- Study guides, Class notes & Summaries

The Department of Real Estate (DRE) protects the public through? - ANSWERThe enforcement of laws and requirements for salespersons' and brokers' real estate licenses. The California Real Estate Commissioner has the authority and power to do what? - ANSWERThey have the authority to investigate the actions of any person engaged in the business of a licensee in California, and has the power to deny, suspend or revoke the real estate license. What can a person who is licensed do? - ANSWER1. ...

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8 pages

Written in 2022/2023

Grade A+

shantelleG

Penny, a CA licensee, has been advertising on the internet. She specializes in the sale of upscale homes in the Hollywood Hills area. Penny has been violating the Business and Professions Code, Sections 10235.5 and 10140.6. What has she done? - ANSWERPenny failed fo indicate in the advertisement her license status. As an examinee, or a new licensee, where is the best, most accurate source for current California Bureau of Real Estate information? - ANSWERThe DRE website Gerard, a Nevada rea...

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38 pages

Written in 2022/2023

Grade A+

shantelleG

The maximum commission a broker may charge for the sale of residential property is: (a) set forth in the Real Estate Law. (b) determined by the broker's contract with his principal. (c) six percent of the total sales price of a residence. (d) determined by local custom. - ANSWERB There is currently no law which controls what amount may be charged by the broker. Therefore, it is set by agreement between the parties. The Statute of Frauds, outlines what contracts must be in writing to...

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72 pages

Written in 2022/2023

Grade A+

shantelleG

rectangular lot contained 17,550 square feet. It measured 150 feet deep. A man wanted to build a store and needed more land. He could buy one lot on each side of this lot. Each of the side lots was the same size and the same shape. Each was 150 feet deep. Each contained 6,000 square feet. If he purchased all three lots, what would be the front footage: - ANSWER197; When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: - ANSWERA percenta...

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52 pages

Written in 2022/2023

Grade A+

shantelleG

easement in gross - ANSWERan easement that is not appurtenant to any one parcel license - ANSWERpersonal, revocable, un-assignable permission to use the property of another without possessory interest in it homestead - ANSWERstatus provided to a homeowner's principal residence that protects the home against judgments up to specified amounts intestate - ANSWERdying without leaving a will accession - ANSWERprocess by which there is an addition or reduction to property by the efforts o...

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5 pages

Written in 2022/2023

Grade A+

shantelleG

Real Estate Law - ANSWERPart 1, Sections 10000 to 10580 of the Business and Professions Code Subdivided Lands Law - ANSWERPart 2, Sections 11000 to 11200 of the Business and Professions Code California Bureau of Real Estate (CalBRE) - ANSWERA real estate regulatory body that is headed by the Real Estate Commissioner, administers the real estate license laws, handles advertising, funds, clients, and customers Commission's Regulation 2270 - ANSWERAnyone who advertises about services over...

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12 pages

Written in 2022/2023

Grade A+

shantelleG

Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action could: - ANSWERPlace the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: - ANSWERA foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to a third party. One of the joint tenants sell his...

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7 pages

Written in 2022/2023

Grade A+

shantelleG

1.1. A title was recorded for a parcel of real property vested in the name of Johan Wilson, a single woman. After her marriage to William Roberts, she executed a deed to the property only in the name of Johan Roberts, a married woman. The discrepancy in the grantors name is: A. Valid if William Roberts agrees to it B. A defect on title that may cause title to be vested as tenants in common C. Immaterial if the property is properly described D. A defect which may cause a cloud on the title...

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30 pages

Written in 2022/2023

Grade A+

shantelleG

CA DRE Salesperson Exam 2022/ 2023 Questions and AnswersCA DRE Salesperson Exam 2022/ 2023 Questions and AnswersCA DRE Salesperson Exam 2022/ 2023 Questions and Answers What are the two types of freehold estates? - ANSWER-1) an estate in fee (simple absolute) 2) a life estate. What is the most complete, largest type of estate that includes all rights associated with the estate? - ANSWER-An estate in fee simple absolute What type of estate do you own if someone grants you real property...

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15 pages

Written in 2022/2023

Grade A+

NursingTutor1

There are three main areas within this subject: Listing of real property Sales contracts Marketing - ANSWERThere are three main areas within this subject: Listing of real property Sales contracts Marketing Real Estate Practices describes government regulation of brokerage transactions, the operations of the Department of Real Estate, types of real estate licenses, requirements for obtaining broker and salesperson licenses, continuing education requirements, and, violations of real e...

