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CA DRE, CA REAL ESTATE SALESPERSON EXAM Bundle with Complete Solutions
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Real Estate Salesperson California State Exam 2023 Graded A+
Which of the following is most vital or important in planning a subdivision: - ANSWER-Market Analysis When rent is computed on the gross sales of a busi... [Show More] ness occupying real property, the lease is correctly termed: - ANSWER-Percentage Lease What is not an adequate method of transferring property? - ANSWER-Executive Sale What is considered personal property? - ANSWER-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: - ANSWER-$80,000 $100,000 Value of Property x 0.08 Capitalization Rate =$8,000 Net Income $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: - ANSWER-Regression Which of the following actions or events would result in the termination of a sales escrow: - ANSWER-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: - ANSWER-Gross National Product An easement on real property can be terminated by: - ANSWER-A release signed by the holder of the dominant tenement An appraiser's narrative appraisal report of a single-family residence probably would contain no reference to: - ANSWER-The type of financing available When identical or highly similar properties are offered for sale, the property offered at the lower price attracts the greatest demand. That statement is an illustration of which of the following principles of appraising: - ANSWER-Substitution When the public records have been examined in order to determine the chain of title to a parcel of real property, a written summary of that chain of title is known as: - ANSWER-An abstract of title The remedy of unlawful detainer action is used by offended: - ANSWER-Lessors Freehold estates would include which of the following: - ANSWER-A life estate If a lender accepts a deed in lieu of foreclosure from a trustor, the lender: - ANSWER-Will assume any junior liens Which of the following would usually be true concerning a hard money second trust deed: - ANSWER-It's secured by real estate and given to a third party to obtain a cash loan Betty is beneficiary of a $15,000 deed of trust on a single-family home located in Long Beach, CA. Trustor Milo made $2,000 in payments, then defaulted. At a trustee's sale, the property sold for $10,000, resulting in a $3,000 deficiency. In California, a deficiency judgement cannot be obtained: - ANSWER-In any of the below situations. -If the security is a purchase-money trust deed. -If remedy of trustee's sales is used. -If fair market value of the property exceeds the amount due on the trust deed. What state agency would a consumer contact in order to obtain a written report disclosing the presence of wood destroying organisms? - ANSWER-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: - ANSWER-Lender's Name A clause in a mortgage stating that the rights of the mortgagee shall be secondary to a subsequent mortgage is called: - ANSWER-None of the above In California the use of an abstract of title has been superseded almost entirely by the: - ANSWER-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: - ANSWER-The deed is valid as between Sherman and Warner, but invalid as to subsequent recorded interests without notice Which of the following statement is true? - ANSWER-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: - ANSWER-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: - ANSWER-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: - ANSWER-16 or more Which of the following pairs of words are SYNONYMOUS: - ANSWER-Construction loan - Interim loan When the Real Estate Commissioner wishes to rescind approval of a new subdivision, he would likely do which of the following: - ANSWER-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: - ANSWER-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: - ANSWER-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: - ANSWER-A lower capitalization rate Under FHA, the usual ceiling height in a single-family residence is: - ANSWER-8 Feet In a deed of trust, the power of sale in event of foreclosure is given from the: - ANSWER-Trustor to the trustee When a residential neighborhood is composed most of owner occupied residential properties it tends to: - ANSWER-Stabilize Value Federal income tax rates on ordinary taxable income are: - ANSWER-Progressive The owner of a hardware store who owned the real property where is was located, sold the real property and leased it back for a long term. For income tax purposes, the seller may: - ANSWER-Deduct 100% of future rents A property sold for $33,700. This was 7% less than what the property originally cost. The original cost was approximately: - ANSWER-$36,236 100% - 7% = 93% 93% of cost = $33,700 $33,700 divided by 0.93 = $36,236.56 All of the following statements are correct concerning the transfer of