Property can be transferred without consideration with a gift deed. However, the
transfer by a gift deed may be voided by: - ANSWER a creditor of the grantor
Creditors of a grantor may void a transfer by a gift deed. The grantor cannot gift
the property to another in order to avoid debt held by a creditor.
The time period during which a building produces income that can be attributed
to the building itself is known as: - ANSWER B. Economic life
economic life is the length of time a property produces an income attributable to
the building.
If an appraiser uses improper valuation methods or is negligent in completing a
government loan assignment, they may be guilty of: - ANSWER violating
appraisal ethics and committing a felony
Negligence is in violation of ethics, and fraud is a felony.
A lender can enter into an agreement with both a buyer and a seller for the
buyer's assumption of the loan and a release of the seller's liability, called a: -
ANSWER novation or substitution of liability
what is constructive eviction - ANSWER when the landlord interferes with the
tenants use
The gross rent multiplier (GRM) is calculated by: - ANSWER dividing the
sales price by gross monthly income
,An agency relationship in real estate is terminated in multiple ways. Which of
these is NOT likely to be the cause of termination of an agency relationship?
a. The incapacity or death of either the seller or broker.
b. Revocation of the agency by the owner.
c. Destruction of the property.
d. Estoppel. - ANSWER D. estoppel
estoppel is a legal theory barring someone from later asserting or denying a
condition based on the persons previous words or actions.
A newspaper advertisement is considered "blind" when it: - ANSWER fails to
state advertiser is a broker or agent and does not include their Department of
Real Estate (DRE) license number.
Broker Wallace represented a young man in the sale of his home. After
purchase terms had been agreed to and the grant deed had been signed and
delivered into escrow, the title company discovered the seller was not yet 18
years old and was not emancipated. The grant deed is: - ANSWER void
The inside of a building is 60 ft. by 90 ft. and the walls on each side are 6 inches
thick. What is the external total square footage? - ANSWER 5,551 sq. ft.
because the walls are 6'' thick the measurement is 61X91
To estimate the value of rental property using the gross rent multiplier (GRM)
method, an investor first determined that the monthly gross income generated
by a property is $7,500. They then applied a GRM of 15. The estimated value of
the property is most nearly: - ANSWER 1,350,000
7,500 x 12 = 90,000
90,000 x 15 = 1,350,000
Note the rent given was monthly, but the multiplier was annual. TIP: a higher
GRM (e.g. 150) in a question denotes use of the monthly rent for calculations,
while a lower GRM (as in this question) indicates annual rent will be used.
Fee amounts are always: - ANSWER negotiable and not fixed by law
An elevation sheet used in a subdivision plan shows: - ANSWER front and
Side views of finished homes
, If the state acquires title to an owner's property by escheat, how long must it
wait before disposing it? - ANSWER No holding period is required
The buyer of a duplex does not receive a Transfer Disclosure Statement (TDS)
prior to closing. The buyer can: - ANSWER cancel the transaction
The failure to deliver the statutory Transfer Disclosure Statement (TDS) form to
a buyer prior to the close of escrow gives the buyer the right to cancel the
transaction.
A person who owns an undivided interest in a parcel of real property together
with a separate interest in communal space has an interest in a(n): - ANSWER
b. condominium project.
(Condominium ownership combines an undivided interest in the actual condo
unit, plus a proportionate interest in the common areas.)
The referral of a client to a financially controlled business owned by the broker
is required to be disclosed by use of a(n): - ANSWER Affiliated Business
Arrangement Disclosure Statement.
The first step in the appraisal process is to: - ANSWER define the problem.
(Like in any similar effort, you must first define what the problem is.)
The final step in the appraisal process is to: - ANSWER Reconcile the different
approaches and arrive at a conclusion.
A salesperson's commission is paid by: - ANSWER the broker.
An unlawful detainer (UD) action is instigated by: - ANSWER c. a lessor.
UD action is the court procedure to force a tenant to vacate the rental space they
do not have the right to possess, such as a holdover tenant.
An appraiser was hired by Whitney to appraise DuPont's property. With whom
does the appraiser discuss their findings? - ANSWER Whitney.
