1,395.
B. debited $9,765.
C. attributable $1,395.
D. attributable $9,765.

A. debited $1,395.

33. Once a storeowner's domestic partner died, he may not maintain the shop. A

girl United Nations agency needed to open a store united to maneuver into the
complete house and buy the remaining seven years on the lease. The owner united to the
arrangement. This can be referred to as a lease

A. assumption.
B. assignment.
C. surrender.
D. breach.

B. assignment.

34. A buyer buys a house for $234,500 by creating a

$25,000 money payment and disposing of a $209,500 mortgage for thirty years.
The ton worth is $80,000. If the buyer needs to depreciate the property over an amount of
27½ years, what's going to be the annual depreciation quantity victimization the straight-
line method? Spherical your answer to the closest cent.

A. $3,818.18
B. $4,709.09
C. $5,618.18
D. $7,444.44
C. $5,618.18

35. A property manager hired a store for 3 years.

The first year, the store's rent was $1,000 per month, and therefore the rent was to
extend 100% each year thenceforth. The manager received a seven
membered commission for the primary year, five-hitter for the second year, and three for
the balance of the lease. What was the overall commission earned by the property
manager?

A. $840.40
B. $1,613.10
C. $1,935.60
D. $2,785.40

C. $1,935.60

36. Against a recorded deed from the owner of record, the party with the weakest
position is

A. an individual with a previous unrecorded deed and

who isn't in possession.

B. an individual in possession with a previous

unrecorded deed.

C. a tenant in possession with 9 months

remaining on the lease.

D. a painter United Nations agency is half-finished painting

the house at the time of the sale and United Nations agency has
not nonetheless been paid.

A. an individual with a previous unrecorded deed and

who isn't in possession.

37. A family files their financial gain taxes conjointly.

Last year they oversubscribed their home for $340,000. Seven years past, after
they were 1st married, they bought the house for $250,000 and have lived in it ever
since. Supported these facts, that statement is TRUE?

A. below current jurisprudence, the couple can owe a

capital gains tax this year on their $90,000
gain.
B. Current jurisprudence permits the couple to
exclude up to $250,000 in financial gain from
their tax.

C. as a result of their gain is a smaller amount than $500,000,

the couple can owe no capital gains tax this
year.

D. below current jurisprudence, the couple can

be entitled to a penalty-free withdrawal of up
to $10,000 from a 401(k) retirement program
to use as a payment.

C. as a result of their gain is a smaller amount than $500,000,

the couple can owe no capital gains tax this
year.

38. A squatter affected into associate degree abandoned home and

lived there for a few years. Ultimately, the squatter
was granted title to the property by a court. Which
element isn't basic to getting title during this
manner?

A. Permission of truth owner

B. Open and disreputable use

C. Occupancy for a amount of your time

prescribed by state law

D. Occupancy hostile to the most effective interests

of truth owner

A. Permission of truth owner

39. That of the subsequent is possibly determined by the worth of the property?

A. Property taxes
B. Special assessments
C. lien
D. Mortgage lien

A. Property taxes
40. The seller’s area unit closing on their property tomorrow. they'll take away all of the
subsequent from the property except the:

A. Mirror hanging on a nail within the wall

B. main bedroom curtains and valances
C. Dog kennel sitting within the yard
D. Rented softener

D. Rented softener

41. That of the subsequent doesn't meet the definition of a Homestead?

A. Condominium
B. thirty acre farm it
C. Warehouse
D. Single-family home

C. Warehouse

42. John and Ann area unit family. John owns a duplex along with his brother time is
joint tenant. If John dies, United Nations agency gets his interest within the duplex?

