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30 Cards in this Set
- Front
- Back
A broker selling a property on which he holds an option should notify the purchaser that he is acting as: |
d) A Principal |
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As used in real estate practices, the land of a riparian owner borders on: |
d) Any of the above |
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A quitclaim deed conveys only the present right, title and interest of the: |
d) Property |
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If a $54,600 investment in real estate generates gross annual earnings of 15%, the gross monthly return most nearly is: |
a) $819 |
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You are a California real estate broker. A prospect is referred to you by an out-of state broker and a sale is consummated by you. You want to split your commission with the cooperating broker. Under the California Real Estate Law: |
a) You may pay a commission to a broker of another state |
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A loan to be completely repaid, principal and interest, by a series of regular equal installment payments is a: |
c) Fully amortized loan |
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In a legal sales contract, the seller is often referred to as the: |
c) Vendor |
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Community property is property owned by: |
b) Husband and wife |
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An apartment complex cost $450,000. It brings in a net income of $3,000 per month. The owner is making what percentage of return on the investment? |
d) None of the above |
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A person holding title to real property in severalty would most likely have: |
d) Sole ownership |
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Copies of all listings, deposit receipts, cancelled checks, and trust records must be retained by a licensed real estate broker for: |
c) Three years |
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Parallel wooden members used to support floor and ceiling loads are called: |
b) Joists |
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A "loss of value from any cause" is a common definition of: |
b) Depreciation |
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Of the following, which is the most important reason for a broker to maintain a trust fund account in addition to a regular business account? |
d) The consequence which could occur should legal action be taken against the broker |
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Economic obscolecence could result from each of the following except: |
d) An outdated kitchen |
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A subordination clause in a trust deed may: |
d) give priority to liens subsequently recorded against the property |
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An interest in real property may be acquired by either prescription or by adverse possession. The interest resulting from prescription is: |
a) The right to use another's land |
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Generally, the taking of private land by governmental bodies for public use is governed by due process of law and is accomplished through: |
b) Eminent domain |
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Capitalization is a process whereby an appraiser: |
a) Converts income into capital value |
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The position of trust assumed by the broker as an agent for a principal is described most accurately as: |
c) A fiduciary relationship |
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We call the instrument used to remove the lien of a trust deed from record a: |
c) Deed of reconveyance |
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The type of mortgage loan which permits borrowing additional funds at a later date is called: |
c) Open-end mortgage |
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Tax delinquent real property not redeemed by the owner during the five-year statutory redemption period is deeded to the: |
c) State |
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In a typical percentage lease, rent is calculated as a percentage of: |
c) Gross sales of the lessee's business |
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The instrument used to secure a loan on personal property is called a: |
b) Trust deed |
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Under the Federal Truth-in-Lending Law, two of the most critical facts which must be disclosed to buyers or borrowers are: |
b) Finance charge and advertising expense |
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When a loan is fully amortized by equal monthly payments of principal and interest, the amount applied to principal: |
c) Increases while the interest payment decreases |
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Joint ownership of real property by two or more persons, each of whom has an undivided interest (not necessarily equal) without right of survivorship, is: |
c) A tenancy in common |
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Which of the following is a lien? |
c) An attachment |
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Governmental land use planning and zoning are important examples of: |
a) Exercise of eminent domain |