title to personal property, EXCEPT: - ANSWER-The condition of the title to personal property can usually be determined by a study of public records with about the same accuracy as title to real property How many years is an attachment lien good for: - ANSWER-3 years A real estate salesperson's license has been suspended because many was paid out of the Recovery Account to a person who had a judgement against the salesperson. His license will not be reinstated until he: - ANSWER-Pays the Recovery Account for the money it paid plus interest Which of the following defines the term "equity": - ANSWER-Any of the below: -The owner's interest in real property, over and above all liens against it -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: - ANSWER-Heating, Ventilation, & Air Conditioning System Under a conditional / installment sales contract for the sale of real property, legal title is held by the: - ANSWER-Vendor Which of the following closing costs would be classified as a recurring cost: - ANSWER-Impound Account Items If a broker misrepresented his principal's property to a buyer, the broker could cause his principal to be subject to: - ANSWER-Any of the below: -A rescission of the sale by the buyer -A court action for damages by the buyer -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: - ANSWER-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: - ANSWER-Accruals for depreciation Agent Flag often refers to tax shelters when discussing a property with a customer. Agent Flag is primarily referring to: - ANSWER-Income taxes Which of the following is NOT one of the four important elements of value: - ANSWER-Appreciation Economic rent is the rent: - ANSWER-Received for comparable space in the economic open market 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: - ANSWER-Rivers, streams, & water courses Capitalization is a process used to: - ANSWER-Convert income into value What can be appurtenant to land: - ANSWER-Stock in a mutual water company If a man leased a store for only 6 months, he would have an: - ANSWER-Estate for years To whom must a subdivider give a copy of the Commissioner's public report? - ANSWER-Any person, at any time, upon request Single-family home values are least protected in neighborhoods where there is: - ANSWER-An increasing misture of average-quality homes with high-quality homes The process of expressing anticipated future benefits of ownership in dollars and discounting them to a present worth at a rate which is attracting purchase capital to similar investments is called: - ANSWER-Capitalization The available supply of real estate loan funds tends to be increased by all of the following EXECPT: - ANSWER-An increase demand for a more liquid type of assets If a person obtains a contract through duress, that contact is: - ANSWER-Voidable The primary purpose of city and county building codes is to establish: - ANSWER-Minimum standardsfor public health, safety, moral, and general welfare When a trustor defaults on his or her payments and refuses to reinstate the deed of trust, the most expedient thing for the beneficiary to do is to institute a: - ANSWER-Trustee sale While appraising a residence in a hillside subdivision, the appraiser observes cracks in the foundation [Show Less]
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CA Real Estate Salesperson Exam Solved 100%
A property owner has an easement appurtenant on her property. One day the property is sold to another party who is opposed to the easement. Following the c... [Show More] losing, this particular form of easement does what? - ANSWER-transfers with the owner to a new property. A property owner is precluded by deed restriction from developing a thirty foot boat dock. The limitation prompts the owner to sell to another party. The new owner takes? - ANSWER-takes title subject to the same restriction. Which of the following is an important function of the secondary mortgage market? - ANSWER-Participants sell mortgage-backed securities in order to buy pools of loans. The model property sales contract prepared by the California Association of Realtors is? - ANSWER-Available for use by brokers but not required. A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered what? - ANSWER-Trade fixtures that are personal property. It is an escrow violation for a broker handling escrow funds to? - ANSWER-Record a deed without written consent of the party whose real property interest is being conveyed. In the income capitalization approach, an appraiser? - ANSWER-Estimates net income and applies a capitalization rate to it. To protect against possible conflicts of interest, the Commissioner of Real Estate must? - ANSWER-Not have an interest in any real estate firm. For the proper handling of client and owner monies, a property manager is generally required to? - ANSWER-Maintain a special trust account in a qualified financial depository. After changing