A. Ann
B. Tom
C. Tom's estate
D. The heir named in John can

B. Tom

43. A similarity between condominium and cooperative possession is:

A. All house owners have equal share interest

B. each condominium and Cooperative house owners have a true property interest

C. each condominiums associate degreed cooperative area unit possible to be managed by an

association

D. To transfer possession of either a condominium or cooperative, the granter would use a deed

C. each condominiums associate degreed cooperative area unit possible to be managed

by an association
44. A recorded instrument that place is non-public restrictions toward land is a:

A. partitioning restriction
B. Deed restriction
C. legal document of attachment
D. License

B. Deed restriction - partitioning restriction may be a public type of land-use not non-

public

45. That land-use is permissible with the understanding that it'll eventually be

illuminated?

A. nonconformist use
B. Variance
C. Down partitioning
D. Spot partitioning

A. nonconformist use

46. Capitalization may be a method by that associate degree appraiser:

a. converts financial gain into worth.
b. determines depreciation.
c. establishes price.
d. finds gross financial gain.

a. converts financial gain into worth.

47. Net is decided by associate degree appraiser victimization that one amongst the

following?

a. holding taxes
b. Capital additions
c. Depreciation reserves
d. Mortgage amortization and interest

a. holding taxes

48. 3 of the subsequent area unit closely connected. That one is NOT?

a. Judgment
b. Claim
c. property taxes
d. Easement

b. Claim

49. That of the subsequent would be thought of a "general lien"?

a. Federal lien
b. Tax lien
c. lien
d. All of the higher than

d. All of the higher than

50. For associate degree exclusive listing, negotiations for a emptor ought to be

conducted through the:

a. seller.
b. trustee.
c. listing broker.
d. none of the higher than.

c. listing broker.

51. Consumers submitted a proposal to buy the house of Sellers. The

acquisition was created "subject to" the present VA loan. During
a future proceedings, ought to VA sustain losses, United Nations agency would
be chargeable for those losses?

a. Buyers
b. Sellers
c. each consumers and Sellers
d. Neither consumers nor Sellers

b. Sellers

52. A emptor with a coffee financial gain considers several factors in selecting a

home, the foremost vital of which might be:

a. the encompassing neighborhood.
b. his income.
c. the sort and size of home.
d. location.

d. location.

53. 5 folks hold undivided right as tenants in common. That is often true?

a. every has associate degree equal interest.

b. every noninheritable their interest at constant time.
c. every cannot determine their various a part of the property.
d. every has associate degree unequal interest.

c. every cannot determine their various a part of the property.

54. A emptor offers to perform on his contract. This can be referred to as a:

a. condition.
b. tender.
c. covenant.
d. surrender.

b. tender.

55. One emptor purchased a brand new residence for $210,000, lived on the property

for three years, and then oversubscribed the property for $400,000. What quantity of his
profit is subject to capital gains taxation?

a. $100,000
b. $200,000
c. All
d. None

d. None

56. The initial step within the appraisal method is to:

a. collect the fee.

b. correlate the info.
c. outline the matter.
d. confirm the fee.

c. outline the matter.
57. Underneath associate bureau program, monthly payments created (principal +
interest) on a loan should be:

a. level payments.
b. horizontal payments.
c. varied payments.
d. unamortized payments.

a. level payments.

58. Once a deed is recorded:

a. title forever passes.
b. possession is granted.
c. presumption of delivery arises.
d. none of higher than.

c. presumption of delivery arises.

59. A land developer ought to initially:

a. acquire the land.

b. do a price analysis.
c. do a market research.
d. confirm the event prices.

c. do a market research.

60. That of the subsequent isn't real property?

a. big redwood tree growing in yard

b. Stock in mutual waterworks
c. Owner has removed fence, stacking the wood on the bottom
d. None of higher than

c. Owner has removed fence, stacking the wood on the bottom

61. If associate appraiser observes wide cracks within the walls of a basement,

he can attribute the grounds to:

a. traditional hardening of the concrete.

b. subsidence of the house.
c. weakening joists.
d. deterioration thanks to wet.

b. subsidence of the house.

62. All of the subsequent square measure essential components to
assert associate easement by prescription, except:

a. payment of taxes for five years.

b. open and infamous use for five years.
c. use is hostile to owner.
d. claim or right.

a. payment of taxes for five years.

