Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023), Exams of Nursing

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Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) Which of the following is most vital or important in planning a subdivision: - correct answers ✅Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: - correct answers ✅Percentage Lease What is not an adequate method of transferring property? - correct answers ✅Executive Sale What is considered personal property? - correct answers ✅Existing Mortgage If an income property is valued at $100,000 based on an 8% capitalization rate, what would be the value of the property if a 10% return is required: - correct answers ✅$80,000 $100,000 Value of Property x 0.08 Capitalization Rate =$8,000 Net Income Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) $8,000 Net Income ÷ 0.10 of Return =$80,000 Value of Property The value of the best property in the neighborhood will be adversely affected by the presence of comparatively substandard property is a statement relating to value and is know as the Principle of: - correct answers ✅Regression Which of the following actions or events would result in the termination of a sales escrow: - correct answers ✅Mutual consent of the parties The measure of goods and services produced by the nation during any one calendar year is the definition of which of the following: - correct answers ✅Gross National Product An easement on real property can be terminated by: - correct answers ✅A release signed by the holder of the dominant tenement Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) What state agency would a consumer contact in order to obtain a written report disclosing the presence of wood destroying organisms? - correct answers ✅Structural Pest Control Board When a lender on a graduated payment mortgage is making disclosures that are required under the Truth-in-Lending Law concerning advertising he must disclose the: - correct answers ✅Lender's Name A clause in a mortgage stating that the rights of the mortgagee shall be secondary to a subsequent mortgage is called: - correct answers ✅None of the above In California the use of an abstract of title has been superseded almost entirely by the: - correct answers ✅Policy of title insurance Sherman gives a quitclaim deed to Warner for a parcel of real property. Warner does not record the deed. In this situations, which of the following is true: - correct answers ✅The deed is valid as between Sherman and Warner, but invalid as to subsequent recorded interests without notice Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) Which of the following statement is true? - correct answers ✅Real property can become personal property Land zoned for use as the site for multi-family residential developments (such as apartment buildings) would be denoted as: - correct answers ✅R-3 or R-4 The purchaser of a lot which is subject to a lien for street improvements under the Street Improvement Act of 1911, may prevent the assessment from going to bond if he pays the assessment in full within how many days after the completion of the work: - correct answers ✅30 If the owner of an apartment building does not reside on the premises, he is required to have a resident manager or responsible person on the premises where the number of units is: - correct answers ✅16 or more Which of the following pairs of words are SYNONYMOUS: - correct answers ✅Construction loan - Interim loan Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) When the Real Estate Commissioner wishes to rescind approval of a new subdivision, he would likely do which of the following: - correct answers ✅Issue a desist and refrain order If a real estate licensee was trying to persuade people to list or to sell their property by telling them that members of another ethnic group were moving into their neighborhood, and it would be to their advantage to list or to sell, it would be an example of all of the following, EXCEPT: - correct answers ✅Legitimate conduct If a seller refuses to state on a real estate transfer disclosure statement that his property is in a slide area, when it is, the real estate agent should: - correct answers ✅NOT accept the listing Two buildings are leased on a long-term basis, one for a post office and the other for a hardware store. Using the capitalization approach to appraise the properties, the post office would demand: - correct answers ✅A lower capitalization rate Under FHA, the usual ceiling height in a single-family residence is: - correct answers ✅8 Feet Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) -The difference between the loan amount and the value or price of the property -The initial down payment on the property The initials HVAC in a commercial lease refer to: - correct answers ✅Heating, Ventilation, & Air Conditioning System Under a conditional / installment sales contract for the sale of real property, legal title is held by the: - correct answers ✅Vendor Which of the following closing costs would be classified as a recurring cost: - correct answers ✅Impound Account Items If a broker misrepresented his principal's property to a buyer, the broker could cause his principal to be subject to: - correct answers ✅Any of the below: -A rescission of the sale by the buyer -A court action for damages by the buyer Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) -A civil suit compensating the buyer for misrepresentation of the broker Which of the following REPRESENTS the minimum time period for an exclusive right to sell listing on real property: - correct answers ✅Whatever time period is agreed to by seller and broker When appraising real property by the income approach, the capital invested in the improvements is recaptured by: - correct answers ✅Accruals for depreciation Agent Flag often refers to tax shelters when discussing a property with a customer. Agent