her telephone number, licensee Veronica must notify the Commissioner of the change in how long? - ANSWER-within 30 days Cash flow is a measure of how much pre-tax or after-tax cash an investment property generates. To derive cash flow it is therefore necessary to exclude what expense? - ANSWER-Cost Recovery Expense A transfer facilitator in a residential transaction represents who? - ANSWER-Neither buyer nor seller Net operating income is equal to? - ANSWER-Potential gross income minus vacancy and credit loss minus expenses. The loan-to-value ratio is used as an underwriting mechanism because? - ANSWER-The loan amount needs to be less than the property's value. A listing broker sells a listed property to a buyer who is not represented by a broker. The listing agent is now? - ANSWER-A single agent for the seller. What is the essential purpose of legal descriptions of real property? - ANSWER-To create a consistent, unchanging standard for uniquely locating a property. Which of the following are examples of closing items not prorated between buyer and seller? - ANSWER-Inspection fees. When a salesperson receives a check for earnest money from a prospective buyer, the salesperson must - ANSWER-Give the deposit to his or her broker immediately unless instructed otherwise. Real estate contracts that are not personal service contracts - ANSWER-May be assigned. A broker associate is under contract with an employing broker as an independent contractor. The associate is now? - ANSWER-The broker's agent. A buyer agrees to all terms of a seller's offer except the length of time for a contingency to procure financing. The buyer extends the financing period in the offer by one week, signs the form, and mails it back to the seller. At this point the seller's offer is? - ANSWER-Is void. Why is a wraparound mortgage loan potentially interesting to a home seller as an investment? - ANSWER-Disclose a material fact. One difference between a cooperative estate and a condominium estate is that? - ANSWER-A condominium owner owns a unit of air space whereas the co-op owner owns a proprietary lease. It's an escrow violation for a broker handling escrow funds to - ANSWER-Record a deed without written consent of the party whose real property interest is being conveyed. What is a lien-theory state in contrast to a title-theory state? - ANSWER-A state in which a mortgagor retains title to the property when a mortgage lien is created. [Show Less]
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Ca DRE (Actual) Exam Graded A+
The term "property" refers to - ANSWER-The rights or interests in the thing owed Which of the following is considered real property? - ANSWER-Airspace a... [Show More] bove the land Which of the following is considered personal property? - ANSWER-Leasehold estate which of the following is considered personal property - ANSWER-emblements The highest quality and quantity of ownership in real property is: - ANSWER-fee simple Which test is not a general test of a fixture - ANSWER-Time of attachement which of the following is a less-than-freehold estate? - ANSWER-estate for years An Uncle left his nephew 2/3 interest and left his nephew's wife 1/3 in real property jointly and without right of suviorship. The nephew and his wife will assume title to an estate that is classified as - ANSWER-Tenancy in common ownership in severalty would most likely involve - ANSWER-sole ownership The words "time,title,interest,and possession" are most colsely related to the concept of - ANSWER-Joint tenancy which of the following would not be classified as personal property or a chattel? - ANSWER-airspace in condominium unit If a landlord deeds land to a hospital but specifies that it may only be used for a hospital, this would be a? - ANSWER-Defeasible estate! The title to chattels, personalty, and personal property is transferred by a - ANSWER-bill of sale concerning real property, in which way are joint tenacy interests and community property similar - ANSWER-ownership interest is equal Kris, Dan, and alex took tile to a property as joint tenants. Kris sold her share to pat, and then dan died. who owns the property - ANSWER-Ales owns 2/3 and pat owns 1/3 as tenants in common Which os the best definition of encumbrance? - ANSWER-a non-possessory interest in real estate that is held by someone who is not the owner The form of encumbrance that makes specific property the security for the payment of a debt or discharge of an obligation is called a; - ANSWER-lien Private restrictions on land can be created by deed - ANSWER-or written agreement! An owner of a parcel of real property gave a neighbor a deed conveying an easement for ingress and egress. The easement was not specifically located in the dead. under the circumstances, the neighbors right to use the easement is - ANSWER-enforceable because the location of the easement does not need to be specified gary owns a ranch. gary