63. A property was sold-out on a true estate sales contract. Later, the

customer refused to create needed payments, breaching the agreement. The
vendor could take that of the subsequent courses of action?

a. Unilateral recission
b. Action for damages
c. Action for performance
d. All of the higher than

d. All of the higher than

64. Which person is responsible for approving or denying a loan?

a. Loan officer
b. Processor
c. Underwriter
d. Closing agent

c - Underwriter

65. When a proposal is accepted, the vendor finds that the

real estate skilled was the unrevealed agent
for the customer, additionally because the agent for the vendor. The
seller may

A. withdraw while not obligation to the $64000 estate

professional or the customer.

B. withdraw however be subject to liquidated

damages.

C. withdraw however solely with the concurrence of the

buyer.

D. refuse to sell however be subject to a suit for

specific performance.
A. withdraw while not obligation to the $64000 estate
professional or the customer.

66. A couple is settling on their new home in December. The purchase price is $160,000
with a first mortgage of $144,000, property taxes of $200 per month, and an annual
hazard insurance premium of $288. The lender will require the closing agent to two
months of initial deposit into the escrow (or impound) account of

a. $224.
b. $248.
c. $424.
d. $448.

D - $448

67. To web the owner $90,000 when a 6 June 1944 commission

is paid, what would the selling price would need to be?
Round your answer to the closest dollar.

A. $95,400
B. $95,745
C. $95,906
D. $96,000

B. $95,745

68. a list agreement could be a legal:

a. contract between the vendor and a broker that establishes their agency or non-agency

relationships

b. rental agreement

c. novation

d. assignment agreement

a. contract between the vendor and a broker that establishes their agency or non-agency

relationships

69. A feature found in an exceedingly comparable property that's not gift within

the subject property can result in:

a. a rise adjustment to the topic property's asking price

b. a rise adjustment to the comparable's asking price
c. the reduction adjustment to the topic property's asking price
d. a discount adjustment to the comparable's asking price
d. a discount adjustment to the comparable's asking price

70. associate appraiser UN agency is to appraise an advertisement property

with associate calculable price of $550,000 should hold that of the subsequent appraisal
license?

a. None of the opposite choices square measure correct

b. Trainee
c. Certified general assets appraiser
d. Certified residential

c. Certified general assets appraiser

71.  First liens which take priority over all other liens are:

a. tax liens
b. construction liens
c. mortgages
d. judgments

a. tax liens

72. That is true concerning restrictive covenants?

a. they're rescindable by consecutive house owners.
b. they're placed by personal parties in an exceedingly deed.
c. they're placed by government agencies within the public record.
d. they're placed by government agencies in an exceedingly deed.

b. they're placed by personal parties in an exceedingly deed.

73. A credit score scale employed by several mortgage investors that use a risk-based

system to work out the likelihood that the recipient could default monetary obligations to
the mortgage lender is understood as a:

a. FICO score
b. Pre approval
c. Preliminary report
d. record

a. FICO score

74. once victimization the market-data approach to appraise a single-family home, recent

sales square measure compared to the topic property as to:
a. exterior options solely
b. income
c. capitalization rates
d. the complete property

d. the complete property

75. A typical title policy insures against:

a. associate easement by prescription
b. A recorded deed within the chain of title that wasn't properly delivered
c. Losses sustained by improved property solely
d. Claims of persons in possession of the property

b. A recorded deed within the chain of title that wasn't properly delivered

76. Claire could be a broker with a shopper UN agency desires to sell his

home. Additionally, she incorporates a buyer's agency agreement with Peter
Benchman UN agency desires to get that home. Under what, if any,
circumstances, could Claire represent each parties during this transaction?

a. Claire might not represent each parties since that may represent associate black-

market variety of twin agency.

b. If either the customer or the vendor provides Claire written permission.

c. If each emptor and vendor offer Claire written permission.

d. If the customer and vendor offer written permission and comply with split the commission.

c. If each emptor and vendor offer Claire written permission.

