California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023, Exams of Nursing

Download California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 and more Exams Nursing in PDF only on Docsity! California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: - correct answers ✅Actual Fraud A fee simple estate is: - correct answers ✅an estate of inheritance. If an appraiser is appraising a special purpose property he would probably use the: - correct answers ✅Cost Approach The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: - correct answers ✅To provide consumers with enough information to enable them to shop for settlement services Definitions of market value is least concerned with: - correct answers ✅Market cost What type if an appraisal license is required to appraise a commercial strip mall valued at $700,000: - correct answers ✅Certified general license; California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means - correct answers ✅According to value; In order to comply with the regulations of the state Housing Law, a person should seek the issuance of a building permit from: - correct answers ✅the local Department of Building and Safety One of the main benefits of a sale-leaseback transaction would be; - correct answers ✅The ability of the seller to deduct al of his future rent payments as business expenditures A broker who holds a valid listing on a property places a classified ad for the property containing only the following information "For Sale: 3 bedroom, 2 bath home with swimming pool. Asking price $165,000. Telephone 555- 9276". This type of advertisement would be an example of a: - correct answers ✅Blind ad A property owner lists his property for sale with a broker. During the negotiations, the owner told the broker that the owner wanted $138,000 for the property, and anything above that amount the broker could keep as his California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 When a situation is such that damages would not provide an adequate remedy (like for a breach of contract), a suit for specific performance could be successfully brought by all of the following, except: - correct answers ✅a licensed real estate broker acting as agent for the principals Less -than-freehold estates consist of estates held by: - correct answers ✅Lessees; If five people own property as joint tenants; - correct answers ✅there is still only one title to the whole property An increase in the availability of money would lead to which effect? - correct answers ✅Interest rates would go down Allison has just qualified for her salesperson's license. How much time does she have to file her application to practice? - correct answers ✅One year from the date she passed the exam California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 Defined as a loss in value from any cause, depreciation is generally divided into three categories. The loss of value due to the normal wear and tear on a property is called - correct answers ✅physical deterioration The primary purpose of a listing agreement is to: - correct answers ✅serve as a contract of employment between the owner and the broker A trust deed may be released from the records by: - correct answers ✅recording a reconveyance deed. Blockbusting is best described as an attempt - correct answers ✅to panic a neighborhood into thinking property values will decline due to unwanted person(s) moving in. An acknowledgement may be taken by a notary public who is: - correct answers ✅A corporate employee without the interest in the corporation's instrument being acknowledged Which of the following would not make a contract voidable? - correct answers ✅Illegal Purpose California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 For federal income tax purposes, a taxpayer could adjust the cost basis of his personal residence for which of the following items? - correct answers ✅The addition of a concrete patio Henry made an offer to purchase real property. However, he died of a heart attack before the listing broker could notify him of an unqualified, signed acceptance by the seller. Based on these facts, which of the following is true? - correct answers ✅The death of Henry constituted a revocation of the offer Land zoned for use as the site for a multifamily residential developments (such as apartment buildings) would be denoted as: - correct answers ✅R-3 Although a title insurance policy does not cover the risk of loss for many reasons, which of the following risks is not covered in a title insurance policy? - correct answers ✅A zoning ordinance, regulation, or plan According to the Department of Real Estate regulations, it would be considered commingling if a broker: - correct answers ✅deposits into the California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 When must all the listings in an office be renegotiated? - correct answers ✅If the broker dies When an owner is selling his or her home, to whom would they most likely give a copy of a structural pest control report? - correct answers ✅To the buyer, if requested Sara is a newly licensed broker and has just opened her own office. How long must she keep transaction records - correct answers ✅3 Years Ownership of an undivided interest in land with no right of survivorship is found in: - correct answers ✅tenants in common When selling a business, real estate brokers need to know that the term successor's liability involves certain obligations to the: - correct answers ✅State Board of Equalization David wants to use the GRM to find the value of property. What does David need to obtain from comparable properties to accurately calculate a GRM - correct answers ✅Annual rent and the selling price California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 Personal income taxes are structured using rates that are: - correct answers ✅progressive Four months ago, a seller entered into a legally binding written contract to sell his property. Later, the seller refused to complete the transaction since he felt the value of the property would increase in the near future. Under these circumstances, the Statute of Limitations could affect the rights of the buyer to prevail in a civil action due to a breach of the written contract within: - correct answers ✅four years Pledging property as a security for a loan without losing possession of it is called what? - correct answers ✅Hypothecation Usury MOST nearly means: - correct answers ✅illegal interest Conventional loans are made from - correct answers ✅Private sources On an escrow closing statement, an existing mortgage that is to be assumed by the buyer is treated as: - correct answers ✅a credit to the buyer California Real Estate Salesperson Exam Prep (Q&As) Latest Update 2023 A personal, revocable, non-assignable right to use the property of another is called - correct answers ✅a license Procuring cause would not be required for a broker to receive a commission in a(n): - correct answers ✅exclusive right to sell listing. An unlicensed personal assistant working for a licensed broker may do which of the following activities? - correct answers ✅Write ads and submit them to the newspaper and online approved by the broker. An exclusive agency listing guarantees the broker his commission: - correct answers ✅if a broker finds a buyer for the property Which activity requires a real estate license? - correct answers ✅A service that, for a fee, matches individuals who want to buy and sell properties A balloon payment is usually associated with a - correct answers ✅large payment during the term or at the end of the payment schedule