Real Estate Principles Final Exam Colibri
1. Disclosures Provided Upon Sale of Real Property: Which of the following is NOT a disclosure? - ️ Mold Disclosure Required - Lead-based Paint Disclosure Required - Natural Hazards Disclosure Required - Radon Detection Test Disclosure - NOT REQ...
1. Disclosures Provided Upon Sale of Real Property: Which of the following is NOT a disclosure?
- ✔️ Mold Disclosure Required
- Lead-based Paint Disclosure Required
- Natural Hazards Disclosure Required
- Radon Detection Test Disclosure - NOT REQUIRED IN CA (Correct)
2. Escrow Termination: Escrow cannot be terminated in which of the following ways?
- ✔️ Death of one of the principals
3. Funding Roof Replacement in a Condominium Association: The association must pass a:
- ✔️ Special Assessment
- NOT Ad valorem tax (because it's an ongoing tax based on property value, not project-specific)
- NOT General real estate tax (as it also relates to property value, not specific assessments)
4. Lease Agreement Signing Requirements: In Pauline's situation, which is true?
- ✔️ Leases of less than 1 year are not required to be in writing. However, if a lease is in writing, then
it must be signed by the lessor (in this case, Wayne)
5. Types of Common Interest Developments: Which is NOT considered one?
- ✔️ Mobile Home Parks
- The below ARE considered Common Interest Developments:
- Condominiums
- Cooperatives
- Planned developments
, 6. Loan Broker's Commission: For hard money loans, what is the maximum commission that can be
charged?
- ✔️ The broker MAY CHARGE as much commission as the borrower will agree to pay.
7. Threshold Reporting Requirements: For loans of $30,000 or more, brokers must report:
- Annual and quarterly loan activities if meeting specified criteria.
8. Escrow Signing Practices in California: The Wrights realize:
- ✔️ The escrow practices in Southern California differ from those in Northern California.
9. Straight Term Loan Definition: Ollie and Molly's loan means:
- ✔️ They will make payments of interest only, with the principal due on the loan due date in 30
years.
10. Consideration for a Gift Deed: In Perry's scenario, the necessary consideration is:
- ✔️ Love and affection is the only consideration necessary.
11. Appraiser's Value Approach: What approach is Louis utilizing?
- ✔️ Sales Comparison Approach (also called Market Data Approach).
12. Type of Agent Timothy is: Timothy is a:
- ✔️ Universal Agent - handles all delegated business of principal.
13. Warranties Implied in a Grant Deed: Which is true regarding S.C. Heet's property deed?
- ✔️ Under a grant deed, the two warranties... are implied within the grant.
14. Jamie Dafe's Brokerage Status: Jamie must be:
- ✔️ licensed as a mortgage loan broker under the California Business and Professions Code, Article 7.
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