77. Once a governmental body takes personal realty for necessary public use, sure legal

processes should be followed. Such a taking is associate exercise of the proper of:

a. Police power
b. Escheat
c. Zoning
d. legal right

d. legal right

78. The kind of real estate loan which allows borrowing extra funds at a later date is

called:

a. associate open-end mortgage
b. A junior mortgage
c. associate long mortgage
d. associate just mortgage

a. associate open-end mortgage

79. Outlined as a loss in price from any cause, depreciation is mostly divided

into 3 classes. The loss valuable thanks to the traditional wear and tear on a property is
called:

a. physical deterioration
b. practical degeneration
c. external degeneration
d. economic deterioration

a. physical deterioration

80. That of the subsequent wouldn't be subject to property tax?

a. Intangible personal estate
b. Possessory interests of lessees in untaxed holding, like leases on oil and gas properties
c. Vacant land set in associate unorganized space of the county
d. Mobile homes properly put in on a permanent foundation

a. Intangible personal estate

81. That of those is associate example of external obsolescence?

a. various pillars supporting the ceiling in an exceedingly store.

b. Leaks within the roof of a warehouse, creating the premises unusable and thus un-rentable.
c. Vacant, abandoned, and run-down buildings in a district.
d. Coal cellar in an exceedingly house with heat.

c. Vacant, abandoned, and run-down buildings in a district.

82. Bill offered to shop for Sam's house. An equivalent day a proposal came in from

Wendell. SAM consulted his agent concerning the offers, and whereas they were talking
the neighbor came to visit and weighed in on the spoken language, informing SAM that
he would rather not live by Bill as a result of he's a minority. The agent told SAM that
he shouldn't alter a minority emptor and may alter Wendell as a result of he's not a
minority. SAM therefore accepted Wendell's provide primarily based upon the very
fact that he wasn't a minority. In step with honest housing laws, that of the
subsequent parties isn't guilty of discrimination?

a. The agent
b. Wendell
c. The neighbor
d. Sam

b. Wendell

83. A trustor defaults on his loans and refuses to reinstate the deed of trust. The
foremost expedient factor for the beneficiary to try to is to institute a:

a. sale
b. Lien sale
c. Court sale
d. Trustee's sale

d. Trustee's sale

84. When an appraiser contrasts the terms "reproduction costs" and "replacement cost",
replacement cost would be more closely associated with which of the following
concepts?

a. The cost to replace a building with another building which would use the land to its highest
and best use
b. The original cost to replace a building
c. The present cost to replace the building with an exact replica
d. The present cost to replace the building with another building having the same utility

d. The present cost to replace the building with another building having the same utility

85. That of the subsequent would be associate example of economic obsolescence?

a. leaky roof
b. associate recent utility
c. over provide of like properties
d. out of date style of the rooms

c. over provide of like properties

86. Once the term HVAC seems in industrial or industrial lease, it usually refers to:

a. Homesteads, Vacancies, and extra Conveyances

b. Heating, Venting, and air con
c. High Voltage electricity
d. High Vacancies lodging and Condos

b. Heating, Venting, and air con

87. That circumstance would possibly be legal underneath the provisions of the
federal honest Housing Act?

A. A investor refuses to create loans in areas wherever

more than twenty fifth of the population is Hispanic.

B. a non-public social club that discriminates against

no protected cluster in granting membership
refuses to rent a collection in its members-only
vacation facility to a Nigerian family UN agency square measure
not members of the club.

C. A church excludes Middle Easterners from

membership and rents its noncommercial housing to
church members solely.

D. a true estate skilled directs prospective

buyers far from areas wherever they're probably to
feel uncomfortable due to their race.

B. a non-public social club that discriminates against

no protected cluster in granting membership
refuses to rent a collection in its members-only
vacation facility to a Nigerian family UN agency square measure
not members of the club.

88. it's discovered when a purchase of a parcel of land that the land parcel

is 100% smaller than the vendor diagrammatical it to be. The $64000 estate skilled UN
agency passed this data on to the customer is

A. not liable as long because the assets skilled

only recurrent the seller's information.

