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Final Exam A California real estate with complete solutions 2024_2025
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Final Exam A California real estate with complete solutions 2024_2025
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Final Exam A California real estate withcomplete solutions 2024/2025
All of the following are ways by which an offer to purchase real estate would be
terminate, except - ANSWER- Failure to communicate notice of revocation before
the other party has communicated his or her acceptance
When using their closing statement, escrow would debit the seller of income
property for which of the following items - ANSWER- Prepaid rent
When a Cal-Vet wishes to purchase a home and use his California veteran's
benefit he would make the application to - ANSWER- Department of Veterans
Affairs
Which of the following loans would most likely be made without requiring down
payment from the borrower - ANSWER- VA Loan
Recorded title to a parcel of property was vested in Mary Wilson a single woman.
After her marriage to John Roberts she executed a deed to the property only in
the name of Mary Roberts, a married woman. The discrepancy in the grantor's
name is - ANSWER- A defect, which may cause a cloud on the title
If a salesperson wishes to advertise his or her services, the advertisement must
include - ANSWER- The brokers name
Which of the following statements is incorrect with regard to an "in-house" sale -
ANSWER- The listing broker can be the agent of the buyer only
For income tax purposes, capital expenditures for improvements & alterations are
- ANSWER- Added to the "cost basis" of the property
, The document which transfers title but contains no express or implied warranties
is a - ANSWER- Quitclaim deed
Land, which is subject to an easement is said to be - ANSWER- Encumbered
After completion of a new building in which the owner did not record a Notice of
Completion, any unpaid claimant must file a Mechanics's Lien within - ANSWER-
90 days
Mr. Smith employed the XYZ Pool Construction Company to install a swimming
pool at his home. After completion, the contractor filed a lien to obtain payment
of the contract price. The encumbrance created was - ANSWER- A specific lien
Which of the following has control over the approval of a subdivision under the
Subdivision Map Act? - ANSWER- Planning Commission
Mutual mortgage insurance on a FHA loan - ANSWER- Protects the lender against
ant deficiency in the event of default
A Land developer offers a free prize to anyone who replies to his direct mail
advertisement & visits his subdivision site. Prior to awarding the prize, however,
the developer requires the party to attend a sales presentation at the site. Then
sales presentation requirement was not mentioned anywhere in the
advertisement. This type of promotion is - ANSWER- Illegal because it did not
disclose the sales representation attendance requirement
Which of the following statements most accurately describes mortgage
companies who act as mortgage loan correspondents. Such companies -
ANSWER- Prefer negotiating loans ,which are sold on the secondary market
A real estate broker who desires to operate a real estate office that is both
competitive & profitable, is vitally concerned with "Desk Cost'. "Desk Cost" is
calculated by dividing the - ANSWER- Total cost of rent, utilities, telephone
advertising & other operating expense by the number of salespersons
Which of the following would a tenant in an apartment building & an owner in a
condominium project have in common - ANSWER- Both have an estate in real
property
The principal purpose of the Federal Truth in Lending Act was to - ANSWER-
Require creditors to disclosed complete credit terms to prospective borrowers
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