FINAL! Chapters 1-15
A packet of forms an agent provides to the seller when taking a listing is called:
a. a package deal.
b. a master kit.
c. a listing kit.
d. none of the above. - ANS-c. A listing kit.
\A real estate broker who wants to include negotiation of loans for prospective
borrowers and the sale of trust deeds secured by real property will need:
a. a real property security dealer's endorsement.
b. to speak several languages.
c. a law degree.
d. all of the above. - ANS-a. A real property security dealer's endorsement.
\A real estate salesperson's license is valid for:
a. one year.
b. four years.
c. ten years.
d. a lifetime. - ANS-b. Four years.
\A salesperson who is actively engaged in professional real estate activities must be
employed by:
a. the state of California.
b. a licensed real estate broker.
c. another real estate licensee with at least 5 years experience.
d. none of the above. - ANS-b. A licensed real estate broker.
\All the documents a brokerage generates for a single completed transaction are
kept in:
a. the broker's PDA.
b. a master transaction file.
c. the assistant's home.
d. none of the above. - ANS-b. A master transaction file.
\An ad valorem tax is a tax that is charged:
a. in proportion to the value of the property.
b. to foreign investors only.
c. both a and b.
d. neither a nor b. - ANS-a. In proportion to the value of the property.
\An incoming call register is a useful tool for:
, a. record keeping.
b. controlling ad revenue and expenses.
c. following up on inquiries.
d. all of the above. - ANS-d. All of the above.
\Any person who is actively involved in a real estate transaction at the service of
another, in the expectation of receiving a commission, must be:
a. licensed.
b. bonded.
c. a citizen.
d. all of the above. - ANS-a. Licensed. **
\Escrow is not officially closed until:
a. all the conditions of escrow have been completed.
b. the buyer's remaining money is received.
c. the documents are recorded.
d. all of the above. - ANS-d. All of the above.
\For income tax purposes, the straight-line depreciation schedule for RESIDENTIAL
property is a minimum of:
a. 27.5 years.
b. 39 years.
c. 55 years.
d. none of the above. - ANS-a. 27.5 years.
\FSBO refers to which of the following?
a. financing secured by owner
b. financing subject to buyer's okay
c. fire sale by owner
d. for sale by owner - ANS-d. For sale by owner
\How a house looks to a passerby when compared to the rest of the neighborhood is
called:
a. curb appeal.
b. viewability.
c. competitive factor.
d. all of the above. - ANS-a. Curb appeal.
\If there is a contradiction in the purchase agreement form:
a. the form is considered void.
b. the handwritten or typed-in words supersede the printed words.
c. the printed words supersede the written or typed-in words.
A packet of forms an agent provides to the seller when taking a listing is called:
a. a package deal.
b. a master kit.
c. a listing kit.
d. none of the above. - ANS-c. A listing kit.
\A real estate broker who wants to include negotiation of loans for prospective
borrowers and the sale of trust deeds secured by real property will need:
a. a real property security dealer's endorsement.
b. to speak several languages.
c. a law degree.
d. all of the above. - ANS-a. A real property security dealer's endorsement.
\A real estate salesperson's license is valid for:
a. one year.
b. four years.
c. ten years.
d. a lifetime. - ANS-b. Four years.
\A salesperson who is actively engaged in professional real estate activities must be
employed by:
a. the state of California.
b. a licensed real estate broker.
c. another real estate licensee with at least 5 years experience.
d. none of the above. - ANS-b. A licensed real estate broker.
\All the documents a brokerage generates for a single completed transaction are
kept in:
a. the broker's PDA.
b. a master transaction file.
c. the assistant's home.
d. none of the above. - ANS-b. A master transaction file.
\An ad valorem tax is a tax that is charged:
a. in proportion to the value of the property.
b. to foreign investors only.
c. both a and b.
d. neither a nor b. - ANS-a. In proportion to the value of the property.
\An incoming call register is a useful tool for:
, a. record keeping.
b. controlling ad revenue and expenses.
c. following up on inquiries.
d. all of the above. - ANS-d. All of the above.
\Any person who is actively involved in a real estate transaction at the service of
another, in the expectation of receiving a commission, must be:
a. licensed.
b. bonded.
c. a citizen.
d. all of the above. - ANS-a. Licensed. **
\Escrow is not officially closed until:
a. all the conditions of escrow have been completed.
b. the buyer's remaining money is received.
c. the documents are recorded.
d. all of the above. - ANS-d. All of the above.
\For income tax purposes, the straight-line depreciation schedule for RESIDENTIAL
property is a minimum of:
a. 27.5 years.
b. 39 years.
c. 55 years.
d. none of the above. - ANS-a. 27.5 years.
\FSBO refers to which of the following?
a. financing secured by owner
b. financing subject to buyer's okay
c. fire sale by owner
d. for sale by owner - ANS-d. For sale by owner
\How a house looks to a passerby when compared to the rest of the neighborhood is
called:
a. curb appeal.
b. viewability.
c. competitive factor.
d. all of the above. - ANS-a. Curb appeal.
\If there is a contradiction in the purchase agreement form:
a. the form is considered void.
b. the handwritten or typed-in words supersede the printed words.
c. the printed words supersede the written or typed-in words.
