Real Estate Salesperson California State Exam Complete Solutions

Real Estate Salesperson California State Exam Complete Solutions Which of the following is most vital or important in planning a subdivision: Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: Percentage Lease What is not an adequate method of transferring property? Executive Sale What is considered personal property? Existing Mortgage If an income property is valued at $100,000 based on an 8% capitalization rate, what would be the value of the property if a 10% return is required: $80,000 $100,000 Value of Property x 0.08 Capitalization Rate =$8,000 Net Income $8,000 Net Income ÷ 0.10 of Return =$80,000 Value of Property The value of the best property in the neighborhood will be adversely affected by the presence of comparatively substandard property is a statement relating to value and is know as the Principle of: Regression Which of the following actions or events would result in the termination of a sales escrow: Mutual consent of the parties The measure of goods and services produced by the nation during any one calendar year is the definition of which of the following: Gross National Product An easement on real property can be terminated by: A release signed by the holder of the dominant tenement An appraiser's narrative appraisal report of a single-family residence probably would contain no reference to: The type of financing available When identical or highly similar properties are offered for sale, the property offered at the lower price attracts the greatest demand. That statement is an illustration of which of the following principles of appraising: Substitution When the public records have been examined in order to determine the chain of title to a parcel of real property, a written summary of that chain of title is known as: An abstract of title The remedy of unlawful detainer action is used by offended: Lessors Freehold estates would include which of the following: A life estate If a lender accepts a deed in lieu of foreclosure from a trustor, the lender: Will assume any junior liens Which of the following would usually be true concerning a hard money second trust deed: It's secured by real estate and given to a third party to obtain a cash loan Betty is beneficiary of a $15,000 deed of trust on a single-family home located in Long Beach, CA. Trustor Milo made $2,000 in payments, then defaulted. At a trustee's sale, the property sold for $10,000, resulting in a $3,000 deficiency. In California, a deficiency judgement cannot be obtained: In any of the below situations. -If the security is a purchase-money trust deed. -If remedy of trustee's sales is used. -If fair market value of the property exceeds the amount due on the trust deed. What state agency would a consumer contact in order to obtain a written report disclosing the presence of wood destroying organisms? Structural Pest Control Board When a lender on a graduated payment mortgage is making disclosures that are required under the Truth-in-Lending Law concerning advertising he must disclose the: Lender's Name A clause in a mortgage stating that the rights of the mortgagee shall be secondary to a subsequent mortgage is called: None of the above In California the use of an abstract of title has been superseded almost entirely by the: Policy of title insurance Sherman gives a quitclaim deed to Warner for a parcel of real property. Warner does not record the deed. In this situations, which of the following is true: The deed is valid as between Sherman and Warner, but invalid as to subsequent recorded interests without notice Which of the following statement is true? Real property can become personal property Land zoned for use as the site for multi-family residential developments (such as apartment buildings) would be denoted as: R-3 or R-4 The purchaser of a lot which is subject to a lien for street improvements under the Street Improvement