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RE Principles H- Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

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RE Principles H- Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

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  • August 3, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • re principles h
  • re principles h questions and correct answers el

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RE Principles H-?
"interest" in payment - ✔✔the charge for the use of money for a period

"interest" in prop - ✔✔a share/right in something, partial ownership

actual notice - ✔✔express or implied knowledge of a fact

are PUDs only residential? - ✔✔usually are, but can be commercial or industrial too

can CA RE brokers act as a mortgage broker? - ✔✔yes, but a licensee who conducts MLO activities
for a residential prop of 1-4 units must obtain an MLO license endorsement attached to their RE
license and renewed annually

constructive notice - ✔✔knowledge of a fact that is imputed to a person by law bc of the person's
actual notice of circumstances and the inquiry a prudent person would be expected to make

direct construction costs - ✔✔material and labor

100%
general power of attorney - ✔✔auth to carry out all business dealings of the principal

highest and best use - ✔✔most profitable, physically possible, and legally permissible use for a prop

holder in due course - ✔✔A person who takes a negotiable instrument for value, in good faith, and
without notice that it is defective or is overdue.

holdover tenancy - ✔✔possession of prop by a tenant who remains in possession after
expiration/termination of lease

holographic will - ✔✔a will written entirely by hand and signed and dated by the testator

Home Affordable Refinance Program (HARP) - ✔✔legislation that allows borrowers w/little to no
equity to refinance their mortgage w/no new mortgage ins

home energy rating program - ✔✔CA energy commission program to certify home energy rating
services
to provide info on energy efficiency levels and guide investment into cost-effective home energy
efficiency measures

,home equity sales contract - ✔✔agreement to sell homeowner's equity
CA civil code reqs specific notice to owner, including right of cancellation

Home Loan Toolkit - ✔✔a guide from the consumer finance protection bureau for consumers who
apply for a credit transaction secured by real prop

Homeowner Assistance Program - ✔✔CA program for senior citizens and blind/disabled citizens of
any age
provides a prop tax rebate for low-income taxpayers

Homeowner's Bill of Rights 2004 - ✔✔enacted after CA wildfires in 2003
clarified rights of homeowners under ins policies

homeowner's exemption - ✔✔amount of an owner-occupied prop value that is excluded from
taxation

Homeowner's Protection Act of 1998 (HPA) - ✔✔Fed law requiring lenders/servicers provide
disclosures/notifications concerning PMI on residential mortgages after July 1999

homestead exemption - ✔✔exemption of real prop used as a home from certain creditor
claims/judgments up to a specific amount 100%
how is quality of insulation measured? - ✔✔R-value

how much must a lien release bond be? - ✔✔must be equal amount to 150% of the entire claim or
portion of it allocated to the parcels sought to be released

hypothecation - ✔✔use of a real prop as collateral for debt

implied agency - ✔✔action of a principal causing a third party to rely on the representation of an
agency relationship

implied contract - ✔✔agreement established from the conduct of the parties rather than express
agreement

implied warranties - ✔✔warranties by grantor to grantee implied by the deed, even if not mentioned
in it

, implied warranties examples - ✔✔grantor warrants he has not already conveyed the prop and that
there are no encumbrances on the prop brought about by grantor/any person who might claim title
from the grantor

impossibility of performance - ✔✔event makes it impossible to perform a contract on its terms
ex: destruction of prop

impound account - ✔✔trust account est. by a lender for accumulation of borrower funds to pay
taxes/other recurring costs

impracticability of performance - ✔✔same as commercial frustration

income capitalization approach - ✔✔appraisal method where the actual or likely NOI of the prop is
divided by its expected ROR (cap rate) to get an estimate of market value

independent contractor - ✔✔person that has almost complete freedom to accomplish purposes of
their employment

index method - ✔✔estimating reproduction cost by multiplying original cost by a factor
factor represents % change in construction cost from time it was built to time of valuation
100%
indirect construction costs - ✔✔permits, overhead, profit

inherent authority - ✔✔the authority of an agent to perform activities not mentioned in the agency
agreement, but necessary to carry out an auth'd act

inheritance tax - ✔✔tax on prop received on death of the owner
CA does not have this anymore

injunction - ✔✔a writ/order issued by a court to restrain 1+ party from doing an act deemed to be
inequitable/unjust in regards to the rights of another party/ies in the suit/proceeding

installment note - ✔✔promissory note that provides regular payments over the loan term
usually including both principal and interest

installment sale - ✔✔sale involving extension of credit by prop seller
seller receives regular payments from buyer on specified terms

insulation - ✔✔use of material to reduce heat conductivity and improve energy efficiency of bldgs

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