Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024

Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024 Missy, a licensee, desperately wants to be appointed the next California Real Estate Commissioner. For the three years she has held her California real estate license, she has been ranked in the top five in new home sales in her office. Missy has never had her license suspended or revoked, and prides herself on being ethical in every transaction and interaction. Does Missy have a chance? - answerNo, not at this point in her career. In order to be appointed to the post by the governor, she must have a minimum of five years' experience as a real estate broker. What is the major difference between an Estate for Years and an Estate from Period to Period? - answerThe major difference is: in an Estate from Period to Period, the tenant must give notice to vacate whereas in an Estate for Years, there is no need to give any notice. Lillian is buying Julia's home in Malibu. Julia, after selling her home to Lillian, is buying Anne Marie's condo in San Francisco. In these transactions, who is the grantor and who is the grantee? - answerLillian is the grantee and Julia is the grantor. Julia is the grantee and Anne Marie is the grantor. Which of the following is not a goal of a real estate appraiser? - answerTo determine the marketability of a property. Timothy has been hired by the estate of Tyler Wilbanks, who is recently deceased. Timothy has Power of Attorney and will be handling all the real estate affairs of the deceased estate. Which type of agent is Timothy? - answerUniversal Agent Which of the following statements referring to general taxes is true? - answer- General taxes are Ad Valorem taxes. - General taxes are used for the general operation of the governmental agency authorized to impose the taxes. - Real property tax (general taxes) are based on the assessed valuation of the property. Derek's new office is undergoing a minor renovation and he cannot conduct business in the location for approximately six months. He decided to lease a temporary office in Samantha's building from June 1 to December 30. Which type of lease has Derek signed? - answerAn Estate for Years Janet is a broker who negotiates a number of loans to specific subdivisions. Last year, she took part in 27 loans to homeowners in one subdivision. Due to this large number of loans to a subdivision, Janet has to report loan activities to the California BRE. What is the name of this reporting process, how often must the reports be made, and what is an additional requirement for making these reports? - answerThe annual and quarterly process is Threshold Reporting. Additionally, if a broker negotiates more than $1,000,000.00 in loans annually, he must take part in Threshold Reporting. A developer wants to build a sprawling two-story office complex. The developer's and architect's vision is something low, modern, and new. They are planning the complex in an urban area of town, replacing ten blocks of old high-rise buildings. Unfortunately, the zoning commission's vision does not coincide with either the developer's or the architect's. Which type of zoning regulation applies? - answerDirective Zoning Drew is leasing his apartment from Reggie. The lease is for one year and they have agreed on all areas of the contract. The lease is in written form, and Reggie is the only party that has signed. Without Drew's signature, is the lease now invalid? - answerNo, the lessee is not required to sign, only the lessor. The lessee's occupation