Exam (elaborations)
CA DRE SALESPERSON EXAM 2
- Course
- Institution
- Book
CA DRE SALESPERSON EXAM 2
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
CA DRE SALESPERSON EXAM 2
1 review
By: leonardmuriithi061 • 2 days ago
Seller
Follow
tutorsection1
Reviews received
Content preview
CA DRE SALESPERSON EXAM 2 LATEST VERSIONS (VERSION A & B)ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS
WITH RATIONALES|ALREADY GRADED A
What is the concept of "fee simple" ownership? - ANSWER: The most complete form
of ownership in real estate, providing full possessory rights and responsibilities for an
indefinite duration.
Define "leasehold estate." - ANSWER: A tenant's right to occupy real estate during
the term of the lease, typically without ownership of the property.
What are restrictive covenants? - ANSWER: Private agreements that restrict the use
of real estate in some way, often placed by developers or property owners.
Explain "adverse possession." - ANSWER: A method of acquiring title to real property
by possession for a statutory period under certain conditions.
What is "eminent domain"? - ANSWER: Government's power to take private
property for public use with just compensation to the owner.
What does "zoning" regulate? - ANSWER: Regulations for land use, specifying what
types of buildings and uses are permitted in different areas
Describe "easements." - ANSWER: Rights to use the property of another for specific
purposes, such as utilities or access.
What is a "variance" in zoning? - ANSWER: An exception to zoning laws granted to a
property owner, allowing for use that deviates from current zoning requirements.
What are the types of agency relationships in real estate? - ANSWER: Seller's agency,
buyer's agency, dual agency, and transaction brokerage.
What is the "duty of loyalty" in fiduciary responsibilities? - ANSWER: Requires the
agent to act solely in the best interest of their principal.
Define "dual agency." - ANSWER: Occurs when a real estate agent represents both
the buyer and the seller in the same transaction, with both parties' consent.
What is required for agency disclosure in California? - ANSWER: Agency disclosure
must be provided before entering into an agency relationship and must be
acknowledged in writing by the parties involved.
What does "OLD CAR" stand for in fiduciary duties? - ANSWER: Obedience, Loyalty,
Disclosure, Confidentiality, Accounting, and Reasonable care.
, What is the "duty of care" in fiduciary responsibilities? - ANSWER: Requires the agent
to provide competent and diligent service to their principal.
What is a Comparative Market Analysis (CMA)? - ANSWER: An informal estimate of
market value by comparing similar properties that have recently sold in the area.
Explain the "Sales Comparison Approach". - ANSWER: Estimates property value by
comparing it to similar properties that have recently sold.
What is "cost approach" in appraisal? - ANSWER: Determines property value by
calculating the cost to replace or reproduce the improvements minus depreciation
plus land value.
Define "income approach" in property valuation. - ANSWER: Estimates the value of
income-generating properties based on the present value of future income streams.
What does "DUST" stand for in characteristics of value? - ANSWER: Demand, Utility,
Scarcity, and Transferability.
What is "highest and best use"? - ANSWER: The most profitable legal use of a
property, resulting in the highest value.
What is an "amortization schedule"? - ANSWER: A table detailing each periodic
payment on a loan, showing the amounts going towards principal and interest.
Explain "private mortgage insurance (PMI)." - ANSWER: Insurance that protects the
lender against losses if a borrower defaults on a conventional loan with a down
payment less than 20%.
What is an "adjustable-rate mortgage (ARM)"? - ANSWER: A mortgage with an
interest rate that may change periodically based on changes in a corresponding
financial index.
Define "loan-to-value ratio (LTV)." - ANSWER: The ratio of the loan amount to the
appraised value or purchase price of the property, whichever is lower.
What is a balloon payment? - ANSWER: A large payment due at the end of a loan
term after a series of smaller periodic payments.
Explain "equity" in real estate. - ANSWER: The difference between the current
market value of a property and the outstanding balance of any mortgages on the
property.
What is the purpose of a "deed"? - ANSWER: A legal document that transfers
ownership of real property from one person to another.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tutorsection1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81633 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now