Real Estate Exam

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  1. term for an agricultural lease
    51 years
  2. burning trash on your property? contact...
    local air district
  3. utility transmission line
    easement in gross
  4. If a homeowner remodeled his home, doing all the work himself but failed to pay the
    supplier for the lumber, the supplier could file
    a mechanic’s lien
  5. If a Notice of Completion is recorded, then the general contractor has ____ days to file a
    mechanics lien. If no notice is recorded, then the general contractor has ____ to file.
    • 60 days 
    • 90 days
  6. A broker must have __________ with each salesperson, whether
    licensed as a salesperson or broker, covering supervision of licensed activities, duties and
    signed, written agreement
  7. A prepaid rental listing service license issued by the department shall be for a period
    two years.
  8. The maximum amounts paid from the Recovery Account are ____ for any one
    transaction and ____ for any one licensee.
    • $50,000
    • $250,000
  9. A listing agent still must disclose the roof leaks when the owner tells the agent the
    roof leaks, but says he will paint over the water spots on the ceiling before putting the
    house on the market.
  10. A mortgage loan broker servicing a promissory note may advance funds to protect
    the security of the loan being serviced, but the broker must provide written notice
    within ___ to the beneficiary/holder of loan.
    10 days
  11. An agent who has closed escrow on a home and is then asked to lease it out, but does
    not know how to lease the property, should seek assistance from
    the employing broker.
  12. If a licensee referred a client to an in-house lender, he or she would have to disclose the
    affiliated business relationship and any fee that would be paid the licensee to the
    client get their consent.
  13. If a broker servicing a promissory note advances their own funds for taxes, hazard
    insurance, or debt service on a senior loan to protect the security of the loan, the broker
    must, within _____days provide _____of the advance to the
    beneficiary/holder of the promissory note/loan being serviced.
    • ten (10) days,
    • written notice
  14. Flood Hazard is considered frequent when it occurs
    2 times in 10 years.
  15. After receiving the Transfer Disclosure Statement the buyer has ___ days to cancel
    after delivery in person or ___ after delivery by mail.
    • 3 days
    • 5 days
  16. If a seller makes a counter offer the Buyer can reject the counter offer and is not
    liable to any terms of the counter or the original offer.
  17. A licensee must ____, _____, and ______ his/her agency relationship, but not
    disclose, elect, and confirm
  18. A net commission could occur in a sale resulting from a judgment where the sale is to
    guarantee the claimant a certain amount of money.
  19. A leasing agent’s commission is typically calculated as a _______________
    paid over the life of the lease.
    percentage of the total rent
  20. When the seller did not want to take back a 2nd trust deed as owner financing in a sale, it
    would be a conflict of interest for the listing agent to give the buyer a cash loan at
    11% to close, if this was not disclosed to the seller.
  21. If a house has not sold in 6 months in a busy market, it is probably because it is priced
    too high.
  22. The room layout, desirability and livability of a residence are factors that could
    contribute to ________
    functional obsolescence.
  23. The basic purpose of an appraisal is to estimate a particular value, such as market
    value, loan value, investment value, to support a sales price, etc.
  24. After an appraiser accumulates various value indications for a property the next step
    is_____ of those value indications to arrive at a final opinion of value.
  25. A limited liability company (LLC) is a newer form of business entity that has the ______
    effect of a corporation, but with the _______ aspects of a
    • limited liability 
    • single taxation
Card Set:
Real Estate Exam
2013-04-15 22:34:14
Real Estate

Pass the Real Estate Exam
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