Flag is primarily referring to: - correct answers ✅Income taxes Which of the following is NOT one of the four important elements of value: - correct answers ✅Appreciation Economic rent is the rent: - correct answers ✅Received for comparable space in the economic open market Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) When the law finds that an owner has riparian rights, it means he has rights relating to the use and ownership of water from which of the following sources: - correct answers ✅Rivers, streams, & water courses Capitalization is a process used to: - correct answers ✅Convert income into value What can be appurtenant to land: - correct answers ✅Stock in a mutual water company If a man leased a store for only 6 months, he would have an: - correct answers ✅Estate for years To whom must a subdivider give a copy of the Commissioner's public report? - correct answers ✅Any person, at any time, upon request Single-family home values are least protected in neighborhoods where there is: - correct answers ✅An increasing misture of average-quality homes with high-quality homes Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) The provisions of the Real Estate Settlement Procedures Act (RESPA) apply only to transactions involving certain types of property. What type of property must comply with RESPA: - correct answers ✅One-to-Four family residential dwellings A grant deed is deemed by law to be executed at the time it is: - correct answers ✅Signed by the grantor Which of the following is true with regard to the Alquist-Priolo Earthquake Special Studies Act? - correct answers ✅Both of the below -Most agents and sellers have a professional company prepare these disclosures -It applies to all counties in California The legitimacy of zoning laws rests upon: - correct answers ✅The established right of police power of government Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) A man bought two 60 foot lots for $18,000 net each and divided them into three lots of equal frontage which he sold for a price of $15,000 each. His percentage of gross profit was most nearly: - correct answers ✅25% $18,000 x 2 = $36,000 $15,000 x 3 = $45,000 $45,000 - $36,000 = $9,000 $9,000 ÷ $36,000 = 25% A home sold for $200,000. They buyer assumed an existing loan against the property for $160,000. The documentary transfer tax for this county is 55¢ per $500 of consideration. The transfer tax is: - correct answers ✅$44 The documentary transfer tax is based upon consideration (only cash down or new financing). $200,000 - $160,000 = $40,000 $40,000 ÷ $500 = $80 taxable units $80 x 55¢ = $44 Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) Riparian rights: - correct answers ✅Include the right to reasonable appropriate water as needed When processing a real estate loan application, a lender would correlate characteristics of borrower, loan, and property to make: - correct answers ✅A loan commitment In tenancy in common, there is always a unity of: - correct answers ✅Possession Which of the following statements concerning the acknowledgement of a deed is correct: - correct answers ✅The seller, who is a notary public, may acknowledge it Which of the following would be an example of functional obsolescence? - correct answers ✅A one-car garage When an appraiser is trying to determine the amount of economic obsolescence suffered by a commercial property, which of the following Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) The capitalization rate to be used in the income approach to the appraisal of real property provides for a return on, and a return of, the investment in the improvements. A return of the investment is provided for by means of: - correct answers ✅Depreciation methods 87 Mr. and Mrs. Martin have sold their home, with the escrow scheduled to closed on March 1. The annual property taxes on their home are $1,440. Assuming that the first installment of taxes has already been paid, and the second installment is to be prorated on the date of the close of escrow, the amount of the taxes which would normally be charged to the buyer would be approximately: - correct answers ✅$480 The monthly taxes are $120. The tax year runs July 1 through June 30. The buyer would owe taxes for March, April, May, and June (4 months) $120 x 4 months = $480 Loans from some lenders must comply with the Real Estate Settlement Procedures Act. When the loan is secured by residential real property, and Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) contains 1-to-4 residential units, the loan must comply with the RESPA regulations if the loan is made by: - correct answers ✅Lenders whose deposits are insured by an agency of the federal government Ownership rights and interest in real estate are called: - correct answers ✅Estates or fees Which of the following is not a characteristic of an easement: - correct answers ✅It is an interest that can be terminated at will by the possessor of the land In relation to deeds on real property,which of the following is NOT true: - correct answers ✅A reconveyance deed is issued by the trustee to convey title to a new purchaser in connection with a "trust deed sale" What best describes the period of time in which a lis pendens action is effective: - correct answers ✅Any of the below -Before the trial is held -Until the lawsuit is dismissed Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) -Until a final judgment is rendered One of the following actions, taken in relation to advertising the sale of real property, is considered prima facie evidence by the Real Estate Commissioner in California as being misleading of deceptive advertising. Which one is so regarded: - correct answers ✅A misleading map directing prospective purchasers to the site of a property for sale What item is a cost of home ownership: - correct answers ✅Loss of interest on owner's equity The phrase "the secondary