2024Real Estate Sales Person Exam Prep (California) Questions and Answers(A+ Solution guide)

When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: - Actual Fraud A fee simple estate is: - an estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: - Cost Approach The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: - To provide consumers with enough information to enable them to shop for settlement services Definitions of market value is least concerned with: - Market cost What type if an appraisal license is required to appraise a commercial strip mall valued at $700,000: - Certified general license; Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means - According to value; In order to comply with the regulations of the state Housing Law, a person should seek the issuance of a building permit from: - the local Department of Building and Safety One of the main benefits of a sale-leaseback transaction would be; - The ability of the seller to deduct al of his future rent payments as business expendituresA broker who holds a valid listing on a property places a classified ad for the property containing only the following information "For Sale: 3 bedroom, 2 bath home with swimming pool. Asking price $165,000. Telephone 555-9276". This type of advertisement would be an example of a: - Blind ad A property owner lists his property for sale with a broker. During the negotiations, the owner told the broker that the owner wanted $138,000 for the property, and anything above that amount the broker could keep as his commission. The listing with this type of provision is known as a: - net listing Which of the following is an example of a less-than-freehold estate? - leasehold estate When a lender loans a borrower 100% of the purchase price of a house, and the loan is not governmentrelated, the lender would be best protected by: - appreciation The term "warehousing" as used in real estate financing, means: - A mortgage company collection loans prior to resale When a lender makes a loan regulated by the Real Estate Settlement Procedures Act, the loan applicant must be provided with which of the following: - a loan estimate The law which gives cities and counties control over the physical design of subdivisions is: - the Subdivision Map Act Who usually has the responsibility for providing streets, utilities, sidewalks, and curbs in a new subdivision? - The builder/developer Economic Obsolescence is a cause of depreciation that can occur because of: - Factors extraneous to the property The usual listing contract authorizes a broker to: - Find a purchaser and accept a deposit with an offer to purchaseAn appraiser's narrative appraisal report of a single-family residence probably would contain no reference to: - a buyer's financing