Real Estate Sales Person Exam Prep (California) 2024

When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: - ANSWERActual Fraud A fee simple estate is: - ANSWERan estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: - ANSWERCost Approach The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: - ANSWERTo provide consumers with enough information to enable them to shop for settlement services Definitions of market value is least concerned with: - ANSWERMarket cost What type if an appraisal license is required to appraise a commercial strip mall valued at $700,000: - ANSWERCertified general license; Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means - ANSWERAccording to value; In order to comply with the regulations of the state Housing Law, a person should seek the issuance of a building permit from: - ANSWERthe local Department of Building and Safety One of the main benefits of a sale-leaseback transaction would be; - ANSWERThe ability of the seller to deduct al of his future rent payments as business expenditures A broker who holds a valid listing on a property places a classified ad for the property containing only the following information "For Sale: 3 bedroom, 2 bath home with swimming pool. Asking price $165,000. Telephone 555-9276". This type of advertisement would be an example of a: - ANSWERBlind a