gave sam, who owns no proeprty, a non-revocable right to cross his property to fish in a stream. sam has a(n): - ANSWER-easement in gross the personal, revocable, unassignable permission to use the property of another without a possessory interest in it is called - ANSWER-license alienation of title to real property most nearly means to: - ANSWER-convey or transfer title and possession! A person who dies intestate: - ANSWER-will have the estate administered and distributed by a court automatically what term identifies a will written entirely in the handwriting of the testator? - ANSWER-Holographic will Real property transferred under the provisions of a will is called a: - ANSWER-devise A deed to transfer real property must be BLANK to be binding on a buyer and a seller - ANSWER-delivered and accepted The clause in a deed which sets forth the extent of the grantee's interest in the property is called the BLANK Clause - ANSWER-habendum Effective delivery of a deed depends on: - ANSWER-the intention of the grantor which of the following convenants is not in a general warrant deed? - ANSWER-covenant of encumbrances which action is a quite-title action - ANSWER-court action to remove a cloud on title A farm owned by alex green was escheated to the state because: - ANSWER-Alex died intestate with no heirs An agreement to do or not to do a certain thing is called - ANSWER-a contract when a promise is given by both parties with the expectation of performance by the other party, is known as an BLANK contract - ANSWER-Bilateral A 15 year-old individual nay acquire title to real property by - ANSWER-gift or inheritance The following elements are necessary to create a valid contract, except - ANSWER-performance another name for mutual assent is - ANSWER-meeting of the minds consideration is one of the necessary elements of a valid contract. Which of the following is consideration? - ANSWER-A promise to perform an act An exchange of money A service rendered All of the following are necessary for a valid contract - ANSWER-Genuine consent lawful object capable parties A written contract takes precedence over oral agreements. This principle is expressed by the: - ANSWER-Parol evidence rule The statute of frauds requires that contarcts for the sale of real estate must: - ANSWER-Be in writting A suit for specific performance - ANSWER-an option whereby the seller can require the buyer to meet the requirments of the earnest money contracted and the buyer can require the seller to meet the terms of the agreed on contract! Agents have a fuduciary duty to: - ANSWER-Their principles Fiduciary refers to: - ANSWER-One who has the legal authority to act on behalf of another person The relationship in which a broker represents either the seller or the buyer in a transaction, but not both is called a Blank Agency - ANSWER-Sinlge An agency can be created for - ANSWER-express content ratification estoppel An exlusive right to sell listing agreement is an - ANSWER-bilateral contract promise for a promise employment contract An enforeable listing contract for the sale of real property must be - ANSWER-In writing broker winters signed an exclusive agency listing to sell baker's $365,000 house. winters diligently advertised the sale of the house. One week before the listing was to expire; the house was sold through bakers own effor to a freind . Under the contract rules and regulations winters is most likely to receive - ANSWER-no comission In an exclusive egency listing, as a matter of law, the duration of the listing between the broker and seller is: - ANSWER-whatever term is agreeable to both parties When the seller signs the listing agreement, the listing broker represents - ANSWER-The seller when the buyer sign the buyer representation agreement, the broker represents - ANSWER-The buyer A real estate broker hired by the buyer to locate a property must comply with all of the following except - ANSWER-The instrcutons of the seller an agency relationship may be terminated by all of the following, except - ANSWER-the principles refusal of an offer to purchase, which was presented on the name of a thrid party What is the status of the contract during the period of time after real estate sales contract is signed by both parties, but before title actulally passes? The contract: - ANSWER-executory Buyer baker presented an offer to seller sam for the purchase of a 10 year old home in a quite neighborhood. Seller sam made a counter offer to buyer baker. under these circumstances, buyer baker - ANSWER-has no obligation under his oringinal offer Buyer bakers agent presented an offer to purchase to seller Donna. Seller donna was delighted because the offer met all her terms. In order to accept the offer, what must seller donna do? - ANSWER-Sign and date the earnest money contract What is a counter offer - ANSWER-Counter offer is a rejection of an original purchase or offer An agreement not to close an offer is known as - ANSWER-option Seller paul gives an option to buyer green to purchase pauls ranch. This option is most clearley constitutes an - ANSWER-contract to keep an offer open which statment is correct regarding an option contract to purchase real estate - ANSWER-The optionee is not obligated to purchase the property [Show Less]
