California Real Estate Practice Exam 2 Review Questions and Answers

1.An escrow closed on May 16, 2002. Property taxes for the fiscal year 2002-03 are: (A) Seller's personal responsibility; (B) Buyer's personal responsibility; (C) A lien on the property; (D) None of the above c 2.On June 10, a prospective buyer gave broker and signed the usual form of an offer to deposit to a purchase property. The deposit form included the statement, This offer is irrevocable for five days. On June 11, and before the offer had been accepted by the seller, the buyer contacted the broker and withdrew his offer and demanded the return of his deposit. The broker: (A) Has until June 16 to obtain the seller's the acceptance; (B) Has until June 15 to obtain the seller's acceptance; (C) Must retur deposit to the buyer as demanded; (D) Must place the deposit in a neutral escrow until the five day period expires c 3. The lessee of an apartment and the owner of a condominium have many things in common. Which of the following is true for both? They each hold: (A) A fee interest; (B) An estate in real property; (C) A less than freehold estate; (D) An estate of inheritance b 4. In a contingency sale, if the contingency cannot by met by the buyers, the deposit: (A) s refunded to the buyers; (B) The buyers get 12 the deposit back, the sellers keep 12; (C) The sellers are entitled to the full deposit; (D) The broker keeps the deposit as damages. a 5.Who is responsible for the disclosure of Mello Roos bonds against the property: (A) Seller, (B) Seller's agent (C) Buyer's agent; (D) Both buyer and seller's agent a 6. Ron owns a single family home which rents for $$00 per month. A home across the street rents of 5690 month and Ron applies the same gross rent multiplier to his home as per recently sold for $78,000. If was used on the home across, what would be the value of Ron's home: (A) $50,000; (B) $67,800; (C) $69,565; (D) $70,909 b 7.When a real estate licensee handles the sale of a personal property mobile home, the agent must give written notice to the Department of Housing and Community Development within how many days? (A) 3 calendar days; (B) 5 business days; (C) 10 calendar days; (D) 10 business days c