Study guides, Class notes & Summaries

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

(1) 1. The real estate marketplace could BEST be described as being A. homogeneous B. stratified C. perfect D. uninfluenced by emotion - ANSWER B. stratified (based on price) (1) 2. Most real estate agents are primarily engaged in which area of activity A. residential property B. raw land and lots C. commercial property D. development - ANSWER A. residential

An appraiser's definition of "Value" would be: a. present worth of all rights to future benefits arising out of ownership. b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. d. all of the above. - ANSWER d. all of the above. These are elements of value. Which of the following abbreviations is associated with the FHA? a. NAR b. CPM c. MIP/MMI

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California Real Estate (Principles) Exam with Verified Answers Graded A+ 1. Depreciation 2. Community Proper- ty 3. delivered and ac- cepted. 4. Easton would col- lect from Rothchild; Rothchild would then seek recourse from McGrew. 5. require disclosure of credit terms. 6. mechanics' liens can take priority be- fore they are recorded. 7. prior to the seller signing the listing agreement 8. Garcia paid Chan for 8 months' taxes. A ''loss in value from any cause'' is a ...

CALIFORNIA REAL ESTATE EXAM