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CA Real Estate Exam- Practice with Complete Solutions
Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action coul... [Show More] d: - ANSWER-Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: - ANSWER-A foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to a third party. One of the joint tenants sell his interest. A man owns six seperate parcels of real property. He wants to offer all of the parcels as security for a mortgage loan. The mortgage that he will obtain will probably be? - ANSWER-A blanket mortgage All of the following acts of one joint tenant terminates a joint tenancy except when the joint tenant: - ANSWER-Mortgages his or her share Avulsion - ANSWER-Is the sudden tearing away of land by the the action of water When appraising a home build in 1910 the appraiser must use: - ANSWER-Today's cost and today's reproduct ion cost The appraiser gives an 30 year old home a rating of 6 years is called: - ANSWER-Effective age a home painted in 1972, even if the seller repainted the property a lead based paint booklet is required, if not, the ommission allows the buyer to: - ANSWER-cancel the transaction. Not funtional obsolescense - - ANSWER-Proximity of nuisances Intestate means: - ANSWER-Someone that left no will A principle may request an accounting from the real estate agent of his funds : - ANSWER-At any time The seller's responsibility is to transfer the property: - ANSWER-Free and clear When compare to real estate, stocks and bonds are: - ANSWER-More liquid Which of the following are liens? - ANSWER-Incometax Judgements Attachment subagents: - ANSWER-They work for the seller If a builder pays $35 an hour to a hostess, to perform an open house, to answer questions: - ANSWER-a license is required to answer questions Who must disclose Mello - ANSWER-Seller (OWNER) if the electrical was intalled by the son-in-law of the seller, and not to code and the buyer moves in, and after, the property catches on fire : - ANSWER-the real estate agent is innocent of any wrong doing Miles sold a home to North with the help of Olsten, if the buyer (North) finds out that something was not properly disclose by Miles and Olsten, this is called: - ANSWER-Fraud Logan sold a home to Hughes, if Hughes backs out: - ANSWER-Logan can sue for a specific performance A buyer pays for which of the following? - ANSWER-Escrow, Title, Insurance The granting of doing business or to sell a product under a name with restrictions from the grantor is called: - ANSWER-Franchise Agents may get sued for: - ANSWER-Any Wrong doing A person who is delegated in an intrument to legally do something for another person in his stead is called - ANSWER-Attorney in fact The terms of exclusive right to sell listing are - ANSWER-The exact requirements of the sellers instructions An advertisement to lease properties only to married couple is - ANSWER-Illegal The offers must be presented: - ANSWER-even if they are oral and in writing Intangible personal property: - ANSWER-is not taxible The real estate commissioner" - ANSWER-Promulgates the real estate law Unemployment: - ANSWER-Does not affect the interest rates directly Payment of Money - ANSWER-is not necessary for a valid contract To hire self employed agents is an advantage: - ANSWER-Is an advantage because the broker doesnt collect social security Balloon payment means: - ANSWER-all balances due at once If the A.P.R. is disclose: - ANSWER-No additional disclosures are required An easement can be canceled by signing a: - ANSWER-Quitclaim deed For income tax purposes improvements are - ANSWER-Added to the basis of the property. For income tax purposes improvements are - ANSWER-Added to the basis of the property Information concealment by an agent is - ANSWER-Misrepresentation A strip lines of stores are: - ANSWER-Shopping centers In a counter offer: - ANSWER-the buy may reject to perform or to cancel The agency is terminated - ANSWER-if the property is destroyed by fire Outmoded design is: - ANSWER-Function absolescene In a purchase money trust deed" - ANSWER-A loan disclosure is required A lender may evict a borrower within - ANSWER-3 months A mispelled name in a deed: - ANSWER-May be corrected with a quitclaim deed A standard policy of title insurance doesnt cover - ANSWER-property lines oral commission - ANSWER-are legal if the seller selects to do so Conflicts with the LA county codes and the uniform codes - ANSWER-the one with the highest standards of safety will apply An offer presented with a $1000 note - ANSWER-Communicate to the seller the type of deposit before acceptance 1/2 a mile by 1/2 miles is: - ANSWER-160 Acres When appraising a site the appraiser applies the - ANSWER-Highest and best use Successor liability has to do with - ANSWER-The Alcohol Beverage Control Board [Show Less]
