Real Estate Sales Person Exam Prep (California) Questions and Answers Solved 100% Correct!!

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: - Answer-Actual Fraud A fee simple estate is: - Answer-an estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: - Answer-Cost Approach The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: - Answer-To provide consumers with enough information to enable them to shop for settlement services Definitions of market value is least concerned with: - Answer-Market cost What type if an appraisal license is required to appraise a commercial strip mall valued at $700,000: - Answer-Certified general license; Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means - AnswerAccording 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: - Answer-the local Department of Building and Safety One of the main benefits of a sale-leaseback transaction would be; - Answer-The ability of the seller to deduct al of his future rent payments as business expenditures A 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: - AnswerBlind adA 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: - Answernet listing Which of the following is an example of a less-than-freehold estate? - Answer-leasehold estate When a lender loans a borrower 100% of the purchase price of a house, and the loan is not government-related, the lender would be best protected by: - Answer-appreciation The term "warehousing" as used in real estate financing, means: - Answer-A mortgage company collection loans prior to resale When a lender makes a loan regulated by