Gianna1

An appraiser's definition of "Value" would be: a. present worth of all rights to future benefits arising out of ownership. b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. d. all of the above. d. all of the above. These are elements of value. Which of the following abbreviations is associated with the FHA? a. NAR b. CPM c. MIP/MMI d. MBA c. MIP/MMI MIP - Mortgage Insurance Premium/Mutual Mortg...

The maximum commission a broker may charge for the sale of residential property is: (a) set forth in the Real Estate Law. (b) determined by the broker's contract with his principal. (c) six percent of the total sales price of a residence. (d) determined by local custom. B There is currently no law which controls what amount may be charged by the broker. Therefore, it is set by agreement between the parties. The Statute of Frauds, outlines what contracts must be in writing to be enforceable t...

1. The Real Estate Commissioner has the power to investigate, suspend, or revoke the license of a licensee when that person has been found guilty of: a. using a false or fictitious name, knowingly made false statements in any application for registration of a manufactured home as a vehicle. b. submitting a check, draft, or money order to the Dept. of Motor Vehicles for any obligation or fee due the State, which was thereafter dishonored or payment refused upon presentation. c. both a and b. d. ...

Procedure to enforce deed restrictions Injunction Alluvium soil deposits suspended in water as the result of erosion. Can an easement be lost by non-use? Only an easement acquired by prescription may be lost through non-use. An easement created by deed remains in effect. How long must one use another's land open and notoriously to obtain an easement by prescription? 5 years How many acres in a section? 640 Ad Valorem Tax tax based upon the value of the property. Title is best defined as: ...

A rectangular lot contained 17,550 square feet. It measured 150 feet deep. A man wanted to build a store and needed more land. He could buy one lot on each side of this lot. Each of the side lots was the same size and the same shape. Each was 150 feet deep. Each contained 6,000 square feet. If he purchased all three lots, what would be the front footage: A: 197; B: 189; C: 181; D: 176. A: 197; When rent is computed on the gross sales of a business occupying real property, the lease is correctl...

Covenant of warranty A promise in a deed that the grantor will guarantee and defend the title against lawful claimants. They're dividing the property proportionally so that each co-owner becomes sole owner of a portion. When co-owners of a property decide to partition the property, what does it mean? Preliminary report Which document is used to give a buyer an overview of the title history and information about what is or isn't covered in an insurance policy? Joint Tenancy Which ownership t...

An agency relationship creates a fiduciary relationship between principal and agent. Which of the following relationships illustrates a fiduciary relationship? (A) Real estate broker to his/her client (B) Trustee to a beneficiary (C) Both A and B (D) Neither A nor B Answer: (C) Both A and B require a fiduciary responsibility as both are acting as agents for their principal. A broker takes a listing on a residence. The seller tells the broker she is selling because a freeway is planned nearby....

Which document is used to give a buyer an overview of the title history and information about what is or isn't covered in an insurance policy? Preliminary report Buyer Maria and seller Doug are closing on June 1. Maria's mortgage loan is $927.86, and $871.86 will go to interest in the first month. Maria will have to pre-pay interest for June using the 360-day proration method. If Doug owns the closing day, what Maria's prepaid interest cost be at closing? $842.74 Which of the following is o...

Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action could: Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: A foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to a third party. One of the joint tenants sell his interest. A man ...

Mikela wants to research and study the requirements for the California Real Estate Examination Test. Where can she find the exam's purpose and requirements? California Business and Professions Code Section 10153 Marc needs to score 12 points higher on the California State Licensing exam this time to earn a passing score. What was his initial exam score? Marc's initial exam score was 58% based on the required passing score of 70%. Miguel sits down, ready and prepared to take the examination. ...