CALIFORNIA REAL ESTATE 2023 EXAM BUNDLE, RATED A+, GUARANTEED PASS!!

In reference to Property Taxes, "basis" or "cost" is - ANSWER Purchase price of prop plus cost of improvements. How is a condominium unit owned? - ANSWER Separate interest How are common interests in a condo owned? - ANSWER Equally in undivided interest Subdivided Land Laws refer to - A...

Using time-management to increase income, you should realize that - ANSWER doubling "A" time activities should double your income. What are the advantages of a good time-management program? - ANSWER Improved efficiency Increased income A release from time pressures One of the requirements ...

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: - ANSWER Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two jo...

A title was recorded for a parcel of real property vested in the name of Johan Wilson, a single woman. After her marriage to William Roberts, she executed a deed to the property only in the name of Johan Roberts, a married woman. The discrepancy in the grantors name is: A. Valid if William Robert...

Which of the following is most vital or important in planning a subdivision: - ANSWER Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: - ANSWER Percentage Lease What is not an adequate method of transferring property...

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 propert...

1. The Real Estate Law is found in the a. Licensing Code b. Business and Professions Code c. Health and Safety Code d. Corporations Code - ANSWER Business and Professions Code (1) 2. The Real Estate Commissioner reports to the a. California Bureau of Real Estate b. governor c. Real Es...

Broker A receives two offers on Seller B's house, which is listed for sale at $250,000. The first offer is for all cash at $200,000. The second offer is for 20% down with 80% financing for the full price. What should the broker do with respect to both offers? - ANSWER Present both offers to the sel...

According to the Sherman Anti-Trust Act, if a real estate agency instructed all of the salespersons and associate brokers that they were to set their commissions at 3%, and they all agree to do so, this would be - ANSWER Not a violation of the Sherman Anti-Trust Act In order to have a valid agen...

After purchasing a home, the new owner applies for a building permit to add another bedroom and bath. The city building department requires a $1,000 application fee and refuses to issue the permit until acceptable plans are submitted showing that the project meets all construction codes. How does th...

Alienation Clause - ANSWER Clause in a loan document providing for full payment if the property is sold. First Trust Deed Commission Maximums - ANSWER 5 percent on loans less than three years 10 percent on loans of three years or more Second of Other Junior Trust Deed Commission Maximums - AN...

M.A.R.I.A. - ANSWER IS PROPERTY REAL OR PERSONAL: -Method of Attachment (or Annexation) - How the item is attached to the property (a window air-conditioner (personal) vs. a central air conditioning unit (appurtenance). -Adaptability - A microwave oven that is "built in" vs. a microwave that sim...

1031 exchange boot - ANSWER cash and/or unlike property received in a 1031 exchange 1099-S Reporting - ANSWER report submitted to IRS by escrow agents to report the sale of real estate, giving seller's name, social security number, and gross sale proceeds. acknowledgement of satisfaction - AN...

Broker Alice has hired several independent contractors in her firm. Which of the these activities does she have control over? - ANSWER What percent of commission the licensees can charge. Alice has decided that she will specialize in selling farm land. Which area of specialization would she fall ...