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CE SHOP California Real Estate Principles Questions and Answers Latest Updated
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CE SHOP California Real Estate Principles
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CE SHOP California Real EstatePrinciples
Asset held In a land trust - answerReal Estate
Level of government where building codes are enforced - answerLocal
Fixtures - answeritems of personal property that are attached or annexed to real
property
Fair Housing Act of 1968 - answerProhibited discrimination concerning the sale, rental,
and financing of housing based on race. Eliminate discrimination caused by
blockbusting, steering, and redlining.
Steering - answerChanneling prospective buyers or tenants to particular neighborhoods
based upon their race, religion, national origin, or ancestry.
Redlining - answerA discriminatory real estate practice where minority groups are
prevented from obtaining money to purchase homes or property in white
neighborhoods. The practice derived its name from the red lines depicted on cadastral
maps used by real estate agents and developers. Today, redlining is officially illegal.
Blockbusting - answerA process by which real estate agents convince white property
owners to sell their houses at low prices because of fear that persons of color will soon
move into the neighborhood
reserve fund - answermoney that can be made available for the future expansion of a
business. ALSO CALLED ESCROW ACCOUNT
Radon - answerA gas that arises from the earth where radioactive materials are
present. Causes lung cancer
Which category of appraiser can appraise one -4 unit residential property valued under
1 million and that are not complex in nature, and non-residential properties valued
below 250000 - answerResidential license
Plottage - answerOccurs when two or more sites are combined, with the result that the
value of the assembled site is worth more than the value of the sum of each of the
individual sites.
, competition, principle of - answerBusiness profits encourage competition, which
ultimately may reduce profits for any one business
CONFORMITY, PRINCIPLE OF - answerThe maximum of value is realized when a
reasonable degree of homogeneity of improvements is present. Use conformity is
desirable, creating and maintaining higher values.
CONTRIBUTION, PRINCIPLE OF - answerAn appraisal principle which holds that
the value of real property is at its best when the improvements
produce the highest return proportionate with their cost - the
investment.
Which occupancy type is eligible for a VA loan - answerowner occupied
When a land trust expires, the trustee must either extend the trust term or sell the real
estate and ------ - answergive the proceeds to the beneficiary
If buyer signs agency agreement. but natural disaster destroys property? what happens
- answerAgreement is terminated by force of law
contractor licensing requirements - answerHomeowners are exempt if they are working
without the intention to sell. Work that costs $500+ requires a license
Fiduciary Duty - answerThat duty owed by an agent to act in the highest good faith
toward the principal and not to obtain any advantage over the latter by the slightest
misrepresentation, concealment, duress or pressure.
prepayment penalty - answera fee charged if you repay a loan before the agreed-upon
time
CMA - answerComparative Market Analysis
Why might a license want to make 2 visits to the property as a part of a listing
presentation - answeruse info from a tour to prepare the CMA
Depreciable Base - answeracquisition cost of an investment property plus any
improvements or renovations
Estate at Sufferance - answerTenant remains on the property, without the landlord's
permission, after the lease has expired
Holdover Tenant - answerTenant who remains in possession of leased property after
the expiration of the lease term.
Estate at will - answerAn occupation of space, for an indefinite period, which can be
terminated by either the lessor or lessee at any time. Also referred to as tenancy at will.
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