BBK99E1 Practical Exam Answer Sheet Solved 100%
All of the following are ways by which an offer to purchase real estate would be terminated,
except - -Failure to communicate notice of revocation before the other party has
communicated his/her acceptance
-When a Cal-Vet wishes to purchase a home and use his California veteran's benefits he would
make the application to - -Department of Veterans Affairs(VA)
-If a salesperson wishes to advertise his/her services, the advertisement must include - -The
broker's name
-Which of the following statements is incorrect with regard to an "in-house" sale - -The listing
broker can be the agent of the buyer only
-The document which transfers title but contains no express or implied warranties is a - -
Quitclaim deed
-Land, which is subject to an easement is said to be - -Encumbered
-After completion of a new building in which the owner did not record a Notice of Completion,
any unpaid claimant must file a Mechanic's Lien within - -90 days
-Which of the following has control over the approval of a subdivision under the Subdivision
Map Act - -Planning Commission
-Mutual mortgage insurance on an FHA loan - -Protects the lender against any deficiency in the
event of a default
-A land developer offers a free prize to anyone who replies to his direct mail advertisement and
visits his subdivision site. Prior to awarding the prize, however, the developer requires the party
to attend a sales presentation at the site. The sales presentation requirement was not
mentioned anywhere in the advertisement. This type of promotion is - -Illegal because it did not
disclose the sale representation attendance requirement
-A real estate broker who desires to operate a real estate office that is both competitive and
profitable, is vitally concerned with "Desk Cost." Desk Cost is calculated by dividing the - -Total
cost of rent, utilities, telephone, advertising and other operating expenses by the number of
salespersons(TOTAL COST/# OF SALESPEOPLE)
-Which of the following would be a tenant in an apartment building and an owner in a
condominium project have in common - -Both have an estate in real property
, -The principal purpose of the Federal Truth in Lending Act was to - -Require creditors to
disclose complete credit terms to prospective borrowers
-A policy of title insurance requires a careful search of the public records. The public records
covered are found at - -County Recorder's Office, Federal Land Office Records, & County Clerk's
Office
-A real estate broker advertises that she will give a microwave oven valued at $500 to anyone
who purchases a property listed with her office. This type of advertisement is - -Legal if proper
disclosures are made to all parties of interest
-The broker who represented only the seller in a transaction has a fiduciary responsibility to
the seller. When dealing with a third party, the broker - -Must treat the third party fairly and
honestly
-Which of the following state agencies is empowered to prevent acts of discrimination in
housing accommodations in California because of race, color, religion, national origin, or
ancestry - -Department of Fair Employment and Housing
-Which of the following notices could be important to the filing of a mechanic's lien - -Notice of
Completion, Notice of Non-Responsibility, and Notice of Cessation
-The words "time is of the essence" will usually be included in which of the following contracts
- -Real Estate Purchase Contract & Receipt for Deposit
-A real estate licensee was actively seeking listings by contacting owners in a non-integrated
neighborhood and telling them that minorities were moving into the area and as a result, the
value of homes in the area would suffer a loss in value and it was a good time to sell their
property. This type of activity by the licensee would be considered - -Inducement of Panic
Selling and Blockbusting
-Interest rates on residential trust deeds and notes are set by - -Supply and Demand for money
-A residential land developer and contractor were building a number of new homes in a
housing tract. During the construction phase a number of people observed the new
development and showed a great interest and desire to purchase the new homes at above
market level prices. During the construction period, however, the city notified the land
developer that new city ordinances required that the existing streets be widened 15 feet to
handle the anticipated increase in flow of traffic. This increase meant cutting off a portion of
each existing lot and as a result, interest in the homes waned. This restaurant loss in value
would be classified as - -Economic Obsolescence
-New air conditioners today are assigned an energy efficiency rating. Based on the rating
system, the higher the EER, the - -Higher the efficiency of the appliance
All of the following are ways by which an offer to purchase real estate would be terminated,
except - -Failure to communicate notice of revocation before the other party has
communicated his/her acceptance
-When a Cal-Vet wishes to purchase a home and use his California veteran's benefits he would
make the application to - -Department of Veterans Affairs(VA)
-If a salesperson wishes to advertise his/her services, the advertisement must include - -The
broker's name
-Which of the following statements is incorrect with regard to an "in-house" sale - -The listing
broker can be the agent of the buyer only
-The document which transfers title but contains no express or implied warranties is a - -
Quitclaim deed
-Land, which is subject to an easement is said to be - -Encumbered
-After completion of a new building in which the owner did not record a Notice of Completion,
any unpaid claimant must file a Mechanic's Lien within - -90 days
-Which of the following has control over the approval of a subdivision under the Subdivision
Map Act - -Planning Commission
-Mutual mortgage insurance on an FHA loan - -Protects the lender against any deficiency in the
event of a default
-A land developer offers a free prize to anyone who replies to his direct mail advertisement and
visits his subdivision site. Prior to awarding the prize, however, the developer requires the party
to attend a sales presentation at the site. The sales presentation requirement was not
mentioned anywhere in the advertisement. This type of promotion is - -Illegal because it did not
disclose the sale representation attendance requirement
-A real estate broker who desires to operate a real estate office that is both competitive and
profitable, is vitally concerned with "Desk Cost." Desk Cost is calculated by dividing the - -Total
cost of rent, utilities, telephone, advertising and other operating expenses by the number of
salespersons(TOTAL COST/# OF SALESPEOPLE)
-Which of the following would be a tenant in an apartment building and an owner in a
condominium project have in common - -Both have an estate in real property
, -The principal purpose of the Federal Truth in Lending Act was to - -Require creditors to
disclose complete credit terms to prospective borrowers
-A policy of title insurance requires a careful search of the public records. The public records
covered are found at - -County Recorder's Office, Federal Land Office Records, & County Clerk's
Office
-A real estate broker advertises that she will give a microwave oven valued at $500 to anyone
who purchases a property listed with her office. This type of advertisement is - -Legal if proper
disclosures are made to all parties of interest
-The broker who represented only the seller in a transaction has a fiduciary responsibility to
the seller. When dealing with a third party, the broker - -Must treat the third party fairly and
honestly
-Which of the following state agencies is empowered to prevent acts of discrimination in
housing accommodations in California because of race, color, religion, national origin, or
ancestry - -Department of Fair Employment and Housing
-Which of the following notices could be important to the filing of a mechanic's lien - -Notice of
Completion, Notice of Non-Responsibility, and Notice of Cessation
-The words "time is of the essence" will usually be included in which of the following contracts
- -Real Estate Purchase Contract & Receipt for Deposit
-A real estate licensee was actively seeking listings by contacting owners in a non-integrated
neighborhood and telling them that minorities were moving into the area and as a result, the
value of homes in the area would suffer a loss in value and it was a good time to sell their
property. This type of activity by the licensee would be considered - -Inducement of Panic
Selling and Blockbusting
-Interest rates on residential trust deeds and notes are set by - -Supply and Demand for money
-A residential land developer and contractor were building a number of new homes in a
housing tract. During the construction phase a number of people observed the new
development and showed a great interest and desire to purchase the new homes at above
market level prices. During the construction period, however, the city notified the land
developer that new city ordinances required that the existing streets be widened 15 feet to
handle the anticipated increase in flow of traffic. This increase meant cutting off a portion of
each existing lot and as a result, interest in the homes waned. This restaurant loss in value
would be classified as - -Economic Obsolescence
-New air conditioners today are assigned an energy efficiency rating. Based on the rating
system, the higher the EER, the - -Higher the efficiency of the appliance
