All things Property
What is the primary tool used by planning commission to implement general plan?
A. Eminent Domain
B. Adverse Possession
C. Zoning
D. Master Plan
C. Zoning
What happens to the licensees who work for a broker when the broker dies? The agents:
A. Must stop real estate activity immediately
B. May continue working up for 30 days
C. May continue working if there is an office manager appointed by the broker with two years experience within the last five years
D. May continue working until another broker takes over the office or the office is closed
A. Must stop real estate activity immediately
A licensee must keep a record of contracts and commissions received for three years from what date?
A. Date of offer
B. Close of escrow
C. Date of receipt of the commission check
D. Date the commission check cleared the bank
B. Close of escrow
When a structural pest control report is a condition of a transfer by the buyer, the report must be delivered to the:
A. broker
B. buyer
C. escrow company
D. lender
B. buyer
Anything material MUST ALWAYS be disclosed. Agents are Fiduciaries of its principal/client (buyer or seller).
There is a fiduciary duty to the clients to act in its best interests -- which includes disclosing all material facts.
The words "adequate, valuable, good or sufficient" in contract refer to:
A. Mutual consent
B. Performance
C. Consideration
D. Compensation
C. Consideration
Which type of estate represents the greatest interest a person can have in real property?
A. Less-than-freehold estate
B. Easement
C. life estate
D. Fee simple Estate
D. Fee simple Estate
Fee simple absolute is the highest form of power any person can have in real estate.
Escrow instructions should be:
A. Recorded
B. Executed
C. Acknowledged
D. Notarized
B. Executed
A voidable contract is:
A. unenforceable
B. enforceable
C. illegal
D. valid until some action is taken to void it.
D. valid until some action is taken to void it.
ex. Agreements that lack consideration; contracts with minors; illegal contracts
Both seller and broker were sued by the buyer because the broker failed to disclose the leaky roof to the buyer. The broker knew of the problem but forgot to disclose it to the buyer. The probable result of the lawsuit would be:
A. Buyer was not entitled to recover from either the broker or the seller
B. Buyer recovered from the broker but not the seller
C. Buyer recovered from the seller but not the broker
D. Buyer would be successful in the suit against seller and broker and the seller would be successful in the suit against the broker.
D. Buyer would be successful in the suit against seller and broker and the seller would be successful in the suit against the broker.
The relationship of a broker representing a principal when dealing with a third party in selling, buying, or exchanging property is defined as all of the following EXCEPT:
A. fiduciary relationship
B. An agency relationship
C. Attorney-in-fact-relationship
D. Broker/client relationship
C. Attorney-in-fact-relationship
A student rented a vacation house for two months during the summer. What types of estate did he have?
A. estate for years
B. Estate of periodic tenancy
C. Estate at will
D. Estate at sufferance
A. estate for years
An appraiser's primary concern when analyzing real property is:
A. marketability and acceptability
B. Functionality
C. Supply and demand
D. None of the above
A. marketability and acceptability
A contract into under duress would be:
A. Voidable
B. Valid
C. Void
D. Illusory
A. Voidable
With regards to blind advertising, it is:
A. not permitted. The advertisement must include the name and address of the broker and the address of the property being offered for sale.
B. not permitted. In an advertisement, a license must reveal licensed status.
C. permitted when a broker deems that it will increase exposure of the property to potential buyers
D. permitted with the owner's permission
B. not permitted. In an advertisement, a license must reveal licensed status.
All advertisements must include the agents DRE No., and the Broker/Brokerage DRE No.
Seller Houston listed a parcel of vacant land with Broker Jack. Broker Jack placed a listing in the local multiple listing service (MLS). The land was shown to buyer Barton by Salesperson Clinton who is employed by Live Oak Realty. Salesperson Clinton is directly responsible to:
A. Broker Jack
B. Seller Houston
C. Buyer Barton
D. Live Oak Realty
D. Live Oak Realty
The most essential document to establish the relationship between a property management company and a property owner is:
A. Lease
B. Maintenance agreement
C. Broker license
D. Written property management agreement
D. Written property management agreement
The relationship of a broker representing a principal when dealing with a third party in selling, buying, or exchanging property is defined as all of the following EXCEPT:
A. fiduciary relationship
B. An agency relationship
C. Attorney-in-fact-relationship
D. Brooker/client relationship
C. Attorney-in-fact-relationship
The most essential document to establish the relationship between a property management company and a property owner is:
A. Lease
B. Maintenance agreement
C. Broker license
D. Written property management agreement
D. Written property management agreement
What the highest and best use of a property is expected to change, the current use is called:
A. Temporary Use
B. Interim Use
C. Transitional Use
D. Possible Use
B. Interim Use
An owner of a 40-unit apartment houses is considering installing a swimming pool. He seeks a professional opinion from an appraiser. The appraiser would base his opinion upon which principle of appraisal?
A. Contribution
B. Regression
C. Substitution
D. Integration
A. Contribution