B. not liable if the falsehood was

unintentional.

C. not liable if the customer truly inspected the

parcel.

D. liable if the $64000 estate skilled knew or

should have famous of the discrepancy.

D. liable if the $64000 estate skilled knew or

should have famous of the discrepancy.

89. Associate easement terminates
A. mechanically.
B. once the owner of the servient apartment house needs to try to to therefore.
C. if the house owners of the dominant and servient tenements become one and therefore
the same.
D. once a landowner dies.

C. if the house owners of the dominant and servient tenements become one and

therefore the same.

90. Copies of termite reports filed with the Structural Pest Control Board within the
preceding two years can be obtained upon request by:

a. the owner of the home

b. anyone
c. a licensed lender
d. a real estate licensee.

b. anyone

91. As compared with alternative commodities, capital turnover in assets investments is:

a. slower.
b. slightly higher than the common.
c. faster.
d. concerning equal.

a. slower.

92. A tax that the town might levy against a true estate nondepository financial

institution, supported its gross receipts, would be:

a. documentary tax stamps.

b. a business fee.
c. a excise tax.
d. a use tax.

b. a business fee.

93. Federal regulations on unsolicited email:

a. Federal regulations on unsolicited email: require prior permission of recipients in order to

send email to them.
b. Exempt phone calls to individuals with whom the office has a prior business relationship.
c. Require that email lists be scrubbed every 31 days.
d. Require commercial emails to include a physical address for the sender.
d. Require commercial emails to include a physical address for the sender.

94. The "Open End" clause in mortgage would benefit the borrower the most if he:

a. Allowed a subsequent buyer to assume the loan

b. Borrowed additional money
c. Had a loan subordinate to a construction loan
d. Prepaid the loan

b. Borrowed additional money

95. per Golden State law, real estate securities embody all of the subsequent, except:

a. any out-of-state subdivision offered available in Golden State.

b. promotional notes secured by any a part of subdivision offered available in Golden State.
c. secured notes or sales contracts.
d. any group action together with real estate as security for a loan.

d. any group action together with real estate as security for a loan.

96. A true estate licensee tried to solicit a list in a very neighborhood by stating

to homeowners that "non-whites" would be stepping into the
neighborhood, inflicting property values to decrease. This conduct would be thought
of all of the subsequent, except:

a. blockbusting.
b. banned conduct.
c. panic merchandising.
d. acceptable follow.

d. acceptable follow.

97. A husband and spouse need to shop for heaps for $25,000. They’re going to pay

$10,000 money and also the merchandiser can "carry back" a note and legal
instrument for the balance. They shall build a home on the ton in 5 years. Once
they square measure able to seek for an investor that may finance their construction
plans, the absence of that of the subsequent clauses might cause them difficulties?

a. Acceleration clause
b. Alienation clause
c. Subordination clause
d. unleash clause

c. Subordination clause
98. In creating the choice of whether or not or to not issue a title policy, the
title insurer would be most involved with those documents that seem among the:

a. Title search
b. Title report
c. Title guarantee
d. Chain of title

d. Chain of title

99. A clause in a loan document which makes the payments periodically increase is
known as a(n):

a. interest clause
b. escalation clause
c. acceleration clause
d. alienation clause

b. escalation clause

100. The interest rate on a real estate mortgage is:

a. fixed by the state real estate commission

b. regulated by the US Treasury.
c. fixed by the federal government.
d. determined by competition between the money and capital markets.

d. determined by competition between the money and capital markets.

