Final Exam A California real estate Questions And Answers Already Passed!!

All of the following are ways by which an offer to purchase real estate would be terminate, except - Failure to communicate notice of revocation before the other party has communicated his or her acceptance When using their closing statement, escrow would debit the seller of income property for which of the following items - Prepaid rent When a Cal-Vet wishes to purchase a home and use his California veteran's benefit he would make the application to - Department of Veterans Affairs Which of the following loans would most likely be made without requiring down payment from the borrower - VA Loan Recorded title to a parcel of property was vested in Mary Wilson a single woman. After her marriage to John Roberts she executed a deed to the property only in the name of Mary Roberts, a married woman. The discrepancy in the grantor's name is - A defect, which may cause a cloud on the title If a salesperson wishes to advertise his or her services, the advertisement must include - The brokers 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 For income tax purposes, capital expenditures for improvements & alterations are - Added to the "cost basis" of the property 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 - EncumberedAfter completion of a new building in which the owner did not record a Notice of Completion, any unpaid claimant must file a Mechanics's Lien within -90 days Mr. Smith employed the XYZ Pool Construction Company to install a swimming pool at his home. After completion, the contractor filed a lien to obtain payment of the contract price. The encumbrance created was - A specific lien Which of the following has control over the approval of a subdivision under the Subdivision Map Act? - Planning Commission Mutual mortgage insurance on a FHA loan - Protects the lender against ant deficiency in the event of default A Land developer offers a free prize to anyone who replies to his direct mail advertisement & visits his subdivision site. Prior to awarding the prize, however, the developer requires the party to attend a sales presentation at the site. Then sales presentation requirement was not mentioned anywhere in the advertisement. This type of promotion is - Illegal because it did not disclose the sales representation attendance requirement Which of the following statements most accurately describes mortgage companies who act as mortgage loan correspondents. Such companies - Prefer negotiating loans ,which are sold on the secondary market A real estate broker who desires to operate a real estate office that is both competitive & profitable, is vitally concerned with "Desk Cost'. "Desk Cost" is calculated by dividing the - Total cost of rent, utilities, telephone advertising & other operating expense by the number of salespersons Which of the following would a tenant in an apartment building & 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 disclosed complete credit terms to prospective borrowersThe number of acres in a tract of land that is 1/2 mile square is - 160 Which of the following statements is incorrect with regard to an"in-houses" sale - The listing broker can be the agent of the buyer only 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