DRE salesperson exam 2023 Questions and Answers

How many baseline and meridian systems in CA? - ANSWER-3 A resident of Nebraska who owns property in CA dies while in Vermont. The probate procedures for this property are in? - ANSWER-CA In the order in which they are to occur, the three steps of agency discosure are? - ANSWER-disclose, elect, confirm The value of a residential property is best measured by which of the following groups of characteristics? - ANSWER-Demand, utility, scarcity, and transferability Collateralized loan - ANSWER-A loan secured by another loan, rather than a property Excess Land - ANSWER-Used for practical purposes such as storage Frank leased a property to Chester. Chester gave Mark an easement over the property. At the end of the lease term: - ANSWER-the easement may not extend beyond the term of Chester's lease In a newspaper advertisment, Annual percentage rate (APR) - ANSWER-May stand alone as financial info without providing any additional financial info When a lease is for a period greater than one year, the contract does not require the signature of - ANSWER-Does not requiree the signature of the owner, only the tenant A landlord is required to provide a copy of the written lease to the tenant within: - ANSWER-15 calendar days In an escrow statement, "recurring costs" refers to - ANSWER-Impound account items A subdivider needs to give a copy of the real estate commisionners public report to: - ANSWER-Anyone upon request Quiet title: - ANSWER-A court action to clear clouds on the title of a property. FHAs and mortgage - ANSWER-The FHA insures mortgages but DOES NOT fund them The existance of a military establishment that contains explosives needs to be disclosed if it is located within how miles of the property? - ANSWER-1 mile Option adjustable rate mortgatge (ARM) - ANSWER-has negative amortization, meaning that the monthly payments are less than the interest accruing Executor/Executrix - ANSWER-as a testator or person making a will, you are allowed to designate an executor or executrix as the representative to carry out your will when you die. If the Real Estate Commissioner feels the need to retract approval of a subdivision... - ANSWER-they issue a desist and refrain order Appraising a multi-million dollar home requires: - ANSWER-A certified residential license and a certified general license The calendar date that is of most concern to an appraiser is the date: - ANSWER-The date That the purchase contract was signed How long does an easement last when no termination or date length is stated? - ANSWER-Perpeuity Civil rights act of 1968 - ANSWER-Outlawed sexual discrimination in house sales and rentals How does a mortgage provide the most protection to an owner in property default - ANSWER-A mortgage requires judicial foreclosure and thus offers the greatest protection as the owner is provided a longer period of time to cure the default The rumsford act - ANSWER-Denies discrimination to one to four residential properties as well as vacant land designed for residential use (rumsford-racist) Escheat - ANSWER-The STATE GOV takes property upon an owners death if there is no will & no heirs exist. Usage of the Sales Comparison Approach - ANSWER-The most commonly used appraisal method to value RAW LAND since it neither has an improvement cost nor an income generated Mandatory disclosures and fees - ANSWER-They are mandatory and thus a lender cannot charge a borrower a separate fee for the preparation of these required mortgage forms Excess land* - ANSWER-Cannot be being used for practical purposes Avulsion - ANSWER-sudden removal of land by water. typically from a flood. A writ of execution is issued for a - ANSWER-Sheriff's sale A northeast 1/4 of a section contains - ANSWER-160 acres eminent domain - ANSWER-The power of the state to seize private property, and thus is an involuntary transfer Alienation - ANSWER-Refers to the transfer of an interest in a property If the lender accepts a deed in lieu of foreclosure, the lender... - ANSWER-Accepts any junior liens Assignment of Rents Clause - ANSWER-Allows the beneficiary (lender) to receive the rents tendered by tenants when the borrower is in default If a licensees name is on a list of obligors who have not complied with court ordered payment of child support, the licensees renewal application will... - ANSWER-renew as a temporary license, but the debt must be paid within 150 days Under real estate law, how is a real estate salesperson under contract - ANSWER-As an employee of the broker What will title insurance policies NOT insure against? - ANSWER-Zoning or regulation dispute appurtenance - ANSWER-Something that is installed in or sits on property. Ex) swimming pools and fences Trade Fixtures - ANSWER-personal property used in a business and can be removed by the lessee when the lease terminates. (different than an appurtenance because it is personal property) An unlicensed assistant can properly... - ANSWER-prepare a competitive market analysis for a prospect When is an easement terminated? - ANSWER-When the parcels are combined under one ownership Laches - ANSWER-An unreasonable delay in making assertion or claim Narrative appraisal report - ANSWER-The appraisal report provides the greatest degree of detail about a property? To calculate cap rate, the appraiser can use these methods... - ANSWER-Band of investment (weighted cap), summation (value of land + improvements), and market comparison approach Habendum Clause - ANSWER-Defines the nature of the estate being granted Subrogation - ANSWER-The substitution of one person for another in a legal matter Periodic Tenancy - ANSWER-A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year. The creation of agency does not require a _____ to be valid - ANSWER-a fee Failure to provide the agency law disclosure form: - ANSWER-puts the agent's fee at risk of loss. Return of an investor's investment is provided for through - ANSWER-Depreciation (as an income tax reduction, is the means by which investors have their investment refunded) Coercion - ANSWER-Forcing someone to comply. DOES NOT CREATE AN AGENCY RELATIONSHIP Debt to Income Ratio (DTI) - ANSWER-Sets the amount of debt a borrower can carry in relation to their income. Used to determine if a borrower qualifies for a loan What is an ex of a freehold estate - ANSWER-A life estate