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CA DRE Real Estate Practices Exam Answered 100% Correct
There are three main areas within this subject: Listing of real property Sales contracts Marketing - ANSWER-There are three main areas within this sub... [Show More] ject: Listing of real property Sales contracts Marketing Real Estate Practices describes government regulation of brokerage transactions, the operations of the Department of Real Estate, types of real estate licenses, requirements for obtaining broker and salesperson licenses, continuing education requirements, and, violations of real estate law and professional organizations. - ANSWER-Real Estate Practices describes government regulation of brokerage transactions, the operations of the Department of Real Estate, types of real estate licenses, requirements for obtaining broker and salesperson licenses, continuing education requirements, and, violations of real estate law and professional organizations. Also in this section will be a review of contracts in general, basic elements of a contract, Statute of Frauds, performance of contracts, discharge of contracts, Statue of Limitations, remedies for breach of contract, liquidated damages, and real estate contracts. - ANSWER-Also in this section will be a review of contracts in general, basic elements of a contract, Statute of Frauds, performance of contracts, discharge of contracts, Statue of Limitations, remedies for breach of contract, liquidated damages, and real estate contracts. Additionally what agency is, special distinctions of a general agency, creation of an agency relationship, disclosure and confirmation of agency, ostensible agency, dual agency, cooperating agents and subagent, agent's authority, the duties of an agent towards a principle, real estate transfer disclosure, duties and liabilities of the agent, rights of the agent, termination of agency and the overview of the MLS (multiple listing service) are discussed. - ANSWER-Additionally what agency is, special distinctions of a general agency, creation of an agency relationship, disclosure and confirmation of agency, ostensible agency, dual agency, cooperating agents and subagent, agent's authority, the duties of an agent towards a principle, real estate transfer disclosure, duties and liabilities of the agent, rights of the agent, termination of agency and the overview of the MLS (multiple listing service) are discussed. Real Estate Law is the law that regulates the licensing and conduct of real estate agents. It is designed for the protection of the p_________ in real estate transactions where an agent is involved. The Law also protects the good standing of ethical a__________. - ANSWER-Real Estate Law is the law that regulates the licensing and conduct of real estate agents. It is designed for the protection of the public in real estate transactions where an agent is involved. The Law also protects the good standing of ethical agents. The Real Estate Commissioner, appointed by the g________ of California, determines administrative policy and enforces the provisions of Real Estate Law. To be appointed, the designee must have been a real estate broker for ____ years, and be actively engaged in real estate business in California - ANSWER-The Real Estate Commissioner, appointed by the governor of California, determines administrative policy and enforces the provisions of Real Estate Law. To be appointed, the designee must have been a real estate broker for five years, and be actively engaged in real estate business in California Responsibilities of the Real Estate Commissioner include: Examine c_________ against licensees R___________ specific aspects of the sale of s_____________ Monitor real property s____________transactions Manage p________ rental listing services Screen and qualify applicants for l________ Investigate ________-licensees alleged to be performing acts for which a license is required. - ANSWER-Responsibilities of the Real Estate Commissioner include: Examine complaints against licensees Regulate specific aspects of the sale of subdivisions Monitor real property securities transactions Manage prepaid rental listing services Screen and qualify applicants for license Investigate non-licensees alleged to be performing acts for which a license is required. The Commissioner is not responsible for settling c________________ disputes. Those issues fall under the power of a court and must be handled by an attorney, if the parties cannot agree - ANSWER-The Commissioner is not responsible for settling commission disputes. Those issues fall under the power of a court and must be handled by an attorney, if