PROPERTY OWNERSHIP AND LAND USE CONTROLS AND REGULATIONS
Legally and technically, property is defined as:
A. that which is capable of involuntary transfer;
B. things with buyers or sellers
C. rights or interest which a person has in a thing owned
D. only personal property
C. rights or interest which a person has in a thing owned
When a group of competing local brokers get together and agree on setting commissions based upon a minimum commission schedule, this is considered:
A. a violation of anti-trust law
B. appropriate business cooperation
C. good consumer protection
D. allowed, if approved by their local realty MLS
A. a violation of anti-trust law
Which of the following is a common agency relationship under California law?
A. agent for seller
B. agent for buyer
C. dual agent
D. all of the above
D. all of the above
The owner must reside in the property or have a resident property manager when there are how many units?
A. three or more
B. six or more
C. sixteen or more
D. twenty or more
C. sixteen or more
A "hard money" loan secured by a note and trust deed most nearly means:
A. a purchase money first trust deed
B. a purchase money second trust deed
C. a signature loan
D. a cash loan
D. a cash loan
When the government has granted permission to a nonriparian owner of a ranch to use a nearby lake, the owner has received this right by:
A. Eminent Domain
B. Prescription
C. Appropriation
D. Percolation
B. Prescription
Which of the follow are necessary for a real property conditional sales contract to be valid:
A. consideration, offer and acceptance, mutuality, competent parties, and legally sufficient writing
B. consideration, offer and acceptance, expressed time element and prices
C. lawful object, competent parties, offer and acceptance, and legally sufficient writing
D. consideration, offer and acceptance, lawful object, competent parties, and legally sufficient writing
D. consideration, offer and acceptance, lawful object, competent parties, and legally sufficient writing
If a real estate broker fails to obey all lawful instructions given by his principal, the broker could be:
A. subjected to find and/or imprisionment under the law
B. prohibited by a court from working as a real estate broker
C. liable in damages for any injuries suffered by the principal as a result
D. all of the above
C. liable in damages for any injuries suffered by the principal as a result
When a real estate broker fires a real estate salesperson for a violation of the real estate law, the broker must:
A. notify the Real Estate Commissioner immediately by telephone
B. notify the Real Estate Commissioner by certified written statement of facts within three days of the date of termination of the licensee
C. do nothing, it is not the responsibility of the broker to inform the Real Estate Commissioner
D. notify the Real Estate Commissioner forthwith by a certified written statement of facts
D. notify the Real Estate Commissioner forthwith by a certified written statement of facts
The word "tenancy" in real property law, most nearly means:
A. the method or mode of holding title to real property by lessee or owner
B. the interest in property held by a life tenant
C. the landlord-tenant relationship
D. none of the above
A. the method or mode of holding title to real property by lessee or owner
The method by which local planning commission permits an inconsistency to the construction system, or standards within applicable building codes is best known as:
A. a variance
B. an exemption
C. a permit
D. spot zoning
A. a variance
Any advanced fee contract used in connection with a real estate or business opportunity listing must include all of the following except:
A. a detailed description of the services to be performed
B. a guarantee that the sale, lease, or exchange will be completed
C. a total amount of the advance fee to be charged
D. the date the fee is to be paid
B. a guarantee that the sale, lease, or exchange will be completed
When a broker has an enforceable listing he must do which of the following to earn a commission:
A. submit an all-cash offer
B. submit a full price offer from a buyer ready, willing, and able to purchase on the exact terms of the listing
C. secure a binding contract between the buyer and the seller
D. either "B" or "C" will earn a commission
D. either "B" or "C" will earn a commission
How long may a real estate licensee hold a deposit check from the buyer before it is placed in trust account, escrow, or returned to the buyer?
A. one business day
B. three business days
C. before close of escrow
D. a real estate licensee must immediately deposit the check in the broker's trust account
B. three business days
On an FHA loan, the interest rate is set by:
A. FHA
B. the lender
C. agreement between the buyer and then lender
D. the Federal Reserve Board
C. agreement between the buyer and then lender
After several lots have been sold in a subdivision, the Real Estate Commissioner was informed of misrepresentations being made by the developer. The Commissioner may stop the sale of more lots by:
A. revoking the final public report
B. issuing a writ of probation
C. filing an accusation in court
D. issuing a desist and refrain order
D. issuing a desist and refrain order
Undue influence or duress applied to one party to a contract make the contract :
A. voidable
B. invalid
C. void
D. unenforceable
A. voidable
When a real estate agent acts as a dual agent for both the buyer and seller in a 1031 exchange, and does not disclose his dual agency to both parties, he may:
A. provide grounds for either party to rescind the purchase agreement
B. be prevented from receiving any commission
C. be disciplined by the Real Estate Commissioner
D. all of the above
D. all of the above
Advance fee contracts must be submitted for approval to the real estate commissioner:
A. at least five days before they are used
B. at least ten days before they are used
C. not less than five days after they are used
D. not less than ten days after they are used
B. at least ten days before they are used
Which is not an appropriate characteristic of a fee simple estate
A. it is always free of encumbrances
B. it is of indefinite duration
C. it is transferable with or without consideration
D. it is transferable by will or intestacy
B. it is of indefinite duration
When a lessee assigned his lease to someone else, the lessee:
A. is no longer obligated for the rent only
B. is no longer obligated under the lease
C. is no longer obligated for the maintenance fee
D. may be obligated to pay the rent and maintenance
D. may be obligated to pay the rent and maintenance
The words "adequate, valuable, good, or sufficient in a contract refer to?
A. a mutual consent
B. performance
C. consideration
D. compensation
C. consideration
In some cases, a broker's commission can be earned if he can prove he set in motion a series of events which resulted in the sale of a property. If a broker produces and ready, willing, and able buyer he would most likely:
A. be considered the procuring cause of the sale.
B. has an exclusive right-to-sell listing.
C. have secured the buyer's signature on the sales contract.
D. showed property to the buyer.
A. be considered the procuring cause of the sale.
The buyer of a business opportunity should get a clearance from which of the following agencies in order to avoid "successor's liability"?
A. Secretary of State's Office
B. State Board of Equalization
C. Alcoholic Beverage Control Board
D. Department of Real Estate
B. State Board of Equalization
The words "time, title, interest, and possession" are most closed related to which of the following?
A. Adverse possession
B. ownership in severalty
C. survivorship
D. tenancy in common
C. survivorship