101. World Health Organization is that the recipient of the mortgage insurance payment

on associate Federal Housing Administration insured loan?

a. State property organization
b. FHA
c. The financial institution
d. Mortgagor

b. FHA

102. A commitment note:
a. is associate agreement to perform or to not perform bound acts
b. is that the primary proof of a debt
c. might not be dead in reference to a true estate loan
d. may be a guarantee by a administrative body

b. is that the primary proof of a debt

103. associate agreement between Adam and Bob, during which Bob is granted the

correct to supply, sell, or distribute merchandise or
services below a selling arrange delineated by Adam is often famed as:

a. a private securities investment

b. a franchise agreement
c. a business chance group action
d. a true property securities group action

b. a franchise agreement

104. Jurisdiction over practices of unfair or discriminatory acts in housing matters

belongs to the:

a. Real Estate Commissioner.

b. Labor Commission.
c. Department of Housing.
d. Fair Employment Practices Commission.

d. Fair Employment Practices Commission.

105. The states during which the investor holds title to encumbered property square

measure called:

a. strict title forfeiture states

b. title-theory states
c. statutory title states
d. lien-theory states

b. title-theory states

106. During which of the subsequent things would associate federal agency Section 1031

exchange not be allowed?

a. The changed properties square measure each vacant land

b. one amongst the properties may be a landed estate over twenty years
c. One property is in Golden State whereas the opposite is American state
d. The properties don't seem to be of like kind
d. The properties don't seem to be of like kind

107. What sort of associate appraisal license is needed to appraise a poster retail

store valued at $700,000:

a. Certified general license

b. Residential property license
c. Retail appraisal license
d. Certified residential license

a. Certified general license

108. The terms of some real estate loans provide that the interest rate may be increased
or decreased depending on money market conditions. We call this type of loan:

a. a loan which is secured by a short-term land contract

b. a fluctuating market condition loan
c. an interim loan
d. a variable interest rate loan

d. a variable interest rate loan

109. Once should a replica of the loan broker statement lean to the borrower?

a. at closing
b. once signed
c. among three days
d. it's negotiable

b. once signed

110. The FRS Board will increase money reserve needs so as to:

a. decrease loan activity

b. sell bonds
c. increase loan activity
d. raise taxes

a. decrease loan activity

111. On the sellers closing written agreement statement, that of the subsequent is

typically a credit to the seller;

a. the pay-off associate existing loan

b. the payment of a commission to the listing broker
c. the coordination of postpaid taxes
d. the coordination of postpaid rent received from tenants

c. the coordination of postpaid taxes

112. If a seller's agent in a very real estate sale group action pays a part of his

commission to the customer of a property, the agent:

a. Is subject to criminal penalties.

b. should inform the vendor that he's doing therefore.
c. Is subject to losing his license.
d. is often subject to disciplinary action by the important estate commissioner.

b. should inform the vendor that he's doing therefore.

113. When a real estate licensee fails to renew a license before it expires, the licensee:

a. Has two years from the expiration to renew by paying a late fee, but will not be required to
take the state exam again.
b. Will be required to pass the license exam again and pay the proper fees.
c. Can receive a restricted license by paying the proper fees.
d. Is no longer eligible for a license.

a. Has two years from the expiration to renew by paying a late fee, but will not be
required to take the state exam again.

114. A selling licensee procured a buyer for another firms listing. The selling licensee is:

a. An agent of the buyer

b. An agent of the listing firm
c. A customer at fire
d. A principal firm

b. An agent of the listing firm

115. The recording of associate instrument gives:

a. Constructive notice
b. Actual notice
c. Passive notice
d. Positive notice

a. Constructive notice
116. That of the subsequent may be a characteristic of associate Federal Housing
Administration mortgage?

a. Insures the investor against loss.

b. it's an occasional loan-to price quantitative relation.
c. It needs an occasional deposit.
d. it's simple to qualify for.

a. Insures the investor against loss.

117. If a broker is associate agent of a merchandiser, he owes to the buyer:

a. a requirement of honest and honest dealing.

b. solely the duty to answer queries honestly.
c. solely a requirement to disclose any things that relate on to the sales worth.
d. constant fiduciary obligations.

a. a requirement of honest and honest dealing.