the parties cannot agree The Real Estate Advisory Commission is made up of ____ members: six licensed real estate brokers and four public members. - ANSWER-The Real Estate Advisory Commission is made up of ten members: six licensed real estate brokers and four public members. The two main real estate licenses are the b_______'s license and the s____________ license. The Real Estate Law requires a salesperson to be supervised by a broker. A real estate salesperson must be employed by a real estate broker in order to receive commissions. A salesperson must never accept a commission payment directly from the buyer or seller, or through escrow. The escrow company pays a b________ when the escrow c_______ who then pays the salesperson. - ANSWER-The two main real estate licenses are the broker's license and the salesperson's license. The Real Estate Law requires a salesperson to be supervised by a broker. A real estate salesperson must be employed by a real estate broker in order to receive commissions. A salesperson must never accept a commission payment directly from the buyer or seller, or through escrow. The escrow company pays a broker when the escrow closes who then pays the salesperson. Types of agents include: Real estate agent - someone with a b_________ or s__________ license; negotiates sales for clients. Real estate broker - someone with a broker license; negotiates sales for clients; able to e________ a person with a salesperson license. Real estate salesperson or real estate sales associate - someone with a salesperson l________; must work under a real estate broker to perform any real estate transactions. Licensee - a salesperson or broker. - ANSWER-Types of agents include: Real estate agent - someone with a broker or salesperson license; negotiates sales for clients. Real estate broker - someone with a broker license; negotiates sales for clients; able to employ a person with a salesperson license. Real estate salesperson or real estate sales associate - someone with a salesperson license; must work under a real estate broker to perform any real estate transactions. Licensee - a salesperson or broker. Real estate license is required for the following acts: Soliciting b_______ Soliciting s_________ Negotiating s_______ Negotiating e________ Negotiating l_________ Negotiating sales c________ Negotiating a p________ note secured by r_______ property Soliciting for t_______ or r_______ Negotiating l_______ - ANSWER-Real estate license is required for the following acts: Soliciting buyers Soliciting sellers Negotiating sales Negotiating exchanges Negotiating leases Negotiating sales contracts Negotiating a promissory note secured by real property Soliciting for tenants or rentals Negotiating loans A real estate license is not needed by: A person dealing with his or her ____ property A corporation that performs the specified activities through one of its officers who must not receive s_________ c_________________for the activities. Anyone holding p_______________ for the owner of the property. An attorney providing services in the regular c_____of business as attorney. Any receiver, trustee in a bankruptcy, or person acting under any c______. Any t_____ selling under a deed of trust. Employees of l_______ institutions, p___________ trusts, c_______ unions, or i_________ companies in connection with loans secured by liens on real property or business opportunities. E__________ agents who collect funds from loans secured by liens on real property when funds are deposited in the escrow agent's trust account. - ANSWER-A real estate license is not needed by: A person dealing with his or her own property A corporation that performs the specified activities through one of its officers who must not receive special compensation for the activities. Anyone holding power of attorney for the owner of the property. An attorney providing services in the regular course of business as attorney. Any receiver, trustee in a bankruptcy, or person acting under any court. Any trustee selling under a deed of trust. Employees of lending institutions, pension trusts, credit unions, or insurance companies in connection with loans secured by liens on real property or business opportunities. Escrow agents who collect funds from loans secured by liens on real property when funds are deposited in the escrow agent's trust account. No unlicensed person may receive payment for any real estate act or pose as a broker or salesperson. The fine for paying a fee to an unlicensed person is $_____ for each offense. The punishment for an individual who falsely claims to be an active broker or salesperson is a fine of up to $___,000, a prison term of up to six months, or both. The purpose of the real estate license exam is to make sure c__________ are protected in all transaction where they are represented by a real estate agent. - ANSWER-No unlicensed person may receive payment for any real