Real Estate Principles Final Exam-with 100% verified solutions 2024-2025-tutor verified, Exams of Business Fundamentals

Download Real Estate Principles Final Exam-with 100% verified solutions 2024-2025-tutor verified and more Exams Business Fundamentals in PDF only on Docsity! Real Estate Principles Final Exam-with 100% verified solutions 2024-2025-tutor verified Anything that is fastened or attached to real property permanently is considered to be: Real Property A quit claim deed releases all present claims, rights and title of the: Grantor When a creditor wants to satisfy a judgement which was levied against another person, the creditor would: Obtain a writ of execution Before a mechanics lien is effective it must be: Verified and recorded Discrimination by a real estate licensee based on race is: 1. A violation of the regulations of the Real Estate Commissioner 2. Against public policy 3.Unethical 4. All of the above<-- Upon the signing of a real property sales contract: An equitable title passes to purchaser All California state laws are created by: Acts of legislature The 36 sections in a township are numbered from 1 to 36, Section I located in the: Northeast corner The type of interest usually charged on home loans is: Simple A landowner is notified by a railroad company that it plans to cross his property with a railroad line. If the landowner refuses, the railroad company can proceed by the use of: Eminent Domain Title to real property that is transferred by a will is considered: A devise A real estate broker received 40 acres of land valued at $300 per acre as a commission from the seller. Two weeks after escrow closed the broker was offered $400 per acre for the land. If the broker accepts the offer he: Will be acting in an acceptable manner The words "procuring cause" would have an important meaning to which of the following? A dispute over commission on an open listing Under the street improvement act od1911, the city is authorized to assess each owner for the work completed. These improvements are assessed on the basis of: Front footage Of its perpetual existence Charles died interstate and left a $60,000 estate but no heirs, his estate would: Revert to the state When land gradually builds up as a result of the action of water, it is known as: Accretion A first trust deed can usually be distinguished from a second trust deed by the: Time and date of recordation A lender agrees to make a loan on a large commercial complex provided the borrower gives the lender a 2% interest in the ownership. This type of loan would be known as a: Participation-Loan When an appraiser analyzes the rent while using the income approach he should base his appraisal on: Durability, quality and quantity. What is the most comprehensive and complete appraisal report? Narrative The term "Realtor" is a trade name and only persons who are members of ______ have the right to use the term? National Association of Realtors The phrase in a loan contract that specifies "all due and payable upon the happening of a certain event would be classified as: An acceleration clause What is considered a quiet title action? Court action to remove a cloud on the title A corporation is prohibited from holding title to real property in California with any one as a joint tenant bc: Perpetual existence A trust deed and note on a conventional loan is held by: The Lending Institution When a Cal-Vet wishes to purchase a home and use his or her California veterans benefits he or she would make an application to the: Department of Veterans Affairs A real estate subdivider who resides in Hawaii is required to comply with various laws if he wants to offer his property located in Hawaii for sale in California. The law that he would be most concerned with would be the: California Real Estate Law FHA has established certain MPR's that apply to loans that they insure. MPR is an abbreviation for: Minimum Property Requirements Under a construction loan, the final payment to the borrower is generally released when the: Lien has expired Recording a deed: Presumes delivery of the deed An executrix of an estate is: Name in the decedent's will When a broker advertises a listed property for sale, the broker may not legally use an ad: That gives the impression that the broker is the owner of the property An appraiser intends that the estimate of value as disclosed in his or her appraisal report on a property be valid: