Real Estate Flashcards use it questions and answers graded A+

Real Estate Flashcards use it questions and answers graded A+ Kathy Bates has just moved into a condominium complex of 60 units. The complex has a swimming pool, and a management company takes care of the upkeep of the outside of the property. The monthly cost for pool maintenance, grass cutting, tree trimming, private street maintenance, and the newly-updated clubhouse is currently $400.00 a month. Each year, the cost of such services increases, as do the costs for necessary repairs as the buildings get older. This year, new roofs are in order for all of the buildings. The condominium association, which is made up of the owners of the property, decides that, in order to cover the increase in costs, and to replace the roofs on the property, they must pass a(n): Ad valorem tax. Special assessment. General real estate tax. None of the above. B. special assessment When Christopher cuts down a tree in his backyard and sells it as firewood, the firewood then becomes personal property. This process is known as: Annexation. Severance. Choses in action. Emblementation. Severance In California, there is a requirement to report annual and quarterly loan activities to the California BRE, IF, within the past 12 months, a broker has negotiated any combination of 10 or more loans to a subdivision OR a total of more than $1,000,000.00 in loans. This mandate is known as: Threshold Reporting. "Big Lending" Reporting. The Mortgage Loan Broker Law. Regulation Z. Threshold Reporting In 1980, an important piece of environmental legislation was passed. This legislation established a fund called the Superfund, to clean up uncontrolled hazardous waste sites and to respond to spills, and it also created a process for identifying potential responsible parties (PRPs) and ordering them to take responsibility for the cleanup action. What was the name of this law? Environmental Responsibility Act, or ERA. Comprehensive Environmental Response, Compensation, and Liability Act, or CERCLA. California Environmental Protection Agency Act, or CEPAA. The Uniform Commercial Code Act, or UCCA. CERCLA or Comprehensive Environmental Response, Compensation, and Liability Act Which of the following statements is NOT accurate regarding Cal-Vet loans? The required down payment is 1%-2% of the sales price or appraisal value, whichever is higher. Monthly payments on a Cal-Vet loan include all of the following items (but nothing additional): principal and interest; 1/12 of the annual property taxes; hazard insurance; disability; and life insurance premiums. CalVet requires a structural pest control report and a roof inspection on properties it finances. The loan is made directly from the state to the veteran. ... The legal phrase that describes the right to recover money or other personal property through a judicial proceeding, including the right to recover something under a contract, such as money owed on a note, as well as the right to recover damages for a tort or private wrong, is known as: Choses in action Chattels Chattels real Judicial action. Choses in Action Under Article 7 on "hard money loans" (cash) of $30,000.00 and over for first trust deed loans, and $20,000.00 and over for junior deeds of trust, except where the new usury laws apply, the loan broker's commission maximum is: 10%. 12% 20% As much commission as her borrower will agree to pay her. As much commission as her borrower will agree to pay her. If a mobile home is real property, then the California Business and Professions Code Section 10131 (a) is a real estate broker's authorization to negotiate a sale of the real property/mobile home, transferring the mobile home by use of: A quitclaim deed. A grant deed. Laches. Any deed, other than a trust deed or deed of trust. A grant deed. Napa resident Maria Gonzales, a newly-licensed real estate broker, has just negotiated her first trust deed loan for her client, Isaac Mahrsan. The loan's term is 5 years, and it is Isaac's first loan. Under Article 7 of the Mortgage Broker Law in California, Maria knows that certain regulations have been set forth regarding her commission in such a transaction. What is the maximum commission for loans subject to Article 7, for first loans? Maria's maximum commission on this loan is 5 percent of the principal, which applies to loans of 5 years or less. Maria's maximum commission on this loan is 5 percent of the principal, which applies to loans of 10 years or less. Maria's maximum commission on this loan is 5 percent of the principal of a loan, which applies to loans of 3 years or more. Maria's maximum commission on this loan is 10 percent of the principal of a loan, which applies to loans of 3 years or more. Maria's maximum commission on this loan is 10 percent of the principal of a loan, which applies to loans of 3 years or more. A land project is a speculative subdivision development of 50 or more vacant lots that are located: In a rural area that has fewer than 1,000 registered voters within 2 miles. In a rural area that has fewer than 1,500 registered voters within 2 miles. In a rural area that has fewer than 2,000 registered voters within 2 miles. In a rural area that has fewer than 2,000 registered voters within 3 miles. In a rural area that has fewer than 1,500 registered voters within 2 miles. Regarding a broker's commission, the California Business and Professions Code requires that in the sale of residential property (of not more than four units) the listing contain the following provision before the compensation clause: "Notice: The amount or rate of real estate commissions is not fixed by law. They are set by each broker individually and may be negotiable between the seller and broker." This clause must be printed: In not less than 8-point boldface type. In not less than 10-point boldface type. In not less than 11-point boldface type. In not less than 12-point boldface type. ...