estate act or pose as a broker or salesperson. The fine for paying a fee to an unlicensed person is $100 for each offense. The punishment for an individual who falsely claims to be an active broker or salesperson is a fine of up to $10,000, a prison term of up to six months, or both. The purpose of the real estate license exam is to make sure consumers are protected in all transaction where they are represented by a real estate agent. To receive a conditional salesperson license, an applicant must: Be at least ____ years old Be h_____ and truthful Complete a real estate p_______ course Pass the s_____ qualifying exam A_____ on the form provided by the Real Estate Commissioner - ANSWER-To receive a conditional salesperson license, an applicant must: [Show Less]
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CA Real Estate Salesperson Exam Solved 100%
A property owner has an easement appurtenant on her property. One day the property is sold to another party who is opposed to the easement. Following the c... [Show More] losing, this particular form of easement does what? - ANSWER-transfers with the owner to a new property. A property owner is precluded by deed restriction from developing a thirty foot boat dock. The limitation prompts the owner to sell to another party. The new owner takes? - ANSWER-takes title subject to the same restriction. Which of the following is an important function of the secondary mortgage market? - ANSWER-Participants sell mortgage-backed securities in order to buy pools of loans. The model property sales contract prepared by the California Association of Realtors is? - ANSWER-Available for use by brokers but not required. A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered what? - ANSWER-Trade fixtures that are personal property. It is an escrow violation for a broker handling escrow funds to? - ANSWER-Record a deed without written consent of the party whose real property interest is being conveyed. In the income capitalization approach, an appraiser? - ANSWER-Estimates net income and applies a capitalization rate to it. To protect against possible conflicts of interest, the Commissioner of Real Estate must? - ANSWER-Not have an interest in any real estate firm. For the proper handling of client and owner monies, a property manager is generally required to? - ANSWER-Maintain a special trust account in a qualified financial depository. After changing her telephone number, licensee Veronica must notify the Commissioner of the change in how long? - ANSWER-within 30 days Cash flow is a measure of how much pre-tax or after-tax cash an investment property generates. To derive cash flow it is therefore necessary to exclude what expense? - ANSWER-Cost Recovery Expense A transfer facilitator in a residential transaction represents who? - ANSWER-Neither buyer nor seller Net operating income is equal to? - ANSWER-Potential gross income minus vacancy and credit loss minus expenses. The loan-to-value ratio is used as an underwriting mechanism because? - ANSWER-The loan amount needs to be less than the property's value. A listing broker sells a listed property to a buyer who is not represented by a broker. The listing agent is now? - ANSWER-A single agent for the seller. What is the essential purpose of legal descriptions of real property? - ANSWER-To create a consistent, unchanging standard for uniquely locating a property. Which of the following are examples of closing items not prorated between buyer and seller? - ANSWER-Inspection fees. When a salesperson receives a check for earnest money from a prospective buyer, the salesperson must - ANSWER-Give the deposit to his or her broker immediately unless instructed otherwise. Real estate contracts that are not personal service contracts - ANSWER-May be assigned. A broker associate is under contract with an employing broker as an independent contractor. The associate is now? - ANSWER-The broker's agent. A buyer agrees to all terms of a seller's offer except the length of time for a contingency to procure financing. The buyer extends the financing period in the offer by one week, signs the form, and mails it back to the seller. At this point the seller's offer is? - ANSWER-Is void. Why is a wraparound mortgage loan potentially interesting to a home seller as an investment? - ANSWER-Disclose a material fact. One difference between a cooperative estate and a condominium estate is that? - ANSWER-A condominium owner owns a unit of air space whereas the co-op owner owns a proprietary lease. It's an escrow violation for a broker handling escrow funds to - ANSWER-Record a deed without written consent of the party whose real property interest is being conveyed. What is a lien-theory state in contrast to a title-theory state? - ANSWER-A state in which a mortgagor retains title to the property when a mortgage lien is created. [Show Less]
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