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California Real Estate Exam - Test 3 Questions And Answers With Verified Solutions Already Passed Rated A+
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  • California Real Estate

California Real Estate Exam - Test 3 Questions And Answers With Verified Solutions Already Passed Rated A+

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  • October 8, 2024
  • 43
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • california real estate exam test 3 questions and
  • 1 the real estate commissioner has the power to i
  • 2 an investor purchased a property for 10 less t
  • 4 which of the following represent the four uniti

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  • California Real Estate
  • California Real Estate

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California Real Estate Exam - Test 3
Questions And Answers With Verified
Solutions Already Passed Rated A+
1. The Real Estate Commissioner has the power to investigate, suspend, or revoke
the license of a licensee when that person has been found guilty of:


a. using a false or fictitious name, knowingly made false statements in any
application for registration of a manufactured home as a vehicle.
b. submitting a check, draft, or money order to the Dept. of Motor Vehicles for any
obligation or fee due the State, which was thereafter dishonored or payment
refused upon presentation.
c. both a and b.
d. none of the above. - ANSWER✔✔c. both a and b.


2. An investor purchased a property for 10% less than the listed price, then resold it
for the previously listed price. What was the percentage profit?


a. 9%
b. 10%
c. 11%
d. 12% - ANSWER✔✔c. 11%


MADE divided by PAID = RATE


3. A piece of lumber that is 2" x 12" x 24 ft. contains how many board feet?


a. 36

,b. 48
c. 60
d. 72 - ANSWER✔✔b. 48


2" x 12" x (24 x 12) = 2 x 12 x 288 ÷ 144 = 48.


4. Which of the following represent the four unities of market value?


a. Time, title, interest, possession
b. Possession, encumber, will, sell
c. Demand, utility, scarcity, transferability
d. Location, demand, financing, interest - ANSWER✔✔c. Demand, utility,
scarcity, transferability


Remember: D-U-S-T.


5. All but one of the following constitutes completion for purposes of filing a
mechanic's lien:


a. cessation of labor for 60 days.
b. acceptance and possession of structure by owner.
c. filing of notice by owner.
d. cessation of labor for one month on any form of home improvement. -
ANSWER✔✔d. cessation of labor for one month on any form of home
improvement.

,Cessation for 30 days must accompany an owner's filing of the "notice of
cessation."


Which of the following approaches would an appraiser use in determining today's
value of a single-family residence, which was built around 1930?


a. He would refer to a cost index and adjust for changes over the years.
b. Draw a conclusion from comparable sales figures in 1930.
c. He would use today's replacement costs and adjust for depreciation accordingly.
d. He would use 1930 construction costs as a starting point for his calculations. -
ANSWER✔✔c. He would use today's replacement costs and adjust for
depreciation accordingly.


The simplest and most feasible approach would be to use today's replacement costs
and to make allowances for any recognizable depreciation in determining the value
of the property.


The following are all correct concerning a valid homestead, except:


a. the declarant must reside on property at time of declaring.
b. the declarant must give a description of the property.
c. the declarant must be married at the time of declaring.
d. all of the above - ANSWER✔✔c. the declarant must be married at the time of
declaring.


The declarant need not be married to file/declare.

, In order to maximize return for his efforts during a tight money market, a real
estate broker would best direct his efforts into:


a. sale of single dwellings, with assumption of existing loans.
b. property exchanging.
c. sale of recreational properties.
d. sale or leasing of income property. - ANSWER✔✔b. property exchanging.


Exchanges most frequently would require minimal new, or refinancing,
exchanging equities.


When a deed is recorded:


a. title always passes.
b. possession is granted.
c. presumption of delivery arises.
d. none of above. - ANSWER✔✔c. presumption of delivery arises.


Deed must be delivered to be effective. It is logical the grantor intended delivery if
the signed and had it acknowledged by a notary public.


A land developer should initially:


a. acquire the land.
b. do a cost analysis.
c. do a market analysis.

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