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23 pages

Written in 2022/2023

Grade A+

shantelleG

How many square feet in one acre? - ANSWERThere are 43,560 square feet in an acre Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming no other fees, if they walked away from the sale with $306,000, about how much did their house sell for? - ANSWER$332,600 To solve this problem, set up an equation using P for the answer you seek: You know that the seller walked away with $306,000. If the agent was to take 8% of the selling price (P), then the seller rec...

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22 pages

Written in 2022/2023

Grade A+

shantelleG

A 'commercial acre' is best defined as - ANSWERAn acre after deductions for streets and alleys. A join tenancy can be created by deeds conveying undivided interest in which of the following? - ANSWER(all of the following) By transfer from a wife deeding her seperate property to herself and her husband as joint tenants, By transfer from joint tenants in common deeding to themselves as joint tenants, By transfer from tenants in common deeding to themselves as joint tenants. The pe...

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6 pages

Written in 2022/2023

Grade A+

shantelleG

In reference to Property Taxes, "basis" or "cost" is - ANSWERPurchase price of prop plus cost of improvements. How is a condominium unit owned? - ANSWERSeparate interest How are common interests in a condo owned? - ANSWEREqually in undivided interest Subdivided Land Laws refer to - ANSWERSubdivisions of 5+ parcels on 160 acres, regulated marketing & financing, and requires disclosures in public report. How long is a disclosure in public report for Subdivided Land Laws good for? -...

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13 pages

Written in 2022/2023

Grade A+

shantelleG

A property owner has an easement appurtenant on her property. One day the property is sold to another party who is opposed to the easement. Following the closing, this particular form of easement does what? - ANSWERtransfers with the owner to a new property. A property owner is precluded by deed restriction from developing a thirty foot boat dock. The limitation prompts the owner to sell to another party. The new owner takes? - ANSWERtakes title subject to the same restriction. Which of th...

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5 pages

Written in 2022/2023

Grade A+

shantelleG

CA DRE Salesperson Exam Questions and Answers (Verified Answers)CA DRE Salesperson Exam Questions and Answers (Verified Answers)CA DRE Salesperson Exam Questions and Answers (Verified Answers) What are the two types of freehold estates? - ANSWER-1) an estate in fee (simple absolute) 2) a life estate. What is the most complete, largest type of estate that includes all rights associated with the estate? - ANSWER-An estate in fee simple absolute What type of estate do you own if someone ...

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10 pages

Written in 2022/2023

Grade A+

NursingTutor1

Purpose of CalBRE - ANSWERThe California Bureau of Real Estate (CalBRE) protects the public through the enforcement of laws and requirements for salespersons' and brokers' real estate licenses. The California Real Estate Commissioner - ANSWERThe California Real Estate Commissioner has the authority to investigate the actions of any person engaged in the business of a licensee in California, and has the power to deny, suspend or revoke the real estate license. Original Real Estate Salespe...

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10 pages

Written in 2022/2023

Grade A+

shantelleG

Land - ANSWERThe physical property and any natural objects on it - like trees and bodies of water, often referred to as a "lot', "site", or "parcel". Real estate - ANSWERgenerally refers to land with permanent manmade improvements. Real property - ANSWERrefers not only to the land and its improvements, but also the bundle of rights, powers, and privileges ("bundle of rights") that are legally connected to ownership of that land. Transferred by deed. Tangible rights - ANSWERbased...

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25 pages

Written in 2022/2023

Grade A+

shantelleG

An appraiser's definition of "Value" would be: a. present worth of all rights to future benefits arising out of ownership. b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. d. all of the above. - ANSWERd. all of the above. These are elements of value. Which of the following abbreviations is associated with the FHA? a. NAR b. CPM c. MIP/MMI d. MBA - ANSWERc. MIP/MMI MIP - Mortgage...

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126 pages

Written in 2022/2023

Grade A+

shantelleG

How many baseline and meridian systems in CA? - ANSWER3 A resident of Nebraska who owns property in CA dies while in Vermont. The probate procedures for this property are in? - ANSWERCA In the order in which they are to occur, the three steps of agency discosure are? - ANSWERdisclose, elect, confirm The value of a residential property is best measured by which of the following groups of characteristics? - ANSWERDemand, utility, scarcity, and transferability Collateralized loan - ANSW...

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23 pages

Written in 2022/2023

Grade A+

shantelleG

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: - ANSWERActual Fraud A fee simple estate is: - ANSWERan estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: - ANSWERCost Approach The main purpose of "RESPA" (Real Estate Settlemen...

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6 pages

Written in 2022/2023

Grade A+

shantelleG