Exam (elaborations)
California Real Estate Salesperson Exam Practice
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California Real Estate Salesperson Exam Practice
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California Real Estate Salesperson ExamPractice
A broker operating under the DBA of ABC Realty listed Nelson's
property for sale at $422,000. The broker along with a number of his
salespeople own an investment company known as ABC Realty
Investments Ltd. ABC Realty Investments Ltd. makes a full price offer
on Nelson's property but the broker did not disclose to Nelson who the
buyer was. Nelson accepts the offer. The broker's actions in this
situation
were improper since he failed to disclose the true identity of the buyer.
A buyer purchases a home for $212,000 putting a 20% down payment. If
the property appraises for $205,000, the amount of the required down
payment would be
20% of $205,000 plus $7,000.
A buyer/vendee under a typical contract of sale (land contract) generally
receives
possession.
A decrease in the value of a property resulting from the impairment of
usefulness caused by economic changes in the local area would most
likely be considered
social obsolescence.
A dual agency is most commonly associated with
"in-house" sales.
A grant deed can be
signed with an "X".
,A landlord and a tenant mutually agree to terminate a two-year lease
prior to the termination date. This would best be described as an
surrender.
A loan broker negotiates a $18,000 hard money junior trust deed due in
3 years for a borrower. The maximum commission that the loan broker
can charge for his services is
more than 15%.
A promotional note will no longer be regulated as a real property
security after the note is
3 years and one month old.
A property owner cuts down an old oak tree on his property. The oak
tree has become personal property by
severance.
A real estate agent is informing homeowners in a predominantly
Hispanic neighborhood that Asians are beginning to move into the
neighborhood. The agent suggests that the homeowners should seriously
consider moving out soon. Which of the following is least correct?
The agent's actions are illegal.
A real estate agent representing a seller delivered to the buyer an
amended TDS. Within a certain time frame the buyer may
terminate the transaction.
A real estate agent working with a young couple has helped the couple
locate a very nice home. The young couple ask the agent's advice
regarding the couple's plan to borrow against their personal property
including their car, to obtain part of the down payment. The agent
should
, tell them that the decision is up to them and point out any possible
advantages and disadvantages of borrowing against their personal
property.
A reference to topography notated on a subdivision map refers to
the contour or nature of the surface of the land.
A seller signed a 90-day exclusive authorization and right to sell listing
agreement with Broker Bill. Three weeks later the seller canceled the
listing. Under these circumstances the
owner can cancel the listing but may be liable for damages, including the
commission to Broker Bill.
A Shared Appreciation Mortgage (SAM) would generally be most
desirable
when home values are steadily increasing.
The term "seasoned note" is
longer than 36 months.
A student who rents a beach bungalow for 2 weeks during each summer
vacation would hold an estate
for years.
A tenant pays $1,250 per month to rent an apartment on a periodic
tenancy. When the water heater breaks the landlord fails to have it
repaired. The tenant may deduct how much from the rent to pay for the
repair?
$1,250
A "bench mark" would most likely be used by a
surveyor.
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