Term
Tenants in common share in the matter of:
a.Time
b. title
c.interest
d. possession |
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Definition
d. posession
There is onlyt one unity to tenancy in common. That's the matter of possession. do not confuse with the four unities that belong to joint tenancy. |
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Term
When comparing the economic life of improved property with physical life of the property, the economic life:
a. is longer
b. is shorter
c. is the same.
d. depends on the type of improvements |
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Definition
b. is shorter
Economic life refers to the useful life of improved property, which is customarily shorter than the actual physical life of the property. |
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Term
The builder's plan that displays the piers, subfloors, footing, columns within a structure is called a(n) ________ plan.
a. floor
b.elevation
c. foundation
d. plot |
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Definition
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Term
Federal law protects purchasers of subdividsion properties that are located in the United States and are being offered for sale in interstate commerce. This law provides for a right of rescisssion within:
a. 3 days
b. 5 days
c. seven days
d. 10 days |
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Definition
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Term
A mortgage company would give the least consideration to which of the following in granting a loan?
a. Borrower's present and future income
b. Value of the property in relation to loan
c. Borrower's need for financial assistance
c. Amoundt of down p |
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Definition
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Term
In the event the parties t a bulk sale do not comply with the provisions of the blk sales law as outlined in the Uniform Commercial Co9de, the party that would probably be injured the most would be the:
a. seller
b. buyer
c. creditor..
d. lender |
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Definition
b. buyer
If the requirements of the bulk sales law are not met, the creditor could move to unravel the sale between the seller and the buyer. The buyer would stand to lose any deposit monies in escrow |
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Term
In California, brokers must have an employmnet contract with each of the licensed employees in his or her office. This contract:
a. must be kept by the employees for 5 years after the term of employemnt
b. must be in writing
c. need not be retain |
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Definition
b. in writing
A copy must be kept by both parties for up to 3 years after termination of employment. |
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Term
Through valid contractual assignmnet of a lease, the assignee purchases the lease-hold interest and becomes a:
a. landlord
b. guarantor
c. sublessee
d. tenant |
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Definition
d. tenant
The assignee takes over all rights and interests of the origianl tennat in a lease agreeemnet. The assignee becomes a tenant, replacing the original tenant. |
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Term
Which of the following is true with respect to an impound account:
a. The lender holding the account pays the same interest rate on funds as that paid by a savings and loan on savings accounts.
b. It benefits both the trustor and the benefisicary. |
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Definition
b.
By impounding taxes and insurance, the lender and borrower are certain that these debts will be paid. |
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Term
Upon payment of a fee, certified copies of inspectio reports issued by any licensed structural pest control operator may be obtained from the Structural Pest Control Board for up to two years by:
a. seller
b. buyer
c. seller and buyer only
d. anyone |
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Definition
| The structural Pest Control Board in Sacraments retains copies of pest control reports for up to two years, and these copies of reports may be secured by anyone who wishes to write to the board. |
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Term
A real estate license is required by a(n):
a. principal who sells three or more homes in one year.
b. trustee.
c. mortgage loan broker
d. appraiser |
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Definition
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Term
An unlicensed secretary working in a real estate office may legally:
a. discuss terms for sale of a property advertised by the broker.
b. type listing agreements for salespersons.
c. collect rent on properties managed by the office.
d. quote p |
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Definition
| b. type listing agreements for salespersons. |
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Term
To an appraiser, a definition of value is:
a. the relationship of a desirous person to the thing desired.
b. the ability of one commodity to command other commodieties in exchange.
c. the present worth of all rights to future benefits arising out |
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Definition
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Term
| Smith granted Wiliams a subsurface easemnetto remove the minerals fromthe land but never designated the place of removal, so: |
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Definition
| An implied right of entry goes along with a reservation of rights |
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Term
| If a sales person misinforms a buyer as to deed restrictions... |
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Definition
| the salesperson and broker may both be liable for damages. |
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Term
| A real estate broker negotiates a $7,000 second trust deed note secured by a real property. The loand was to be paid in full in 5 years. The most the broker could charge as a commission for her services: |
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Definition
| 15%. Under article 7(loans), with reference to a junior trust deed that is under $10,000, the maximumum commission that a broker can earn if the payment of the debt is in three years or more is 15 percent. |
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