DRE salesperson exam 2023 with complete solutions

How many baseline and meridian systems in CA? 3 A resident of Nebraska who owns property in CA dies while in Vermont. The probate procedures for this property are in? CA In the order in which they are to occur, the three steps of agency discosure are? disclose, elect, confirm The value of a residential property is best measured by which of the following groups of characteristics? Demand, utility, scarcity, and transferability Collateralized loan A loan secured by another loan, rather than a property Excess Land Used for practical purposes such as storage Frank leased a property to Chester. Chester gave Mark an easement over the property. At the end of the lease term: the easement may not extend beyond the term of Chester's lease In a newspaper advertisment, Annual percentage rate (APR) May stand alone as financial info without providing any additional financial info When a lease is for a period greater than one year, the contract does not require the signature of Does not requiree the signature of the owner, only the tenant A landlord is required to provide a copy of the written lease to the tenant within: 15 calendar days In an escrow statement, "recurring costs" refers to Impound account items A subdivider needs to give a copy of the real estate commisionners public report to: Anyone upon request Quiet title: A court action to clear clouds on the title of a property. FHAs and mortgage The FHA insures mortgages but DOES NOT fund them The existance of a military establishment that contains explosives needs to be disclosed if it is located within how miles of the property? 1 mile Option adjustable rate mortgatge (ARM) has negative amortization, meaning that the monthly payments are less than the interest accruing Executor/Executrix as a testator or person making a will, you are allowed to designate an executor or executrix as the representative to carry out your will when you die. If the Real Estate Commissioner feels the need to retract approval of a subdivision... they issue a desist and refrain order Appraising a multi-million dollar home requires: A certified residential license and a certified general license The calendar date that is of most concern to an appraiser is the date: The date That the purchase contract was signed How long does an easement last when no termination or date length is stated? Perpeuity Civil rights act of 1968 Outlawed sexual discrimination in house sales and rentals How does a mortgage provide the most protection to an owner in property default A mortgage requires judicial foreclosure and thus offers the greatest protection as the owner is provided a longer period of time to cure the default The rumsford act Denies discrimination to one to four residential properties as well as vacant land designed for residential use (rumsford-racist) Escheat The STATE GOV takes property upon an owners death if there is no will & no heirs exist.