118. The owner of a parcel of land granted an easement to the local telephone company
to erect
telephone poles across his land. This would create an:

a. Encroachment
b. Encumbrance
c. Appurtenance
d. Estate at sufferance

b. Encumbrance

119. The sale and leaseback of a property may be a state of affairs during which the

customer would have the smallest amount concern with the:

a. lessee's credit rating.

b. structural soundness of the building.
c. value of the property, less depreciation.
d. location of the property.

c. value of the property, less depreciation.

120. All of the following statements about covenants and conditions are false, except:
a. the violation of a covenant results in the loss of title
b. a violation of a condition can result in the loss of title
c. covenants and conditions must be for the benefit of the general public
d. private covenants and conditions are usually enforced by local government

d. a violation of a condition can result in the loss of title

121. Expenses that recur every month like your cell phone bill and car maintenance
are called:

a. start-up costs.
b. ongoing expenses.
c. tax write-offs.
d. unanticipated expenses.

b. ongoing expenses.

122. A broker's loan statement protects the:

a. broker.
b. trustee.
c. trustor.
d. beneficiary.

c. trustor.

123. A listing agent typically works as a:

a. Special agent
b. General agent
c. Universal agent
d. Power of attorney

a. Special agent

124. Associate agent obtains a list to sell a registered franchise from the owner. The
sale can embody each building and land. Before he begins pairing the listing, the agent
must:

a. file associate application and receive a allow from the DRE.

b. file associate application for exemption of registration of the giving with the
firms commissioner.
c. get a "cooperative" sale from a stock broker.
d. none of the higher than.

d. none of the higher than.

125. That of the subsequent statements is most correct relating to a purchaser and a firm

that have entered into the WB – 36 purchaser agency/tenant illustration agreement?

A. the customer should conduct all negotiations through the consumers firm

B. The consumers firm should be concerned in property showings were the consumers involved

C. If the customer purchases the property lined below the agreement, the customer can owe the

firm commission

D. purchaser isn't allowed to figure with alternative companies or the
vendor directly throughout the terms of the customer agency agreement

C. If the customer purchases the property lined below the agreement, the

customer can owe the firm commission

126. That of the subsequent is needed before providing brokerage services to a seller-

client?

A. a suggestion to get

B. a true estate condition report
C. a list contract
D. A lead-based paint matter

C. a list contract

127. A licensee is collaborating as a delegated agent.

The licensee will participate altogether the subsequent acts except:

A. established the time for closing with the title company

B. make a case for however a celebration has to perform to satisfy a specific contingency
C. Have constant sales person represent each the vendor and also the purchaser
D. counsel that a celebration at terms that may place the party in a very higher negotiating
position

C. Have constant sales person represent each the vendor and also the purchaser

128. Why is a professional appearance important?

A. It shows you respect yourself and your clients.

B. You represent yourself and your firm with the way you dress.
C. You only have one chance to make a good first impression.
D. All of the above statements are true.

D. All of the above statements are true.

129. Which of the following is usually considered real property?

A. Crops which have been harvested

B. Minerals which have been mined
C. Stock in a mutual water company
D. Growing crops which have been sold

C. Stock in a mutual water company

130. an inventory firm is accountable for acts of false hood by a:

A. Client
B. commercialism licensee
C. Customer
D. Listing agent whereas performing arts brokerage services on behalf of the firm

D. Listing agent whereas performing arts brokerage services on behalf of the firm

131. That of the subsequent isn't an obligation owed to each parties?

A. Confidentiality
B. Providing correct info
C. Obligation
D. speech act of adverse material facts

C. Obligation

132. John owns a life estate based upon his own life. He leases the property to a tenant
on a five year lease. John, the life tenant, dies two years later. What happened to the
lease?

A. The lease continues in effect for the full five years

B. The lease is terminated
C. The lease continues in effect, but the tenant must renegotiate the monthly rent with the
holder of the estate in reversion
D. The lease was always null and void, because a life tenant may not lease the life estate
B. The lease is terminated

133. UN agency typically has responsibility for providing streets, utilities, sidewalks, and

curbs in a very new subdivision?

