Real Estate Principles Final
1. a. buyer signs
the counteroffer.
2. a. Common inter-
est development
3. b. Demand is
greater than sup-
ply
4. c. tenancy at will
5. c. complete gen-
eral tasks.
1. One of the elements of a valid contract is mutual con-
sent—an offer and an acceptance. A...
Real Estate Principles Final 1. a. buyer signs the counteroffer. 2. a. Common inter - est development 3. b. Demand is greater than sup- ply 4. c. tenancy at will 5. c. complete gen- eral tasks. 1. One of the elements of a valid contract is mutual con- sent—an offer and an acceptance. A contract becomes binding between the seller and the buyer when the: a. buyer signs the counteroffer. b. broker is notified of the seller's acceptance. c. offer is accepted by the broker. d. buyer is notified of the seller's acceptance. 2. What type of development combines the individual ownership of private dwellings with the shared ownership of common facilities of the entire project? a. Common interest development b. Standard subdivision c. In-zoning subdivision d. Shared development 3. Which of the following causes real estate prices to increase? a. Demand is not an issue b. Demand is greater than supply c. Supply and demand are the same d. Supply is greater than demand 4. A(n) may be unilaterally terminated by a lessor or lessee. a. tenancy at sufferance b. tenancy for years c. tenancy at will d. estate of periodic tenancy 5. A listing agreement allows a broker to: a. be an independent contractor. b. complete a specific task. Real Estate Principles Final 6. 7. 8. 9. 10. d. infill develop - ment. b. CalVet c. Transfer Dis- closure State - ment c. escrow officer. d. $1.10 c. complete general tasks. d. transfer title. 6. The development of vacant parcels in existing urban and suburban areas is known as: a. brownfields. b. urban sprawl. c. mansionization. d. infill development. 7. Under which government financing program are ap - proved applicants required to apply for life insurance —not mortgage insurance? a. F.H.A. b. CalVet c. Fannie Mae d. V.A. 8. Which document is used by a seller to describe the condition of his property to the buyer? a. Uniform Settlement Statement b. Loan Broker Disclosure Statement c. Transfer Disclosure Statement d. Alquist -Priolo Disclosure Statement 9. The escrow holder is the: a. real estate salesperson. b. buyer. c. escrow officer. d. seller. 10. Documentary transfer tax is usually based on per $1,000 of the purchase price. a. $1.55 b. $1.65 Real Estate Principles Final 11. 12. 13. 14. b. describes the basis of the com- plaint and con - tains an order to correct the viola - tion and a rea - sonable time pe - riod in which to correct it. a. Twice a year a. low affordabili - ty index. d. Creditors to disclose cred - it terms so consumers can make compar - isons c. $0.55 d. $1.10 11. The Commissioner can issue citations and fines to both licensees and unlicensed persons for minor viola- tions of the Real Estate Law. A citation: a. enumerates the laws violated and states the amount of the administrative fine. b. describes the basis of the complaint and contains an order to correct the violation and a reasonable time period in which to correct it. c. orders the violator to appear in court. d. describes the basis of the complaint and requests compliance in a timely manner. 12. How many times may a tenant offset his monthly rent against repairs he has made? a. Twice a year b. Twice every four years c. Three times d. There is no limit 13. Everything listed below helps to create a strong hous - ing market except a(n): a. low affordability index. b. high affordability index. c. adequate housing inventory. d. low interest rates. 14. What does the Truth -In-Lending Act (Regulation Z) require? a. Anyone negotiating a loan to have a real estate license b. A cap on interest rates c. Fed to regulate the flow of money d. Creditors to disclose credit terms so consumers can make comparisons
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