(An appraiser can ethically share the contents with an appraisal report with the
client or anyone named by the client, a peer review committee and a court of
law.)
transfer by a gift deed may be voided by: - ANSWER a creditor of the grantor
Creditors of a grantor may void a transfer by a gift deed. The grantor cannot gift
the property to another in order to avoid debt held by a creditor.
The time period during which a building produces income that can be attributed
to the building itself is known as: - ANSWER B. Economic life
economic life is the length of time a property produces an income attributable to
the building.
If an appraiser uses improper valuation methods or is negligent in completing a
government loan assignment, they may be guilty of: - ANSWER violating
appraisal ethics and committing a felony
Negligence is in violation of ethics, and fraud is a felony.
A lender can enter into an agreement with both a buyer and a seller for the
buyer's assumption of the loan and a release of the seller's liability, called a: -
ANSWER novation or substitution of liability
what is constructive eviction - ANSWER when the landlord interferes with the
tenants use
The gross rent multiplier (GRM) is calculated by: - ANSWER dividing the
sales price by gross monthly income
,An agency relationship in real estate is terminated in multiple ways. Which of
these is NOT likely to be the cause of termination of an agency relationship?
a. The incapacity or death of either the seller or broker.
b. Revocation of the agency by the owner.
c. Destruction of the property.
d. Estoppel. - ANSWER D. estoppel
estoppel is a legal theory barring someone from later asserting or denying a
condition based on the persons previous words or actions.
A newspaper advertisement is considered "blind" when it: - ANSWER fails to
state advertiser is a broker or agent and does not include their Department of
Real Estate (DRE) license number.
Broker Wallace represented a young man in the sale of his home. After
purchase terms had been agreed to and the grant deed had been signed and
delivered into escrow, the title company discovered the seller was not yet 18
years old and was not emancipated. The grant deed is: - ANSWER void
The inside of a building is 60 ft. by 90 ft. and the walls on each side are 6 inches
thick. What is the external total square footage? - ANSWER 5,551 sq. ft.
because the walls are 6'' thick the measurement is 61X91
To estimate the value of rental property using the gross rent multiplier (GRM)
method, an investor first determined that the monthly gross income generated
by a property is $7,500. They then applied a GRM of 15. The estimated value of
the property is most nearly: - ANSWER 1,350,000
7,500 x 12 = 90,000
90,000 x 15 = 1,350,000
Note the rent given was monthly, but the multiplier was annual. TIP: a higher
GRM (e.g. 150) in a question denotes use of the monthly rent for calculations,
while a lower GRM (as in this question) indicates annual rent will be used.
Fee amounts are always: - ANSWER negotiable and not fixed by law
An elevation sheet used in a subdivision plan shows: - ANSWER front and
Side views of finished homes
, If the state acquires title to an owner's property by escheat, how long must it
wait before disposing it? - ANSWER No holding period is required
The buyer of a duplex does not receive a Transfer Disclosure Statement (TDS)
prior to closing. The buyer can: - ANSWER cancel the transaction
The failure to deliver the statutory Transfer Disclosure Statement (TDS) form to
a buyer prior to the close of escrow gives the buyer the right to cancel the
transaction.
A person who owns an undivided interest in a parcel of real property together
with a separate interest in communal space has an interest in a(n): - ANSWER
b. condominium project.
(Condominium ownership combines an undivided interest in the actual condo
unit, plus a proportionate interest in the common areas.)
The referral of a client to a financially controlled business owned by the broker
is required to be disclosed by use of a(n): - ANSWER Affiliated Business
Arrangement Disclosure Statement.
The first step in the appraisal process is to: - ANSWER define the problem.
(Like in any similar effort, you must first define what the problem is.)
The final step in the appraisal process is to: - ANSWER Reconcile the different
approaches and arrive at a conclusion.
A salesperson's commission is paid by: - ANSWER the broker.
An unlawful detainer (UD) action is instigated by: - ANSWER c. a lessor.
UD action is the court procedure to force a tenant to vacate the rental space they
do not have the right to possess, such as a holdover tenant.
An appraiser was hired by Whitney to appraise DuPont's property. With whom
does the appraiser discuss their findings? - ANSWER Whitney.
(An appraiser can ethically share the contents with an appraisal report with the
client or anyone named by the client, a peer review committee and a court of
law.)