A. The builder/developer
B. The city
C. The native workplace of building and safety
D. The county

A. The builder/developer

134. Economic devolution could be a reason behind depreciation that may occur as a

result of:

A. Wear and tear of the property

B. AN obsolete utility
C. Poor style within the property
D. Factors extraneous to the property

D. Factors extraneous to the property

135. The standard listing contract authorizes a broker to:

A. Convey the $64000 property that's the topic of the listing

B. realize a buyer and bind his principal to a contract to sell
C. Assure a prospective buyer that a suggestion meeting the terms of the listing are going to
be accepted by his principal
D. realize a buyer and settle for a deposit with a suggestion to get

D. realize a buyer and settle for a deposit with a suggestion to get

136. AN appraiser's narrative appraisal report of a single-family residence most

likely would contain no reference to:

A. A special studies zone map

B. The neighborhood amenities
C. The appraiser's qualification
D. A buyer's finance

D. A buyer's finance

137. The unit of comparison once exploitation the market information approach to

appraise a single-family residence, is the:

A. Capitalization rate
B. square measure
C. Cubic foot
D. Entire property

D. Entire property

138. That of the subsequent approaches to the worth estimate tends to

line the higher limits of value?

A. Replacement
B. Income
C. Comparable sales
D. Market comparison

A. Replacement

139. Which of the following is an example of a freehold estate?

A. The interested created by a trust deed

B. An estate at will
C. A life estate
D. A leasehold estate

C. A life estate

140. Less-than-freehold estates carries with it estates control by:

A. Options
B. Trustees
C. Lessees
D. Grantees

C. Lessees

The covenant of quiet enjoyment most directly relates to:

A. nuisances maintained on adjoining property

B. possession of real property
C. title to real property
D. all of the above

B. possession of real property

142. Pledging property as security for a loan while not losing possession of it's known

as what?
A. Purchase cash mortgage
B. Hypothecation
C. AN impound account
D. A subordination agreement

B. Hypothecation

143. The city planning commission recently changed the zoning for a residential
neighborhood to allow for the construction of multiple family residential dwellings. The
new zoning would most likely be:

A. A-3
B. C-3
C. M-3
D. R-3

D. R-3

144. What is the primary tool used by planning commissions to implement a general

plan?

A. Eminent Domain
B. Adverse Possession
C. Zoning
D. Master Plan

C. Zoning

145. On AN written agreement closing statement, AN existing mortgage that's to be

assumed by the client is treated as:

A. A credit to the vendor

B. All of the opposite choices are correct
C. A credit to the client
D. A debit to the client
C. A credit to the client

146. A personal, revocable, non-assignable right to use the property of another is called:

A. A license
B. An option
C. AN easement
D. A lease
A. A license

147. Procuring cause wouldn't be needed for a broker to receive a commission in a(n):

A. Open listing
B. web listing
C. prerogative to sell listing
D. Exclusive agency listing

C. prerogative to sell listing

148. AN unauthorized personal assistant operating for
a commissioned broker could do that of the subsequent activities?

A. Write ads and submit them to the newspaper on-line approved by the broker

B. Write up a suggestion for a purchaser so have the broker sign the contract later
C. Host open homes
D. Email brokers weekly updates to the broker's shoppers

A. Write ads and submit them to the newspaper and on-line approved by the broker

149. AN exclusive agency listing guarantees the broker his commission:

A. If a broker finds a purchaser for the property

B. as long as the sales value exceeds the listed value
C. If the property changes possession for any reason
D. If the vendor sells the property

A. If a broker finds a purchaser for the property

150. Which of the following laws exert the greatest control over the California housing
and construction industries?

A. Uniform Building Code, National Electrical Code, Uniform Plumbing Code

B. State Housing law, Local building codes, and Contractors License Law
C. Subdivision Map Act, local building codes, city's master plan
D. eminent domain, zoning ordinances, State Housing Law

B) State Housing law, Local building codes, and Contractors License Law