mortgage market" refers to: - correct answers ✅A resale marketplace for existing trust deed loans What is a lien? - correct answers ✅An execution A contract which, according to the Statute of Frauds, must be in writing in order to maintain a court action for enforcement is: - correct answers ✅Any agreement which is NOT to be performed WITHIN ONE YEAR Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) An apartment owner was figuring his net income for income tax purposes. he took the gross income and deducted certain expenses. Of the ones listed below, which could he NOT deduct: - correct answers ✅Cost of a fence The most effective way for the Federal Reserve Board to create A TIGHT MONEY MARKET would be to: - correct answers ✅Raise the discount rate and sell government bonds A subordination clause in a TRUST deed BENEFITS: - correct answers ✅Trustor A mortgage which by its terms provides that is secures the amount of the initial loan together with ANY SUMS LATER LOANED to the mortgagor by the mortgagee is known as: - correct answers ✅An open-ended mortgage An agreement between party A granting party B the right to offer, sell, or distribute goods or services under a marketing plan describedby party A is commonly known as: - correct answers ✅A franchise agreement Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) To guard against the loss of capital caused by inflation, an investor would probably invest in: - correct answers ✅Equities A new well and pump were installed on a parcel of land. For property tax assessment purposes, the county assessor would consider these as: - correct answers ✅Improvements For appraisal purposes, "capitalization" is a process used to: - correct answers ✅Convert income into value Space available to meet public demand expands and contracts when stimulated by the fluctuation of: - correct answers ✅Prices and rents Conventional loans are distinguished from FHA insured loan by all the following, except: - correct answers ✅Conventional loans always permit a deficiency judgment, while FHA loans never allow them Which of the following expenses is not deducted from gross income to determine annual net income when using the capitalization approach to appraise an income producing property? - correct answers ✅Cost of capital Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) If an appraiser determines the value of a property by considering the income that is produces and the percentage return which can reasonably be expected to be earned on the investment, be is using a process which is called: - correct answers ✅Capitalization The terms of some real estate loans provide that the interest rate may be increased or decreased depending on money market condition. We call this type of loan: - correct answers ✅A variable interest rate loan In 1920, race restrictions limited the sale or lease of property to persons of the Caucasian race were imposed on a subdivision. The restrictions are due to expire in 2010. At the present, the restrictions are: - correct answers ✅Unenforceable, even though the majority of homeowners want them Whenever possible, an appraiser would estimate the value of land on the basis of: - correct answers ✅The selling prices of comparable sites When a lender in a trust deed takes in lieu of foreclosure, who becomes the owner of the property? - correct answers ✅Beneficiary Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) A lender may also be called a: - correct answers ✅Beneficiary An unearned increment to the value of real property does not result from: - correct answers ✅Over-improvement to real estate by the owner A balloon loan could also be described as a: - correct answers ✅Partially- amortized loan Each of the following is considered an estate in real property, EXCEPT: - correct answers ✅Trust deed Which of the following techniques would an appraiser mainly rely on to appraise a lot on which the buyer intends to build a single-family residence: - correct answers ✅Market approach An interest in real property can be acquired through "adverse possession" or by "prescription." The interest acquired by prescription is: - correct answers ✅The right to use the land of another Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) A standard title insurance policy insures against: - correct answers ✅A recorded deed in the chain of title that was not properly delivered Under the police power of the government, a city's general plan can be implemented by all of the following except: - correct answers ✅Adopting a retroactive zoning ordinance Saunders purchased a home from Barnes and agreed to assume an existing conventional loan. The lender agreed to the assumption and issued a substitution of liability. Under these circumstances: - correct answers ✅Barnes is relieved from further duties under the obligation A trustor defaults on his loan and refuses to reinstate the deed of trust. The most expedient thing for the beneficiary to do is to institute a: - correct answers ✅Trustee's sale Possession under a claim of adverse possession must be: - correct answers ✅All of the below: Real Estate Salesperson California State Exam Questions Solved (Latest Update 2023) -Open and notorious -Hostile -Continuous Constructive notice to purchasers of a home could be given by all of the following EXCEPT: - correct answers ✅Knowledge of a stranger in possession with an unrecorded deed A real estate licensee may lawfully refuse to show a home to a minority prospect who has requested to see it in which of the following situations: - correct answers ✅When the owner is out of town and has instructed the licensee that no showing may be made in his absence When using a purchase money trust deed, the trustor: - correct answers ✅Signs the trust deed which is used as security for the loan A loan secured by real property usually consists of: - correct answers ✅A promissory note and a trust deed