100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
California Real Estate Exam Multiple Choice Questions with Correct Answers $13.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Real Estate
  4.  
  5. Real Estate

Exam (elaborations)

California Real Estate Exam Multiple Choice Questions with Correct Answers
 7 views  0 purchase
  • Course
  • Real Estate
  • Institution
  • Real Estate

California Real Estate Exam Multiple Choice Questions with Correct Answers 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...

[Show more]

Preview 4 out of 258  pages

Document information

  • November 4, 2024
  • 258
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • california real estate exam multiple choice questi

Written for

  • Real Estate
  • Real Estate

Seller

avatar-seller
KaylinHoffman

Content preview

Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




California Real Estate Exam Multiple

Choice Questions with Correct Answers


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. - ANSWER✔✔-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 - ANSWER✔✔-c. MIP/MMI




Copyright ©Stuvia International BV 2010-2024 Page 1/258

,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


MIP - Mortgage Insurance Premium/Mutual Mortgage Insurance.


An investor group recently sold a parcel of land for $217,500, which was 45% more than they paid for it.

The land is described as follows: N½ of the NW¼ of the SE¼ of Section 13 plus the W½ of the NE¼ of

Section 13. What was the original price they paid per acre for the property?




a. $1,500


b. $1,200


c. $1,000


d. $750 - ANSWER✔✔-a. $1,500




$217,500 ÷ 145% (1.45) = $150,000 original price


Acreage: N½ of the NW¼ of the SE¼ = 20 acres


W½ of the NE¼ = 80 acres


Therefore, price per acre = $150,000 ÷ 100 = $1,500.


Which of the following is NOT a lien?




a. Encumbrance


b. Homestead


c. Zoning


Copyright ©Stuvia International BV 2010-2024 Page 2/258

,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


d. All of the above - ANSWER✔✔-d. All of the above




A lien is a charge against property, whereby the property is made security for payment of the debt, i.e.,

attachment.


A property sells for $121,000. The purchaser gives $10,000 down payment, agrees to place an additional

$5,000 down, and ta ke over an existing VA first loan of $100,000, with the remainder to be in the form

of a 2nd note and trust deed. For these cond itions, how much would the documentary tax stamps be?




a. $1.10


b. $5.50


c. $133.10


d. $23.10 - ANSWER✔✔-d. $23.10




Do NOT pay on old existing loan being taken over. Therefore, ($121,000 - 100,000) ÷ 1,000 x ($1.10) =

21.0 x $1.10 = $23.10.


If an appraiser were called upon to evaluate a public building, which had unique and distinctive

architecture, he would employ which of the following methods of valuation?




a. Replacement (cost approach)


b. Comparison

Copyright ©Stuvia International BV 2010-2024 Page 3/258

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


c. Capitalization


d. None of the above - ANSWER✔✔-a. Replacement (cost approach)




Since there is no income for capitalization and no means for comparing sales, replacement cost is the

only approach available.


The members of the National Association of Real Estate Brokers are called:




a. Realtors®.


b. Consolidated Brokers.


c. Realtists.


d. None of the above. - ANSWER✔✔-c. Realtists.


If the taxes on a newly acquired property will amount to 1.25% of the purchase price, what will the first

installment (6 months) bill for a home costing $125,500 be?




a. $765.35


b. $742.51


c. $784.38


d. $795.97 - ANSWER✔✔-c. $784.38




Copyright ©Stuvia International BV 2010-2024 Page 4/258

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 KaylinHoffman. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75632 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you

Summary ·

(0)

ANSWERS of ALL of the UATS discussion questions - GEO4-2608.

Package deal ·

(0)

Auditing substantive procedures

$13.49
  • (0)
  Add to cart